According to the Vietnam Chamber of Commerce and Industry (VCCI), the daily cap did not reflect actual requirements since the prices of some products and services exceed the VND20 million limit.

The central bank (SBV) has retained the monthly limit of VND100 million ($4,280) for individuals. 

According to SBV statistics, the average transaction value of e-wallets is only VND58,000 ($2.5) a day, equivalent to only VND1.74 million ($75) a month, while the average global figure is $206. 

"This shows that our VND100 million ($4,280) monthly limit is not at all low," Pham Tien Dung, director of the bank’s payment department, said. 

According to the Ministry of Industry and Trade, electronic payments growth in Vietnam is among the highest in the world at 35 percent a year, which has led to the mushrooming of e-wallets in the past few years.

However, by the end of 2018, only about 4.2 million wallets were connected to bank accounts and transactions accounted for only 1 percent of non-cash payments, the ministry said. 

A scheme approved by the government seeks to reduce the rate of cash payments to only 10 percent by the end of next year, down from 90 percent in 2016.