return icon

Vietnam's US$700-million cashless payment network to be operational next year

As of present, just 40% of citizens in Vietnam have bank accounts. However, 90% of daily transactions are conducted in cash, while the rate goes up to 99% for transaction worth under VND100,000 (US$4.34).


A US$700-million cashless payment network, jointly developed by South Korean payment servicer Alliex and the State Bank of Vietnam (SBV), is scheduled to become operational in 2020 and expanded over five years, Nikkei Asian Review reported.

As part of the plan, Alliex has signed agreements on providing point of sales (POS) with local banks, including Joint Stock Commercial Bank for Foreign Trade of Vietnam (VietinBank) and Saigon Thuong Tin Commercial Joint Stock Bank (Sacombank).

The system is part of a broader effort to realize the Vietnamese government’s plan on non-cash payment in the 2016 - 2020 period approved by the prime minister, aiming to reduce the ratio of cash transactions from 90% in 2016 to below 10%. 

As of present, just 40% of citizens in Vietnam have bank accounts. However, 90% of daily transactions are conducted in cash, while the rate goes up to 99% for transaction worth under VND100,000 (US$4.34).

The core system will serve as a platform for electronic payments and bookkeeping. Tablets will be distributed to stores where the devices can be used to process QR payments and other cashless options.

In a meeting with Director of Alliex Part Byounggun on September 19, Deputy Prime Minsiter Vuong Dinh Hue said the the non-cash payment market has huge potential for development in Vietnam, and requested Alliex to closely cooperate with the Vietnamese central bank in finalizing an ecosystem for non-cash payment activities in Vietnam.

The Vietnamese government has issued policies on e-invoice and payment via bank cards, among others, while targeting an advanced level of public online services for online payment and processing administrative procedures in the internet, said Hue.

Alliex, wholly owned by a parent based in Japan, envisions earning fees from each transaction.

South Korea boasts one of the most advanced cashless societies with penetration exceeding 90%. As a mid-tier player in the market, Alliex is behind the payment systems used by Lotte group stores and South Korean Starbucks outlets. Overall, its payment systems oversee over US$700 million in transactions a year in South Korea. Hanoitimes

Nguyen Tung


Schools, hospitals in Vietnam to go cashless by December

Schools, hospitals in Vietnam to go cashless by December

Deputy Prime Minister Vu Duc Dam has set the deadline for all schools and hospitals in urban areas go cashless in the next three months.  

Cashless payments making steady inroads

Cashless payments making steady inroads

Attempts to date to move the population away from their preference for cash need to be continually built upon.  



Face masks and community immunity

Recently, I visited a government agency. The security guards, who were not wearing face masks, did not allow me to enter the agency because I did not have a mask.

Indian naval ships start three-day visit to HCM City

Two Indian naval ships carrying with more than 500 crewmembers arrived at Nha Rong Wharf on June 24, beginning a three-day friendship visit to Ho Chi Minh City.


Efforts made to boost seafood cooperation between Vietnam, India


NA Chairman Vuong Dinh Hue to begin European tour this weekend

World’s first zero-emission boat visits HCM City

Energy Observer – the world’s first hydrogen-powered, zero-emission vessel that is self-sufficient in energy – continues its journey in Southeast Asia, with the 73rd stopover of its round-the-world Odyssey being in Ho Chi Minh City, Vietnam.

21 foreigners deported for illegally entering Vietnam

Today, Ho Chi Minh City Police said that 21 foreigners who have been detected entering the country illicitly and arrested in the city recently were deported.

The man who ‘came alive’ again after an accident

Four years have elapsed since the day he “died and came back to life”. Le Van Minh, 43, in Dong Thap province now has good health and can work to raise his two daughters.

Environmentalist prosecuted for tax evasion, not her activism: Foreign ministry

Nguy Thi Khanh, former head of NGO GreenID, was handed a prison sentence for economic crimes, not her environmental activism, spokesperson for the foreign ministry Le Thi Thu Hang said.

Miss Universe 2021 Harnaaz Sandhu arrives in Vietnam for local pageant

Harnaaz Kaur Sandhu, Miss Universe 2021, arrived at Tan Son Nhat International Airport in Ho Chi Minh City on June 22 ahead of taking part in activities of the ongoing Miss Universe Vietnam 2022 pageant.

Da Nang university opens office in Japan

Dong A University, the first private university in the central region of Vietnam, has officially opened a representative office in Tokyo, Japan, to boost high-quality human resources and education cooperation between Vietnam and Japan.

Vietnam aims for hospitals with ‘no papers, no queues and no cash payments’

Nguyen Van Kinh, deputy chair of the Vietnam Medical Association (VMA), says that artificial intelligence (AI), Big Data and cloud computing technologies will create big changes in many different fields.

Central bank sold roughly $7 billion to stabilise forex market

The State Bank of Vietnam (SBV) sold about US$7 billion in the first five months of this year to balance the supply and demand sources of the greenback in the domestic forex market, according to the Viet Dragon Securities Corporation (VDSC).

Search volume for tourism in Vietnam from India hikes

The volume of searches from Indian visitors for tourism services in Vietnam has increased strongly in recent months, according to Google’s market trend tracker tool.

Vietnam Security Summit 2022 held in Hanoi

The Vietnam Security Summit 2022 opened in Hanoi on June 23 with three thematic sessions.

VN proposes solutions to optimise women's potential in policy making

Vice President Vo Thi Anh Xuan has put forward solutions to fully tap the potential and role of women in making policies on socio-economic recovery and development in her remarks at the 2022 Global Summit of Women (GSW) in Thailand.