As one of the fastest-growing economies in Southeast Asia and with considerable volumes of FDI, Vietnam is adopting modern technology to enhance digital payments nationwide, global digital payment provider Visa has reported.

Visa’s Country Manager for Vietnam and Laos Dang Tuyet Dung said small and medium-sized enterprises (SMEs) now account for 98% of the 760,000 firms in Vietnam, and the application of modern payment methods would help them reach their anticipated levels of growth.

Some 67% of SMEs have changed their approach to operations since the COVID-19 outbreak struck, with 28% launching ads on social media, 27% selling products and services online, 20% arranging contactless payments, and 20% offering goods delivery.

She introduced the Visa corporate card, which helps firms optimise idle capital, thus saving on costs in the long run.

The card also offers cash redemptions and promotions to digitalise payments. Over 30 other financial service providers also offer discounts to card owners.