Changing cash usage habit to e-payment will not only boost economic growth but also promote Vietnam as a civilized nation, said Deputy Prime Minister Vu Duc Dam on December 16.
Speakers at the Vietnam E-Payment Forum on December 16. (Source: Banknetvn)
Hanoi (VNA) 💮– Changing cash usage habit to e-payment will not only boost economic growth but also promote Vietnam as a civilized nation, said Deputy Prime Minister Vu Duc Dam on December 16.
He made his remarks at the Vietnam E-Payment Forum in Hanoi held by the State Bank of Vietnam (SBV) and VnExpress, an online newspaper.
Online payment accounts for 90 percent of total transactions in developed countries and the Gross Domestic Products (GDP) hereby rose by about 1 percent, Dam explained.
Vietnam has been ready for e-payment in terms of infrastructure and the Government has set goals to stimulate online transactions for years, yet consumers seem not willing to change, he said.
The Deputy PM urged for greater coordination between relevant bodies to reduce cash payments alongside the design of incentives to encourage online transactions among local consumers.
Dinh Thi My Loan, President of the Vietnam Retailers Association, noted paying in cash remains a habit of a majority of Vietnamese people, the biggest barrier of e-commerce in the country today.
According to the Vietnam Bank Card Association (VBCA), 90 percent of the revenue from card payments was collected from ATM transactions, in which money withdrawal made up 85 percent while money transfer only contributed 14 percent.
The goal for a non-cash economy is still out of reach, Loan said.
Speaking of e-tax payment, SBV Vice Governor Nguyen Toan Thang said the SBV has been working with the Ministry of Finance to design an effective coordination system that helps tax payers make online payments easier.
Furthermore, the two state bodies may grant those making tax payments online exemptions and dispensation, he revealed.-VNA
National Assembly deputies concentrated their attention on the draft law on amendments and supplements to some articles of the Laws on Taxation and the draft revised law on export and import tariffs.
The Ministry of Finance has instructed commercial banks to completely stop over-the-counter tax payments and work with tax agencies to implement online tax payments by the beginning of December.
Non-cash payment has gradually become a trend in Vietnam as cash-used expense saw a remarkable reduction, according to the State Bank of Vietnam’s Payment Department.
A key change in the draft decree is a provision requiring bank transfers for gold transactions valued at 20 million VND (765 USD) and above, to enhance transparency and verify customer identities.
In the first four months of 2025, trade turnover between Vietnam and Cambodia surpassed 3 billion USD, marking a 7% increase compared to the same period in 2024.
On June 19 alone, a total of 2,005 trucks completed customs clearance at Lang Son’s border gates — the highest single-day figure ever recorded in the province. Of these, 634 carried exports and 1,371 imports.
The OECD Economic Surveys: Vietnam 2025 report focuses on analysing the country’s macroeconomic fundamentals, the impact of international integration on attracting foreign investment and trade, and the country’s prospects for developing a low-carbon economy.
Antoine Colin, Senior Vice President for Global Supply Chain Digital Transformation & Resilience at HP Inc., affirmed HP’s strategic commitment to building a supply chain and ecosystem in Vietnam and the region.
Deputy Director General of the Ministry of Industry and Trade (MoIT)’s Trade Promotion Agency Bui Quang Hung emphasised that logistics has evolved from a technical function into a core capability for Vietnamese exporters to maintain their competitive advantage in the US market.
A trade official has suggested companies work closely with shipping lines, airlines, and freight forwarders to monitor routes, transit times, and potential surcharges while exploring broader cargo insurance to cover risks like war and terrorism.
In addition to institutional reform, the agency is also rolling out key solution groups to combat counterfeit goods, imitations, and intellectual property infringements in the digital environment.
The event, co-organised by the Vietnam Trade Office in the UK and TT Meridian, a local importer of Vietnamese fresh produce, aims to build a national lychee brand and encourage broader recognition of Vietnamese fruits in a competitive, high-end market.
The industry's performance has been powered by bold investments in modern production lines, enabling Vietnamese firms to produce complicated products which were exclusive to advanced economies.
Outcomes of ABAC III will shape ABAC’s final policy recommendations to be submitted to the ABAC-APEC leaders’ dialogue, scheduled to take place in the Republic of Korea this November.
This is the second year the magazine has released the ranking, which is based on total revenue and key financial indicators of enterprises from seven countries in the region: Vietnam, Indonesia, Thailand, Malaysia, Singapore, the Philippines, and Cambodia.
At the summit, publishing, tech, and media sectors will discuss emerging trends, business models, and sustainable solutions for digital publishing development in Vietnam.
This year’s “Vietnam Goods Week” marks a significant milestone as it is being held simultaneously for the first time in four locations across Asia: Japan, Hong Kong (China), Cambodia, and Malaysia, from June 19 - 22.
According to NordCham Vietnam Chairman Thue Quist Thomasen, the Vietnamese Government’s commitment to achieving net-zero emissions by 2050 is both a challenge and an opportunity for businesses to contribute to green and sustainable growth.
The analysis from an investment perspective shows that the economy’s growth has been heavily capital‑driven, yet efficiency remains low as reflected by Vietnam’s Incremental Capital-Output Ratio (ICOR) being significantly higher than global and regional averages. This underscores the imperative to enhance capital‑use efficiency.
Speakers at the Vietnam E-Payment Forum on December 16. (Source: Banknetvn)
