{ "jurisdiction_id": "VN", "jurisdiction": "Vietnam", "url": "https://payments.gi/jurisdictions/vietnam/", "generator": "render_jid v13.3.0", "date_modified": "2026-08-11", "schema_version": "world-payments-v1", "counts": { "modules": 14, "sourced_findings": 58, "source_register": 95 }, "modules": [ { "code": "W1a", "name": "Licensing, Authorisation & Market Access", "confidence": "Confirmed", "moved_this_cycle": true, "url": "https://payments.gi/jurisdictions/vietnam/#w1a-licensing-authorisation-market-access", "standing_position": "SBV is sole licensing authority under Decree 52/2024 + Circular 40/2024; non-bank firms use the 10-year IPS licence; capital VND 50bn (wallet/gateway) / VND 300bn (switching/clearing); banks act as payment service providers; no passport regime.", "findings": [ { "finding": null, "instrument_type": "decree", "source": "https://english.luatvietnam.vn/tai-chinh/decree-52-2024-nd-cp-on-non-cash-payment-336447-d1.html", "source_url": null, "source_tier": "1", "retrieved_at": null }, { "finding": null, "instrument_type": "capital_threshold", "source": "https://tradeeconomics.com/vietnam-non-cash-payment-under-decree-no-52-2024-nd-cp/", "source_url": null, "source_tier": "3", "retrieved_at": null }, { "finding": null, "instrument_type": "circular", "source": "https://vision-associates.com/highlights-of-the-new-circular-on-intermediary-payment-services/", "source_url": null, "source_tier": "3", "retrieved_at": null }, { "finding": null, "instrument_type": "licence_term", "source": "https://tradeeconomics.com/vietnam-non-cash-payment-under-decree-no-52-2024-nd-cp/", "source_url": null, "source_tier": "3", "retrieved_at": null }, { "finding": null, "instrument_type": "administrative_procedure", "source": "https://lawnet.vn/thong-tin-phap-luat/en/chinh-sach-moi/procedures-for-issuance-of-licenses-to-provide-payment-intermediary-services-in-vietnam-139941.html", "source_url": null, "source_tier": "1", "retrieved_at": null } ] }, { "code": "W1b", "name": "Conduct, Safeguarding & Financial Promotions", "confidence": "Confirmed", "moved_this_cycle": false, "url": "https://payments.gi/jurisdictions/vietnam/#w1b-conduct-safeguarding-financial-promotions", "standing_position": "Safeguarding for e-money is delivered via a 1:1 payment-assurance (escrow) account model: e-wallet providers must hold a payment-assurance account at an associated bank and may not receive cash directly from customers. Decree 52/2024 introduced Vietnam's first legal definition of e-money (VND value stored on electronic media on a 1:1 prepaid basis). Conduct rules tighten prohibited acts (account/wallet renting, selling and disclosure). Personnel and fit-and-proper conditions apply to the legal representative and General Director. KYC/biometric identity verification is mandated under Circular 41/2025 (amending Circular 40/2024).", "findings": [ { "finding": null, "instrument_type": "e_money_definition", "source": "https://www.tilleke.com/insights/vietnams-new-decree-on-non-cash-payments/2/", "source_url": null, "source_tier": "3", "retrieved_at": null }, { "finding": null, "instrument_type": "safeguarding", "source": "https://vision-associates.com/highlights-of-the-new-circular-on-intermediary-payment-services/", "source_url": null, "source_tier": "3", "retrieved_at": null }, { "finding": null, "instrument_type": "conduct_rules", "source": "https://vietnam-business-law.info/blog/2024/6/29/new-decree-on-non-cash-payment-in-vietnam", "source_url": null, "source_tier": "3", "retrieved_at": null }, { "finding": null, "instrument_type": "circular", "source": "https://vn.andersen.com/law-digest/law-digest-2025/", "source_url": null, "source_tier": "3", "retrieved_at": null }, { "finding": null, "instrument_type": "personnel_requirement", "source": "https://vision-associates.com/highlights-of-a-new-decree-on-non-cash-payments/", "source_url": null, "source_tier": "3", "retrieved_at": null } ] }, { "code": "W2", "name": "Stablecoins & Digital Money", "confidence": "Confirmed", "moved_this_cycle": false, "url": "https://payments.gi/jurisdictions/vietnam/#w2-stablecoins-digital-money", "standing_position": "Bifurcated regime — regulated e-money (1:1 prepaid, escrow-safeguarded) plus crypto-as-property under Law 71/2025 with a restrictive five-year pilot under Resolution 05 that bars fiat-backed stablecoins; crypto is not legal tender. Da Nang Basal Pay is the notable stablecoin-at-POS pilot.", "findings": [ { "finding": null, "instrument_type": "e_money_definition", "source": "https://www.mondaq.com/financial-services/1474726/non-cash-payment-under-decree-no-522024nd-cp", "source_url": null, "source_tier": "3", "retrieved_at": null }, { "finding": null, "instrument_type": "law", "source": "https://www.wfw.com/articles/landmark-legislation-regulates-digital-assets-in-vietnam/", "source_url": null, "source_tier": "3", "retrieved_at": null }, { "finding": null, "instrument_type": "resolution", "source": "https://www.lexology.com/library/detail.aspx?g=abeafd22-96cd-4137-bc74-a8051454d64a", "source_url": null, "source_tier": "3", "retrieved_at": null }, { "finding": null, "instrument_type": "capital_threshold", "source": "https://glavx.org/vietnam-crypto-legal-status-2026-from-gray-area-to-strict-regulation", "source_url": null, "source_tier": "3", "retrieved_at": null }, { "finding": null, "instrument_type": "pilot", "source": "https://www.pwc.com/vn/en/publications/2025/vietnam-cryptocurrencies.pdf", "source_url": null, "source_tier": "3", "retrieved_at": null } ] }, { "code": "W3", "name": "Operational Resilience & Critical Infrastructure", "confidence": "High", "moved_this_cycle": false, "url": "https://payments.gi/jurisdictions/vietnam/#w3-operational-resilience-critical-infrastructure", "standing_position": "Operational resilience is driven by SBV cybersecurity and authentication mandates rather than a single DORA-style instrument. Decision 2345/QD-NHNN (effective 1 July 2024) mandates biometric authentication for high-risk transactions, supplemented by Circular 50/2024 (effective January 2025) governing biometric processes and online-transaction security, and Circular 35 replacement work on internet-banking safety. NAPAS, the national instant-payment operator, completed a distributed-architecture platform upgrade (TiDB/PingCAP) achieving zero-downtime data-center failover. The SBV deployed the centralised SIMO fraud-monitoring system in 2025. Vietnam is adopting ISO 20022 for domestic and cross-border messaging.", "findings": [ { "finding": null, "instrument_type": "decision_circular", "source": "https://www.v-key.com/resource/biometric-mobile-security-vietnam/", "source_url": null, "source_tier": "3", "retrieved_at": null }, { "finding": null, "instrument_type": "infrastructure", "source": "https://clearingpost.com/insights/napas-247-vietnam-8-9-billion-instant-transfers-2024/", "source_url": null, "source_tier": "3", "retrieved_at": null }, { "finding": null, "instrument_type": "fraud_system", "source": "https://vietnamnet.vn/en/biometric-deadline-nears-millions-of-accounts-face-online-suspension-from-2026-2474005.html", "source_url": null, "source_tier": "3", "retrieved_at": null }, { "finding": null, "instrument_type": "messaging_standard", "source": "https://www.lightspark.com/knowledge/instant-payments-vietnam", "source_url": null, "source_tier": "3", "retrieved_at": null } ] }, { "code": "W4", "name": "Scheme & Network Compliance", "confidence": "High", "moved_this_cycle": false, "url": "https://payments.gi/jurisdictions/vietnam/#w4-scheme-network-compliance", "standing_position": "The domestic card and instant-rail scheme is NAPAS, which operates NAPAS 247 (24/7 instant interbank transfers) and the national VietQR standard launched in 2021. International networks Visa, Mastercard, UnionPay and JCB operate alongside NAPAS. VietQR is a unified interoperable QR