Banking sector at the forefront of Vietnam’s digital revolution: Cashless payment value 25 times higher than GDP
Nearly 87% of Vietnamese adults have bank accounts. Banks are continuously expanding their digital ecosystems to help build a digital economy and a cashless society. Currently, the value of non-cash payments is 25 times the GDP.
According to the State Bank of Vietnam, the banking sector’s digital transformation has recently achieved encouraging results, contributing to the overall development of the national economy. In particular, cashless payment activities have been widely implemented and witnessed remarkable growth. Many banking services have been 100% digitized.
Banking is one of the pioneering and most successful industries in digital transformation today. Infrastructure serving digital transformation in the banking industry has always been focused on investment, upgrading and development.
Based on information provided at the 'Digital Transformation of the Banking Industry in 2025' event, held on May 29 under the theme 'Smart Digital Ecosystem in the New Era': The interbank electronic payment system processes an average of VND 820 trillion per day while the financial switching and electronic clearing system processes 26 million transactions per day. The national credit information infrastructure has been upgraded to increase processing capacity, automatically update data, and expand data collection and update inside and outside the industry with a high rate of successful data update from credit institutions reaching over 98%.
Vietnam is also a pioneer in connecting cross-border retail payments via QR codes with Thailand, Cambodia and Laos, aiming to expand in the Asian region...
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(Source: VNA)
