The aim of the forum was to enable informed governmental decision-making, streamline public finance processes, and facilitate efficient disbursements. The forum agenda also strove to encourage the fostering innovation among Vietnamese small businesses and startups to aid in product credibility, technology adoption, and enhance public service delivery to drive development in Vietnam’s overall payments ecosystem, in partnership with the government.

At the forum, Visa demonstrated its dedication to fostering an efficient, inclusive, and sustainable transit experience. Recognizing public transport as a crucial component in digitizing communities and economies across the rapidly urbanizing Asia-Pacific, Visa continues supporting governments, public transport operators, and tech innovators in delivering urban transportation solutions. These efforts are significantly transforming passenger experiences in major cities worldwide such as London, Hong Kong, Rio, Singapore, Sydney, and most recently, Bangkok.

Further, Visa signed a Memorandum of Understanding (MoU) with EPAY Service JSC (EPAY), a dynamic payment intermediary in electronic payments and public services. This partnership highlights Visa's dedication to supporting the digital ecosystem by encouraging collaboration among key stakeholders. The initiative aims to streamline payments for taxes, public services, and transit, fostering greater convenience and security. Additionally, Visa and EPAY will explore avenues to accelerate public sector digital transformation in Vietnam through Visa Government Solutions.

"We are thrilled to collaborate with EPAY and contribute to Vietnam's digital transformation journey," said Ms. Dung Dang, Visa Country Manager of Vietnam and Laos. "Digital payments are a pivotal component in the critical transactions between the public sector, citizens, and businesses. Through our support for the Vietnamese Government's digitalization efforts, both Visa and EPAY aim to empower them to achieve their strategic goals and enhance public sector accessibility for all. This collaboration epitomizes Visa's commitment to fostering an inclusive economy for all, everywhere."

EPAY is a fintech company and a payment facilitator granted by the State Bank of Vietnam since 2018. With the goal of supporting the digitalization in Vietnam, EPAY has collaborated with relevant stakeholders in the market to provide holistic solutions, ranging from the most innovative devices for self-check-in and digital identity to payment solutions. EPAY’s solutions aim to provide the utmost convenience while maintaining the highest level of security. 

Ms. Nguyen Mai Phuong, General Director of EPAY, shared: "Thanks to the Government's active support, digital payment methods in the public sector are expanding and being carefully invested in. EPAY has always aimed to provide a safe and accessible digital payment network for the public sector, citizens, and businesses alike. As a result, our collaboration with Visa contributes to improving the transaction habits of citizens and businesses, driving Vietnam's economic development."

A study by Visa and global management consulting firm Kearney found that digital payments can support governments in creating an inclusive, trust-based society with accessible services for all. The study highlighted that digitalization, when deployed in both public and private sectors, can boost prosperity regardless of a government's current digital maturity. It emphasized the necessity of a robust digital strategy, balanced with short-term gains and long-term growth, backed by clear implementation goals and government support.

The study also noted that governments can serve as role models in digitalization, creating a virtuous cycle of action and reaction, and influencing operations and money movement through adopting digital payments. More importantly, there is the potential of public-private partnerships, particularly in a talent-scarce, cost-intensive tech environment, as being crucial to the success of digitalization.

"Visa is aligned with the government's vision for digital transformation and creating a cashless society and is committed to enhancing Vietnam's digital payment experience through innovation," said Ms. Dung Dang, Visa Country Manager of Vietnam and Laos. "We do this by providing groundbreaking solutions that help the governments and SMEs optimize capital and streamline disbursements. We are also playing a pivotal role in expanding payment acceptance in diverse sectors, such as SMEs, micro/nano businesses, and government payments, and leveraging AI to improve customer experience and risk management."

For over 60 years, Visa has been supporting governments worldwide in transforming their work and impact through digital payments. In Vietnam, Visa collaborated with the Committee for Ethnic Minority Affairs to organize the Financial and Practical Business Skills Program, facilitating access to essential solutions and applications for local communities, particularly small and micro enterprises, cooperatives, and individual business households. The program was part of a three-year partnership between Visa and The State Bank of Vietnam (SBV), which aims to improve access to essential financial services throughout the country.