Vietnam’s banking sector has completed a comprehensive review and verification of all customer records, both individual and corporate, linked to payment accounts using digital channels.
According to the State Bank of Vietnam (SBV), the process involved validating and updating more than 120.9 million individual records and over 1.2 million organisational accounts with biometric data obtained through chip-based ID cards or VNeID e-identification platform, ensuring 100% coverage for active digital payment accounts.
The initiative not only standardises customer information but also significantly curbs fraud. Compared to pre-July 1, 2024 levels, fraud and theft cases involving individuals have dropped by 59%, while accounts receiving illicit funds have fallen by 52%.
This effort forms part of the government’s Project 06, aimed at harnessing population data, digital identity, and e-authentication to drive national digital transformation. The SBV has worked closely with the Ministry of Public Security and financial institutions to apply biometric verification, integrate chip-based ID checks, and embed VNeID authentication into account management.
As of July 2025, 57 credit institutions and 39 payment intermediaries have enabled biometric matching in their digital banking apps; 63 credit institutions have adopted chip-based ID verification at transaction counters; and 32 credit institutions, along with 15 intermediaries, are expanding the use of VNeID.
Beyond enhancing security, banks are building interconnected digital ecosystems linked to the National Public Service Portal and other sectors. Many institutions have digitised core banking services, such as account opening, deposits, transfers, card issuance, and lending, with some reporting that over 90% of transactions now occur via digital channels.
Cashless payments continue to surge. In 2024, non-cash transaction value totalled 295.2 quadrillion VND (about 11.23 trillion USD), 25 times higher than the country’s GDP. In the first half of 2025 alone, the transaction volume jumped 45.43% and value rose 25.52% year-on-year, while QR-based payments soared more than 166% in value.
In the public sector, the SBV has instructed banks to improve online payment integration with the National Public Service Portal, reduce fees, and expand cashless options for pension, tuition, and medical payments. Currently, over 80% of pensioners and social insurance recipients in urban areas are paid via non-cash methods; all universities and colleges in cities collect tuition electronically; and more than 88% of hospitals have adopted electronic payment systems./.
