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Vietnam Urged to Adopt Blockchain and Stablecoins for Faster, Cheaper Cross-Border Payments

Vietnam could revolutionize cross-border payments with blockchain and stablecoins. Faster, cheaper transfers would boost remittances and e-commerce.

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In this picture, we see the coin in gold and brown color. We see some text written as "The United...
In this picture, we see the coin in gold and brown color. We see some text written as "The United States Of America". It might be a money coin. In the background, it is brown in color and it looks like a carpet.

Vietnam Urged to Adopt Blockchain and Stablecoins for Faster, Cheaper Cross-Border Payments

Vietnam is being urged to adopt blockchain and stablecoins to enhance its competitiveness in cross-border payments. Experts suggest this move could significantly improve the speed and cost of remittances, e-commerce, and business transfers. The global cross-border payment market is projected to reach $320 trillion by 2032, highlighting the potential benefits for Vietnam.

Stablecoin transactions reached a staggering $26 trillion in 2024, with $2.1 trillion directly tied to real-world payments. These digital currencies offer a low-cost, transparent, and 24/7 alternative to traditional cross-border payment methods. In Vietnam, remittances alone reached $16-18 billion in 2024, equivalent to approximately 4% of GDP, underscoring the demand for faster and cheaper payment channels.

Current cross-border payment systems are costly and slow, with correspondent banking and international remittance services driving up costs and delaying transactions. Vietnam must modernize its payment infrastructure to keep pace with international trends. The Law on Digital Technology Industry and Government's Resolution 05/2025/NQ-CP allow Vietnam to experiment with financial-technology models in a controlled environment. Experts like Phan Duc Trung and Tran Huyen Dinh are involved in developing digital currencies for cross-border payments, collaborating with government authorities and businesses to create a modern, transparent, and low-cost payment infrastructure using blockchain and stablecoins. However, cross-border payments must be closely managed to ensure legal compliance, consumer rights, and dispute resolution.

Vietnam's strong fintech talent pool and international cooperation opportunities present both challenges and opportunities in balancing innovation with compliance. By adopting blockchain and stablecoins, Vietnam can enhance its competitiveness in cross-border payments, providing faster and cheaper payment channels for remittances, e-commerce, and business transfers.

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