From Dong to Digital: Vietnam’s Dance Between Cash and the Future

I had just stepped off a taxi in the middle of Hanoi’s bustling Old Quarter when I realised I’d left my hotel with only a credit card. Big mistake. The street vendor I’d been eyeing—grilling up smoky skewers over a glowing charcoal fire—gave me a friendly smile and shook her head when I pointed to the tap-to-pay symbol on my phone.

“Tien mat,” she said simply. Cash only.

It wasn’t the first time I’d heard that phrase during my trip across Vietnam—and it certainly wouldn’t be the last. From fragrant bowls of pho in roadside eateries to handwoven bags in Hoi An’s lantern-lit night markets, the Vietnamese dong still reigns supreme. Crumpled bills changed hands with every transaction, and many of the country’s small businesses—especially those thriving in the informal economy—continued to operate entirely offline.

Vietnam, it seemed, was living in two worlds at once: a fast-growing economy hurtling into the future, yet still firmly grounded in the tactile, trusted culture of cash. But beneath the surface, something is shifting. In the shadows of Vietnam’s temples and French colonial architecture, QR codes are beginning to bloom—on food carts, in taxis, even at street corners where tech-savvy entrepreneurs offer mobile top-ups and bill payments. The rise of mobile wallets like MoMo, ZaloPay, and VNPay is changing how Vietnamese people think about money. Quietly, a digital revolution is taking root.

What’s fueling the change?

Part of it is generational. Vietnam’s youthful population—over 70% under the age of 35—is increasingly connected, mobile-first, and eager for convenience. The COVID-19 pandemic also played its part, pushing more people to explore contactless payments as a safer option. But perhaps the biggest driver is the government’s own push to digitise the economy. With a bold goal to become a cashless society by 2030, Vietnam is investing heavily in digital infrastructure and encouraging banks and fintech firms to innovate.

In Ho Chi Minh City, I met a barista who told me her entire paycheck is now sent to her MoMo account. In Da Nang, a boat tour operator proudly showed me the QR code printed on his laminated sign—“More customers” he beamed. 

And on my last night, I finally bought those skewers—but this time, I scanned a QR code taped to a tree next to the grill.

Vietnam’s journey toward a cashless future won’t happen overnight. Cultural habits run deep, especially in rural areas where smartphone access and digital literacy lag behind. Trust is still a hurdle; many still prefer to see their money, to hold it in hands. But the pieces are falling into place.

This is a country in transition—not abandoning its past, but building on it. As I watched a group of students split the bill using their phones at a rooftop café overlooking the Red River, it was clear: the future of Vietnamese payments isn’t just coming. It’s already here, quietly unfolding—one QR scan at a time.

Aftab Khan

Sales Manager - Payment Consulting

On a mission to help change the world, one experience at a time

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I collaborate with progressive businesses to deliver successful business outcomes in 4 key areas: Increasing Revenues, Improving Operational Efficiencies, Regulatory Compliance and Elevating Customer Experience, leading to sustainable business growth.

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