Vietnam Sees Soaring Contactless Payments, Boosts Semiconductor Sector and Foreign Ties

Vietnam is experiencing a remarkable surge in contactless payment adoption. According to Mastercard data, transaction volumes have grown at a compound annual growth rate (CAGR) of 92% from Q4 2022 to Q4 2024. This marks one of the first collaborations of its kind between a domestic switching network and an international card scheme in the Vietnamese market. In the semiconductor sector, Vietnam is actively promoting the development of a comprehensive ecosystem. Efforts are focused on expanding its role in chip design, packaging, testing, materials production, and equipment manufacturing, while prioritizing the cultivation of high-quality human resources and attracting strategic investors. Diplomatically, Vietnam is enhancing its ties with neighboring countries and strategic partners. With Thailand, the 50th anniversary of diplomatic relations has been marked by an upgrade to a Comprehensive Strategic Partnership, aiming to deepen cooperation based on shared history, culture, and social life. The strategic partnership with Slovakia, elevated during a recent prime ministerial visit, is expected to yield concrete outcomes in economy, science, technology, and innovation. Relations with India, also elevated to an Enhanced Comprehensive Strategic Partnership, are built on traditional friendship and high political trust. Furthermore, Vietnam continues to play an active and responsible role in multilateral mechanisms and promotes international cooperation. This includes deepening cooperation with regional countries such as Laos, Cambodia, and Timor-Leste, as well as through forums like the Convention on Cluster Munitions review conference. Domestically, efforts are underway to strengthen the Party's leadership through development in four key areas: political, ideological, ethical work, and organization and personnel. There is a call for effective measures to protect officials who dare to think creatively, act, take responsibility, and innovate for the common good. These developments highlight Vietnam's proactive approach across various sectors as it pursues economic growth and enhances its standing on the international stage. Source: VietnamPlus English