Top Cross-Border Payment Companies in Vietnam 2026
Vietnam receives more money from abroad than most countries in the world. World Bank data places annual remittance inflows at USD 16–18 billion in 2024, roughly 4 percent of GDP, placing Vietnam among the world’s top ten remittance recipients. Add 17 million international visitors per year, 500,000 Vietnamese freelancers on global platforms, and USD 100 billion in annual on-chain transaction volume, and the picture becomes clear: moving money across Vietnam’s borders is not a niche use case. It is the core infrastructure.
The companies that make this work range from decades-old cash networks to digital wallets to blockchain-native rails. They are competing across three dimensions (cost, speed, and regulatory standing), and 2026 marks a turning point on all three.
This article maps the cross-border payment landscape in Vietnam: who the key players are, how the regulatory environment is shifting, what the stablecoin opportunity looks like, and what infrastructure companies need to operate at institutional scale in this market.
Why Vietnam Is a Priority Market for Cross-Border Payments
The case for Vietnam starts with volume.
- Remittances from overseas Vietnamese workers, primarily in Japan, South Korea, the United States, and Australia, have consistently placed Vietnam in the global top ten for inbound flows. The USD 16–18 billion received annually is not concentrated in a few corridors. It flows across dozens of origin markets and reaches families across all 63 provinces.
- Tourism adds a layer of real-time cross-border payment demand. Vietnam welcomed more than 17 million international visitors in the 2024–2025 period. Chinese, Korean, and Southeast Asian tourists expect to pay with familiar wallets and QR codes, not cash or foreign cards.
- Trade and B2B payments follow Vietnam’s manufacturing and export position. As a major exporter of electronics, textiles, and agricultural goods, Vietnam sits at the center of large, recurring business payment flows that legacy SWIFT rails handle slowly and expensively.
- Digital freelance income from 500,000+ Vietnamese workers on global platforms generates ongoing demand for fast, low-cost inbound transfers, a segment where stablecoins are gaining traction faster than formal banking rails. The regulatory environment, driven by the Law on Digital Technology Industry (No. 71/2025/QH15) and Resolution No. 05/2025/NQ-CP, is actively creating the infrastructure conditions for this market to be served more efficiently. The State Bank of Vietnam (SBV) is developing cross-border QR payment links, considering stablecoin pilot frameworks, and enforcing AML standards (Circular No. 27/2025/TT-NHNN) that reward compliant infrastructure providers.
How Cross-Border Payments Work in Vietnam: The Infrastructure Stack
Before mapping the companies, it helps to understand the infrastructure layers they operate on.
NAPAS (Vietnam National Payment Corporation) is the domestic payment clearing network operated under the SBV. NAPAS underpins the VietQR standard, a national QR code that allows any Vietnamese bank account holder to receive payments by displaying a single code. In 2026, NAPAS is actively extending VietQR internationally. Cross-border QR links are live with China (via Ant International and Vietcombank, launched April 3, 2026) and South Korea (via GLN, BIDV, and Hana Bank). Additional corridors across ASEAN are in development.
Correspondent banking (SWIFT) remains the default rail for large institutional and B2B transfers. It is slow (1–5 business days), expensive (fees of 3–6 percent for retail transfers, plus exchange rate spread), and opaque on arrival time. Most formal remittance operators use correspondent banking as the underlying settlement layer.
Licensed payment intermediaries (companies licensed by the SBV to provide payment intermediary services) include both domestic operators (MoMo, ZaloPay, Payoo, Viettel Money) and international players with local licensing. These intermediaries connect senders and receivers, often bridging international transfers to domestic wallets.
Blockchain and stablecoin rails are an emerging layer. Informal USDT transfers are already widely used for cross-border payments, B2B settlements, and remittances from overseas Vietnamese. The Law on Digital Technology Industry and Resolution No. 05 have created a pilot framework for formalizing this activity. The Basal Pay project in Da Nang, the first licensed digital asset to fiat conversion service under Vietnam’s regulatory sandbox, represents the earliest operational example of what compliant stablecoin payment infrastructure looks like in the country.
AML reporting under Circular No. 27/2025/TT-NHNN requires reporting of domestic transfers of VND 500 million (approximately USD 19,000) or more, and cross-border transactions of USD 1,000 or more. Any payment infrastructure operating in Vietnam needs to embed these thresholds into its transaction monitoring stack.
Top Cross-Border Payment Companies in Vietnam 2026
1. Western Union
Western Union has operated in Vietnam for decades and maintains one of the widest physical networks in the country, with over 9,800 agent locations spanning urban centres and rural areas that digital-first competitors cannot reach. Its partnership with MoMo allows senders to route transfers directly into Vietnam’s most widely used digital wallet, bridging legacy cash infrastructure with mobile-first delivery. Western Union charges approximately 3 percent of the transfer amount, with same-day settlement available for most corridors. For households in provinces with limited banking penetration, Western Union’s cash pickup network remains difficult to replicate.
Corridor strength: US, Europe, Australia, Japan, South Korea to Vietnam
Delivery method: Cash pickup, bank account, MoMo wallet
Regulated: Yes (SBV-licensed payment intermediary partnerships)
2. Wise (formerly TransferWise)
Wise has become the benchmark for transparent, low-cost international transfers for digital-native senders. Its local account structure avoids traditional correspondent banking for many corridors, allowing transfers to settle faster and at the real exchange rate with a disclosed fee. Wise Business serves SMEs and freelancers managing inbound payments from global clients. Its 499,999,999 VND per-transfer limit (approximately USD 20,000) covers most retail and freelance use cases. Wise does not have a local SBV payment intermediary licence in Vietnam. Recipients receive funds via bank account credited through partner banks.
