HCMC – HCMC aims to expand digital payments into traditional retail channels that still account for 70%-75% of the city’s retail market, an official said on May 26.
Nguyen Nguyen Phuong, deputy director of the HCMC Department of Industry and Trade, described traditional wet markets, small merchants and household businesses as the biggest challenge in the city’s push for cashless payments.
Speaking at an event announcing the “Digital Finance Day 2026” program, Phuong noted that modern retail systems such as supermarkets and shopping malls account for only 25%-30% of the city’s retail market.
Digital payments have developed rapidly in modern retail due to stronger technology infrastructure and established consumer habits, he added. Expanding beyond that segment is necessary to widen the reach of cashless payments.
The city is linking consumer stimulus and promotional campaigns more closely with digital payment methods to encourage adoption among small retailers.
HCMC is currently running its “Shopping Season” promotion program twice a year, from June to September and from November to December, to support consumer spending, e-commerce and non-cash payments.
According to Phuong, authorities are also consulting businesses to design promotional programs better suited to market conditions, as discounts above 50% face strict regulatory requirements.
The city aims to bring traditional retailers into the digital commerce ecosystem, helping improve transaction transparency and create business data that could support access to credit, financial management and e-commerce in the future.
The Department of Industry and Trade is working with Tuoi Tre newspaper and the State Bank of Vietnam to implement government and city policies on cashless payments and digital finance.
Organizers said the “Digital Finance Day 2026” program will run from May to September 2026 with activities promoting digital payments and digital finance.
The program will begin with the “Switch QR Codes – Gain Multiple Benefits” campaign at Ben Thanh Market and the Phan Xich Long food street area to support merchants in standardizing digital payments and expanding cross-border payments.
A seminar on smart payments in the digital era will be held on June 6 at the Rex Hotel with participation from regulators, banks, technology firms and financial institutions.
The main event, the “Digital Finance Festival,” is scheduled for June 6-7 at Nguyen Hue Pedestrian Street and is expected to attract 100,000 to 120,000 visitors, according to organizers.
