[REVISION HISTORY]

Vietnam cashless payment and banking sector expansion

Updated 9 times since CLSTR started tracking revisions of this situation.

What changed

2026-08-26 01:31 UTC → 2026-08-27 11:46 UTC · added ~~removed~~

Vietnam’s transition toward a cashless economy continues to accelerate, driven by significant growth in non-cash transactions and banking sector innovation. By the first half of 2026, non-cash transactions exceeded 15 billion, valued at more than 190 quadrillion VND, with daily transaction values averaging approximately 40 billion USD. This growth is increasingly facilitating the expansion of cross-border QR code payments to support tourism and international trade. Financial institutions are diversifying digital offerings and restructuring operations. MSB has launched a new generation digital banking platform for businesses utilizing Backbase technology and biometric security. ACB has received licensing to establish ACB Insurance, a non-life insurer with a 500 billion VND charter capital. Meanwhile, Saigon Commercial Bank (SCB) is undergoing restructuring, which includes the closure of 13 branches across Ho Chi Minh City and several provinces, such as Dong Thap, Can Giuoc, Vinh Long, Tien Giang, Dak Lak, and Khanh Hoa, during August 2026. Service updates and fee adjustments are also prevalent. BIDV introduced a new fee schedule for card services on August 20, 2026, ~~covering physical card issuance and unsuccessful transactions,~~ while VietinBank is implementing new methods for collecting card-related fees. BVBank announced that starting August 26, 2026, individual customers will be charged a monthly account management fee of 10,000 VND (excluding VAT) if their average monthly balance falls below 500,000 VND. ~~While~~ The sector is increasingly shifting toward integrated digital ~~transformation advances—with~~ ecosystems driven by data and Artificial Intelligence (AI). According to the State Bank of ~~Vietnam verifying millions~~ Vietnam, digital integration is widespread: 66.8% of ~~profiles via biometric data—financial stability concerns~~ e-commerce transactions are ~~emerging. VIS Rating reported the industry’s overdue debt ratio rose to 3.8% in the first half~~ cashless, 98.7% of ~~2026, up from 3.3% at the end~~ enterprises utilize electronic tax payments, and 100% of ~~2025. Risks are increasingly concentrated in real estate, food~~ urban universities collect tuition through banking systems. Cross-border QR code payments have been established between Vietnam and ~~beverage,~~ several nations, including Thailand, Cambodia, Laos, China, South Korea, and ~~agriculture sectors.~~ Singapore. While digital transformation advances, financial stability concerns are emerging.

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