9Pay Unblocks Payment Bottlenecks for Foreign Businesses in Vietnam

According to the Ministry of Planning and Investment, registered FDI reached nearly US$18.4 billion by the end of May 2025, a 51.2% increase year-over-year. However, this explosive growth in investment volume does not mean that operating settings have become frictionless, especially for newcomers entering the Vietnamese market. Many FDI firms, despite having legal registration and investment licenses, still struggle to deploy domestic payment collection and disbursement systems, integrate local payment channels, and process cross-border fund transfers. Three core challenges persist:

• Complicated payment and cross-border transfer procedures

One of the biggest challenges facing FDI in Vietnam is repatriating profits or paying overseas service providers. The EuroCham Q1 2025 Business Confidence Index indicates that over 70% of European enterprises report “little or no improvement” in administrative procedures. Companies frequently report that outbound payments take far longer than expected due to stringent documentation requirements, including invoicing, contracts, financial statements, and tax approvals. Furthermore, foreign exchange management regulations require enterprises to closely follow processes with commercial banks, which are frequently less flexible in assisting.

• Difficult approach with the domestic payment ecosystem

According to the State Bank of Vietnam, over 90% of domestic transactions occur through digital channels such as bank transfers, QR codes, and e-wallets. Yet many FDI firms in industries like e-commerce, logistics, and digital services struggle to integrate local payment gateways due to language barriers, unclear regulations, and the lack of end-to-end service providers.

• Barriers to opening an account and handling finances

Opening a corporate bank account necessitates considerable documentation, including investment certificates, capital contribution paperwork, rental agreements, and tax codes, which can take 3 to 6 weeks to complete. This process is extremely difficult for businesses without a Vietnamese legal organization or local representative office. Additionally, foreign exchange fees and currency volatility present further challenges.

In this context, payment intermediaries licensed by the State Bank of Vietnam are crucial to the country's digital financial infrastructure development. Among these, 9Pay JSC has established itself as a reliable payment partner for international companies in industries such as e-commerce, fintech, and education.

Intending to become a seamless bridge between Vietnam’s domestic market and global businesses, 9Pay offers a comprehensive solution ecosystem to help businesses solve the aforementioned issues and difficulties, particularly those entering the Vietnamese market for the first time.

"We do not simply provide a single payment solution, but act as a financial and legal partner that understands the Vietnamese market, accompanying foreign enterprises from payment integration to cash flow optimization and compliance with regulations, suitable for the business characteristics of each enterprise and financial institution,” says 9Pay CEO Nguyen Quang Thinh.

With a comprehensive digital financial ecosystem, 9Pay provides:

• Payment Gateway: Allowing businesses to collect money in a variety of common Vietnamese payment methods, including bank transfer, QR code, e-wallet, and domestic card... 9Pay is certain that it is one of the few payment intermediaries in Vietnam that can handle high transaction volumes for e-commerce platforms in a stable, secure, and swift manner.

• 9Pay E‑Wallet: A convenient personal payment solution that allows Vietnamese users to deposit and withdraw money, pay bills, acquire goods/services, and receive payments from businesses in a flexible and secure manner.

• Collection and Disbursement Services: On behalf of the business, process sales revenue, refunds, bonuses, payments to domestic partners, etc., efficiently, precisely, swiftly, and time-savingly.

Furthermore, with the strength of the technology infrastructure system and the ability to connect and support customers 24 hours a day, seven days a week, 9Pay provides solutions to help partners in meeting capital turnover needs for business operations, increasing operational efficiency, and minimizing costs.

"As a Fintech, we have the strength of technology while also understanding collecting and disbursement operations. We use a synchronized data system to deeply understand and accurately predict the arising needs of clients. From there, we are easily selected by banks and partners to offer value-added service packages, such as international money transfer and reception services with the best exchange rates, swift and accurate processing via the banking system, and compliance to foreign exchange management laws. Transactions are completed quickly within the day, with no limitations on volume or frequency, giving businesses maximum flexibility.” Mr. Thinh shares.

9Pay, in particular, is one of the few payment intermediaries in Vietnam that is licensed to receive and pay foreign currencies directly, having achieved the highest level of PCI DSS (level 1) security certification and integrating with over 50 domestic banks and e-wallets. 9Pay's partners include important domestic and global financial institutions such as international card organizations MasterCard, VISA, JCB, Amex, Vietcombank, Techcombank, MSB, Vietinbank, KBank, etc.

One of the key advantages that 9Pay offers international companies and organizations, in addition to its technological solutions and payment platforms, is the opportunity to work with a team of professionals and receive assistance in order to guarantee complete adherence to Vietnamese legal and tax requirements. This is a crucial component that aids FDI businesses in operating efficiently and reducing legal risks in a setting with many distinctive features.

“We are aware that foreign businesses frequently become confused by Vietnam's legal and tax requirements, particularly when handling payments from various sources or when it comes to contractor tax duties. As a result, 9Pay constantly helps international businesses connect with specialized tax units and promotes the standardization of payment records to assist businesses in reducing risks and saving time,” says Mr. Thinh.

To implement, businesses just have to work with one contact, 9Pay. All transactions could be conveniently and centrally managed without requiring direct coordination with numerous banks or service providers, all while guaranteeing full legal compliance.

Between 2025 and 2027, 9Pay wants to emerge as Vietnam's leading native digital finance platform for foreign direct investment businesses. 9Pay wants to offer comprehensive solutions that include not only payment technology, from cash flow management and tax compliance assistance, to technological integration and increasing operational effectiveness.

“From now through 2027, 9Pay will focus on FDI firms in payment intermediation, cross‑border e-commerce, education, tourism, and digital services - sectors with high transaction volumes and demanding flexible payment methods,” Mr. Thinh shares.

Currently, 9Pay supports over 1.000 foreign companies - primarily from Singapore, South Korea, China, Hong Kong, and the EU. It targets a two‑fold increase in this customer base within three years, while rolling out intelligent cash management tools, payment analytics, and AI-powered transaction solutions.

“In 2025, 9Pay aims to increase revenue from FDI customers by at least 30% year-on-year as the customer network expands and the demand for cash flow management increases. We believe that a flexible, secure, and highly localized financial infrastructure is essential to international companies' successful operations in Vietnam,” concludes Mr. Thinh.

As global supply chains rebalance post-pandemic, Vietnam remains a key strategic hub. To fully leverage its opportunities, foreign businesses need agile, legally compliant, and locally attuned financial platforms. Choosing the right payment intermediary, like 9Pay, can unlock both operational efficiency and regulatory confidence in Vietnam’s complex business environment.