Vietnam’s 86 Million Bank Accounts to Close in Push for Cashless Future

Vietnam’s State Bank of Vietnam (SBV) has announced plans to close 86 million unverified bank accounts by September 2025 as part of a nationwide initiative to clean up its digital payment infrastructure. Pham Anh Tuan, Director of the Payment Department at the SBV, stated at a press conference for the 2025 “Cashless Day” on June 2 that this measure is aimed at curbing fraud and enhancing the efficiency of the country’s digital financial system. The initiative, which involves the verification of biometric data for account holders, is part of a broader effort to promote non-cash transactions and build a more secure and transparent payment environment.

The SBV reported that Vietnam had approximately 200 million bank accounts as of 2024, but after verification, only 113 million personal accounts and 711,000 organizational accounts are considered active. Mr. Tuan attributed the slight decline in the percentage of banked individuals—86.97% of citizens aged 15 and above had bank accounts in 2024 compared to 87.08% in 2023—to the ongoing data-cleansing process. The SBV emphasized that accounts without verified biometric data would be closed by 2025 to reduce vulnerabilities to scams and fraud. The move reflects Vietnam’s ambition to transition toward a cashless society and strengthen its digital financial infrastructure.

Vietnam’s non-cash payment system has grown substantially in recent years, with the total value of non-cash transactions reaching over 295.2 quadrillion VND (approximately $11.57 trillion) in 2024, a figure 26 times the country’s GDP. The SBV has worked closely with ministries, local authorities, and stakeholders to develop legal frameworks and adopt new technologies, including Government Project 06, which has helped verify biometric data for over 111.8 million individuals. According to the General Statistics Office, over 68 million Vietnamese adults have bank accounts, a significant increase from previous years.

The SBV also highlighted the rapid growth of digital payment methods, with mobile banking and QR code transactions seeing particularly strong growth. During the first quarter of 2025, the interbank electronic payment system processed 35.6 million transactions worth 81.47 quadrillion VND (about $3.19 trillion), a 9.6% increase in volume and a 36.81% rise in value compared to the same period in 2024. Internet banking, mobile payments, and QR code transactions grew by 40.41%, 39.82%, and 81.64%, respectively. These figures underscore the increasing integration of digital payment systems in daily life and business operations across the country.

Vietnam’s regulatory landscape for digital assets is also evolving rapidly, with the recent passage of the Law on Digital Technology Industry, which grants full legal recognition to crypto assets and establishes a comprehensive regulatory framework. The law, which took effect on January 1, 2026, distinguishes between “virtual assets” and “crypto assets,” providing clarity for businesses and investors. The legislation also emphasizes the importance of anti-money laundering (AML) and cybersecurity measures, reflecting Vietnam’s commitment to international financial standards. The SBV, along with other government bodies, is expected to implement detailed guidelines to ensure compliance and promote a secure digital financial environment.