Country Diagnostic: Viet Nam

Digital payments enable inclusive growth and advance the Sustainable Development Goals, through cost savings, increased transparency, financial inclusion and greater women’s economic participation.

Since 2006, the Government of Viet Nam has articulated clear goals to increase non-cash (digital) payments, backed by policies and regulations, to facilitate the transformation. Viet Nam is in a strong position to achieve these goals as the prerequisites for a rapid shift to non-cash payments exist.

While there has been progress, the volume of micro and small-value retail payments made in cash remains very high. Thus, there remains a major opportunity – and a pressing need – for further action. Prioritizing three types of payments – person-to-person (P2P), utility bills and smallholder rice farming value chain – would have a particularly high impact. Scaling progress on these payments will require the public and private sector to address the remaining barriers through enabling regulations, effective customer education and incentives for payers and payees to adopt digital payments.