Moves taken to promote cashless payment in Vietnam
To encourage Vietnamese consumers and businesses to apply digital payment, Visa, a world leading e-payment technology company, has expanded activities in response to the annual Cashless Day in Vietnam (June 16).
Hanoi (VNA) – To encourageVietnamese consumers and businesses to apply digital payment, Visa, a world leadinge-payment technology company, has expanded activities in responseto the annual Cashless Day in Vietnam (June 16).
Dang Tuyet Dung, Director ofVisa Vietnam and Laos, said her company has cooperated with retailers to offergifts to consumers using Visa contactless cards and shopping on e-commerceplatforms, and promotional prices at some stores for contactless card users.
To accelerate digitaltransformation by small- and medium-sized enterprises (SMEs) in Asia-Pacific, itlaunched the Acceptance Fast Track Programme. Small firms in Vietnam can startaccepting digital payment in just a few minutes thanks to new solutions andimproved approval process of Visa.
Visa Business Solutionsprovide enterprises a set of tools for gaining success and improvingoperational efficiency in the era of modern commerce. Meanwhile, SMEs can alsoaccess resources on Visa’s Practical Business Skills platform, which gives themnecessary knowledge about how to start, manage, and develop a business, Dungadded.
Officials launch the “Cashless Payment Street - Hai Chau 2022” programme on June 16. (Photo: VNA)
On June 16, the PeopleCommittee of central Da Nang city’s Hai Chau district, the Vietnam E-commerceAssociation, and Momo - an e-wallet service supplier launched the “Cashless PaymentStreet - Hai Chau 2022” programme so as to stimulate local shopping demandusing digital technology.
The programme is implementedon Tran Van Tru, Nguyen Van Linh, Le Dinh Duong, and Phan Chu Trinh streets,involving stores and businesses operating in different sectors.
The local administrationtargets that at least one street will have all stores applying cashless paymentmethods.
A Visa survey in 2021 revealedthat nearly half of Vietnamese consumers are using contactless cards. Though theCOVID-19 pandemic has showed signs of easing, 74 percent of the intervieweessaid they will still shop on large e-commerce platforms, and that even whendirectly going shopping, they also hope digital payment methods will still beapplied at traditional stores./.
The banking sector hopes that by 2025, the volume of mobile payment transactions will grow by 50 - 80 percent while transaction value will surge 80 - 100 percent annually.
In the context of the extensive digitalisation of services as well as multidimensional impacts of the COVID-19 pandemic, the behaviour and expectation of Vietnamese consumers have changed, turning digital payment into an evitable trend of the economy and their priority.
Vietjet is offering hundreds of thousands of promotional tickets flying across Vietnam and Asia with preferential prices from only 16,600 VND, excluding taxes and fees, in response to “Cashless Day” (June 16).
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According to Mastercard data, Vietnam has recorded a remarkable 92% compound annual growth rate (CAGR) in contactless transaction volume from Q4 2022 to Q4 2024.
Tuan expressed his confidence that LH, with its expertise and experience, would swiftly implement the urban area project, contributing to a modern urban landscape for the province.
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Minister of Industry and Trade Nguyen Hong Dien acknowledged that despite concerted efforts by ministries and local authorities in combating fake and substandard goods, the situation remains highly complicated, attributing the persistent challenges to high profits luring numerous participants, increasingly sophisticated violations, limited resources within enforcement agencies.
The group also placed among the Top 5 energy companies in Southeast Asia and secured the top spot among the largest Vietnamese enterprises featured on the list.
The zone will cover 1,881 ha, comprising functional areas for production, logistics, trade and services, digital technology industry, information technology, and innovation.
Dung underlined several key objectives, including a comprehensive review of the legal framework governing SOEs, and called for updates that reflect international standards and support modern, transparent governance.
While the US market has become more difficult to access due to new tax policies, Australia could play the role of a trade cushion, helping to reduce shocks and maintain export momentum for Vietnam's shrimp industry.
Illustrative image (Photo: VNA) 
Officials launch the “Cashless Payment Street - Hai Chau 2022” programme on June 16. (Photo: VNA) 
