Deputy Prime Minister requests early completion of institutions to develop digital payments

(Dan Tri) - Deputy Prime Minister Ho Duc Phoc emphasized the need to perfect institutions, ensure data security and control risks in digital payments in the face of increasing risks of technological crimes.

Many barriers prevent digital payments from developing

On the morning of June 14, at the workshop on Cashless Payment: Driving Force for Digital Economic Growth, Deputy Prime Minister Ho Duc Phoc emphasized that e-commerce can only be truly effective when associated with cashless payments.

Because digital transactions take place quickly in just a few seconds, they contribute to transparency in cash flow and create a solid foundation for digital economic development.

Deputy Prime Minister Ho Duc Phoc shared at the workshop on the morning of June 14 (Photo: Nhat Quang).

The Deputy Prime Minister said that it is necessary to frankly acknowledge that there are some problems such as cyber security and personal data protection in digital payments, especially in the context of increasingly sophisticated high-tech crimes.

Therefore, institutions and policies need to be improved, appropriate, and create favorable conditions for innovative payment models, while ensuring risk management and system safety, and protecting people's assets.

Speaking at the workshop, Ms. Phan Thi Thang, Deputy Minister of Industry and Trade , affirmed that Vietnam is getting closer to the goal of a cashless society. To realize this goal, digital payments need to be brought to small traders and traditional markets, which still rely heavily on cash.

However, Ms. Thang also admitted that cashless payments in Vietnam still face many challenges, especially cybersecurity risks and fraud in online transactions.

To promote the digital economy and modern financial system, Ms. Thang recommended continuing to improve institutions and policies. The focus is on amending the guiding documents of Decree 52/2024 on non-cash payments and Decree 94/2025 on controlled testing mechanisms in the banking sector; at the same time, implementing activities to realize the National E-commerce Development Plan.

Second, units need to strengthen inter-sectoral coordination and perfect the legal framework for each field, especially regulations on personal data protection, cybersecurity and consumer rights.

Ms. Phan Thi Thang, Deputy Minister of Industry and Trade (Photo: Quang Dinh).

Third, units need to develop programs to promote cashless payments suitable for each locality, combining incentives, training and technical support for small businesses, traders and traditional markets.

77.5% of online shoppers still choose to pay cash

Ms. Le Hoang Oanh, Director of the Department of E-commerce and Digital Economy (Ministry of Industry and Trade), said that the digital economy in Vietnam is growing strongly, contributing 18.7% to the national GDP.

However, 77.5% of consumers still choose to pay cash on delivery (COD), due to the habit of using cash. In addition, barriers such as high-tech crime, counterfeit goods, and unsynchronized technology infrastructure, especially in rural areas.

Mr. Le Anh Dung, Deputy Director of the Payment Department (State Bank), said that he will coordinate with commercial banks and payment intermediaries to deploy technological solutions to prevent cybercrime.

Some booths at the event "Cashless Day 2025" (Photo: Nhat Quang).

The banking industry is building a database of fake accounts, helping the system warn when customers transfer money to accounts that show signs of fraud. Thereby, users can consider before making transactions, limiting the risk of being scammed.

Sharing experience from Korea, Mr. Kim Dea Hong - Deputy General Director of Shinhan Bank Vietnam - said that this country has implemented the identification system in financial transactions since 1993, developing a cashless platform early. However, the rate of cash payments is still at 15.9%, showing that this is still a big challenge.

To encourage people to use credit cards instead of cash, South Korea has implemented a policy of deducting personal income tax if they use credit cards instead of cash when shopping. This policy has recently been extended to debit cards and mobile payments. For shop owners, the government prioritizes financial support or tax breaks for those with a high rate of cashless payments.

Source: https://dantri.com.vn/kinh-doanh/pho-thu-tuong-yeu-cau-som-hoan-thien-the-che-de-phat-trien-thanh-toan-so-20250614140719181.htm