Southeast Asia Information Harbor (www.dnyxxg.com) reports that non-cash payments are entering a phase of significant acceleration in Vietnam, placing urgent demands on digital infrastructure and system security. In response to this trend, banks are accelerating their digital transformation, developing modern payment products and services to expand coverage, while simultaneously strengthening risk management in the digital environment.
Accelerating Non-Cash Payments
The State Bank of Vietnam revealed that in the first half of 2025, the total volume of non-cash payment transactions exceeded 12 billion, surpassing the total transaction volume for the entire year of 2023 and approaching the record of 17.7 billion transactions set in 2024. This accelerating trend indicates that non-cash payments are increasingly deeply integrated into all aspects of economic and social life.
Pham Anh Tuan, Director of the Payment and Settlement Department of the State Bank of Vietnam, stated, “Non-cash payment transactions are growing at an extremely impressive rate, with an average annual growth rate between 30% and 40%. The average transaction volume is approaching the levels of Thailand and India, second only to China. In 2024, the total value of non-cash payment transactions reached 295.2 trillion VND (approximately 81 trillion RMB), about 26 times Vietnam's GDP.”
Experts indicate that the Value Added Tax (VAT) Law of 2024, which will officially take effect on July 1, 2025, clearly stipulates that, except in exceptional circumstances, all purchased goods and services, regardless of amount, can only be deducted from input VAT if a non-cash payment voucher is available. This regulation is directly promoting the development of non-cash payments, improving the transparency of financial management, supporting e-commerce, public services, and reducing social costs.
Promoting Comprehensive Digital Transformation
Vietnamese Deputy Prime Minister Ho Duc Phuc recently issued Prime Minister's Directive No. 124/CĐ-TTg on accelerating the promotion of non-cash payments.
According to the directive, despite recent firm, timely, and effective instructions from the government and the Prime Minister, cash payment activities are showing signs of increasing, not only wasting resources but also posing a risk of being used for tax evasion, money laundering, and other illegal activities.
To further promote the development of non-cash payments, the Prime Minister has instructed ministries, government agencies, and provincial and municipal people's committees to accelerate the popularization and development of non-cash payments, ensuring that the payment needs of the public and businesses are met, conserving resources, preventing tax evasion and criminal activities, and strictly investigating and punishing all kinds of illegal activities.
The Prime Minister has instructed the National Bank to strengthen the inspection, supervision, and anti-money laundering efforts of the banking sector; to promptly detect and severely punish all kinds of illegal, money laundering, and non-compliant payment activities; and to continuously strengthen the construction of the payment and settlement system to promote the development of non-cash payments. In fact, commercial banks have already launched various measures targeting different customer groups to promote the development of non-cash payments.
2025 is the final year for summarizing the "2021-2025 Non-Cash Payment Development Plan." With the joint efforts of regulators, credit institutions, and the public, the promotion of non-cash payments is no longer a distant concept, but is becoming an indispensable part of the journey towards a digital economy. (End)
