Post by : Shakul

Vietnam is accelerating its transition toward a fully digital financial ecosystem, with Deputy Prime Minister Nguyen Van Thang describing cashless payments as the “lifeblood” of the country’s rapidly expanding digital economy. Speaking at the opening of the 2026 Digital Finance Festival in Ho Chi Minh City, he emphasized that digital payments have evolved from a convenient option into a fundamental necessity for modern economic and social activities.

Addressing policymakers, banking leaders, technology firms, and financial experts, the Deputy Prime Minister highlighted the transformative impact of digital technologies on consumer behavior and financial management. He said digital identification, digital connectivity, and electronic payment systems are creating a more transparent, efficient, and accessible financial environment for both individuals and businesses.

Vietnam’s government has set ambitious targets under the National Comprehensive Financial Strategy for 2026–2030. The strategy aims to ensure that 95 percent of citizens aged 15 and above have transaction accounts by 2030 while increasing the value of cashless transactions to 30 times the country’s GDP. Authorities believe these goals are achievable given the rapid growth already witnessed across the financial sector.

According to data from the State Bank of Vietnam, nearly 89 percent of people aged 15 and above already possess bank accounts. Meanwhile, the value of non-cash transactions reached 28 times the nation’s GDP by the end of 2025. These figures reflect strong public adoption of digital financial services and growing confidence in electronic payment platforms.

Despite the progress, Nguyen Van Thang acknowledged several challenges that still require attention. Rural communities continue to face barriers in accessing modern financial services, while many elderly citizens and low-income groups remain hesitant to embrace digital payment methods. Concerns surrounding cybersecurity, personal data protection, and increasingly sophisticated online fraud also remain major priorities for regulators and financial institutions.

To address these issues, the government has instructed ministries, local authorities, banks, fintech companies, and technology providers to expand digital payment infrastructure across the country. Authorities are also encouraging the development of payment acceptance networks that reach even the smallest business households while ensuring strong consumer protection and secure transaction systems.

The Deputy Prime Minister also attended the launch of the 2026 Digital Finance Festival, a large-scale public event held at Nguyen Hue Pedestrian Street in Ho Chi Minh City. Designed as a showcase of Vietnam’s digital financial future, the festival features smart payment technologies, fintech innovations, cybersecurity demonstrations, and educational programs aimed at helping citizens safely navigate the digital economy. Officials expect the event to attract more than 100,000 visitors and strengthen public awareness of the benefits of modern financial services.

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