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Cashless payments: Ho Chi Minh City boosts digital economy!
Cashless Day will take place in Ho Chi Minh City on June 2, 2025 to promote cashless payments and the digital economy.
Cashless payments: Ho Chi Minh City boosts digital economy!
A press conference for Cashless Day 2025 was held at the Rex Hotel in Ho Chi Minh City on June 2, 2025. The event was themed “Cashless Payments Promotes Digital Economy” and was organized by the State Bank, the City People's Committee, the Payment Department, and several newspapers and payment companies. High-ranking guests from the Ministry of Industry and Trade, the State Bank as well as financing companies and associations were present. Journalist Tran Xuan Toan highlighted the importance of cashless payment methods for the digital economy.
The development of cashless payments in Vietnam has taken place in three key pillars since 2019: government initiatives, technological advances and media exposure. Cashless Day 2025 aims to take the digital economy to the next level and increase the share of cashless transactions in Ho Chi Minh City by at least 20%. Impressive numbers were presented at the press conference: QR code payments have increased by over 100% annually over the last three years.
Planned activities and events
Several activities are planned for Cashless Day 2025. These include a Cashless Payment Festival on June 14th and 15th with an expected audience of 50,000 people, as well as a workshop taking place on the same day dedicated to promoting cashless payment methods. A monthly advertising program is also being carried out to increase the use of cashless payment methods in the city.
A highlight of the festival will be a livestream series with influencers that will provide information about digital financial transactions. In addition, the “Financial Arena” competition will be held between schools to stimulate young people's interest in cashless payments. The final evening of the festival promises a varied music program with performances by well-known artists.
Goals of Cashless Day
The organizers have set an ambitious goal of reaching 50 million consumers, attracting 200,000 direct participants and achieving 5 million interactions on social networks. These initiatives are part of a comprehensive project to develop cashless payments in Vietnam for the period from 2021 to 2025. Building a sustainable cashless ecosystem also plays a central role here.
Despite the successes in introducing cashless payment methods, the issue of cash must still be viewed discreetly. Cash remains essential for many people, especially older generations and those without a checking account. Critics emphasize that eliminating cash also carries risks, with some pointing to how cash can be used anonymously, making it attractive for illegal activities, for example. There is also debate as to whether a purely digital currency system could make tax evasion and welfare fraud more difficult. The European Central Bank (ECB) is now examining the introduction of a digital euro, which is further fueling the discussion about cashless payments in Europe.
The EU may plan to introduce the digital euro as “central bank money,” which could offer a more stable alternative to volatile cryptocurrencies. However, data protection for the digital euro could be limited in order to prevent illegal activities. The debate therefore remains an important topic for the future of payments both in Vietnam and globally.