Speaking at the “Smart Payments in the Digital Era” seminar on June 6, Deputy Prime Minister Nguyen Van Thang highlighted the growing importance of digital payments in driving economic development and digital transformation.
The seminar was held as part of the Digital Finance Festival 2026, which brought together policymakers, financial institutions and technology companies to discuss the future of digital finance and smart payment solutions.
The Deputy Prime Minister said that Vietnam is aiming not only to replace cash with electronic payments but also to develop a secure, modern and inclusive digital financial ecosystem that serves both people and businesses.
He noted that cashless payments are increasingly serving as a bridge connecting banking services with e-commerce, healthcare, education, transportation, tourism and public services. This integration is helping improve financial circulation, expand access to financial services and support the growth of the digital economy.
However, Mr. Nguyen Van Thang acknowledged that significant challenges remain. These include the digital divide between urban and rural areas, limited access to digital services among older adults and low-income groups, and growing cybersecurity risks associated with increasingly sophisticated cybercrime.
He called on the State Bank of Vietnam to continue refining regulatory frameworks while urging ministries, local authorities and businesses to work together to promote electronic payments, expand digital financial inclusion and improve public awareness of digital financial services.
At the seminar, Mr. Nguyen Loc Ha, Permanent Vice Chairman of the Ho Chi Minh City People's Committee, emphasized that cashless payments are a fundamental pillar of digital transformation and a key factor in enhancing the city's competitiveness.
He said smart payment solutions not only provide convenience for consumers but also create new drivers of economic growth. As the country’s largest economic center, Ho Chi Minh City sees digital payments as an important tool for stimulating consumption, expanding the domestic market and supporting sustainable growth.
Mr. Nguyen Loc Ha noted that smart payments are also helping strengthen the e-commerce ecosystem. Ho Chi Minh City currently leads the country in e-commerce development, accounting for 33 percent of national e-commerce revenue and hosting the largest number of online-selling businesses.
The integration of e-commerce with reliable digital payment systems enables businesses to expand their customer base while supporting the city's strategy of making the digital economy a key growth engine. Digital payments also play an important role in helping enterprises and household businesses accelerate their digital transformation.
By the end of 2025, Ho Chi Minh City was home to approximately 345,000 businesses and 361,000 household enterprises operating across various sectors. The broader adoption of digital payments is expected to improve transaction efficiency, create more transparent data systems and enhance business management capabilities, while improving access to credit and enabling small traders to participate more actively in the digital economy.
Smart payment systems are also becoming an important catalyst for tourism and international trade. As one of Vietnam’s leading tourism gateways, Ho Chi Minh City welcomed 8.6 million international visitors and 46 million domestic tourists in 2025, generating tourism revenue of VND278.6 trillion (US$10.6 billion). These figures underscore the need for modern payment solutions that can improve visitor experiences and support tourism growth.
Pham Thanh Ha, Deputy Governor of the State Bank of Vietnam, said that efforts to promote digital payments reflect the country's commitment to building a modern financial ecosystem centered on people and businesses.
He added that the banking sector will continue improving regulations, upgrading payment infrastructure, fostering innovation, enhancing cybersecurity and strengthening financial education. These efforts are expected to contribute to the development of the digital economy and support the national target of achieving non-cash payment transaction volumes equivalent to about 30 times GDP by 2030.
The Digital Finance Festival 2026 officially opened on the morning of June 6 at Nguyen Hue Walking Street in Ho Chi Minh City. The event was attended by Deputy Prime Minister Nguyen Van Thang, State Bank Governor Pham Duc An, Permanent Vice Chairman of the Ho Chi Minh City People's Committee Nguyen Loc Ha, and representatives from government agencies in Ho Chi Minh City and Dong Nai City.
Running from June 6 to June 7, the festival features interactive exhibitions and demonstrations on smart payments, digital finance, fintech innovations and cross-border payment solutions. Visitors can explore emerging payment technologies, receive personal financial management advice and experience a range of modern digital financial services.
