A quiet transformation is under way in Vietnam's markets, where the familiar clink of coins is increasingly being replaced by the beep of a smartphone.
In Hanoi's Tuong Mai ward, vegetable seller Hoa, who has worked at the wet market for 15 years, now completes transactions in seconds as customers scan a QR code displayed at her stall. The shift to cashless payments has streamlined sales, reduced waiting time and, by her account, helped boost daily turnover.
What began with large retailers and supermarkets has spread rapidly to small neighbourhood businesses, including noodle shops, corner stores and late-night food carts.
The convenience of QR payments has eliminated the need for loose change and slowed cash handovers, allowing micro-merchants to serve more customers efficiently and encouraging higher spending.
Driving this change is VietQR, the national QR payment infrastructure developed by the National Payment Corporation of Vietnam (NAPAS). The system comprises VIETQRPay for domestic transactions and VIETQRGlobal for cross-border payments, creating a unified platform that supports fast and seamless digital transfers.
Nguyen Duc Le from the Ministry of Industry and Trade said such digital payment systems enable businesses to reach customers beyond their immediate locations and use transaction data to refine products and services.
Tax authorities have also welcomed the growing adoption of cashless payments.
Mai Son, Deputy Director of the Department of Taxation, noted that digital transactions reduce the burden of manual record-keeping for small vendors and make it easier to monitor daily cash flows, increasing transparency and confidence in commercial activity.
The availability of real-time transaction data also enhances regulatory oversight. According to Le, the integration of digital payments with electronic invoicing and tax systems allows authorities to better track money flows, curb tax evasion and detect irregular transactions early, while offering stronger consumer protection.
One key factor behind VietQR's rapid uptake is its low barrier to entry. Vendors do not need point-of-sale machines or complex service agreements, relying instead on a simple printed QR code. With close to 90 million active mobile banking accounts nationwide, micro-businesses can adopt the system almost instantly.
NAPAS reported that in the first 10 months of this year, VietQR transactions rose 52% in volume and 85% in value compared with the same period a year earlier.
NAPAS chief executive Nguyen Quang Minh said the organisation, together with partner banks and intermediaries, is expanding both VIETQRPay and VIETQRGlobal networks. The efforts aim to support inbound tourism and cross-border e-commerce while maintaining high security standards.
As QR payments become commonplace, each digital transaction is contributing to a broader shift in Vietnam's economic landscape. With cash gradually receding into the background, the widespread adoption of QR technology is emerging as a key pillar of the country's digital economy ambitions for the 2025–2030 period.
