Payment connectivity boosts digital agenda

Vietnam’s rapid expansion of digital payments and cross-border connectivity is creating new momentum for digital finance development.

- By Kaitlyn Le

Speaking on May 26 to announce the 2026 Digital Finance Day programme, Pham Anh Tuan, director general of the Payment Department under the State Bank of Vietnam, said the banking and financial sector is shifting focus towards building a more comprehensive digital financial ecosystem on the foundation of increasingly stable payment infrastructure.

That momentum has been reflected in the rapid growth of non-cash transactions across multiple payment channels. According to Tuan, non-cash payments in Vietnam rose by around 38 per cent in the first five months of 2026 compared to the end of last year. Internet transactions increased by two-thirds and mobile transactions climbed by one-third, while QR code payments grew by more than 50 per cent.

“Digital payments are increasingly functioning as transport infrastructure for the digital economy, allowing payment flows to move quickly and efficiently. Convenient and low-cost payment systems not only accelerate capital circulation and support domestic consumption, but also help supply and demand connect more rapidly, supporting production and business activities,” he said.

Beyond the domestic market, cross-border payment connectivity is also emerging as a new growth driver for tourism and consumption.