There are still gaps.
The rapid development of digital payments is becoming a clear highlight in the digital transformation process of Vietnam's banking industry. In just a few years, electronic payment methods such as QR codes, e-wallets, and mobile banking have quickly changed consumer behavior, pushing back the role of cash in many daily transactions.
Speaking at the World Financial Innovation Forum (WFIS 2026), jointly organized by the Vietnam Banking Association (VNBA) and TradePass (India) on May 19th in Hanoi, Mr. Le Anh Dung, Deputy Director of the Payment Department, State Bank of Vietnam, stated that the proportion of cash in point-of-sale payments has sharply decreased from approximately 85% in 2019 to 33% in 2025. Conversely, digital payment methods are growing rapidly, with e-wallets accounting for up to 56% of e-commerce transaction value, and QR code payments recording a growth rate of up to 151% in transaction value.
The market size is also expanding rapidly. The value of e-commerce in Vietnam has reached approximately US$28 billion and is expected to increase to US$50 billion by 2030, creating significant room for the development of digital payment services. Simultaneously, bank card transactions maintain a high growth rate, with an average increase of approximately 30.7% per year in volume and over 20% per year in value in recent times.
In this context, Mr. Le Anh Dung noted that payments are shifting from a standalone service to a component of the digital ecosystem, with increasingly deep connections between banks, businesses, and technology platforms. This connection process simultaneously creates a need for a sufficiently large and standardized data platform for services to operate efficiently.
However, the rapid development of digital payments has not been accompanied by a corresponding level of sophistication in the system infrastructure. The ability to connect and interoperate between organizations still has certain limitations, preventing the expansion of the digital ecosystem from reaching its full potential.
Along with that, pressure on system security and safety is increasing, especially in the context of the rapid growth of digital payment transactions. High-tech fraud methods, particularly those involving artificial intelligence, are becoming more sophisticated. According to international studies, Mr. Dung pointed out that about 85% of banks are expected to have to apply AI to detect and prevent fraud in real time.
From a broader perspective, it's not just a technological issue; structural "bottlenecks" in the financial system are also gradually becoming apparent. Dr. Can Van Luc, Chief Economist of the Vietnam Investment and Development Bank ( BIDV ), points out that bank credit still accounts for about 50% of the total capital in the economy, while other capital channels have not developed proportionally.
"To meet growth demands, especially in the context of digital transformation, the financial system needs to be strongly restructured, reducing dependence on bank credit," emphasized Dr. Can Van Luc.
In reality, the faster digital payments develop, the more apparent the bottlenecks in infrastructure, governance, and market structure become, highlighting the need to shift from accelerated growth to sustainable development in the digitalization process of the banking industry.
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The explosion of digital payments is opening up enormous growth potential for the banking industry, but at the same time, it is also posing new demands on operational platforms and system capabilities. As growth rates increase, the focus shifts from simply "moving fast" to "going far and sustainably."
From a management perspective, Mr. Le Anh Dung believes that the development of digital payments requires a more synchronized connectivity infrastructure. As payments become part of the digital ecosystem, interoperability between banks and other industries and sectors is a prerequisite. If institutions are the "opening factor," then infrastructure is the foundation for these models to operate effectively in practice.
Simultaneously, the issue of perfecting the legal framework has become urgent. The emergence of new models such as digital banks, fintech companies, and AI applications in finance is creating a need to refine the legal framework towards greater flexibility. According to Mr. Le Anh Dung, implementing controlled testing mechanisms (sandboxes) will help balance promoting innovation and ensuring system security, thereby creating space for the development of new payment models.
Furthermore, investment in digital infrastructure needs to be further accelerated, especially the national payment system, data platforms, and interoperability. This is a prerequisite for developing modern digital financial services that meet the growing needs of citizens and businesses.
As digital payments develop rapidly and the demand for capital in the digital economy increases, the challenge of restructuring the financial system becomes clearer. According to Dr. Can Van Luc, developing the capital market and gradually reducing dependence on bank credit will contribute to enhancing the system's resilience and better supporting new growth sectors.
Inseparable from the above factors is the story of risk management. The increase in digital transactions means that technological risks are also becoming more complex, especially forms of fraud using artificial intelligence. In this context, applying technology to monitor and prevent risks in real time is no longer an option, but a mandatory requirement if the stability of the system is to be maintained.
Notably, both experts emphasized a fundamental factor: user trust. As financial services increasingly shift to the digital environment, speed and convenience must go hand in hand with safety and transparency. Mr. Le Anh Dung noted that financial innovation can only be sustainable when accompanied by ensuring system stability and strengthening public trust in the financial and monetary system.
On another aspect, the digital transformation process also places new demands on human resources. Developing digital financial products and services requires not only financial knowledge but also technological, data, and cybersecurity capabilities. These are considered crucial factors in realizing digitalization strategies in the banking industry.
Overall, technology can open up "windows of opportunity," but only when coupled with a solid institutional foundation, modern infrastructure, and market confidence can Vietnam's finance and banking sector achieve sustainable breakthroughs.
Source: https://baotintuc.vn/tai-chinh-ngan-hang/thanh-toan-so-bung-no-ngan-hang-viet-con-thieu-gi-20260519133915696.htm
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