More than 60% of Vietnamese adults, equivalent to 34 million people – have a bank account, according to the latest report for the first six months of 2022.

Pham Huong Giang, Napas’ Head of Business Development speaks at the seminar. Photo: Napas

The information was released by the National Payment Corporation of Vietnam (Napas) at a kick-off ceremony for the 2022 Cashless Day event on July 21 in Hanoi. 

The figure was also the State Bank of Vietnam (SBV)'s target in 2022, according to which the country will have 65-70% of the people in the age group of 15 and above have bank accounts this year. The SBV also mapped out the plan for digital transformation in the banking sector.

Speaking at the event, which includes a seminar on policies and solutions to promote cashless payment, Pham Huong Giang, Napas’ Head of Business Development said in the first six months of this year, total transactions through Napas’ system increased 94% in volume and 114.6% in value compared to the same period of 2021.

The number of transactions via the inter-bank e-system, chip-embedded card payment, payment through the internet, mobile payment, QR code payment, as well as activated e-wallets have grown significantly, according to Napas.

As of 2021, Vietnam had 120 million bank cards, including 1.3 million new cards issued using Electronic Know Your Customer (eKYC). The number of users of Mobile Money, Vietnam’s direct carrier billing service, reached more than one million, of which, 60% are in rural, remote, and isolated areas. Besides, there were 40 licensed payment intermediaries and 20 active e-wallet accounts.

The room for the development of cashless payments in Vietnam is huge, Giang added.

The 2022 Cashless Day was the third-year program has been organized by the Hanoi Department of Industry and Trade in collaboration with local businesses and organizations. It aimed to promote non-cash payment as well as stimulate consumer demand.

The Hanoi Department of Industry and Trade hoped that the series of events will attract a large number of people and foster cashless payment when trading and shopping, giving businesses more incentive to turn to e-commerce.