Vietnam Local Payment Technology Development Roadmap

Local payments technology development in Vietnam is in a phase of rapid change, driven by the expansion of the digital economy, government policy support, and growing demand for mobile payments among the young population. Below is a key roadmap and trend analysis of payment technology development in Vietnam:

1. Transition period from cash-led to digital payments (2010-2020)

• diagnostic property: Cash is still dominant, but e-wallets and bank cards are beginning to penetrate.
• milestone::
  • National payments infrastructure upgrades (e.g., NAPAS clearing system).
  • Rise of local e-wallets such as MoMo and ZaloPay (post-2016).
  • Harmonisation of QR code standards (VietQR was launched by the Central Bank of Vietnam in 2018).

2. Mobile payments explosion and regulatory framework improvement (2021-2025)

• driving force::

  • Epidemic catalyst: The demand for contactless payments is surging.
  • Policy support:: Cashless Payment Development Programme to 2025 (target: 50% of non-cash transactions).
  • Banking cooperation: eWallets are deeply tied to local banks (e.g. MoMo connects 30 banks).

• Progress in key technologies::

  • QR code popularity: street vendors to chain shops all support scanning code payment.
    Cross-border interconnection pilot launched.

3. Open Banking and FinTech eco-integration (2026+)

Future directions of focus include:

(1) API Economy and Open Banking

Data sharing through standardised API interfaces.

(2) Deepening the Super App model

For example, Grab or Shopee integrate multi-scenario services.

(3) AI-driven wind control upgrade

(4) CBDC Exploration

challenge

There is a need to balance the speed of innovation with the control of systemic risk.

4. Cross-border payments and regional financial integration (2025-2030)

As Vietnam's integration into global supply chains and the ASEAN Economic Community (AEC) deepens, payment technology will expand to cross-border scenarios:

(1) ASEAN Fast Payment Interconnection (e.g. QR Phased Cross-Border)

• Vietnam has piloted code-sweeping mutual recognition with Thailand and Malaysia.
• objectives: Realise real-time money transfers to major South East Asian countries within the next five years.

(2) Application of Blockchain in Trade Settlement

• Pilot blockchain-based letters of credit (LCs) and supply chain finance to reduce reliance on SWIFT.

(3) Internationalisation of digital identity

• The eKYC standard interfaces with the ASEAN Common Framework to support the use of local payment instruments by foreigners.

5. Careful advancement of the CBDC (Central Bank Digital Currency) (phased 2026-2035)

The Central Bank of Vietnam (CBV) has initiated a study on the possibility of adopting a "two-tier operation" model:

• Pilot phase (2026-2028): Wholesale CBDCs are used for interbank clearing.
• Retail phase (2030+):
  Cash replacement rate may exceed 30% if successfully rolled out.

Key challenges 🚨

1. Consolidation of user habits:
   Rural areas still rely on cash, which needs to be gradually transformed through "light finance" scenarios such as recharging phone bills.
2. Data sovereignty disputes:
   Foreign tech companies dominate some of the eco-regulatory requirements for localised data storage.
3. Lagging anti-fraud technology:
   Biometric risk control investment needs to increase to deal with new types of fraud such as AI face swapping.

Corporate strategy recommendations

✅ traditional banking → Accelerate the opening of API interfaces to avoid being marginalised;
✅ newly established enterprise → Focus on B2B verticals (e.g. shipping/cross-border e-commerce payments);
✅ foreign organisation → Must be jointly funded to land and comply with the data provisions of the Cybersecurity Act.

Feel free to point out any analyses that need to be more specific to a particular segment!