At a seminar on cross-border payments organised by the Vietnam Blockchain and Digital Asset Association (VBA) in Hanoi on September 30, experts noted global cross-border payments could soar to 320 trillion USD by 2032, which requires urgent infrastructure innovation.
    |
 |
|
The seminar on cross-border payments organized by the Vietnam Blockchain and Digital Asset Association in Hanoi on September 30. (Photo: vneconomy.vn) |
The Digital Industry Law, adopted by the 15th National Assembly on June 14 this year, and the Government's Resolution No.05/2025/NQ-CP on piloting the crypto asset market, issued on September 9, has created a new legal corridor. This framework enables Vietnam to proactively experiment with innovative financial-technology models in a strictly controlled environment, helping both regulators and businesses collect data and gather experience to shape policies aligned with international practices.
Citing figures from the Bank for International Settlements (BIS), Tran Huyen Dinh, head of the VBA's Fintech Application Committee, said global cross-border payments were already valued at nearly 200 trillion USD in 2024.
For Vietnam, the need is pressing. The World Bank estimated overseas remittance inflows at 16–18 billion USD in 2024, accounting for about 4% of GDP and placing Vietnam among the world’s top 10 remittance recipients. Meanwhile, more than 17 million international visitors came to Vietnam during 2024–2025, and around half a million Vietnamese freelancers are working on global digital platforms, all of which require efficient, low-cost, and transparent payment solutions.
Remittances are an essential lifeline for millions of households, but high transaction fees erode this vital flow, Dinh stressed. Blockchain and stablecoins, while not replacing traditional systems, could help reduce costs, improve efficiency, strengthen security, and ensure compliance with global anti-money laundering standards.
Matthew Crow, Development Director at Tether, one of the world’s largest stablecoin issuers, observed that inherent weaknesses of traditional cross-border payment systems, particularly cost and speed, create room for complementary tools.
In this context, stablecoins emerge as a parallel option that can enhance efficiency without replacing existing infrastructure, he said, adding that this trend is particularly significant for developing economies like Vietnam, where overseas remittances, tourism, and digital labor play an outsized role.
Incorporating stablecoins into sandbox models will provide valuable practical data to examine the feasibility of a more diverse payment infrastructure and promote Vietnam’s financial integration into the world.
Experts emphasized that the diversification of cross-border payment channels, especially blockchain and stablecoins, offers Vietnam an opportunity to improve transparency and efficiency. However, the risks surrounding depository and depository asset safeguarding must be carefully addressed to ensure market stability.
A 2025 IMF report revealed that 80% of the world’s central banks are considering or piloting central bank digital currencies (CBDCs), signalling a global race in payment infrastructure development that Vietnam cannot afford to ignore, said Do Van Thuat, Director of Blockchain Solutions and Architecture at 1Matrix.
According to Deputy Director of the Central Institute for Economic Management Dr. Vo Tri Thanh, macroeconomic risk management is among the priorities of State management bodies, so cross-border payment remains a tightly regulated channel tied closely to monetary and remittance management. Compliance with laws, consumer rights, and dispute resolution remain the core factors of the market.
Standing member of the National Assembly's Committee for Economic Affairs Nguyen Hai Nam noted that Vietnam has already made progress in harmonising technological advances and innovation with traditional economic activities.
He said the Digital Industry Law provides a legal corridor for new technologies like blockchain. Still, as countries remain divided on approaches to blockchain and stablecoins, Vietnam must proceed cautiously and step by step.
Source: VNA