Cashless Payments in Vietnam: The Shift from Traditional Banking to Digital Banking

In the context of the global digital economy, cashless payments have become an inevitable trend, contributing to financial modernization and increased transparency. Vietnam has emerged as one of the countries with the fastest growth rate of cashless payments in Southeast Asia, thanks to the coordination between State policies, digital banking strategies and the active participation of fintech. Based on data from the State Bank, international organizations and academic research, the article analyzes the current situation of cashless payments in Vietnam and compares international experiences. The results show that Vietnam has formed a diverse ecosystem including digital banks, e-wallets and interconnected payment layers; in the period 2018-2023, electronic transactions increased by over 40%/year. Cashless payments do not only help banks save costs and increase revenue, but also create social benefits, such as reducing cash risks, combating money laundering, and promoting financial inclusion.