Vietnam faces an opportunity to leverage blockchain to promote cross-border payments

VTV.vn - Blockchain technology and stablecoins offer opportunities for Vietnam to address challenges in international transactions.

On September 30, the Workshop with the theme "Cross-border payments: Global trends and solutions for Vietnam" was held with the participation of management agencies, financial institutions, technology corporations such as the National Assembly's Economic Committee, the State Bank of Vietnam, the Ministry of Public Security , the State Securities Commission, the Government Cipher Committee, the Central Institute for Economic Management Research...

Mr. Phan Duc Trung, Chairman of the Vietnam Blockchain and Digital Asset Association (VBA), said that the National Assembly's passing of the Law on Digital Technology and the Government's issuance of Resolution 05/2025/NQ-CP on piloting the crypto asset market have opened a new legal corridor, allowing Vietnam to proactively test financial-technology models in a tightly controlled environment. This is a foundation for businesses and management agencies to accumulate data and practical experience, thereby shaping policies in line with international practices, directly supporting cross-border payment initiatives.

Mr. Phan Duc Trung, Chairman of the Vietnam Blockchain and Digital Asset Association, emphasized new opportunities in the cross-border payment market.

Cross-Border Payments with Stablecoins: A New Direction for Vietnam

From the perspective of a leading stablecoin issuer in the world , Mr. Matthew Crow, Director of Development at Tether, believes that the inherent limitations of traditional cross-border payment systems in terms of cost and speed are creating room for additional tools. In that trend, stablecoins emerge as a new option, not replacing existing infrastructure but can operate in parallel to improve efficiency.

“According to Coin Metrics, in 2024, stablecoins recorded a total transaction value of more than 26,000 billion USD with nearly 6 billion transactions, an increase of more than 57% compared to the previous year. Notably, about 2,100 billion USD (8%) of which came from real payment transactions such as remittances, e-commerce, freelancer payments and corporate payments. This shows that stablecoins are gradually becoming a new payment platform, supplementing the international system which is still limited in speed and cost,” Mr. Matthew Crow assessed.

Tether representatives also said that this shift is not only of global significance but also particularly relevant to developing economies where remittances, tourism and digital labor account for a large proportion, such as in Vietnam. Incorporating stablecoins into experimental models, typically Basal Pay in the Da Nang sandbox, can provide more practical data to assess the feasibility of a more diverse payment infrastructure, thereby expanding the possibility of international financial integration.

Sharing at the workshop, Dr. Vo Tri Thanh, Deputy Director of the Central Institute for Economic Management, Member of the National Monetary and Financial Policy Advisory Council, said that macroeconomic risks are one of the management priorities of state agencies, so cross-border payments are a tightly managed channel, associated with monetary management, especially remittance management, tourism, etc. According to Mr. Thanh, the most important factors for the market are compliance with the law, consumer choice and dispute resolution.

Dr. Vo Tri Thanh shared at the Cross-Border Payment Workshop: Global Trends and Solutions for Vietnam.

At the discussion session “Cross-border payments - A way forward for Vietnam”, Mr. Phan Duc Trung, Chairman of VBA, stated that blockchain and stablecoin technology provide opportunities for Vietnam to address challenges in international transactions. He said that commercial banks need to take advantage of new technology to increase competitiveness while ensuring system safety. According to Mr. Trung, research by McKinsey & Company shows that the cost of processing a cross-border transaction can be reduced by up to 60% if blockchain infrastructure is applied instead of the SWIFT network.

Mr. Nguyen Hai Nam, Standing Member of the National Assembly Economic Committee, said that having a new payment channel is both an opportunity and a challenge. However, in terms of law, there are also bright spots in that Vietnam has initially harmonized the development of technology and innovation with traditional economic activities. Specifically, the Law on Digital Technology Industry has been passed and will soon take effect to create a legal corridor for new technology activities such as blockchain. However, Mr. Nam also noted that countries still have many different views on blockchain and stablecoin, so Vietnam also needs to be cautious, consider and apply step by step.

Mr. Nguyen Hai Nam, Standing Member of the National Assembly Economic Committee, said that Vietnam's legal context has many bright spots in the application of blockchain technology.

Mr. Do Van Thuat, Director of Blockchain Solutions and Architecture at 1Matrix Company, commented that Vietnam has significant advantages from its young technology workforce, the rapid growth of the fintech market and support from international cooperation programs. However, the challenge is not small, it comes from balancing innovation and legal compliance in the context of constantly improving global standards. The International Monetary Fund (IMF) 2025 report noted that 80% of central banks in the world are researching or testing digital currencies (CBDC), signaling a new race for global payment infrastructure that Vietnam needs to follow closely.

Sharing the same view, Mr. Nguyen Minh Tuan, CEO and co-founder of Vietnam Financial Advisors (VWA), General Director of AFA Capital, shared from his experience in foreign exchange management for more than 20 years that diversifying payment channels, specifically stablecoins, could open up new opportunities, especially improving the transparency of the payment market. However, the application of new payment channels requires special attention to the issue of custody and custody assets to ensure market stability.

Source: https://vtv.vn/viet-nam-dung-truoc-co-hoi-tan-dung-blockchain-de-thuc-day-thanh-toan-xuyen-bien-gioi-100250930212412514.htm