Let's talk again about cryptocurrency payments in Vietnam.
As mentioned earlier, I often go to Vietnam because I am very optimistic about the cryptocurrency market there and have tried to make some investments in Vietnam. I believe that Vietnam is likely to become one of the most cryptocurrency-friendly countries in Southeast Asia. The main reasons are:
Vietnam is a socialist country with "highly centralized politics and highly market-oriented economy." This means that the policies announced by the government have little contention and can be easily promoted nationwide. Moreover, there are no ideological barriers in the practical operation of Vietnam's private economy, foreign investment, internet enterprises, and financial innovation. The government is more focused on growth, employment, export capacity, and industrial upgrading rather than the "purity of ownership forms."
From the perspective of actual regulatory attitudes, what Vietnam is truly wary of is not the cryptocurrency technology itself or crypto assets as a new type of technological carrier, but rather uncontrollable financial speculation, illegal fundraising, and the risk of capital flight. This determines that there is greater space for application-based blockchain projects related to payments, gaming, content, social networking, cross-border settlement, and digital identity.
Vietnam has a very young population structure, with a high penetration rate of the internet and smartphones, and a much higher acceptance of new technologies and financial tools compared to many developing countries. At the same time, due to the incomplete coverage of the traditional financial system, many young users naturally have the demand and ability to bypass the traditional system. This makes cryptocurrency wallets, stablecoins, and on-chain payments have real use cases in daily life, rather than just being assets in exchanges.
Unlike financial centers like Singapore and Hong Kong, Vietnam is not in a hurry to establish a complete, detailed, and internationally benchmarked cryptocurrency regulatory system. Instead, a more realistic path is to allow the market to develop, land, and scale first without touching systemic financial risks, and then gradually supplement the rules based on emerging issues. Although this path may seem "not clear enough" in the short term, it is actually a more friendly environment for projects that truly aim for long-term applications and real business.
The proportion of adults in Vietnam who own bank cards is still less than 50%, and the penetration rate of credit cards is only 5%. However, this does not mean that there is insufficient financial demand; on the contrary, it is a direct reflection of the long-term absence of the traditional financial system at the personal level. In Vietnam, many young people have stable incomes, cross-border consumption, and online entertainment needs, but find it difficult to obtain credit cards or sufficient credit limits, as the banking system tends to serve the corporate side and large projects.
This "credit gap" has not suppressed demand but has instead overflowed into electronic wallets, prepaid accounts, and cash-like tools. In this context, cryptocurrency wallets, stablecoin accounts, and on-chain settlement tools are more easily understood by users as functional financial infrastructure rather than high-threshold investment products. For many Vietnamese users, cryptocurrency addresses the most basic payment issues.
Moreover, the exchange rate of the Vietnamese dong has been depreciating for quite some time, making it uncomfortable to hold cash. The settlement system in Vietnam is also quite complex; while large shopping malls can settle with credit cards, many restaurants or vendors cannot accept them at all. This is precisely because the penetration rate of credit cards is too low, and the costs are too high, leading to a low acceptance rate among vendors.
So what is the current payment outlook for cryptocurrency in Vietnam?
Unfortunately, due to the low penetration rate of credit cards in Vietnam, cryptocurrency payments, or the so-called U cards, are not smooth sailing. After all, most U cards are essentially VISA or MasterCard. If international credit cards cannot be used, these U cards will also be ineffective. In Vietnam, Kitty @CatoKt4 often has to take out four or five cards when checking out, swiping each one to see which one works. Importantly, Kitty always likes to rush to pay, which often leads to failed transactions, and I often joke about this.
In fact, in the past two years, payment methods in Vietnam have become increasingly similar to those in China. In China, WeChat and Alipay are predominant, and Vietnam is quite similar (Singapore is also). Payments are primarily made by scanning QR codes using bank cards, so cash usage in Vietnam is decreasing, and scanning codes has become the largest payment method.
Especially when you start using Zalo, scanning codes is completely unavoidable. It's like in China, where it's hard to bypass WeChat Pay when using WeChat. Zalo's status in Vietnam is equivalent to WeChat in China. Although it can be linked to credit or debit cards, all the U cards I tested could not be linked or used for payments. The main cards that Zalo can link to are primarily Vietnamese cards, and currently, there are very few U cards issued by Vietnamese banks in the market.
Even with scanning codes, there are still limitations. For example, the most common payment channel in Vietnam, VIETQR, has a card swiping limit, with a single transaction limit of about 12.77 million Vietnamese dong, which is around 3,800 RMB or about 550 USD. Although multiple payments can be made, there is a monthly payment limit of about 80 million Vietnamese dong, which is around 24,000 RMB or about 3,500 USD. Normally, this limit should be sufficient for short-term tourism, but if it is not enough, it could lead to trouble.
The last time I went, I encountered this issue because I was hosting several friends, and when it came time to pay for the meal, I found myself unable to complete the payment. I rarely carry cash in Vietnamese dong, as it has depreciated significantly, so encountering such situations can be quite troublesome. Fortunately, Kitty was there, and I quickly had him register for a payment method that could scan codes, which resolved the issue.
Therefore, I personally believe that if there are cryptocurrency payment channels that can enter Vietnam's scanning code system and bypass limits (without KYC), there should be significant opportunities to enter the Vietnamese market. The more open Vietnam is to cryptocurrency, the more popular cryptocurrency payments will become. I am not sure about other places, but the use cases for USDT in Ho Chi Minh City are increasing.
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