From July 1, 2025, e-wallets will officially be recognized as a legal means of payment in Vietnam – a historic milestone in the country’s financial digital transformation. With a series of enabling legal reforms, the e-wallet and digital payment sector is becoming an attractive destination for fintech investors both domestically and internationally. No longer just a temporary trend, e-wallets have become an integral part of daily life, and with the new policy, this will be a breakthrough sector in terms of both scale and profitability if invested in the right way.

Official Recognition of E-Wallets as Legal Means of Payment
According to Circular 40/2024, effective from July 17, 2024 and fully implemented from July 1, 2025, e-wallets will be placed on par with bank accounts, cash, and payment cards, meaning users can pay with wallets anywhere, without being restricted by acceptance points or transaction methods as before. This legal reform marks a turning point, affirming the central role of e-wallets in the digital economy.

Expanding Transaction Scope, Flexible Top-Ups and Transfers
The new policy allows users to top up their wallet from another wallet, transfer funds from wallet to bank account, and withdraw money from the wallet without being required to go through a linked bank account. This reduces dependence on traditional banks, enabling the growth of independent and flexible payment ecosystems.
Additionally, a monthly limit of 100 million VND per individual is set — sufficient for most daily consumer activities while still controlling money-laundering risks.

Stricter Oversight but Fair Growth Conditions
E-wallet service providers must now meet stricter requirements regarding charter capital, system security, risk management, and anti-money laundering measures. However, this transparency and standardization create opportunities for professional investors with strong technical capacity and long-term strategies.
The market is being filtered and standardized to welcome serious investment, no longer a playground for “instant noodle” payment apps chasing short-term trends.

Market Potential and Investment Opportunities in Vietnam’s E-Wallet Sector
E-wallets are becoming the “golden land” as Vietnam promotes a cashless society. The official recognition under the new policy opens vast opportunities for investors looking to ride the wave of financial digitalization.

Young, Tech-Savvy Population and High Smartphone Usage
With over 70% internet penetration and more than 60 million smartphone users, Vietnam is among the most attractive markets in the region for digital payment services. Consumers — especially Gen Z and Millennials — are familiar with shopping, transferring money, and paying via e-wallets like Momo, ZaloPay, VNPay, and ShopeePay.
The cashless trend is spreading widely, creating steady growth momentum for e-wallet platforms, especially with today’s transparent legal framework.

Integrating Financial Services – A Revenue Multiplier
E-wallets are no longer just payment tools. With the super app model, these platforms are integrating insurance, consumer loans, investments, shopping, and education, creating a “smart financial ecosystem” tied to consumer behavior.
Investors can choose to expand horizontally (diversifying services) or vertically (analyzing user behavior and integrating AI for service personalization). Either approach requires legal counsel that understands how to design compliant financial models.

Cross-Border Partnerships – Expanding Regional Scale
Several Vietnamese e-wallets are already connecting with international platforms to support cross-border payments, particularly in e-commerce and remittances. This is fertile ground for investors with a regional vision.
However, businesses must carefully structure their ownership models to comply with foreign capital rules, prepare full legal documentation, and meet requirements of the State Bank of Vietnam and international financial regulators.

How to Invest Effectively in Vietnam’s E-Wallet Sector
Investing in e-wallets requires not only capital and technology but also a clear legal strategy, market understanding, and the ability to adapt to policy changes. To avoid “burning cash” on unsustainable models, investors must start correctly — from licensing, legal structuring, to compliance-based operations.

Start with the Right Legal Strategy
Right from the model design stage, businesses must identify which licenses to apply for, ownership structures, technical/security requirements, and risk management obligations. Any mistake at this stage may delay or reject licensing.
DEDICA Law Firm recommends investors prepare thoroughly in legal documentation, technology capacity, and staffing before applying for an e-wallet license.

Leverage Specialized Legal Counsel in Fintech
Fintech is a “sensitive” legal area with constantly changing regulations. Having a legal partner who understands banking law, foreign exchange law, data privacy, and State Bank regulations is crucial to ensure smooth licensing, product rollout, and compliant operations.
The recognition of e-wallets as a legal payment method is a major boost to Vietnam’s digital payment market. This is not only an opportunity for domestic businesses but also an open door for foreign investors seeking to tap into a market of over 100 million people with accelerating digital adoption.
If you are looking for a sector with long-term profitability, regional scalability, and robust legal support, e-wallets are the fertile ground waiting to be cultivated.

DEDICA Law Firm proudly serves as a strategic legal partner to many domestic and international businesses. We are ready to accompany you from the very first step until your product operates legally, safely, and sustainably in the market.
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