Within the framework of the Singapore Fintech Festival (SFF), which runs between November 12-14 in Singapore, Visa has announced the partnership with Sacombank, Vietcombank and VPBank to launch Visa Accept in Vietnam to support digital inclusion and SME growth across Vietnam.
Collaboration is key to supporting SMEs and Vietnam in digital transformation
The solution allows micro and small businesses to accept contactless Visa payments directly on NFC-enabled smartphones, without requiring any additional hardware.
The solution supports Vietnam’s push toward a cashless economy by helping small enterprises overcome barriers to digital payment acceptance. It reduces reliance on cash, lowers entry costs, and opens new opportunities for growth and formalization, especially for sellers in rural and informal sectors.
Sacombank, Vietcombank and VPBank are integrating this solution into their mobile banking app, allowing sellers to enroll quickly through their mobile apps and begin accepting payments via tap-to-phone or pay-by-link with minimal friction.
"By combining a trusted brand with streamlined onboarding and near real-time settlement, we enable SMEs and micro merchants to participate fully in the digital economy and foster prosperity," said Ms. Dung Dang, Country Manager for Visa Vietnam and Laos. "This solution advances digital and financial inclusion, and uplifts the Vietnamese economy."
However, in an interview with VnEconomy / Vietnam Economic Times, Ms. Dung Dang also said that the primary challenge to scaling up and ensuring the long-term sustainability of mobile payment systems in Vietnam is ragmentation, which creates friction for consumers and limits growth for merchants who have to manage various platforms.
"For us, the solution lies in our core identity as a "network of networks", so our strategy is to partner with e-wallets, not compete," she added. "By working together to drive interoperability, we can create a more connected payment ecosystem that delivers more choice and benefits for everyone, especially consumers. Long-term sustainability isn't about one system winning; it's about creating a fully interoperable ecosystem where everyone can participate securely and seamlessly. That is how we unlock growth for the entire market."
Meanwhile, Mr. Pham Duc Duy, Deputy Director of Retail Banking Division, Saigon Thuong Tin Commercial Joint pStock Bank (Sacombank) said that partnering with Visa reflects Sacombank’s commitment to digital innovation and customer empowerment. "We aim to make secure, convenient, and accessible payment solutions available to every business," he added.
Ms. Doan Hong Nhung, Head of Retail Banking Division, Member of Board of Management, Joint Stock Commercial Bank for Foreign Trade of Vietnam (Vietcombank) said that this integration will empower our SMEs with frictionless payment acceptance, ensuring they have the modern tools necessary to succeed and expand their businesses.
Mr. Phung Duy Khuong, Standing Deputy CEO and Head of Retail Banking Division, Vietnam Prosperity Joint Stock Commercial Bank (VPBank) also shared that this launch supports VPBank’s focus on accelerating SME digitization through streamlined onboarding and easy acceptance.
Vietnam - a dynamic market in digital payment transformation journey
At SFF, Visa unveiled solutions such as AI framework, stablecoins and enhancements that will make it easier for merchants across Asia Pacific to accept secure digital payments through the wallets and platforms consumers already use.
For Vietnam, according to Ms. Dung Dang, Vietnam’s digital transformation is indeed remarkable, and its position as a promising market comes from a powerful combination of factors.
First is a young, tech-savvy population that is not just adopting but demanding new digital experiences. Secondly, there is strong, consistent support from the government to foster a cashless economy, which creates a favorable environment for innovation. Finally, the entrepreneurial spirit of Vietnamese banks, fintechs, and merchants creates a highly dynamic and competitive ecosystem.
"This combination of demographic energy, regulatory ambition, and local innovation makes Vietnam a perfect market for deploying next-generation payment solutions," she added. "It’s a market that doesn’t just follow trends; it has the potential to leapfrog and help define them for the region. The surge in mobile payments and e-wallets is fantastic for consumers and a clear sign of the market's dynamism. By focusing on these next-generation opportunities – rather than just catching up – Vietnam has the potential to become a leader in defining what the future of payments looks like for emerging economies globally."
Accordingly, Ms. Dung Dang also suggested that building a favorable environment for these powerful technologies requires a collaborative "Team Vietnam" approach. "The government has already done tremendous work in setting the vision for a cashless society," she said. "The next step is to establish clear, agile, and pro-innovation regulatory frameworks – often called "sandboxes" – where technologies like AI, blockchain, and Open Banking can be tested and scaled responsibly."
Compared to other countries in the region, Mr. T.R. Ramachandran, Senior Vice President, Head of Products, Asia Pacific, Visa, said that while markets like Singapore have high maturity in established digital infrastructure, Vietnam's great advantage is its agility and the opportunity to "leapfrog." "The key opportunity for Vietnam over the next three to five years is to move from simply digitizing cash to enabling truly new, digitally-native experiences," he noted. "This includes embracing AI-driven commerce, enabling seamless cross-border payments, and fostering a fully interoperable mobile payment ecosystem."
Also at SFF, for the first time in history, Vietnam officially has a National Pavilion – Vietnam Pavilion, marking the official and organized presence of the Vietnamese business community on the international financial technology playground.
Representative of Vietnam, Mr. Mac Quoc Anh, Vice President and General Secretary of the Hanoi Association of Small and Medium Enterprises (Hanoi SME), shared that Vietnam Pavilion is the first step – but a historic step, initiating a ‘new autumn era’ of the Vietnamese economy – the autumn of integration, innovation and global reach. "This is a testament to the strategic vision of the Party and State in developing the private economy into an important driving force of the economy – as in the spirit of Resolution 68-NQ/TW," he added.
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