From the digital payments revolution
In fact, according to assessments by world financial organizations and most recently the assessment of www.finextra.com, the digital payment ecosystem in Vietnam is changing dramatically thanks to people's understanding of technology, government initiatives and innovative financial solutions.
In particular, the rise of e-wallets is considered one of the most important trends in the field of digital payment in Vietnam. Leading e-wallet platforms such as MoMo and Viettel Money have become popular. These e-wallets offer a wide range of services, from bill payments and mobile recharges to online shopping and even ride-hailing services. Consumers are attracted to the convenience and security of these wallets because they are easily accessible through mobile applications. As a result, e-wallet transactions increased sharply, followed by a decrease in cash transactions.
QR code payments are also becoming increasingly popular, widely used in restaurants, retail stores and even street vendors.
Notably, www.finextra.com recognizes that the Vietnamese Government plays an important role in promoting digital payments. Initiatives such as the Vietnam National Payment Joint Stock Company (NAPAS) have become instrumental in standardizing payment systems and facilitating interoperability between payment service providers.
Website www.finextra.com believes that the digital payment revolution in Vietnam is marked by a shift from cash transactions to convenient, safe and effective digital payment methods. E-wallets, QR code payments, contactless cards and innovative fintech solutions have played an important role in reshaping Vietnam's payments sector. With Government support and a tech-savvy population, Vietnam is well-positioned to continue its journey towards a cashless society, opening up new opportunities for both businesses and consumers .
Destination worth living for foreigners
In addition to improving its position in the financial sector, the 2024 research report of InterNations (Germany) also rated Vietnam as number one among 53 countries and territories thanks to factors such as low cost of living, Financial stability and overall quality of life make Vietnam attractive to those wanting to leave their country to live elsewhere.
The report shows that, among the surveyed foreigners living in Vietnam, 86% appreciated the cost of living here and 65% of respondents in Vietnam said they were satisfied with the situation. its finances compared to 54% globally.
Meanwhile, the International Budget Cooperation Organization - IBP in its Open Budget Survey 2023 (OBS 2023) recognized and ranked Vietnam's budget transparency at 57/125 countries, up 11 places compared to assessment period in 2021 and increased 20 places compared to 2019. The OBS 2023 ranking results show Vietnam's determination and efforts in enhancing budget transparency.
Notably, in Vietnam's OBS 2023 results, there are 03 documents with high scores, including: Budget reports for citizens with a maximum score of 100/100 points; The State budget estimate decided by the National Assembly reached 83/100 points; Report on the implementation of the State budget in the year reached 78/100 points.
Another important report by global asset intelligence company New World Wealth and investment migration consulting firm Henley & Partners assessed that Vietnam leads the world in the growth rate of the number of millionaires in the period 2013. - 2023, with an impressive increase of 98%. By the end of 2023, Vietnam will have 19,400 millionaires, a remarkable number for a developing country.
This increase occurred in parallel with the country's strong economic development. Vietnam's GDP grew a record 8.02% in 2022 - the highest in more than a decade. At the same time, per capita income has increased nearly 2.2 times, from 1,960 USD in 2013 to 4,284 USD in 2023.
