Despite low growth in 2021, the local retail industry is still considered full of potential and will continue to explore areas for new growth.

More than 463,000 people have used Mobile Money as of February 11, over one month after the Viettel Military Industry and Telecoms Group (Viettel) and the Vietnam Posts and Telecommunications Group (VNPT) launched the cashless payment service.

One major “side effect” of the COVID-19 pandemic, amidst the unprecedented toll that it has exacted, is that it has catalysed digital transformation across all sectors, particularly in financial services.

The COVID-19 pandemic, with its complicated developments, has given a boost to e-commerce, with non-cash payments accounting for 70% of total retail transactions in Vietnam last year.

Vietnam's Online Shopping Day, dubbed ‘Online Friday 2021’, began at 00:00 hours on December 3, marking the start of the largest online shopping event in the country lasting 60 hours.

The Vietnam E-Commerce and Digital Economy Agency under the Ministry of Industry and Trade (MoIT) on November 26 announced an e-commerce week and the Vietnam Online Shopping Day – Online Friday 2021.

MobiFone has become the first telecoms company to provide Mobile Money services in Vietnam after receiving permission from the State Bank of Vietnam on November 18.

VOV.VN - Hanoi played host to Cashless Day 2021 on November 5 as part of efforts to stimulate consumption and change residents’ habit of using cash in daily transactions.

VOV.VN -The initial nine months of the year witnessed cashless payments continue to enjoy fast growth to top VND36.28 quadrillion, equivalent of US$1.6 billion, according to a recent report compiled by the Government.

The Government has issued a resolution to create a sandbox for financial technology (fintech) in the country’s banking sector.