specification accepted across all Vietnamese banks and major e-wallets; NAPAS is rolling out a P2M commercial-payment standard (VietQRPay) and cross-border VIETQRGlobal. MoMo achieved PCI DSS v4.0 certification. The market is moving toward direct bank-account QR rails that bypass intermediary wallets at lower merchant cost.", "findings": [ { "finding": null, "instrument_type": "scheme", "source": "https://clearingpost.com/insights/napas-247-vietnam-8-9-billion-instant-transfers-2024/", "source_url": null, "source_tier": "3", "retrieved_at": null }, { "finding": null, "instrument_type": "qr_standard", "source": "https://wise.com/sg/blog/vietqr-for-foreigners-guide", "source_url": null, "source_tier": "3", "retrieved_at": null }, { "finding": null, "instrument_type": "scheme_landscape", "source": "https://norbr.com/library/payworldtour/payment-methods-in-vietnam/", "source_url": null, "source_tier": "3", "retrieved_at": null }, { "finding": null, "instrument_type": "pci_certification", "source": "https://tracxn.com/d/companies/momo/__hFLRYwdrA_oXvVnwn9dGd97_uI2MgMeRrmwlBYUsETc", "source_url": null, "source_tier": "3", "retrieved_at": null } ] }, { "code": "W5", "name": "Payment Corridor Dynamics", "confidence": "High", "moved_this_cycle": true, "url": "https://payments.gi/jurisdictions/vietnam/#w5-payment-corridor-dynamics", "standing_position": "Vietnam's principal cross-border payment corridors are anchored on NAPAS QR interoperability and remittance flows. NAPAS QR is interoperable with Thailand (since 2022), Cambodia (2023) and Laos (early 2025); a cross-border QR service with China via UnionPay launched 2 December 2025, with reciprocal direction and connections to Japan, South Korea, Malaysia and Singapore planned for 2026. A NETS-NAPAS MoU (2025) is signed but not yet active. Remittances are a major inbound corridor (~US$16bn in 2024), dominated by Asia and the Americas, flowing through remittance companies and credit institutions. Foreign-element IPS provision requires routing through SBV-approved commercial banks.", "findings": [ { "finding": null, "instrument_type": "corridor", "source": "https://en.vneconomy.vn/opportunities-for-qr-payment-growth.htm", "source_url": null, "source_tier": "3", "retrieved_at": null }, { "finding": null, "instrument_type": "corridor", "source": "https://en.vietnamplus.vn/chinese-tourists-can-make-qr-code-payments-in-vietnam-from-december-2-post333602.vnp", "source_url": null, "source_tier": "3", "retrieved_at": null }, { "finding": null, "instrument_type": "remittance", "source": "https://en.amwalalghad.com/vietnam-remittances-likely-to-reach-16b-in-24/", "source_url": null, "source_tier": "3", "retrieved_at": null }, { "finding": null, "instrument_type": "corridor_pending", "source": "https://wise.com/sg/blog/vietqr-for-foreigners-guide", "source_url": null, "source_tier": "3", "retrieved_at": null } ] }, { "code": "W6", "name": "Industry Structure & Commercial Dynamics", "confidence": "High", "moved_this_cycle": true, "url": "https://payments.gi/jurisdictions/vietnam/#w6-industry-structure-commercial-dynamics", "standing_position": "Vietnam's PSP market is moderately concentrated and dominated by three super-app wallets — MoMo, VNPay and ZaloPay — which jointly account for more than half of total transaction value. By mid-2024 there were ~50 licensed IPS providers (48 e-wallet providers) with ~58 million activated wallets. The market is shifting from land-grab to profitability, with smaller wallets exiting in 2024 after funding dried up. Banks compete directly via mobile-banking and VietQR, and NAPAS-operated direct bank rails are pressuring standalone wallets. MoMo (31m users) is the dominant private player, profitable since 2024.", "findings": [ { "finding": null, "instrument_type": "market_structure", "source": "https://www.mordorintelligence.com/industry-reports/vietnam-fintech-market", "source_url": null, "source_tier": "3", "retrieved_at": null }, { "finding": null, "instrument_type": "market_data", "source": "https://www.vietnam.vn/en/de-xuat-tang-muc-xu-phat-trong-cung-ung-dich-vu-vi-dien-tu", "source_url": null, "source_tier": "1", "retrieved_at": null }, { "finding": null, "instrument_type": "market_data", "source": "https://www.mordorintelligence.com/industry-reports/vietnam-fintech-market", "source_url": null, "source_tier": "3", "retrieved_at": null }, { "finding": null, "instrument_type": "market_signal", "source": "https://fintechnews.sg/128597/vietnam/momo-investor/", "source_url": null, "source_tier": "3", "retrieved_at": null } ] }, { "code": "W7", "name": "Legal & Litigation", "confidence": "High", "moved_this_cycle": false, "url": "https://payments.gi/jurisdictions/vietnam/#w7-legal-litigation", "standing_position": "Enforcement is administrative-penalty-led. Decree 340/2025 (in force 9 Feb 2026) raises fines for unlicensed/IPS/FX violations; SBV proposed VND 150-250m penalties for account/card/wallet trading; 86m accounts deactivated for non-completion of biometric verification.", "findings": [ { "finding": null, "instrument_type": "decree", "source": "https://www.vietnam.vn/en/nhieu-quy-dinh-moi-ve-xu-phat-vi-pham-hanh-chinh", "source_url": null, "source_tier": "1", "retrieved_at": null }, { "finding": null, "instrument_type": "enforcement", "source": "https://www.vietnam.vn/en/phat-toi-200-trieu-dong-neu-cho-thue-muon-mua-ban-tai-khoan-the-ngan-hang", "source_url": null, "source_tier": "3", "retrieved_at": null }, { "finding": null, "instrument_type": "draft_decree", "source": "https://www.mondaq.com/fintech/1742462/vietnams-draft-crypto-sanctions-decree-enforcement-comes-to-the-pilot-market", "source_url": null, "source_tier": "3", "retrieved_at": null }, { "finding": null, "instrument_type": "enforcement_action", "source": "https://www.corbado.com/blog/vietnam-passkeys-overview", "source_url": null, "source_tier": "3", "retrieved_at": null } ] }, { "code": "W8", "name": "Merchant Acquiring & Risk", "confidence": "High", "moved_this_cycle": false, "url": "https://payments.gi/jurisdictions/vietnam/#w8-merchant-acquiring-risk", "standing_position": "Merchant acquiring is being reshaped by VietQR P2M (person-to-merchant) rollout, which adds POS/e-invoicing integration, refund and complaint-handling features that simple P2P transfers lack. NAPAS and partner banks enabled 30,000+ merchants for cross-border QR by end-2025 and are extending acceptance to street vendors and micro-merchants (street-vendor QR up 85%). Merchant onboarding now requires biometric KYC under Circular 41/2025, and originating providers must share transaction details with beneficiary providers to support dispute resolution and reconciliation. BNPL is expanding rapidly amid low credit-card penetration.", "findings": [ { "finding": null, "instrument_type": "acquiring", "source": "https://en.vneconomy.vn/opportunities-for-qr-payment-growth.htm", "source_url": null, "source_tier": "3", "retrieved_at": null }, { "finding": null, "instrument_type": "merchant_onboarding", "source": "https://vir.com.vn/cross-border-qr-payments-launched-for-chinese-tourists-142045.html", "source_url": null, "source_tier": "3", "retrieved_at": null }, { "finding": null, "instrument_type": "dispute_framework", "source": "https://vn.andersen.com/law-digest/law-digest-2025/", "source_url": null, "source_tier": "3", "retrieved_at": null }, { "finding": null, "instrument_type": "merchant_product", "source": "https://norbr.com/library/payworldtour/payment-methods-in-vietnam/", "source_url": null, "source_tier": "3", "retrieved_at": null } ] }, { "code": "W9", "name": "Product Innovation & Market Development", "confidence": "High", "moved_this_cycle": true, "url": "https://payments.gi/jurisdictions/vietnam/#w9-product-innovation-market-development", "standing_position": "Innovation is anchored by Decree 94/2025/ND-CP (effective 1 July 2025), Vietnam's