The State Bank of Vietnam has been tasked with researching the issuance of a central bank digital currency (CBDC). Notably, Viettel and MobiFone were selected to participate in the pilot program, opening major opportunities for both enterprises in the digital finance ecosystem.

Opportunities from CBDC: Transparency, savings, and global competitiveness

To date, more than 130 countries have researched or piloted central bank digital currencies. China has launched its e-CNY, the Bahamas introduced the Sand Dollar, and Nigeria rolled out the e-Naira. Meanwhile, the European Union, Japan, and the United States are accelerating trials.

Vietnam’s decision to assign the State Bank to research CBDC signals determination not to stay behind the global trend.

If successfully deployed, CBDC could bring multiple benefits. It would increase transaction transparency, help combat money laundering, and reduce the shadow economy.

It could also lower social costs by reducing the need for printing, transporting, and securing physical cash.

Moreover, CBDC would promote financial inclusion, enabling people in remote areas to access financial services with just a smartphone.

Finally, by establishing bilateral cooperation frameworks, Vietnam could reduce reliance on foreign currencies in international payments.

What Viettel and MobiFone gain from participation

The central bank’s choice of Viettel and MobiFone for the pilot reflects trust and recognition of their strategic roles in digital finance.

Viettel, with its strengths in telecommunications infrastructure, big data, and cybersecurity, can leverage the program to consolidate its position as a “national technology leader” while expanding into digital financial services.

For MobiFone, after transitioning to digital services, the pilot offers an opportunity to reposition itself in digital payments and mobile finance, expanding its service ecosystem and strengthening customer loyalty.

By leveraging tens of millions of mobile subscribers, both telecom giants can develop CBDC-based e-wallets and expand applications in e-commerce, entertainment, and carbon credits.

They also gain the chance to utilize user data legally and securely to provide personalized financial services.

Amid increasing competition from Big Tech players like Google, Apple, and Meta in mobile payments, CBDC participation gives Viettel and MobiFone an edge to safeguard their domestic market share.

Furthermore, lessons learned from this pilot will provide both companies with valuable experience for expanding into ASEAN markets, where CBDC trials are also underway.

Impacts on banks and the financial market: Opportunities and challenges

CBDC will inevitably impact the existing financial model. Commercial banks may face risks of reduced deposits, as individuals could hold CBDC directly.

However, it also opens opportunities for banks to develop intermediary services, CBDC wallets, and innovative digital finance products.

Fintech companies will face competitive pressure but also opportunities to partner with the central bank and major corporations in payments, security, and integration into the digital finance ecosystem.

Consumers and small businesses will benefit from faster, safer transactions with lower fees, while gaining easier access to cross-border trade.

Legal, consumer, and cybersecurity challenges

Despite the promises, CBDC implementation in Vietnam will not be simple. A clear legal framework is needed to balance privacy protection with anti-money laundering and financial crime prevention.

Changing consumer habits also poses challenges, as Vietnamese society still leans heavily toward cash transactions. A long-term roadmap with appropriate incentives will be necessary.

Cybersecurity must be prioritized. Even a single vulnerability could jeopardize the entire financial system.

Vietnam therefore needs to adopt a phased and controlled CBDC rollout before broad application. CBDC is not merely a technology; it is a monetary policy tool directly linked to macroeconomic stability.

With the State Bank leading the effort and the participation of Viettel, MobiFone, and commercial banks, Vietnam could establish a modern payment foundation that accelerates digital economy growth and strengthens its global financial standing.

The CBDC pilot marks an important milestone for Vietnam’s financial sector. It presents both opportunities and challenges, requiring close coordination between the government, banks, and enterprises. If implemented successfully, CBDC could transform how Vietnamese people and businesses access financial services in the digital era.

Thai Khang