Vietnam's Cashless Payments Drive Economic Growth and Digital Transformation

Cashless payment adoption is rapidly advancing across Vietnam, serving as a strong driver for economic growth and digital transformation. In Tay Ninh province, in particular, the growth rate of cashless payments continues to remain at a high level. The province's bank account ownership rate exceeds the national average, a development credited with significantly contributing to digital transformation, the development of the digital economy, and the expansion of financial inclusion. This trend is spreading to other regions, with positive changes observed in cashless payments in Dong Thap province as well. Furthermore, promoting cashless payments is being emphasized from the perspective of improving the efficiency of tax management. In the infrastructure sector, Hanoi's Cat Linh – Ha Dong urban railway line has implemented a cashless automated ticketing system, ensuring smooth operations. Additionally, efforts are underway to strengthen the connection between transportation accounts and cashless payment methods, as well as to expedite the transition of toll collection accounts, indicating a continuous expansion of cashless adoption. Nhan Dan, the official newspaper of the Communist Party of Vietnam, reports on these advancements in cashless payments as essential elements for modernizing the economy and improving the convenience of citizens' lives.