Vietnam to Shut Down 86 Million Bank Accounts in Move Toward a Cashless Society

The State Bank of Vietnam (SBV) has unveiled its intention to deactivate 86 million unverified bank accounts by September 2025, as part of a broader national strategy to revamp the country’s digital payment infrastructure. At a press event for the 2025 “Cashless Day” held on June 2, Pham Anh Tuan, who leads the SBV’s Payment Department, explained that this action is designed to fight financial fraud and boost the effectiveness of Vietnam’s digital financial sector. The plan, which requires account holders to validate their identities using biometric data, is an element of the wider push to advance cashless payments and establish a safer, more transparent payment system.

According to SBV data, Vietnam had around 200 million bank accounts in 2024. However, after applying verification measures, only 113 million personal and 711,000 organizational accounts remain active. Mr. Tuan noted a slight dip in the proportion of the population with bank accounts, with 86.97% of citizens aged 15 or older holding accounts in 2024, compared to 87.08% a year earlier—a change attributed to the ongoing data cleansing. The SBV stressed that by 2025, accounts lacking biometric verification will be terminated to minimize the risk of scams and fraud. This step demonstrates Vietnam’s drive to embrace a cash-free society and reinforce its digital finance infrastructure.

In recent years, Vietnam’s cashless payment sector has witnessed remarkable expansion. In 2024, the total value of cashless transactions exceeded 295.2 quadrillion VND (about $11.57 trillion), representing a sum 26 times greater than the country’s GDP. The SBV has collaborated with government ministries, local administrations, and relevant parties to refine legal frameworks and introduce innovative technologies. This includes Government Project 06, which has enabled biometric verification for more than 111.8 million citizens. Data from the General Statistics Office shows that over 68 million adults in Vietnam now hold bank accounts—a notable rise from previous figures.

The SBV further pointed out the dramatic rise in digital payment adoption, particularly in mobile banking and QR code-based transactions. In the first quarter of 2025, the interbank electronic payment network handled 35.6 million transactions totaling 81.47 quadrillion VND (about $3.19 trillion)—a 9.6% increase in transaction count and a 36.81% jump in value compared to the same period the year before. Internet banking, mobile payment, and QR code transactions surged by 40.41%, 39.82%, and 81.64% respectively. These statistics highlight the growing role of digital payments in both everyday life and business throughout Vietnam.

Vietnam is also quickly updating its regulations for digital assets, following the recent enactment of the Law on Digital Technology Industry, which officially recognizes crypto assets and lays out a robust regulatory framework. Effective January 1, 2026, the law differentiates between “virtual assets” and “crypto assets,” bringing transparency for industry participants and investors. It also places strong emphasis on anti-money laundering (AML) protocols and cybersecurity, underscoring Vietnam’s alignment with global financial standards. The SBV and other governmental agencies are set to issue more detailed guidance to support compliance and foster a secure digital finance landscape.