Deputy Prime Minister: Cashless payments help make cash flow transparent

The “Cashless Festival – Ting Ting Day 2025” took place in District 1, Ho Chi Minh City on the morning of June 14, attracting thousands of participants.

At the festival, Deputy Prime Minister Ho Duc Phoc assessed that when Vietnam develops e-commerce, it is of course necessary to have cashless payments. Cashless payments take place quickly, in just a few seconds, while helping to make cash flow transparent and promote the development of the digital economy .

Mr. Phoc shared that cashless payment not only promotes the efficiency of the banking industry, but also helps increase transparency in financial management, supports e-commerce and public services, improves labor productivity and reduces social costs.

Leaders of the Government, the State Bank and Ho Chi Minh City visit booths at the — Leaders of the Government , the State Bank and Ho Chi Minh City visit booths at the "Cashless Festival - Ting Ting Day 2025". (Photo: D.V)

In addition, the Deputy Prime Minister said that it is necessary to frankly acknowledge some shortcomings such as cyber security and personal data protection in digital payments, especially in the context of increasingly sophisticated high-tech crimes. Therefore, it is necessary to perfect appropriate institutions and policies, create favorable conditions for innovative payment models, while ensuring risk management and system safety, and protecting people's assets.

Mr. Pham Tien Dung, Deputy Governor of the State Bank of Vietnam (SBV), said that cashless payments are playing a key role in the development of the digital economy, contributing to improving transparency and promoting e-commerce. When this method was not yet popular, Governor of the State Bank of Vietnam Nguyen Thi Hong went to each stall of a small trader to paste QR codes. To date, QR payments in particular and cashless payments in general have developed very strongly.

“Currently, 87% of adults in Vietnam have bank accounts. In Ho Chi Minh City, this rate is even higher. The interbank electronic payment system currently processes an average of VND820,000 billion per day while the financial switching and electronic clearing system processes 26 million transactions per day,” said the Deputy Governor of the State Bank of Vietnam.

He said the national credit information infrastructure is constantly being upgraded to increase the ability to process and update data automatically. In addition, the system also expands the collection and update of data inside and outside the industry with a successful data update rate from credit institutions reaching over 98%.

A representative of the State Bank shared that from July 1, 2024, individual customers are required to authenticate their citizen identification and biometrics. This task was quite difficult at first, but thanks to good communication, to date, more than 110.8 million individual customer records and more than 711,000 corporate customer records have been verified for biometric information.

From July 1, 2025, legal representatives of enterprises must also undergo biometric authentication to conduct transactions.

Mr. Nguyen Van Dung, Vice Chairman of the Ho Chi Minh City People's Committee, also stated that cashless payments have become an objective trend, appearing everywhere such as restaurants, coffee shops, grocery stores, etc., but the implementation of cashless payments is still difficult and limited, including the issue of transaction security for users. High-tech crimes, fraud, and theft of personal data are increasingly sophisticated and complicated.

Cashless payments are popular everywhere. (Photo: D.V)

Ho Chi Minh City leaders are well aware of the key role of cashless payments in promoting digital payments and developing the digital economy and have made a number of proposals to further develop this payment method.

Specifically, Ho Chi Minh City requested state management agencies and experts to share their experiences in promoting digital payments in e-commerce, the role of data connection solutions in promoting digital economic development, and specific recommendations for Ho Chi Minh City.

The Vice Chairman of the Ho Chi Minh City People's Committee said that departments, branches, and People's Committees of wards and communes also need to proactively review and integrate the contents and promote the implementation of cashless payments into the regular work programs of units and localities. In particular, it is necessary to focus on synchronously implementing groups of solutions to increase the application of electronic payments in public services, especially in the fields of public administration, education, health, transportation, taxes and fees, ensuring a convenient and safe payment process.

Ho Chi Minh City proposes to coordinate the organization of trade promotion programs associated with promoting the development of non-cash payments, especially in major consumer events such as concentrated promotions, consumer promotion programs, and tourism stimulus. The city also proposes solutions to support businesses, business households, small traders, and people in applying digital payment solutions suitable to their scale and actual conditions.

Along with that is promoting communication on many platforms to raise awareness and skills of cashless payment for people, promoting changes in cash usage habits in the community, especially in residential areas, traditional markets, and suburban areas.

According to Mr. Nguyen Van Dung, units such as the State Bank of Vietnam, Ho Chi Minh City branch, departments and branches need to coordinate with central ministries and branches to connect data between sectors and fields, forming a smart digital payment ecosystem in the city.

The number of scams has dropped dramatically.
A representative of the Information Technology Department of the State Bank of Vietnam said that the number of fraud cases and the number of accounts receiving fraudulent money have decreased sharply after cleaning up the payment account information of individual customers.
Since July 1, 2024, the average number of customers being scammed and losing money per month has decreased by 57% compared to the average of the first 6 months of 2024 (regulations on cleaning account information for individual customers have not been applied yet).
The average number of accounts receiving fraudulent money each month since mid-2024 has also decreased by 46.5% compared to the average of the first 6 months of 2024. Notably, at some credit institutions, there have been no recent cases of cybercrime fraud.

DAI VIET

Source: https://vtcnews.vn/pho-thu-tuong-thanh-toan-khong-tien-mat-giup-minh-bach-hoa-dong-tien-ar948850.html