The 2025 cashless payment value in Vietnam was estimated at about 28 times the country’s GDP, far exceeding Government targets, according to a report released by the State Bank of Vietnam (SBV) on February 2.

Nearly 18 billion cashless transactions were recorded in the first nine months of 2025, with total value surpassing VND260 quadrillion (nearly US$10 billion), according to the State Bank of Vietnam (SBV)’s Payment Department.

Deputy Prime Minister Ho Duc Phoc has signed an official dispatch on July 30 to urge ministries, sectors, and localities to intensify efforts to promote cashless payment.

Cashless payment activities and the digital transformation of the banking sector is continuing to achieve positive results.

It is an urgent need to strengthen security for online transactions amidst burgeoning cashless payments, an official from the central bank has said, referring to biometric authentication to be mandatory from July 1.

The Government’s policy of promoting cashless payment has triggered the spread of online payments in Vietnam as well as the race of new technologies, contributing to boosting the digital economy.

The Hanoi authorities on October 7 held an event to promote cashless payments in Hoan Kiem district.

The Ministry of Industry and Trade (MoIT) has set a target to increase the cashless payment ratio in e-commerce, especially e-payments through payment intermediaries or applications, to 50% by 2025.

Prime Minister Pham Minh Chinh chaired the 6th meeting of the National Committee on Digital Transformation and a conference on digital transformation tasks in Hanoi on July 12.

With emerging technologies such as AI and blockchain, Vietnam has the ability to leverage data connectivity to create ‘an integrated payment ecosystem’ to promote cashless payments, experts said at a recent meeting in HCM City.