Vietnam’s banking sector has transformed rapidly over the past decade, fueled by digital technology, government initiatives, and rising consumer demand for faster, more convenient financial solutions. Once dominated by cash transactions and limited branch networks, the industry now sees mobile banking in Vietnam as a primary channel for payments, savings, and financial access. With smartphones widely adopted and regulations strengthening, digital solutions have shifted from being an emerging concept to becoming a core part of the financial ecosystem. To appreciate this shift, it is important to review the sector’s foundations and the drivers behind the change.
The Foundation of Vietnam’s Banking Sector
Just a few years ago, many Vietnamese citizens, particularly in rural areas, lacked access to bank accounts. Services were slow, paperwork was heavy, and branches were scarce. The cash economy dominated. Early attempts at mobile payments, e-wallets, and digital platforms existed but remained limited in trust and reach.
The picture began to change with investments in infrastructure, rising smartphone adoption, improved mobile networks, and government initiatives supporting financial inclusion. Regulations to strengthen digital payments and enhance security further accelerated this transition, allowing both mobile banking and digital banking services to expand rapidly.
Key Trends and Data
The numbers highlight the scale of this transformation:
- Over 87% of Vietnam’s adult population now hold bank payment accounts.
- More than 95% of transactions at many banks are processed through digital channels.
- In 2024, the National Payment Corporation of Vietnam (NAPAS) processed 9.56 billion transactions, up nearly 30% from the prior year.
- ATM usage continues to decline, with transaction volumes dropping 19.5% and values falling 19.1% in 2024. ATMs now account for just 2.63% of total NAPAS transactions.
- Mobile and QR code payments have grown more than 100% over the past five years.
- Smartphone penetration exceeds 80%, enabling wider financial access.
These figures confirm that mobile banking in Vietnam is not just adding new features, it is reshaping the financial system.
How It’s Changing Financial Services
Mobile solutions are redefining multiple areas of finance:
Payments and Transactions
QR codes, peer-to-peer transfers, and bill payments via smartphones are now part of daily life. With cash usage declining, banks are investing heavily in app improvements, security, and transaction speed.
Access and Inclusion
People in remote areas who previously had limited access to bank branches can now use apps and e-wallets. Digital identity verification enables remote account opening, helping underserved communities enter the formal financial system. Digital banking in Vietnam is proving to be a major driver of financial inclusion.
Product Innovation
Startups under the Fintech Vietnam segment are offering micro-loans, savings tools, and insurance products through mobile platforms. Traditional banks are also leveraging mobile apps for investment services and personalized offerings.
Cost and Efficiency
By reducing the need for physical branches and manual processing, mobile-first services lower operational costs while enabling banks to reach more customers.
Regulation and Trust
The government and the State Bank of Vietnam have strengthened non-cash payment policies, standardized QR codes, and regulated e-wallets. Cybersecurity and fraud prevention measures are also improving, helping to build user trust.
Challenges
Despite progress, some barriers remain. Rural areas still face weaker internet access and device limitations. Concerns over fraud and data privacy persist. Multiple apps and platforms can confuse users, and localization such as language and user-friendly design continues to be important. Regulations must also keep pace with rapid innovation.
Use Cases that Show Change
- A street vendor in a small town now accepts QR payments instead of handling cash.
- A farmer applies for micro-credit via a mobile app with minimal paperwork.
- Urban youth manage savings, bills, and transfers in one app without visiting branches.
- Businesses integrate mobile APIs for payroll and supplier payments.
These examples show how digital banking in Vietnam and fintech solutions are moving beyond convenience to redefine how financial services operate.
Outlook & Scale
Industry estimates project Vietnam’s mobile payments sector to reach USD 47.6 billion in 2025 and exceed USD 76 billion by 2030, with a compound annual growth rate near 10%. Non-cash and mobile transactions are expected to grow steadily as financial inclusion policies expand.
The growing segment i.e., fintech Vietnam is also set to remain a major source of innovation, offering new apps, services, and partnerships with traditional banks.
Driving Finance Forward with World Financial Innovation Series – Vietnam
At the World Financial Innovation Series (WFIS) – Vietnam, we closely track these shifts. Our initiatives bring together regulators, banks, startups, and policymakers to exchange knowledge, shape best practices, and highlight real-world data.
Our finance industry event spotlights mobile and digital banking developments, showcasing how institutions are using technology to improve inclusion, reduce fraud, and serve new market segments.
Our collaborations with government bodies ensure discussions are grounded in regulatory realities.
Our team of analysts brings expertise in market research, regulation, and mobile deployment strategies.
For professionals seeking insight into what is next for digital banking in Vietnam, fintech innovation, and financial inclusion, WFIS is the place to be.
Conclusion
Mobile banking in Vietnam is reshaping the country’s financial services sector. It is improving payments, savings, and lending while driving financial inclusion. The shift reduces costs, speeds up transactions, and enhances security. While challenges remain, particularly in rural access and regulatory adaptation, the overall trend is undeniable.With platforms like WFIS fostering collaboration and knowledge-sharing, fintech and digital banking in Vietnam are set to play an even greater role in the country’s financial system. It is no longer just the future. It is already a vital part of everyday financial life.