The Digital Finance Day in Vietnam is more than just a name change; it's a transformative shift towards a comprehensive digital financial ecosystem. This evolution is pivotal as the country implements its new national financial inclusion strategy for 2026-30, aiming to establish a modern, safe, and inclusive financial environment for all. The event, organized by Tuoi Tre (Youth) newspaper, brings together key stakeholders, including government officials, financial institutions, and technology providers, to explore the growing role of digital payments in Vietnam's economic development. The seminar, titled 'Smart Payments in the Digital Era', highlights how digital payments are not just facilitating money circulation but also expanding access to financial services and supporting economic growth in a new development phase. Deputy Prime Minister Nguyen Van Thang emphasized that digital payments have become a fundamental necessity, contributing to the development of a modern, inclusive, and secure financial ecosystem. This ecosystem is centered around serving citizens and businesses, with cashless payments acting as the 'lifeblood' of the digital economy, linking banks with a wide range of services and digital platforms. The prime minister's decision to approve the national financial inclusion strategy for 2026-30 sets an ambitious target: non-cash payment values reaching 30 times the country's GDP by 2030. According to statistics from the State Bank of Vietnam, by the end of 2025, nearly 89% of people aged 15 and above had bank accounts, while the value of non-cash transactions had reached 28 times the country's GDP. These figures indicate a high likelihood of achieving the strategic target, but to succeed, policies to waive or reduce fees for opening and using payment accounts, bank cards, and e-wallets are crucial, especially for those who have served the nation. Additionally, ministries and agencies must promptly issue regulations on information security, cybersecurity, and personal data protection for digital financial service providers, while developing shared digital financial infrastructure to ensure safety and protect consumer rights. Digital payments are not just transforming consumer behavior and financial management but also enhancing tourism competitiveness. Ho Chi Minh City, in 2025, welcomed 8.6 million international visitors and 46 million domestic travelers, generating over VND278 trillion (US$10.6 billion) in tourism revenue. Expanding cross-border payment services, international QR payment systems, and modern digital payment solutions can improve visitor experiences, increase spending, and strengthen the city's image as a dynamic, modern, and technology-friendly destination. Digital transaction data can also improve management efficiency, reduce social costs, support tax administration, combat fraud, and promote a more transparent business environment. This is particularly significant as the city aims to collect VND1 quadrillion ($38.5 billion) in budget revenue in 2026. The National Payment Corporation of Vietnam (NAPAS) notes that global tourist arrivals reached about 1.5 billion in 2025, meaning one in every five people traveled internationally. Vietnam's tourism sector has significant growth potential, with tourism revenue reaching nearly $39 billion in 2025, equivalent to about $1,500 per visitor. International arrivals to Vietnam are projected to reach 25 million this year and 35 million by 2030. Digital and cross-border payment solutions are expected to encourage spending, improve visitor experiences, and attract more international tourists to Vietnam. Vietnam currently offers cross-border payment services with China, South Korea, Thailand, Laos, and Cambodia, with Singapore expected to be added soon. Building institutions for the digital economy is crucial, and trust is the most important invisible infrastructure. However, people will not embrace digital payments unless they feel secure, especially as high-tech fraud and deepfake scams become increasingly sophisticated. Smart payments can only develop sustainably when people and businesses have confidence, service providers act responsibly, and regulators possess sufficient capacity to monitor risks. The payment system should not only increase transaction volumes but also reduce social costs, improve transparency, expand financial inclusion, and support the digital economy. Payment systems are increasingly becoming part of national competitiveness, as countries compete not only through goods and products but also through their ability to connect flows of money, data, and services. Building institutions for smart payments is not only about preparing for the future of the banking sector but also for the future of Vietnam's digital economy. Smart payments are creating new growth drivers for both the city and the country, contributing to modern consumption and stimulating trade and services. For a major economic center like Ho Chi Minh City, this is an important factor in expanding the domestic market, increasing purchasing power, and promoting growth. The banking sector has outlined five priorities to accelerate digital payments: reviewing and improving legal frameworks, institutions, and policies; upgrading and developing modern payment infrastructure; strengthening research and innovation efforts; ensuring the security and safety of payment and banking operations; and supporting household businesses. Banks are developing comprehensive financial ecosystems that support businesses from account opening and revenue management to online tax declaration and payment. In the life insurance sector, companies are investing in digital applications that allow customers to monitor policies, manage transactions, and access online services more conveniently. Amid the national digital transformation process and changes in tax management policies, many household businesses are facing challenges as they transition toward greater transparency and compliance. HDBank has shifted from merely providing procedural support to offering comprehensive assistance, positioning itself as a digital partner that helps small traders manage legal risks and improve cash-flow transparency. The transition from Cashless Day to Digital Finance Day reflects a broader vision of building a comprehensive digital financial ecosystem for citizens and businesses. The event continues through Sunday, while a promotional month campaign will run until September 30, showcasing new payment solutions and highlighting the importance of digital payments in Vietnam's economic landscape.
