Problems and solutions encountered in the payment process in Vietnam

Introduction: An overview of the e-payment market in Vietnam

With the rapid development of the digital economy in recent years, Vietnam has become one of the most promising e-payment markets in Southeast Asia. According to statistics, Vietnam's cashless transaction volume in 2022 will grow by more than 50% year-on-year, and the number of mobile wallet users will exceed 30 million. However, in this rapidly expanding market, both local consumers, foreign tourists and cross-border merchants face a variety of payment challenges.

This article will provide an in-depth analysis of the top five common problems when making electronic payments in Vietnam and their professional solutions to help you successfully deal with the financial challenges of this emerging market.

I. Bank card binding failure problems and solutions

1.1 Analysis of common causes

Many users have failed in their attempts to link international credit or debit cards to local payment platforms in Vietnam. This is mainly due to three factors: firstly, some international card-issuing banks block online transactions in "high-risk areas" by default; secondly, international card organisations, such as Visa/Mastercard, have stricter rules for Southeast Asia; and lastly, there are technical incompatibilities.

1.2 Specialised solutions

• Contact the card issuer: Inform the bank in advance that the transaction will be carried out in Vietnam and open the corresponding privileges
• Verify 3D Secure: Ensure that Verified by Visa Secure or Mastercard Identity Check is activated on your card.
• Using middleware services: Consider completing the binding indirectly through international payment gateways such as PayPal, Stripe, etc.
• Change card type: Prefer international multi-currency credit cards with EMV chips

"According to VNPAY data statistics shows that 85%'s cross-border card binding failure can be solved by the above method"

II. Compatibility issues of QR code payment handling solutions

2.1 Vietnam QR Standard Specificity

Unlike China's UnionPay QR or Alipay/WeChat QR code systems, "Vietnam QR Code" adopts a specific national standard (TCVN12822:2020), which is technically different from the internationally recognised EMV QR. This has resulted in many overseas users' scanning devices not being able to recognise the payment codes displayed by local merchants.

2.2 Practical solution techniques:

It is worth noting that mega-applications such as GrabPay have implemented multi-standard auto-transformation capabilities and are preferred to highly integrated service platforms.

III Troubleshooting guide for OTP SMS reception failure (about 200 words)

Foreign mobile phone numbers are often unable to properly receive Verification of Transaction (OTP) SMS from financial institutions in Vietnam due to the restrictions imposed by multinational telecommunication operators and the real-name requirement of SIM cards. We recommend the following measures.

Entity programmes:
-Purchase Vinaphone/MobiFone prepaid SIM and complete KYC verification (passport required)
-Renting company number forwarding service registered in the name of a local business (VietSolutions provides a compliant channel)

virtual programme:
-Switch to a soft token system based on the Authenticator application (officially recommended by the GSMA).
-Apply for the bank's eToken physical device instead of SMS verification (BIDV supports this service)

Practice shows that the combination of Google Voice + GVN dual-channel can improve the OTP delivery rate of more than 95% but need to pay attention to comply with the relevant provisions of the Regulations on Foreign Exchange Management of Non-residents.

IV Technical Explanation and Optimisation Strategies for Cross-Platform Transfer Delays

4.1 Differences in the operating mechanisms of the clearing system.

NAPAS (National Clearing House) usually processes domestic transfers in real time, while cross-border remittances involving the SWIFT network may incur a delay of 3-5 working days, especially around holidays, and there are also regional differences in processing efficiency between Hanoi and Ho Chi Minh.

4.2 Methodology for Accelerating the Flow of Funds.

-T+0 Instant Deposit Tips.
√ Select transfer between accounts within the same banking group (e.g. Techcombank → VPBank belongs to the same VPGroup)
√ New settlement network utilising blockchain underlay (ChainViet developed by FPT)

-T+1 Optimised Path.
√ Initiate requests before 10 a.m. on weekdays to avoid peak batch processing times.
√Amount splitting strategy not exceeding 20 million rupiah in a single transaction to enjoy fast-track treatment.

The way to break the identity verification dilemma caused by five cultural factors

5.1 Principles for dealing with name spelling discrepancies.

When the Latin alphabet name on the user's passport does not correspond to the transcription of the Vietnamese pronunciation (Nguyễn → Nguyen as an example) the following standardised process is recommended.

