Vietnam Economic Times November 24, 2025

Dear readers,

Cashless payments, or more precisely, electronic payments, have become an inexorable trend worldwide in the digital age and are being widely adopted everywhere. Among these, QR code payments are the preferred option for almost all businesses and consumers, due to its simple operation, fast processing speed, high security, and the readiness of the credit system to accommodate such payments.

The benefits of electronic payment methods, especially QR code payment, are evident in many aspects. First of all, with these modern payment methods, physical barriers are eliminated, transactions accelerated, and aggregate demand increased. As a result, the volume of cash circulating in the economy is reduced, while a significant amount of time is saved by minimizing friction and delays in sales transactions, especially in small, high-frequency ones. These simple payment methods also encourage consumers to spend more, reducing the fear of paying with cash; just a “click” is needed, instead of waiting for change. The QR code payment system has also contributed to increased consumption in the retail, food, tourism, and personal services sectors. The total retail sales of goods and services have therefore increased sharply, thanks to the fast, ceaseless, and rarely-interrupted nature of QR code payments.

According to Mr. Pham Anh Tuan, Director of the Payment Department at the State Bank of Vietnam (SBV), non-cash payment transactions in Vietnam increased by 43.32 per cent in volume and 24.23 per cent in value year-on-year in the first nine months of 2025. Transactions via QR code surged by 61.63 per cent in volume and 150.67 per cent in value, becoming the leading method among electronic payment types in terms of total users.

SBV Deputy Governor Pham Tien Dung believes that the success of QR code payments in Vietnam can be attributed to the complementary effect of three main factors: (i) the consistent policy of the government and the SBV on cashless payments; (ii) the introduction of the QR standard, which has broken down interbank barriers; and (iii) strong market acceptance: from banks to millions of small businesses and consumers.

To further clarify the convenient features, advantages, and successes of the QR code payment method, as well as some of its shortcomings, Vietnam Economic Times / VnEconomy / Tap chi Kinh te Viet Nam, in collaboration with the Payment Department at the SBV, NAPAS, and related units, organized a seminar on November 19 with the theme “QR Code Payments: Transparency and Unlimited Experiences,” which attracted the participation of representatives from the SBV, the General Department of Taxation at the Ministry of Finance, the Domestic Markets Department at the Ministry of Industry and Trade, and major banks such as Vietcombank, BIDV, Agribank, VietinBank, as well as international experts from India.

To amplify the effective information from the above seminar, our Cover Story in this edition focuses on QR code payments in Vietnam, with analyses on the current situation and solutions to promote the development of the QR code payment network in the country, as well as the effects of this payment method, especially for tax authorities; thereby affirming the correctness of the policy of cashless payments set forth by the government and the SBV, a policy considered “key” to promoting e-commerce and public services and improving the efficiency of economic management and control of cash flow, in line with the requirements of developing a digital economy and digital society.

Warmest regards

Dr. CHU VAN LAM
CHAIRMAN OF THE EDITORIAL BOARD