Close this search box.

We are creating some awesome events for you. Kindly bear with us.

The Cashless Payment Revolution Driving Vietnam’s Digital Economy

Getting your Trinity Audio player ready...

Vietnam’s push towards a cashless society, fueled by government policies promoting digital payments, has sparked a surge in online transactions and a race among tech companies to innovate, propelling the nation’s digital economy forward.

According to a survey conducted by a multi-channel sales and management platform, a significant portion of sellers across the country – 43.8% – now accept payments via bank transfer, with an additional 15.3% utilising VietQR codes, highlighting the widespread adoption of digital payment methods.

Banks have responded to this trend by rolling out various support programmes for sellers, including the creation of QR codes for swift money transfers and the provision of QR-code display boards in each store. Collaborations with software partners have further enhanced the functionality of digital payment systems, while stimulus initiatives have incentivised the transition towards cashless transactions.

The National Payment Corporation of Vietnam (NAPAS) reports a doubling in payments via VietQR codes, exceeding 100 million transactions per month in the third quarter of 2023. Platforms have also witnessed significant growth, with QR code payments increasing by 6% in volume and 30% in value quarter-to-quarter. Notably, QR code payments are now being utilised for a wide range of transactions, including utility bill payments, indicating the growing versatility and acceptance of this payment method.

The appeal of QR code payments extends across demographics, with both young and senior citizens embracing the convenience and competitive service fees offered by this mode of payment. The Country Manager of Vietnam and Laos country of a major credit card platform, highlights the rapid adaptation to digital payments, citing statistics showing a substantial increase in online card payments and mobile wallet transactions from 2022 to 2023.

This evolving landscape presents a lucrative opportunity for online payment service providers, who are now focusing on enhancing security through advanced technologies such as biometric authentication. Additionally, innovations like voice-activated payment processes, driven by AI technologies integrated into smartphones, are expected to further streamline transactions and improve user experience.

Vietnam’s strategic investment in cutting-edge technologies for cashless payments reflects its commitment to accelerating the development of the digital economy and meeting the evolving socio-economic demands of the nation. By embracing state-of-the-art payment solutions, Vietnam aims to position itself at the forefront of digital innovation, driving economic growth and fostering financial inclusion for all.

Vietnam’s e-commerce market soared to US$20.5 billion in 2023, a 25% surge from the previous year, underscoring its pivotal role in the nation’s digital economy. Driving this growth is the widespread adoption of electronic invoices, with a staggering 104.8 million generated, an astounding 47.6, fold increase from the initial stages – fueled by the General Department of Taxation’s initiative.

By year-end, 94.36% of targeted businesses embraced this system, yielding streamlined administrative processes, cost reductions, and heightened productivity. This digital shift signifies Vietnam’s accelerating pace towards digital transformation, with e-commerce emerging as a vital driver of economic development.

OpenGov Asia reported that Vietnamese banks are promoting cashless payments with innovative incentives, reflecting changing consumer behaviour. These efforts include prizes for transactions made through mobile apps, discounts for QR code payments, and lucky money features.

National Payment Corporation of Vietnam (NAPAS) bolstered technical and operational measures to ensure the stability and security of the interbank electronic payment system, aligning with the State Bank of Vietnam’s directive, to address the growing trend of non-cash transactions, especially during festive periods.

To accommodate this shift, NAPAS has enhanced its IT infrastructure and liquidity oversight while maintaining round-the-clock support for member organisations. Mr. Nguyen Quang Minh emphasized strategic solutions to fortify NAPAS’s role in providing payment infrastructure, ensuring stability, and meeting evolving payment needs.


Qlik’s vision is a data-literate world, where everyone can use data and analytics to improve decision-making and solve their most challenging problems. A private company, Qlik offers real-time data integration and analytics solutions, powered by Qlik Cloud, to close the gaps between data, insights and action. By transforming data into Active Intelligence, businesses can drive better decisions, improve revenue and profitability, and optimize customer relationships. Qlik serves more than 38,000 active customers in over 100 countries.


CTC Global Singapore, a premier end-to-end IT solutions provider, is a fully owned subsidiary of ITOCHU Techno-Solutions Corporation (CTC) and ITOCHU Corporation.

Since 1972, CTC has established itself as one of the country’s top IT solutions providers. With 50 years of experience, headed by an experienced management team and staffed by over 200 qualified IT professionals, we support organizations with integrated IT solutions expertise in Autonomous IT, Cyber Security, Digital Transformation, Enterprise Cloud Infrastructure, Workplace Modernization and Professional Services.

Well-known for our strengths in system integration and consultation, CTC Global proves to be the preferred IT outsourcing destination for organizations all over Singapore today.


Planview has one mission: to build the future of connected work. Our solutions enable organizations to connect the business from ideas to impact, empowering companies to accelerate the achievement of what matters most. Planview’s full spectrum of Portfolio Management and Work Management solutions creates an organizational focus on the strategic outcomes that matter and empowers teams to deliver their best work, no matter how they work. The comprehensive Planview platform and enterprise success model enables customers to deliver innovative, competitive products, services, and customer experiences. Headquartered in Austin, Texas, with locations around the world, Planview has more than 1,300 employees supporting 4,500 customers and 2.6 million users worldwide. For more information, visit


SIRIM is a premier industrial research and technology organisation in Malaysia, wholly-owned by the Minister​ of Finance Incorporated. With over forty years of experience and expertise, SIRIM is mandated as the machinery for research and technology development, and the national champion of quality. SIRIM has always played a major role in the development of the country’s private sector. By tapping into our expertise and knowledge base, we focus on developing new technologies and improvements in the manufacturing, technology and services sectors. We nurture Small Medium Enterprises (SME) growth with solutions for technology penetration and upgrading, making it an ideal technology partner for SMEs.


HashiCorp provides infrastructure automation software for multi-cloud environments, enabling enterprises to unlock a common cloud operating model to provision, secure, connect, and run any application on any infrastructure. HashiCorp tools allow organizations to deliver applications faster by helping enterprises transition from manual processes and ITIL practices to self-service automation and DevOps practices. 


IBM is a leading global hybrid cloud and AI, and business services provider. We help clients in more than 175 countries capitalize on insights from their data, streamline business processes, reduce costs and gain the competitive edge in their industries. Nearly 3,000 government and corporate entities in critical infrastructure areas such as financial services, telecommunications and healthcare rely on IBM’s hybrid cloud platform and Red Hat OpenShift to affect their digital transformations quickly, efficiently and securely. IBM’s breakthrough innovations in AI, quantum computing, industry-specific cloud solutions and business services deliver open and flexible options to our clients. All of this is backed by IBM’s legendary commitment to trust, transparency, responsibility, inclusivity and service.