return icon

Vietnam’s opportunities in CBDC race

Eighty-six percent of central banks, including Vietnam's,  are considering the Central Bank Digital Currency (CBDC) for their economies.

China is expanding the trial use of e-CNY, or digital yuan. A report says that as of May 31 the country had 4.6 million transaction points accepting payments in e-CNY, with 264 million transactions having been made. e-CNY is a digital currency of the central bank. 

CBDC bears the characteristics of both cryptocurrency and fiat. It is issued by central banks, but uses an algorithm similar to cryptocurrencies.

VietNamNet recently had a talk with Safdar Khan, Southeast Asia President of Mastercard, about the development of digital payment in Vietnam, as well as Vietnam’s opportunities in the race for digital currencies among countries.

He said the Covid-19 pandemic had accelerated  digital transformation. Many consumers in Vietnam who sought new digital payment methods had not been using cash even before the pandemic outbreak. This is attributed to the popularity of the internet in Vietnam and mobile devices, as well as the government’s efforts to promote financial inclusion and non-cash payments.

Vietnam is one of the promising markets in the field of digital payment in Asia. The number of consumers in Vietnam with mobile payment transactions rose from 37 percent in 2018 to 61 percent in 2019.

Contactless payment continued to develop after the pandemic period. In the first four months of 2022, the number of non-cash payment transactions in Vietnam surged by 69.7 percent, while mobile payment transactions increased by 97.65 percent, and payments with QR Code by 56.52 percent compared with the same period last year.

He said that over the last two years the pandemic further boosted the digital lifestyle. In the face of these changes, many central banks are issuing a retail digital currency for day-to-day payment activities. Eighty-six percent of polled central banks said they were actively considering the value of digital currencies issued by central banks for the economies.

CBDC will improve the modernization of the national payment system while maintaining the capability of accessing money of the central banks. CBDC will also help settle inefficiency related to money printing costs and transport that central banks must pay for.

With CBDC, banks can introduce new payment functions such as programmatic and offline payments as well as safe and effective disbursements. The governments also can improve cross-border payment capability with digital currencies issued by the central bank.

Trong Dat


Vietnam’s industrial production to rise 6.6% in 2023: S&P Global

Vietnam is predicted to record a rise of 6.6% in industrial production in 2023, according to S&P Global Market Intelligence.

Vietnamese athletes to receive 1 mln USD for Paris Olympic gold

Vietnamese athletes competing in the Paris 2024 Summer Olympics, scheduled for July 26 to August 11, 2024, will receive 1 million USD in bonus for each gold medal; 500,000 USD for silver and 200,000 for bronze.


Party chief’s book on corruption fight to make debut

Google Doodle honours first female Vietnamese newspaper editor Suong Nguyet Anh

The world’s most popular search engine Google has paid tribute to Suong Nguyet Anh, the first female editor of the nation’s first women’s newspaper by posting a drawing of her on its homepage on February 1.

Banh Cuon among world top 10 dishes visitors should try in 2023

Australian travel magazine Traveller has listed Banh Cuon, Vietnamese steamed rice rolls, among the top 10 best meals from around the world that visitors should try in 2023.

Party chief directs key tasks for new year

Party Secretary Nguyen Phu Trong on Tuesday chaired a meeting of the Secretariat of the Communist Party of Vietnam (CPV) Central Committee, mapping out key tasks for the new year.


Domestic market to drive tourism recovery in 2023: insider

Some big companies made profits in 2022, but others incurred losses

While Duc Giang Chemicals and Binh Son Refining and Petrochemical have reported big profits for Q4 and the year 2022, Vietnam Airlines and leading steel manufacturer Hoa Phat saw big losses for the year.

Vietnamese couple help German bicyclist in distress

Trung and Nhung, a Vietnamese couple, on the way to travel across Vietnam on Tet holiday, saw a foreigner who was facing troubles because of strong winds in Ninh Thuan.

Vietnam develops green agriculture to increase exports to EU

Vietnam is paying attention to mobilising resources to invest in developing green agriculture with an aim to raising the market share of its agricultural exports to the European Union.

Vietnamese team comes first at Southeast Asian Fencing Championship

Vietnam secured the first position at the 2023 Southeast Asian Fencing Championship which has taken place recently in Malaysia.

2023 - Time for Edtech to thrive in Vietnam

Experts are positive about the development of Vietnam’s education technology (Edtech) market in 2023 if local Edtech companies can overcome post-pandemic challenges.

UK imports from Vietnam in 2022 put at over US$6 billion

United Kingdom (UK) imports from Vietnam amounted to US$6.06 billion last year, rising by 5.2% over 2021, according to the General Department of Vietnam Customs.

Five more registration officials in Hanoi prosecuted for soliciting bribes

Police of Hanoi’s Thuong Tin District has started legal proceedings against five officials at 2915D Registration Centre for taking bribes.

Thai Thi Lien, Vietnam's matriarch pianist and pedagogue, passes away

Thai Thi Lien, one of the founders of Vietnam's National Academy of Music, passed away on Tuesday peacefully at her home at the age of 106, her son Tran Thanh Binh said.