Cross-border payments in Vietnam: which platforms are supported?

I. Overview of the cross-border payment market in Vietnam

In recent years, Vietnam has become one of the most important destinations for Chinese companies to go overseas as trade between China and Vietnam has become increasingly frequent and cross-border e-commerce has flourished. According to statistics, bilateral trade between China and Vietnam exceeded US$230 billion in 2022, a year-on-year increase of 5.81 TP3 T. Against this backdrop, it has become particularly important to understand the cross-border payment platforms that support the Vietnamese market.

II. Mainstream international payment platforms in Viet Nam

1. PayPal

As a globally recognised online payment system, PayPal has a wide user base in Vietnam. The platform supports the exchange and settlement between USD and VND (Vietnamese Dong).

Advantageous features:

• High level of international recognition
• Perfect Transaction Security
• Support multi-currency settlement

Applicable Scenarios:
It is mainly applicable to B2C cross-border e-commerce retail and small transactions.

2. Stripe

Stripe has been aggressively expanding into Southeast Asia in recent years and has been granted a licence to operate in Vietnam.

Core Functions:

• Easy API integration
• Subscription payment model well supported
• Advanced Fraud Protection Mechanisms

3. TransferWise (now Wise)

Specialising in foreign exchange transfer services:

• Transparent and open exchange rates
• Clear fee structure
• Fast arrival speed

It is particularly suitable for small and medium-sized enterprises (SMEs) for bulk payment settlement.

III. Cross-border payment solutions in the Chinese context

1. Alipay Global (Alipay International)
The following functions are realised through cooperation with local banks:

√ Direct conversion of RMB to VND
√ Code-sweeping payment covers major shopping districts
√ Seamless online shopping mall

Currently accessing merchants including well-known brands such as VinCommerce and Thegioididong.

2. WeChat Pay Vietnam
The localised version of WeChat Pay has:

- Closed-loop payment experience within the applet
- Integration of social marketing tools such as red packets
- Gradual expansion of the admissibility network

Focuses on serving Chinese tourists and Chinese community consumption scenarios.

IV. Localised professional service providers

1. MoMo Wallet
Market share leading e-wallet offering.

☑️ utilities living contributions
☑️ mobile phone top up
☑️ QR code collection system

The average daily transaction volume exceeds 3 million.

2. ZaloPay
Leveraging the ecological strength of the Zalo social platform.

→Zero fee on social transfers
→ Continued increase in offline merchant coverage
→ Rich government utility interfaces

3. VNPAY
Maturity of the interbank clearing network.

✔️ Enterprise API docking well documented
✔️ Experienced in large B-side business
✔️ anti-money laundering compliance system is robust

V. Suggestions and considerations for selection

1.Rate comparison
Currency conversion costs can vary up to 1%-3% between platforms and need to be measured accurately for large transactions.

2.compliance requirement
In accordance with the provisions of Decree No. 101/2017/ND-CP:
◆ Identity verification is required for a single transaction exceeding 20 million VNDs.
◆ Monthly cumulative VND of over 50 million triggers a risk control audit
◆ Regulatory restrictions exist for specific commodity groups

3.Technology Docking Considerations:
▸ SLA Service Level Assurance ≥99.%
▸ Peak concurrent processing capacity assessment
▸ Reconciliation file format compatibility testing

4.Emerging Trends to Watch:
Central Bank Digital Currency (CBDC) in Pilot in 2023 Could Change Existing Landscape; Buy Now Pay Later (BNPL) Model Growing Fast; Embedded Financial Product Innovation Accelerating.

From the above analysis, we can see that in order to develop the Vietnamese market, we need to comprehensively evaluate the capital efficiency, cost structure and expansion flexibility of each payment solution according to the specific business model, and we suggest that we prefer a hybrid service platform with both local licences and international qualifications as an entry point.

VI. Recommended Payment Solutions for Segmented Industries

1. Cross-border e-commerce sellers

For Chinese merchants selling through platforms such as Shopee and Lazada, a combined solution is recommended:

• Premiere programme: Alipay + local wallet (MoMo/ZaloPay)
• Options: Payoneer Acquiring + VNPAY Withdrawal
• Comparative advantages::

Note: T+3 means that the account will be available within 3 working days after the successful transaction.

2. Gaming/Digital Content Industry

Vietnam's handball market is growing at an annual rate of 28%, with special attention to be paid to the regulatory requirements for virtual goods:

• Compliance Channel: VNPT Pay, Gate and other licensed payment providers
• high risk point::
  • IAP (In-App Purchase) must be connected to the government monitoring system
  • ≥500,000 VND's virtual props transactions require SMS secondary authentication

3. B2B trade payments

Recommended direct bank connection solutions for manufacturing raw material procurement:

graph LR

A [Chinese supplier] --> B (Standard Chartered Bank Vietnam)

B --> C [Viet Nam dong letter of credit]

C --> D {local plant}

D --> E [Electronic verification of bills of lading]

E --> F [automatic release of payments]

Features: Single handling fee fixed at $800, suitable for orders over $100,000

VII. Practical guide to avoiding pitfalls

1. Preventive measures against account freezing
2023 Common Trigger Cause Statistics:
||Frequency Percentage|
|—|—|
|Multi-account operation on the same IP|42%|
|33%| Short-term concentration of funds in and out of the country
|null;Recipient Sensitive Industry Match Low|null;25%|

response strategy::
✓ IP address and registry alignment configuration
✓ Splitting large sums of money into multiple ≤$8,000 transactions
✓ Advance reporting of special business scenarios

2.VAT Tax Synergy Points
In accordance with 20/2021/TT-BTC:

■ Payment platforms are required to withhold and pay VAT on behalf of foreign merchants (current rate 10%)
▪ Quarterly submission of cross-border services returns by the 15th of each quarter (form No. 06/GTGT)
▪ Penalties for incorrect filing can be up to the amount of tax due 200%

Recommended use of third-party audit services such as KPMG/Viettonkin

VIII. Trends ahead to 2024

Technology evolution direction prediction:
Real-time Full Settlement System" will shorten the clearing time to minutes after the launch.
②Biometric Payment Penetration in High-end Shopping Malls Expected to Surpass 60%
③ Blockchain letters of credit may change the traditional trade finance model

Policy risk warning.
The draft Decree on Non-Cash Payments, which is being revised at ⚠️, shows that.
-E-wallet balance limit proposed to be lowered to VND 20 million (from 50 million)
-Foreign shareholdings may face tighter restrictions

Monitoring list of emerging potential platforms.
▸ Samsung Pay Vietnam (backed by mobile phone market share of 35%)
▸ GrabPay (monopoly advantage in the online taxi scene)
▸ Airwallex (embedded finance for SaaS businesses)

For evaluation of specific implementations or channel matching support, the following information can be further provided for precise recommendations.
□ Average monthly transaction amount segment □ Target customer group attributes □ Product service type