The Hanoi Department of Industry and Trade held a cashless payment event on July 21 with a view to helping fuel e-commerce, technology application and digital transformation.
A visitor tries a cashless payment service at the event in Hanoi on July 21 (Photo: VNA)
Hanoi (VNA) – The Hanoi Department of Industry and Trade held a cashless payment event on July 21 with a view to helping fuel e-commerce, technology application and digital transformation.
The event, which attracted a large number of enterprises, trade centres, supermarkets, convenience stores, e-commerce platforms, and others in the service sector in the capital.
Addressing the event, Acting Director of the municipal Department of Industry and Trade Tran Thi Phuong Lan said authorities hope to promote the habit of using non-cash payment methods among local residents, creating more momentum for businesses to develop non-cash payments and e-commerce, and stimulate consumption demand, thus helping Hanoi remain one of the top two localities in the annual E-Business Index rankings.
As part of the event, information about cashless payments will be advertised through social networks, posters, leaflets and TV programmes in July and August.
Hanoi is looking to raise cashless payments in e-commerce to 45%, transactions with electronic bills on e-commerce platforms to 65%, small and medium firms doing business on those platforms to 45%, and enterprises engaging in e-commerce via mobile apps to 35%.
It is also working to increase the rates of customers paying water and power bills online to 98% and 99.7%, respectively./.
The banking sector hopes that by 2025, the volume of mobile payment transactions will grow by 50 - 80 percent while transaction value will surge 80 - 100 percent annually.
In the context of the extensive digitalisation of services as well as multidimensional impacts of the COVID-19 pandemic, the behaviour and expectation of Vietnamese consumers have changed, turning digital payment into an evitable trend of the economy and their priority.
To encourage Vietnamese consumers and businesses to apply digital payment, Visa, a world leading e-payment technology company, has expanded activities in response to the annual Cashless Day in Vietnam (June 16).
The COVID-19 pandemic has been brought under control, and life for most people returned to normal. However, non-cash payments, encouraged during the pandemic to limit contact, have become popular among many people.
The event aimed to update businesses on new regulations and compliance requirements regarding US tax, trade, and customs policies, while offering practical solutions to facilitate exports amid shifting trade dynamics.
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According to Mastercard data, Vietnam has recorded a remarkable 92% compound annual growth rate (CAGR) in contactless transaction volume from Q4 2022 to Q4 2024.
Tuan expressed his confidence that LH, with its expertise and experience, would swiftly implement the urban area project, contributing to a modern urban landscape for the province.
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A notable trend is the shift toward satellite regions. With land scarcity and soaring prices in Ho Chi Minh City and Hanoi, investors are eyeing provinces like Hung Yen, Bac Ninh, and Hai Phong, which are benefiting from improved technical infrastructure and transport connectivity.
To further strengthen private-sector innovation, Bac Ninh plans to accelerate administrative reforms, build a digital, service-oriented government, and develop an integrated innovation ecosystem that connects businesses with domestic and international institutions, universities, and experts.
The participation of H&M, one of the world's largest fashion corporations, in Vietnam International Sourcing 2025 in Ho Chi Minh City in early September is considered a special highlight, opening up many cooperation opportunities for Vietnamese businesses in the fashion, textiles and sustainable supply chains.
This latest order builds on a previous agreement signed at the Singapore Airshow last year for 40 engines, bringing the total number of Trent 7000 engines ordered by the airline to 80.
Minister of Industry and Trade Nguyen Hong Dien acknowledged that despite concerted efforts by ministries and local authorities in combating fake and substandard goods, the situation remains highly complicated, attributing the persistent challenges to high profits luring numerous participants, increasingly sophisticated violations, limited resources within enforcement agencies.
The group also placed among the Top 5 energy companies in Southeast Asia and secured the top spot among the largest Vietnamese enterprises featured on the list.
The zone will cover 1,881 ha, comprising functional areas for production, logistics, trade and services, digital technology industry, information technology, and innovation.
Dung underlined several key objectives, including a comprehensive review of the legal framework governing SOEs, and called for updates that reflect international standards and support modern, transparent governance.
While the US market has become more difficult to access due to new tax policies, Australia could play the role of a trade cushion, helping to reduce shocks and maintain export momentum for Vietnam's shrimp industry.
A visitor tries a cashless payment service at the event in Hanoi on July 21 (Photo: VNA) 