①Fill in your English name on the account application form strictly according to your passport information.
②Additional notarised bilingual name statement.
(iii) Retain a sample of handwritten signatures for critical operations.

5.2 Equivalent substitutions for address documentation.

If a utility bill is not available it can be used.
✓ Notarised notarised contract for permanent hotel accommodation + copy of entry stamp.
Letter from the Management Committee of the Industrial Park certifying the residence of the foreigner.
Embassy-certified statement of permanent residence in Vietnam together with the lease agreement.

VI. Payment limit management and fund security strategy

6.1 Common Transaction Restrictions on Payment Platforms in Vietnam

In Vietnam, different e-wallets and banks have strict limits on the amount of transactions, which are mainly categorised as follows:

• single-stroke limit(Usually 5 millionVND 100 million, approximately 200($4,000)
• cumulative daily limit(mostly in the 20 million range)VND 500 million, approximately 800($20,000)
• Monthly Accumulation Limit(some platforms set above VND 1 billion)

These restrictions may change due to account authentication levels, usage history, or regulatory policy adjustments. Example:
✔️ unlisted account: Only small purchases (e.g. 500,000 VND/stroke) are supported.
✔️ Basic KYC Certification(Mobile phone number + ID card): can be upgraded to VND10 million/day.
✔️ Advanced Verification(Face Recognition + Bank Binding): Open to higher limits.

6.2 How do I apply for an increase in the limit?

(1) Local Resident Solutions:

• Visit a bank branch to submit proof of income (payslip/tax slip).
• Provide additional proof of assets such as social security payment records or property deeds.

(2) Special access for foreign users:

✅ Long-term visa holders: Apply for a VIP account at a commercial bank with a Temporary Residence Certificate (TRC) and a labour contract.
✅ short term visitor: Some international banks (e.g. HSBC Vietnam) support passport users to withdraw funds through overseas credit history.

⚠️ Note: The new 2023 regulations require an additional source of funds statement for all cross-border remittances over $5,000.

VII. Optimisation of currency exchange and exchange rate losses

7.1 Three Pain Points in the VND FX Marketplace

7.2 Smart Money Exchange Tips

① Preferred institutions such as DongA Bank, which offers "exchange rate locking" services
👉 Best available rates can be booked up to 24 hours in advance.

② Transition using cryptocurrencies(Compliance approach)
✧ Exchange USDT for VND at real-time market prices via a legitimate exchange
✧ 200+ merchants in HCMC now support stablecoin payments

(iii) Timing of Bulk Exchange
📉 Better quotes are usually available on Wednesday afternoons (peak market liquidity)

VIII. Dispute Refund and Dispute Handling Process Analysis

8.1 Comparison of Vietnam-specific rights mechanisms:

Traditional banking:
-Required to submit in writing the "trading objections to the application form" to the account opening branch
-Processing cycle starts at 15 working days
-Success rate of about 62% (VNPCI2022 data)

E-wallet pathway:
➤ Momo/ZaloPay inbuilt AI customer service for instant dispute acceptance
➤ Average response time 4 hours 27 minutes (Mobile Money Association statistics)
➤ Threshold for automatic refunds is set at less than VND 2 million transactions

8.2 The Golden Rule for Improving Winning Rates:

🔹 Standards for Chain of Evidence Construction:
✓Continuous screenshots include: merchant page + payment confirmation SMS + bank debit record
✓ Notarised snapshots of web pages where necessary (aided by Web.archive.org)

🔹 Talking Points Template Essentials:
"Pursuant to Article 12 of Circular No. 47/2018/TT-NHNN.
Request for enforcement of compulsory cancellation of [Order No.] ..."

IX. Future trends and preventive recommendations

9.1 Regulatory changes coming down the pike:

📌Mandatory access to the national anti-fraud system (FDS) required for all mobile payments from 2024
Impact:Biometric verification frequency increases but theft rates expected to fall 40%

9.2 Forward-looking layout recommendations:

For individual users.
-Early completion of Vietcombank's voiceprint filing to enjoy fast-track service

For corporate clients.
-Apply to join NAPAS's Merchant Direct Program for liquidation priority.

[Conclusion] As the pilot of the Central Bank of Vietnam Digital Currency (CBDC) advances, it is expected that the existing problems of 80% will be systematically improved within three years. Users who have mastered these solutions at this stage have been able to achieve a payment success rate of more than 98%, which is much higher than the average in Southeast Asia.