Vietnam’s growing economy presents a wide range of opportunities for businesses. The transaction value of digital payments in Vietnam was nearly $24 billion in 2024, making this digital payment market the fourth largest in Southeast Asia.

Below, we’ll discuss what businesses should know to successfully enter the Vietnamese payment market, including:

• Focusing on mobile payments
  
• Planning for technological challenges
  
• Securing payment processes
  

The state of the market

While Vietnam has been historically reliant on cash transactions, it has witnessed a dramatic digital transformation over the past decade. In 2023, 42% of Vietnamese adults had bank accounts, an increase from 31% in 2014. This growth in financial inclusion mirrors the rise of digital payment methods such as digital wallets and QR code payments.

The State Bank of Vietnam (SBV) is the country’s central bank and the primary regulator of the banking sector. With responsibilities that range from monetary policy management to credit institution oversight, it’s a major player in safeguarding Vietnam’s financial stability. Beyond the SBV, the State Securities Commission regulates the securities and capital markets.

Payment methods

Vietnam’s payment market showcases a blend of traditional methods and developing digital solutions. Here’s a look at how the Vietnamese customer base prefers to pay.

Current usage

While cash remains dominant in daily transactions, Vietnam is seeing increased adoption of electronic payment methods such as mobile payments and digital wallets. A 2022 Visa report found that 95% of Vietnamese customers used some form of cashless payments, and the same report cited convenience and speed as primary motivators for embracing digital payment methods, especially for online purchases.

The growth of ecommerce platforms like Shopee, Lazada, and Tiki has driven the demand for electronic payments, and digital wallets including MoMo, Zalopay, and GrabPay have carved out a niche in Vietnam. These wallets largely revolve around QR code payments, allowing users to pay by scanning a business’s QR code and sending money from their digital wallets.

Popular B2C payment methods in Vietnam

• Digital wallets (e.g., MoMo)
  
• QR codes
  
• Credit cards
  

Popular B2B payment methods in Vietnam

• Credit cards
  
• Bank transfers
  
• Digital wallets
  

Emerging trends

Vietnam’s buy now, pay later (BNPL) payment market is expected to reach about $2.6 billion in 2025, an increase of 36.8% from the previous year. Popular mobile payment providers have also expanded into installment payments, with MoMo offering users the option to pay up to 45 days later.

Cryptocurrencies have gained more popularity in Vietnam than in surrounding countries. Vietnam ranked third in the 2023 Global Crypto Adoption Index. About 21% of people in Vietnam owned cryptocurrencies in 2023, and startups and technology firms have responded by developing crypto-related services. Despite this trend, the Vietnamese government has prohibited cryptocurrencies as a form of payment.

Ease and friction of entry

Businesses that plan to accept payments in Vietnam should consider several factors, including how to handle taxes, chargebacks, international payments, and payment security. Here’s a quick rundown.

Taxes

Value-added tax (VAT) is a familiar line item on receipts and invoices across Vietnam. This tax applies to most goods and services and is levied at rates of 0%, 5%, or 10% based on the nature of the product or service, with the majority of items falling under the 10% bracket. Customers pay this tax directly at the point of purchase, while businesses are responsible for collecting it from customers and remitting it to the government.

Chargebacks and disputes

Chargebacks and dispute processes in Vietnam are informed by the Law on Protection of Consumers’ Rights and other regulations. These laws provide Vietnamese customers with the right to dispute transactions, especially if they believe they’ve received goods or services that are different from what was promised or if there are quality issues.

While the Law on Protection of Consumers’ Rights lays the foundation for chargebacks and disputes in Vietnam, supplementary legislation also governs these processes. For instance, Decree 85/2021/ND-CP regulates how ecommerce businesses resolve disputes with an emphasis on clear product listings and pricing.

International payments

For businesses that want to accept payments in Vietnam from B2C or B2B customers throughout the region, here are a few important aspects of cross-border payments.

• Currency conversion
  When a currency other than the Vietnamese dong is used at checkout, it will need to be converted. Conversion rates are determined in real time, with fees from 1%–3% that businesses often pass on to the customer. Third-party platforms like Stripe handle currency conversion at the time of payment, simplifying the process for businesses.

• Multicurrency features
  Incorporating multicurrency features into your payment interfaces can improve the checkout experience for international customers. By presenting prices in the customer’s local currency through your payment gateway, you can remove payment barriers for people who aren’t used to paying in Vietnamese dong.

• Payment methods from nearby markets
  Accepting popular payment methods from nearby countries can increase sales among international tourists by making the checkout process feel more familiar. China’s WeChat Pay, for example, is widely used by Chinese tourists who travel abroad.

Security and privacy

Vietnam’s focus on financial transparency, payment security, and compliance demonstrates its commitment to developing a modern yet secure financial environment. The country has taken firm steps to adhere to international standards while addressing its unique socioeconomic conditions. Here’s a look into the security and regulatory environment of payments in Vietnam.

