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Vietnam
Vietnam’s combination of export‑oriented manufacturing, rapidly expanding digital services and youthful, tech‑savvy consumers is making it one of Southeast Asia’s most compelling markets for online payments, fintech and e‑commerce. With a population of over 98 million, Vietnam is leveraging strong growth in manufacturing, agriculture, tourism and a digital economy that is steadily gaining pace. The widespread adoption of mobile wallets, QR‑code payments and app‑based banking platforms is reshaping how Vietnamese consumers pay and engage in commerce.
In 2024, non‑cash transactions in Vietnam reached VND 295.2 quadrillion—equivalent to approximately 26 times GDP—while QR‑code payments grew by more than 81 per cent in the first quarter of 2025 alone.
Statista
Vietnam’s fintech market was valued at about USD 16.9 billion in 2024 and is projected to reach some USD 62.7 billion by 2033, reflecting a CAGR of ≈14.2 % in 2025‑33.
IMARC Group
GlobeNewswire
The country’s digital economy (including e‑commerce) is also expanding rapidly: for example, B2C e‑commerce revenue reached around USD 20.5 billion in 2023.
In addition, as a major manufacturing and export hub, Vietnam’s trade connectivity boosts the need for digital‑payment and cross‑border fintech solutions — supporting not just domestic retail and services but also international commerce flows. The government’s strong push for financial inclusion, digital infrastructure upgrades and regulatory support for fintech innovation further accelerates adoption of secure online payment methods across urban and increasingly rural areas.
Vietnam’s youth‑driven, mobile‑first population, rising internet and smartphone penetration (reported at ~84 % in 2024) and the growing e‑wallet/QR‑payment ecosystem position Vietnam as a top destination for fintech firms, digital payment providers and online merchants looking to scale in Southeast Asia.
Top banks
Vietcombank
One of Vietnam’s largest and most prestigious banks, Vietcombank specializes in retail, corporate, and international banking. Known for strong digital services, customer trust, and a wide network of branches, it plays a leading role in the country’s financial sector.
Vietinbank
State-owned and focused on industry and trade, Vietinbank provides retail, corporate, and investment banking. It supports government economic policies, large-scale projects, and trade finance, combining traditional banking with growing digital and fintech initiatives across Vietnam.
BIDV
The Bank for Investment and Development of Vietnam (BIDV) ranks among the largest banks by assets. It offers comprehensive retail, corporate, and investment services while emphasizing digital banking innovation and supporting both domestic and international trade.
Techcombank
A leading private bank in Vietnam, Techcombank is recognized for innovation, strong profitability, and digital-first services. Its retail and corporate banking solutions, mobile platforms, and efficient financial products appeal to tech-savvy consumers and businesses alike.
VPBank
Vietnam Prosperity Bank (VPBank) is a major private-sector bank with growing digital capabilities. It focuses on consumer banking, SME lending, and mobile solutions, attracting a young, urban population while expanding nationwide with innovative financial products.
Top payment methods
Virtual Accounts
VA/BT (Virtual Account / Bank Transfer) allows users to pay online by transferring funds directly from their bank account to merchants using a unique virtual account number. Widely used for e-commerce, utility bills, and interbank payments, VA/BT provides secure, reliable, and traceable transactions.
Viet QR code
QR code payments allow consumers in Vietnam to scan a merchant’s QR code using a mobile banking app or e-wallet. The VietQR standard enables interoperability across banks and digital wallets, making payments fast, convenient, and secure. QR payments are increasingly popular for retail and online transactions in Vietnam.
MoMo
MoMo is Vietnam’s leading e-wallet, offering mobile payments, bill pay, peer-to-peer transfers, and QR code transactions. It integrates with many banks and merchants, appealing to a mobile-first, tech-savvy population and playing a major role in the country’s digital payment ecosystem.
ZaloPay
ZaloPay is a Vietnamese mobile wallet linked to Zalo, the popular messaging app. It supports QR code payments, peer-to-peer transfers, online shopping, and utility bills, targeting urban users and contributing to widespread fintech adoption in Vietnam’s growing digital economy.
Visa
Visa is the world’s largest global card network by transaction value, accepted almost everywhere. It’s known for secure, fast, and reliable payments, positioning itself as “the best way to pay and get paid by everyone.”
Mastercard
Mastercard is a global payments leader, dominating the co-branded card market in Europe and key countries like Brazil, Canada, and Germany. Known for secure, contactless, mobile, and digital payment solutions, Mastercard drives e-commerce, fintech, and online banking innovation worldwide.
ApplePay
Google Pay
Google Pay enables secure digital payments using stored credit or debit cards for online, in-app, and in-store purchases. It offers a fast, seamless checkout experience on Android devices and supports 3D Secure authentication for EU and UK-issued cards.
Concluding remarks
Cash
Cash remains widely used, especially in rural areas and small vendors, but its share at POS has declined to around 38% in 2023.
Cards:
Debit and credit cards are growing in urban areas and online transactions, capturing roughly 31% of the online payment market.
APMs
E-wallets and QR payments are rapidly expanding, becoming the preferred method for digital and mobile-first consumers.
Cryptocurrency
Cryptocurrency usage for everyday payments is minimal due to regulatory restrictions, remaining mostly speculative rather than transactional.
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