Vietnam Explores Central Bank Digital Currency to Boost Cashless Payments
Vietnam is exploring the potential of a Central Bank Digital Currency (CBDC) to boost its cashless payment ecosystem. The State Bank of Vietnam (SBV) has tasked telecom giants Viettel and MobiFone with researching this digital currency, with the project aiming to enhance payment efficiency and security while reducing costs.
The SBV established a task force in May 2025 to delve into the possibilities of a national cryptocurrency, with the research focusing on social and technological impacts, as well as potential policy frameworks for future deployment. The project aims to build on Vietnam's first licensed project for converting digital assets into fiat currency, which is already using blockchain and Stablecoins for cross-border payments.
Global cross-border payment flows were valued at nearly $200 trillion in 2024 and are projected to grow to $320 trillion by 2032. A CBDC could bring significant benefits to Vietnam, including promoting cashless payments, ensuring high security, lowering costs, and strengthening the domestic legal tender. The SBV has reviewed international projects and held discussions with international organizations about cryptocurrency concepts, indicating a serious consideration of this digital currency.
Vietnam, which received $16-18 billion in remittances in 2024, stands to gain from a CBDC. With Viettel and MobiFone leading the research, the project seeks to enhance payment efficiency, improve user experience, strengthen security, and reduce transaction costs. The successful implementation of a CBDC could propel Vietnam's cashless payment ecosystem into the future.
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