• Data protection laws
  The Law on Cybersecurity aims to protect customers’ personal data by mandating that foreign internet service providers and digital platforms operating in Vietnam store users’ personal data in the country. While it’s primarily aimed at internet companies, this regulation also indirectly impacts payment gateways and fintech platforms.

• Cashless payment regulations
  The SBV issued Circular No. 23/2019/TT-NHNN in 2019 to regulate cashless payment activities, setting rules for establishing payment gateways, payment portals, and mobile money services. Reducing cash transactions and promoting transparency are two of the circular’s primary objectives.

• Electronic transaction guidelines
  Circular No. 19/2014/TT-NHNN is a notable step toward securing electronic transactions within the banking sector. This regulation mandates that banks use advanced security measures such as two-factor authentication for all online transactions. It also addresses risk management in electronic transactions, the rights and obligations of parties involved in these transactions, and the requirements for establishing and operating websites and telecommunication channels.

• Anti-Money Laundering (AML) laws
  Vietnam adheres to international standards on AML and Countering the Financing of Terrorism (CFT) efforts. As a member of the Asia/Pacific Group on Money Laundering, Vietnam has continually revised its regulations to address emerging financial threats. In 2023, a new AML Law came into effect that requires even stricter reporting mechanisms.

• SBV oversight
  The SBV plays a major role in forming and enforcing payment regulations. It supervises all banking activities for compliance and initiates timely interventions if discrepancies are detected.

• Card payment regulations
  Credit and debit card payments are growing in popularity in Vietnam. In response, the SBV issued regulations for bank card operations that address card issuance procedures, transaction processes, and risk management measures to create a transparent, safe cardholder environment.

Key success factors

Vietnam’s payment sector is full of potential but also challenges. From digital literacy gaps to infrastructure inertia, these challenges require concerted efforts to continually improve the efficiency, inclusivity, and compliance of payment operations. Here’s a closer look.

• Varied payment methods
  While Vietnam has been pushing toward digital payments, more than half of Vietnamese adults didn’t have bank accounts in 2023. So a sizable portion of the population still relies on cash. This digital divide, which is especially pronounced in rural areas, means businesses should offer a variety of payment options to make it easier for customers to find one that fits their needs.

• Enhanced mobile experiences
  More than 69 million people in Vietnam have smartphones so mobile payments and digital wallets are common, as are purchases made fully from smartphones. On top of accepting local mobile payment methods, businesses should ensure their websites and payment interfaces look professional and work well for mobile.

• Simple infrastructure work-arounds
  Internet connectivity issues are still a concern in parts of Vietnam. Payment processors that can address uneven internet connections by storing payment data locally and processing it when connectivity is restored can help businesses avoid missing out on payments.

• Strong payment security
  Cybersecurity concerns are on the rise, with a report by the Vietnam Information Security Association finding more than 5,400 cyberattack incidents on Vietnamese systems in the first 5 months of 2022. These security vulnerabilities can deter customers from fully embracing digital payment methods and create liabilities for businesses. Bolster your payment security protocols with advanced authentication and machine learning tools.

Key takeaways

Vietnam’s payment market presents unique opportunities for businesses. By focusing on local preferences, staying up-to-date with changing trends, and putting the customer first, businesses can create the best possible payment experience for Vietnamese customers. Here’s a recap, along with tips for thriving in the Vietnamese payment system.

Focus on mobile payments

• Prioritize digital wallet integrations
  Digital wallets are used for all kinds of B2C and B2B payments in Vietnam. Incorporate digital wallet options into your payment process to serve a wide audience that values quick, straightforward transactions.

• Adapt mobile interfaces
  Payments platforms that are designed with mobile users in mind, with responsive designs and intuitive interfaces, can improve the payment experience for those who shop on a smartphone.

• Embrace local payment preferences
  Local and regional digital wallets like MoMo, Zalopay, and GrabPay are beloved among Vietnamese customers, and integrating them can resonate with a local audience and make payment processes smoother.

Plan for technological challenges

• Account for intermittent connectivity
  Choose a payment gateway that can handle an unreliable internet connection by temporarily saving payment data and processing it when connectivity returns.

• Provide transaction updates
  Payment systems that provide transaction status updates in real time, whether through text messaging (SMS) or notifications in an app, can elevate the user experience and build customer trust.

• Educate customers on new payment methods
  Given that some digital payment methods are still new in Vietnam, providing comprehensive instructions and visual guides on how to use digital payment methods at checkout can lead to quicker adoption.

Secure payment processes

• Authenticate customer identities
  Requiring advanced authentication features such as one-time passwords and two-factor authentication can protect customers’ financial data and mitigate fraudulent transactions.

• Protect credit card data
  Assure that your business complies with the Payment Card Industry Data Security Standard (PCI DSS) to keep customers’ credit card details safe.

• Fortify online payments
  Online payments create new opportunities for fraudulent payments. Machine learning fraud detection tools and 3D Secure add layers of security to help businesses securely process online transactions.