Vietnam is rapidly moving towards establishing a fully digital financial framework, with Deputy Prime Minister Nguyen Van Thang identifying cashless payments as the essential component supporting the nation's burgeoning digital economy. During the inauguration of the 2026 Digital Finance Festival in Ho Chi Minh City, he remarked that digital payments have shifted from being just a convenient choice to a vital necessity for today's economic landscape.
In his address to an audience of policymakers, financial executives, tech companies, and financial experts, he focused on how digital tools are reshaping consumer behavior and financial practices. He pointed out that advancements in digital identification, connectivity, and payment systems are fostering a more transparent, efficient, and accessible financial ecosystem for both consumers and businesses.
Under its National Comprehensive Financial Strategy for 2026–2030, the Vietnamese government aims to ensure that 95% of citizens aged 15 and older possess transaction accounts by 2030, while boosting cashless transaction volumes to 30 times the nation’s GDP. Officials are confident these aspirational targets can be met given the notable growth already observed in the financial sector.
The State Bank of Vietnam reports that about 89% of individuals aged 15 and above currently have bank accounts. Additionally, the value of cashless transactions is projected to reach 28 times the nation’s GDP by the end of 2025, reflecting the public’s growing trust in digital financial services and electronic payment methods.
However, Nguyen Van Thang noted several challenges that need to be prioritized. Notably, rural areas are still facing hurdles in accessing modern financial services, while many older citizens and those with lower incomes are reluctant to adopt digital payment options. Concerns regarding cybersecurity, data privacy, and increasingly sophisticated online fraud also pose significant challenges for regulators and financial institutions.
To tackle these issues, the government has mandated ministries, local administrations, banks, fintech firms, and technology providers to enhance the digital payment infrastructure nationwide. They are also promoting the growth of payment acceptance networks that reach even the smallest businesses, all while ensuring consumer protection and secure transaction processes.
In addition, the Deputy Prime Minister marked the opening of the 2026 Digital Finance Festival, a large-scale public event hosted at Nguyen Hue Pedestrian Street in Ho Chi Minh City. This festival aims to showcase Vietnam's digital financial future, featuring smart payment innovations, fintech developments, cybersecurity showcases, and educational initiatives to help the public safely navigate the digital economy. Officials anticipate the event to draw over 100,000 attendees, boosting public awareness of the advantages of modern financial services.
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