The Digital Finance Day in Vietnam is more than just a name change; it's a pivotal moment in the country's digital transformation journey. This event, organized by Tuoi Tre newspaper, showcases the growing importance of digital payments in Vietnam's economy and society. The seminar, 'Smart Payments in the Digital Era', highlights the role of digital payments in facilitating economic growth and improving financial services. Deputy Prime Minister Nguyen Van Thang emphasized that digital payments have become a fundamental necessity, contributing to the development of a modern and secure financial ecosystem. This shift is particularly significant as Vietnam aims to collect VND1 quadrillion ($38.5 billion) in budget revenue in 2026, and digital payments can improve management efficiency and reduce social costs.
One of the key areas where digital payments are making a difference is tourism. Ho Chi Minh City welcomed 8.6 million international visitors and 46 million domestic travelers in 2025, generating over VND278 trillion (US$10.6 billion) in tourism revenue. Expanding cross-border payment services and modern digital payment solutions can improve visitor experiences and increase spending. For instance, digital transaction data can improve management efficiency, reduce social costs, support tax administration, combat fraud, and promote a more transparent business environment. This is particularly important as Vietnam's tourism sector has significant growth potential, with tourism revenue reaching nearly $39 billion in 2025.
However, the development of digital payments in Vietnam faces challenges. Trust is the most important invisible infrastructure of the digital economy, but people will not embrace digital payments unless they feel secure. High-tech fraud and deepfake scams are becoming increasingly sophisticated, and smart payment systems must deliver tangible benefits for citizens and businesses. Pham Anh Tuan, director general of the Payment Department under the State Bank of Vietnam, stressed that smart payments must become more interconnected while ensuring stronger data protection.
To accelerate digital payments, the banking sector has outlined five priorities. These include reviewing and improving legal frameworks, upgrading payment infrastructure, strengthening research and innovation efforts, ensuring security and safety of payment operations, and stepping up communications and financial education programs. Banks are also developing comprehensive financial ecosystems that support businesses from account opening to online tax declaration and payment. For instance, VPBank and Vietcombank are offering digital payment solutions that help household businesses manage operations and cash flow.
In conclusion, the Digital Finance Day in Vietnam is a testament to the country's commitment to digital transformation. Digital payments are not just a convenience; they are a catalyst for economic growth and social development. However, the challenges of trust and security must be addressed to ensure that digital payments become a fundamental necessity for all Vietnamese citizens and businesses.
