30 September 2025
Vietnam’s mobile money platform is on the cusp of transitioning from pilot operations to a fully regulated service, with significant enhancements aimed at better serving users’ needs.
According to the Vietnam News Service, the State Bank of Vietnam (SBV) has finalized a draft framework for mobile money regulation and is currently soliciting feedback from service providers, banks, and relevant stakeholders.
A key aspect of the proposed framework is a tenfold increase in transaction caps. The monthly limit for withdrawals, transfers, and payments is set to rise from VND10 million to VND100 million per account. For essential services such as electricity, water, tuition, hospital bills, and social insurance, the payment cap would increase to VND200 million, facilitating larger transactions and broader financial inclusion.
Since its pilot launch in 2021, the mobile money service has seen rapid growth, with over 10.2 million registered users as of 2024 — 72% of whom reside in rural or remote areas. The service is accessible at more than 11,800 locations and is accepted by nearly 276,000 business units for payments related to utilities, education, telecoms, and government services. In 2024 alone, the platform processed approximately 193.9 million transactions valued at over VND6.4 trillion.
However, despite widespread usage, businesses have been hesitant to fully adopt mobile money payments, citing the existing transaction limits as a barrier to practical, everyday use. The current pilot framework’s restrictions have limited the service’s full potential. To address this, the SBV aims to establish a formal legal framework via a decree, providing a clear regulatory environment that will encourage broader adoption and operational stability for service providers.
This move aims to accelerate Vietnam’s digital financial inclusion, enabling users and businesses to perform larger transactions securely and conveniently, ultimately fostering a more robust digital economy.