first banking-sector regulatory sandbox, covering three fintech solutions — credit scoring, Open API data sharing and P2P lending — under SBV supervision for up to two years, with cross-border testing prohibited. Open-banking build-out runs through the sandbox's Open API track. Product development is instant-payment-led (VietQRPay/VIETQRGlobal expansion, ISO 20022 adoption). There is no live retail CBDC; the digital-asset pilot under Resolution 05 (tokenized RWA) is the principal new product frontier. The national cashless-payment project targets reduced cash usage and 80%+ banked adults.", "findings": [ { "finding": null, "instrument_type": "decree", "source": "https://www.dfdl.com/insights/legal-and-tax-updates/vietnam-new-decree-no-94-2025-nd-cp-on-regulatory-sandbox-in-the-banking-sector/", "source_url": null, "source_tier": "3", "retrieved_at": null }, { "finding": null, "instrument_type": "sandbox_scope", "source": "https://www.tilleke.com/insights/vietnam-issues-fintech-sandbox-decree/", "source_url": null, "source_tier": "3", "retrieved_at": null }, { "finding": null, "instrument_type": "open_api", "source": "https://english.luatvietnam.vn/tai-chinh/decree-94-2025-nd-cp-regulatory-sandbox-mechanism-in-banking-sector-399142-d1.html", "source_url": null, "source_tier": "1", "retrieved_at": null }, { "finding": null, "instrument_type": "sandbox_update", "source": "https://www.lexology.com/library/detail.aspx?g=572daf43-1467-4286-8328-46cda0c2fe00", "source_url": null, "source_tier": "3", "retrieved_at": null } ] }, { "code": "W10", "name": "Consumer Protection & APP Fraud", "confidence": "High", "moved_this_cycle": false, "url": "https://payments.gi/jurisdictions/vietnam/#w10-consumer-protection-app-fraud", "standing_position": "Consumer fraud protection is dominated by SBV Decision 2345/QD-NHNN (effective 1 July 2024), which mandates biometric (facial/fingerprint) authentication for transfers over VND 10m or daily totals over VND 20m, matched against chip-ID/VNeID/MPS biometric data — a response to ~US$744m in 2024 online-fraud losses. The mandate extended to corporate accounts (July 2025) and e-wallets (Circular 41/2025). The SBV reports a 72% reduction in fraud-related accounts and operates the SIMO fraud-alert system. Vietnam lacks a formal APP-reimbursement scheme equivalent to the UK PSR model; protection is preventive (KYC/biometric) rather than mandatory-reimbursement-based.", "findings": [ { "finding": null, "instrument_type": "decision", "source": "https://vietnamnet.vn/en/biometric-authentication-required-for-transfers-over-vnd10-million-from-july-2264616.html", "source_url": null, "source_tier": "3", "retrieved_at": null }, { "finding": null, "instrument_type": "fraud_context", "source": "https://www.corbado.com/blog/vietnam-passkeys-overview", "source_url": null, "source_tier": "3", "retrieved_at": null }, { "finding": null, "instrument_type": "fraud_outcome", "source": "https://vietnamnet.vn/en/fraud-related-accounts-reduced-by-72-following-biometric-authentication-2326095.html", "source_url": null, "source_tier": "3", "retrieved_at": null }, { "finding": null, "instrument_type": "circular", "source": "https://idtechwire.com/vietnam-tightens-id-rules-for-banking-pushing-customers-toward-chip-ids-and-eid/", "source_url": null, "source_tier": "3", "retrieved_at": null } ] }, { "code": "W11", "name": "AML/CFT & Financial Crime", "confidence": "Confirmed", "moved_this_cycle": false, "url": "https://payments.gi/jurisdictions/vietnam/#w11-aml-cft-financial-crime", "standing_position": "[Sentinel.gi] AML Law 2022 framework; SBV AML Department is FIU; Vietnam on FATF grey list since June 2023, still listed Oct 2025; Circular 27/2025 transfer-reporting thresholds (VND 500m / US$1,000) electronic from 1 Jan 2026; grey-listing imposes heightened correspondent scrutiny.", "findings": [ { "finding": null, "instrument_type": "fatf_listing", "source": "https://www.fatf-gafi.org/en/countries/detail/Vietnam.html", "source_url": null, "source_tier": "1", "retrieved_at": null }, { "finding": null, "instrument_type": "law", "source": "https://www.anqacompliance.com/vietnam-detailed-country-aml-information/", "source_url": null, "source_tier": "3", "retrieved_at": null }, { "finding": null, "instrument_type": "circular", "source": "https://www.zigram.tech/article/vietnam-aml-compliance-guide", "source_url": null, "source_tier": "3", "retrieved_at": null }, { "finding": null, "instrument_type": "correspondent_impact", "source": "https://www.anqacompliance.com/vietnam-detailed-country-aml-information/", "source_url": null, "source_tier": "3", "retrieved_at": null } ] }, { "code": "W12", "name": "Correspondent Banking, Settlement & Access", "confidence": "High", "moved_this_cycle": false, "url": "https://payments.gi/jurisdictions/vietnam/#w12-correspondent-banking-settlement-access", "standing_position": "Settlement access runs through two SBV-supervised layers: NAPAS 247 for retail clearing (transactions under VND 500m) and CITAD/IBPS for high-value interbank settlement. Foreign-element IPS and international payment-system participation are gated: commercial banks and foreign bank branches must be licensed for basic FX operations and meet AML/risk conditions (Article 21, Decree 52) before connecting to international payment systems, with a 24-month compliance window. FATF grey-listing applies de-risking pressure on correspondent relationships. Remittance settlement flows ~US$16bn annually through bank and remittance-company channels.", "findings": [ { "finding": null, "instrument_type": "settlement_access", "source": "https://english.luatvietnam.vn/tai-chinh/decree-52-2024-nd-cp-on-non-cash-payment-336447-d1.html", "source_url": null, "source_tier": "1", "retrieved_at": null }, { "finding": null, "instrument_type": "transition", "source": "https://www.tilleke.com/insights/vietnams-new-decree-on-non-cash-payments/2/", "source_url": null, "source_tier": "3", "retrieved_at": null }, { "finding": null, "instrument_type": "settlement_infra", "source": "https://www.lightspark.com/knowledge/instant-payments-vietnam", "source_url": null, "source_tier": "3", "retrieved_at": null }, { "finding": null, "instrument_type": "remittance_settlement", "source": "https://en.baochinhphu.vn/remittances.html", "source_url": null, "source_tier": "1", "retrieved_at": null } ] }, { "code": "W13", "name": "Commercial Intelligence & Fintech", "confidence": "Assessed", "moved_this_cycle": false, "url": "https://payments.gi/jurisdictions/vietnam/#w13-commercial-intelligence-fintech", "standing_position": "Within the trailing-12-month baseline window, Vietnam's payments commercial activity centred on product launches and partnerships rather than large new funding rounds. MoMo (valued ~US$2bn, profitable since 2024, ~US$434m raised cumulatively) partnered with iProov in September 2025 for anti-fraud, and the Vietnam startup ecosystem hit US$3.2bn cumulative funding with six unicorns (reported August 2025). NAPAS launched VietQRPay (P2M) and the China cross-border QR service (December 2025). Visa partnered with MoMo, VNPay and ZaloPay on QR acceptance. Timo migrated to Mambu's cloud core (December 2024).", "findings": [ { "finding": null, "instrument_type": "partnership", "source": "https://tracxn.com/d/companies/momo/__hFLRYwdrA_oXvVnwn9dGd97_uI2MgMeRrmwlBYUsETc", "source_url": null, "source_tier": "3", "retrieved_at": null }, { "finding": null, "instrument_type": "product_partnership", "source": "https://www.mordorintelligence.com/industry-reports/vietnam-fintech-market", "source_url": null, "source_tier": "3", "retrieved_at": null }, { "finding": null, "instrument_type": "product_launch", "source": "https://en.vietnamplus.vn/chinese-tourists-can-make-qr-code-payments-in-vietnam-from-december-2-post333602.vnp", "source_url": null, "source_tier": "3", "retrieved_at": null } ] } ] }