Strong Development Vietnam Rises on the World Map

From the digital payment revolution

In fact, according to assessments by world financial institutions and most recently by www.finextra.com, the digital payment ecosystem in Vietnam is changing rapidly thanks to people's understanding of technology, government initiatives and innovative financial solutions.

Among them, the rise of e-wallets is considered one of the most important trends in the digital payment sector in Vietnam. Leading e-wallet platforms such as MoMo and Viettel Money have become popular. These e-wallets provide a wide range of services, from bill payments and mobile phone top-ups to online shopping and even ride-hailing services. Consumers are attracted to the convenience and security of these wallets because they are easily accessible through mobile applications. As a result, e-wallet transactions have increased sharply, thereby reducing cash transactions.

QR code payments are also becoming increasingly popular, widely used in restaurants, retail stores, and even street vendors.

Notably, www.finextra.com recognizes that the Vietnamese government plays an important role in promoting digital payments. Initiatives such as the National Payment Corporation of Vietnam (NAPAS) have been instrumental in standardizing the payment system and facilitating interoperability among payment service providers.

According to www.finextra.com, the digital payment revolution in Vietnam is marked by a shift from cash transactions to convenient, secure and efficient digital payment methods. E-wallets, QR code payments, contactless cards and innovative fintech solutions have played a key role in reshaping Vietnam’s payment landscape. With the support of the Government and a tech-savvy population, Vietnam is well-positioned to continue its journey towards a cashless society, opening up new opportunities for both businesses and consumers.

A livable destination for foreigners

In addition to improving its financial position, the 2024 research report by InterNations (Germany) also ranked Vietnam first among 53 countries and territories thanks to factors such as low cost of living, financial stability and overall quality of life, which make Vietnam attractive to those who want to leave their home country to live elsewhere.

The report found that among the surveyed expats living in Vietnam, 86% appreciated the cost of living here and 65% of respondents in Vietnam said they were satisfied with their financial situation compared to 54% globally.

Meanwhile, the International Budget Partnership - IBP in the Open Budget Survey 2023 (OBS 2023) recognized that Vietnam's budget transparency ranking was at 57/125 countries, up 11 places compared to the 2021 assessment and up 20 places compared to 2019. The OBS 2023 ranking results show Vietnam's determination and efforts in enhancing budget transparency.

Notably, in Vietnam's OBS 2023 results, there are 03 documents with high scores, including: Budget report for citizens with a maximum score of 100/100 points; State budget estimate decided by the National Assembly with 83/100 points; State budget implementation report in the year with 78/100 points.

Another important report by the global wealth intelligence company New World Wealth and investment migration advisory firm Henley & Partners assessed that Vietnam leads the world in the growth rate of the number of millionaires in the period 2013 - 2023, with an impressive increase of 98%. By the end of 2023, Vietnam will have 19,400 millionaires, a remarkable number for a developing country.

This increase has coincided with the country’s strong economic growth. Vietnam’s GDP grew by a record 8.02% in 2022 – the highest in more than a decade. At the same time, per capita income has increased nearly 2.2 times, from $1,960 in 2013 to $4,284 in 2023.