At a conference on smart payments in Ho Chi Minh City, the State Bank of Vietnam set out the banking sector's agenda for the next phase of digital payments and digital banking. Deputy Governor Pham Thanh Ha said the focus will be on five areas: updating the legal and policy framework, upgrading payment infrastructure, promoting innovation in new products and payment methods, strengthening security and customer protection, and expanding financial education. He linked these priorities to implementation of Vietnam's National Financial Inclusion Strategy for 2026-2030, which aims by 2030 to raise bank account ownership to 95% of people aged 15 and over and the value of non-cash payments to 30 times GDP. Data released at the event pointed to continued migration to digital channels. The State Bank of Vietnam said 88.96% of people aged 15 and over had a bank account at end-2025, while the value of non-cash payments in 2025 reached 28 times GDP. In the first four months of 2026, non-cash transactions rose 36.02% by volume and 10.74% by value from a year earlier, with internet transactions up 57.96% by volume, mobile up 33.46% and QR code payments up 12.95%, while ATM transactions fell 9.08%. As of 22 May 2026, banks had matched biometric information for more than 161.2 million individual customer files and more than 2.26 million organizational customer files with payment accounts using chip-based identity cards or VNeID. The State Bank of Vietnam also said its SIMO fraud monitoring system had sent more than 4.4 million warnings by 31 May 2026, after which more than 1.5 million customers suspended or cancelled transactions worth more than VND 5 trillion.
State Bank of Vietnam2026-06-06
State Bank of Vietnam outlines five priorities for digital payments as SIMO fraud alerts trigger suspension of over VND 5 trillion in transactions
The State Bank of Vietnam outlined a five‑pillar agenda for the next phase of digital payments and banking, covering legal and policy updates, infrastructure upgrades, product and payment innovation, security and customer protection, and financial education, aligned with the National Financial Inclusion Strategy. It reported that 88.96% of people aged 15 and over held bank accounts and non-cash payments reached 28 times GDP, with strong growth in internet, mobile and QR transactions and declining ATM use. The authority also highlighted progress in biometric customer verification and said its SIMO fraud monitoring system had issued over 4.4 million warnings, prompting customers to suspend or cancel transactions exceeding VND 5 trillion.