MoMo is the first fintech app to support buying metro tickets by scanning QR codes or making payment through the HCMC Metro app.

Digital convenience for all citizens

On the day Line 1 of Ho Chi Minh City Metro officially began operating, thousands of people eagerly experienced the first train journey after years of delay. The image of passengers using their mobile phones to scan QR codes at ticket gates, allowing them to enter and exit stations easily instead of queuing at ticket counters, created a picture of civilised, modern public transport.

The seamless integration of electronic payments into public transport clearly demonstrates how digital technology is deeply penetrating daily life. A seamless and convenient experience is created through a few simple operations on a mobile phone that most people, even those not tech-savvy, can perform.

Citizens without bank accounts or payment cards only need a mobile application to have an additional option to buy tickets more quickly and conveniently to ride the metro.

Metro Line 1 marks a turning point in Ho Chi Minh City's public transport system, a symbol of the parallel development of the economy and digital products and services. The electronic ticket exemplifies how modern services are becoming increasingly accessible, expanding their reach to all social strata, and penetrating more deeply into economic and social life.

In Hoi An—one of the country's most popular tourist destinations—the tourism industry is being transformed daily thanks to digital technology. Tourists no longer have to look for change or queue to buy tickets to visit the ancient town. Instead, they simply scan QR codes to pay for tickets and meals, or book hotel rooms right on their phones.

"Foreign tourists no longer need to exchange small money, they just need a phone, and both sellers and buyers are comfortable," said Hong Son, a tour guide.

Meanwhile, in rural areas, e-commerce is creating revolutionary changes. Farmers from Bac Giang, Nghe An, to Dong Thap or Long An, now know how to livestream and sell agricultural products on digital platforms. Dozens of tonnes of durian, lychee, oranges, and gourds are sold directly to consumers within hours, and farmers quickly receive revenue through e-wallets.

The figures also highlight the role and growth potential of the digital economy. According to a CIEM report, in 2023, the core digital economy contributed 7.42% (accounting for 60.19%), while digitalisation of other sectors contributed 4.91% (accounting for 39.81%). In the first half of 2024, the proportion of added value from the digital economy reached 18.3%, significantly higher than the average rate for the 2020-2023 period.

According to the e-Conomy SEA 2024 report published by Google, Temasek, and Bain & Company, Vietnam's digital economy was expected to reach 36 billion USD in 2024, a 16% increase compared to 2023. Vietnam's digital economy growth rate is significantly faster than the overall economic growth rate.

Cashless payment has seen strong growth in Vietnam.

Technology companies as locomotives of the digital economy

As of the end of 2024, Vietnam had nearly 74,000 digital technology companies in operation, considered important nuclei for promoting digital transformation.

At a recent forum on the development of Vietnamese digital technology enterprises, General Secretary To Lam emphasised that digital technology companies must strive for self-reliance, technological autonomy, and development of strategic technologies, such as artificial intelligence (AI), big data, and blockchain, aiming to build an independent, self-reliant, and internationally competitive economy.

The innovation capabilities and technological autonomy of many Vietnamese enterprises have helped make digital conveniences widely available for all needs, creating a foundation for Vietnam to be ready at the threshold of a new era in the digital economy.

For example, the rise of cashless payments in Vietnam, with over 17 billion transactions in 2024, reflects the efforts of many Vietnamese fintech companies like MoMo, Zalopay, and Viettel Money, which have helped change consumer habits over the decades. The technology and data platforms from electronic payments serve as a springboard for fintech companies to expand into diverse financial solutions.

For MoMo, starting with the largest market share in e-wallets, the application continues to develop its financial ecosystem in the direction of low cost, reaching closer to those demographics that traditional banks struggle to reach—a gap in financial inclusion in Vietnam.

The Pay Later service that this fintech collaborates on with TPBank is a notable solution addressing the legitimate borrowing needs of a segment of the population who struggle to access bank capital due to a lack of collateral assets and complex procedures, forcing them to turn to high-interest loans, informal lending circles, and face many risks.

The AI credit scoring model of the "Pay Later" service has helped over a million people build credit histories on the system of the National Credit Information Centre (CIC), making it easier for them to access formal loans promptly, contributing to pushing back against predatory lending. This financial application also has many features allowing users with small capital to save, invest, and manage money intelligently.

The presence of digital solutions in all fields, from metro tickets paid online, to items purchased through e-commerce, to rides called via apps, is not just about convenience and modernity but also an important piece in the digital economy picture.

Technology is no longer merely a supporting tool but has become an indispensable part of Vietnam's continuing story of a modern, prosperous, and aspirational future.