Viettel, MobiFone jointly research central bank digital currency

Telecom giants Viettel and MobiFone have been assigned by the State Bank of Vietnam (SBV) to conduct research on a central bank digital currency (CBDC).

Do Manh Dung, deputy general director of Viettel Digital Services (VDS), disclosed the information at the seminar “Cross-Border Payments: Global Trends and Solutions for Vietnam” organized by the Vietnam Blockchain and Digital Asset Association (VBA) on Tuesday.

The VDS executive noted that the two units are only taking first steps, focusing on researching social and technological impacts as well as potential policy frameworks for future deployment.

Earlier, in May 2025, in a report to the National Assembly, the country's law-making body, the SBV said it had established a standing agency within its task force responsible for research and advisory on a national digital currency.

In recent times, this body has reviewed experiences and projects from other central banks worldwide, including those of mainland China, Hong Kong, Thailand, and the United Arab Emirates.

The SBV has also held discussions with experts from international organizations such as the IMF, the Bank for International Settlements (BIS), and the WB on this matter.

According to a recent report by PwC Vietnam, in the context of Vietnam continuously promoting electronic payments since 2018, a CBDC would play an important role in the country’s cashless payment ecosystem.

This also aligns with the prime ministerial Decision 942/QĐ-TTg on strategies for digital government and digital economy development.

Dr. Can Van Luc highlighted that a CBDC could bring numerous benefits, such as promoting cashless payments, ensuring high security, lowering costs, and strengthening the position of the domestic legal tender, especially if made compatible with cross-border payment systems. Moreover, a CBDC could drive the growth of Vietnam’s digital economy.

However, he emphasized that alongside benefits, Vietnam would face significant risks and challenges in rolling out a CBDC.

To address this, he recommended that Vietnam conduct in-depth studies and take appropriate, cautious - but not overly conservative - steps. The first step should be to standardize concepts and definitions of digital currency to build a clear legal framework.

At the same time, Vietnam needs to enhance cashless payment infrastructure and develop a robust national payment system to ensure efficiency and mitigate risks in cross-border digital currency transactions.

Cross-border payments could reach $320 trillion

Citing data from the Bank for International Settlements (BIS), Tran Huyen Dinh, head of the VBA's fintech application committee and director of the Basal Pay project, stated that global cross-border payment flows were estimated at nearly $200 trillion in 2024 and could grow to $320 trillion by 2032.

“This figure shows that cross-border transactions are becoming a massive financial flow, playing a central role in the global financial system,” Dinh noted.

However, he pointed out that current mainstream payment “rails” still face limitations, meaning a demand for new systems capable of operating cross-border, 24/7, at low cost, and with transparency - where Stablecoins are emerging as a promising option.

In Vietnam, the WB reported that remittances in 2024 were estimated at $16-18 billion, equivalent to around 4% of GDP, placing Vietnam among the world’s top 10 remittance-receiving countries.

Additionally, with over 17 million international visitors coming to Vietnam in 2024-2025 and about 500,000 Vietnamese freelancers working on global platforms, there is a growing demand for fast, affordable, and transparent cross-border payment solutions.

To address this, Dinh cited an example of Vietnam’s first licensed project for converting digital assets into fiat currency under a regulatory sandbox in Danang city.

The project leverages blockchain combined with regtech, integrates KYC/AML/CFT compliance, adheres to the FATF Travel Rule, and offers costs about 30% lower than traditional channels, while also providing valuable data for expansion into high-demand areas such as remittances, e-commerce, and freelancer payments.

“Blockchain and Stablecoins are not meant to replace existing traditional cross-border payment models, but they can enhance payment efficiency, improve user experience, strengthen security, and reduce transaction costs,” Dinh added.