As of present, just 40% of citizens in Vietnam have bank accounts. However, 90% of daily transactions are conducted in cash, while the rate goes up to 99% for transaction worth under VND100,000 (US$4.34).

Vietnam must grasp opportunities from the internet economy, which is estimated to have a combined value of US$100 billion in Southeast Asia, and is on track to increase by three-fold in the next five years, said a government official.

Foreign ownership limit could affect the attraction of foreign direct investment (FDI) in the field of intermediary payment services in particular and fintech in general.

Many listed banks witnessed weak performance of fee income growth in the first six months of the year due to the Covid-19 pandemic.

Alliex, a fintech company, has cooperated with banks to develop the non-cash payment system nationwide.