The annual banking industry summit and exhibition Smart Banking 2025 took place in Hanoi on September 25 under the theme “Digital Disruption in Data-Driven and Customer-Centric Banking.”

Speaking at the event, Mr. Nguyen Quoc Hung, Vice Chairman of the Viet Nam Banks Association (VNBA), noted that most basic banking services in Vietnam have now been digitised, with many banks reporting over 95% of transactions conducted via digital channels instead of at traditional counters.

Mr. Hung highlighted the rapid growth of the country’s digital financial services ecosystem, the widespread adoption of cashless payments, and the emergence of digital banking as the dominant service channel.

Nearly 87% of Vietnamese adults now hold bank accounts, while the total value of non-cash payments is estimated at 25 times national GDP. Between January and July 2025, QR code transactions rose sharply, increasing 66.7% in volume and 159% in value year-on-year.

Vietnam has also taken the lead in cross-border retail payments using QR codes, connecting with Thailand, Cambodia, and Laos, with plans to expand further across Asia.

As of mid-June, the banking sector had verified more than 117 million customer information records through biometric matching with chip-based ID cards or the VNeID app.