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.

As of the end of the third quarter, Vietnam has around 93.78 million bank cards in circulation, in which the majority are magnetic cards.