Cross-border payment growth in Vietnam and the rise of a regional financial hub

Vietnam is rapidly emerging as a powerhouse in the global digital economy, with its cross-border money flows demonstrating remarkable growth. This surge is not a statistical anomaly but a fundamental shift, driven by a confluence of factors that are reshaping the nation’s position in the international value chain, with cross-border payments appearing as a pivotal enabler of this transformation.  

The unprecedented growth in cross-border money flows in Vietnam

Vietnam is experiencing unprecedented growth in cross-border money flows, driven by rapid expansion in cross-border ecommerce with a USD 42.8 billion overall payments market in projection by 2032 and digital payments with a projected Compound Annual Growth Rate (CAGR) of 13.82% from 2025 to 2033, reaching USD 1.597 billion (Verified Market Research). This growth builds on a significant surge since last year, driven not only by government efforts to enhance payment infrastructure and promote international trade, but also by the rapid rise of domestic fintech firms that are expanding and innovating cross-border payment solutions. 

Key segments that are driving this cross-border momentum include Remittances, E-commerce, B2B trade, and tourism.  According to World Bank data, Vietnam ranked among the world’s top 10 remittance-receiving countries in 2022, with $19 billion in the year alone. This substantial inflow underscores a continuous demand for efficient cross-border payment solutions. The B2B ecommerce market is also experiencing significant growth, with projections indicating a strong expansion in 2025 and beyond, with a goal of 80% transactions happening online by the end of 2025. Additionally, Mordor Intelligence reported that, by transaction type, B2B payments made up 60.01% of the cross-border payment market share in 2024. 

Vietnam Fintech’s active contribution to perfecting the cross-border payment system in Vietnam

Amidst the dynamic landscape, Vietnamese fintech companies are playing a pivotal role in perfecting the cross-border payment system. By leveraging advanced technologies such as blockchain, AI, and real-time processing, these firms are streamlining transactions, enhancing transparency, and making international payments faster, more affordable, and reliable for both businesses and individuals. 

Stand out as a licensed intermediary by the State Bank of Vietnam, 9Pay offers an all-in-one payment ecosystem that seamlessly integrates domestic and international payment methods, including e-wallets, collection and disbursement services, payment links, and a dedicated international money transfer, 9Remit. This comprehensive approach simplifies international settlements for global businesses operating in Vietnam, addressing challenges such as complex procedures for profit repatriation and integrating local payment gateways. Businesses can process cross-border transactions through 9Remit in various currencies and competitive, transparent fees with no volume limits. 

By investing heavily in infrastructure and prioritizing robust security protocols, 9Pay, along with other Fintech companies in Vietnam, is fostering trust and enabling smoother, more secure cross-border transactions for both merchants and end-users. 

Driven by strong investment in fintech, especially in cross-border payment solutions, alongside the growing capabilities of Vietnamese businesses, Vietnam is set to see continued growth in cross-border money flows. As a result, this momentum is paving the way for Vietnam to establish itself as a new regional financial hub and enhance the nation’s position in the global value chain.