Corridor strength: UK, EU, US, Australia, Singapore to Vietnam
Delivery method: Bank account credit
Regulated: FCA (UK), MAS (Singapore); operates via partner bank arrangements in Vietnam
3. Remitly
Remitly has positioned itself specifically on the migrant worker corridor: the Vietnamese diaspora in Japan, South Korea, and the US sending money home on a monthly cycle. Its Express and Economy pricing tiers let senders choose between speed and cost: Express typically delivers within minutes for a higher fee; Economy delivers in 3–5 business days at a lower fee. Remitly supports delivery to Vietnamese bank accounts and MoMo wallets. It holds money transmitter licences across its key origin markets and has invested heavily in mobile UX for non-English speaking users.
Corridor strength: Japan, South Korea, US to Vietnam
Delivery method: Bank account, MoMo wallet
Regulated: US state MTLs, UK FCA, Japan FSA
4. MoneyGram
MoneyGram’s Vietnam presence mirrors Western Union’s positioning: extensive agent network, reliable cash pickup, and established bank partnerships including BIDV, Agribank, and Techcombank. Its digital channel has grown with the MoneyGram Online platform, offering app-based transfers for digitally capable senders. MoneyGram is particularly strong in corridors where Western Union has less agent density. Its partnership with Ripple (using XRP for settlement in select corridors) makes it one of the few traditional remittance operators with live blockchain settlement in some markets, though this is not active in the Vietnam corridor as of 2026.
Corridor strength: US, Middle East to Vietnam
Delivery method: Cash pickup, bank account
Regulated: US FinCEN registered, SBV-aligned via bank partnerships
5. MoMo
MoMo is Vietnam’s largest domestic super-app with over 31 million registered users. As a payment intermediary (SBV-licensed), it is the primary wallet destination for inbound international transfers from Western Union, Remitly, and Mastercard Send. MoMo is not itself a cross-border payment provider and does not send money internationally, but it is the most important last-mile delivery infrastructure for inbound remittances in urban Vietnam. Any cross-border payment company targeting Vietnam’s digital consumer market needs a MoMo integration strategy.
Role: Domestic last-mile delivery infrastructure
Regulated: SBV payment intermediary licence
Partnerships: Western Union, Remitly, Mastercard
6. NAPAS / VietQR Global
NAPAS is the infrastructure, not a commercial provider. But its relevance to any cross-border payments discussion in Vietnam is non-negotiable. The VietQR Global standard, developed by NAPAS under SBV direction, has established Vietnam’s QR payment infrastructure as the dominant inbound payment method for tourists and short-stay international visitors. The China corridor (Alipay via Ant International and Vietcombank) went live in April 2026. The South Korea corridor (GLN and Hana Bank via BIDV) followed. ASEAN QR interoperability is in active development across the region. For institutions evaluating Vietnam’s payment infrastructure, NAPAS linkages define which corridors are moving from correspondent banking to real-time rails.
Role: National payment clearing; VietQR standard
Regulated: Operated by SBV mandate
Live corridors: China (April 2026), South Korea (2026)
7. Thunes
Thunes is a B2B cross-border payments network connecting banks, wallets, and mobile money operators. In December 2025, Thunes signed an MoU with Vietnam-based FinFan to expand its reach into the Vietnam corridor. Thunes’ Direct Global Network connects to 130 countries across 80 currencies, making it a preferred infrastructure layer for PSPs and platforms that need to disburse to Vietnamese recipients without building corridor relationships directly. Thunes operates as the rails behind many branded consumer products. It is rarely visible to the end user but is central to how institutional-grade cross-border payouts reach Vietnam at scale.
Role: B2B payment infrastructure (PSP/platform layer)
Regulated: MPI licence (Singapore, expanded scope 2025)
Vietnam partnership: FinFan MoU (December 2025)
8. Airwallex
Airwallex is an APAC-headquartered financial infrastructure platform used by businesses managing multi-currency accounts, international payables, and cross-border collections. Its Vietnam coverage allows businesses to collect in multiple currencies and pay out to Vietnamese bank accounts. Airwallex is not a consumer remittance product. It targets finance teams and platforms managing B2B flows. Its API-first model has made it a preferred choice for Vietnamese exporters, SaaS companies, and marketplaces needing structured FX management without a treasury team.
Role: B2B multi-currency payments and FX
Regulated: ASIC (Australia), FCA (UK), MAS (Singapore)
Target segment: SMEs, marketplaces, exporters
9. Payoneer
Payoneer dominates the freelance and digital services income corridor. For the estimated 500,000 Vietnamese freelancers earning income from platforms including Upwork, Fiverr, Amazon, and Google, Payoneer is frequently the first touchpoint for receiving international payments. Payoneer issues virtual US, EU, and UK accounts, allowing platforms to pay Vietnamese freelancers in local currency equivalents without requiring the platform to build Vietnam-specific payment rails. Payoneer’s VND withdrawal to Vietnamese bank accounts typically settles within 1–3 business days.
Role: Marketplace and freelance payouts
Regulated: US FinCEN, multiple state MTLs, international licences
Target segment: Freelancers, digital platform sellers, SMEs
10. Viettel Money (Viettel Pay)
Viettel Money is the fintech arm of Viettel Group, Vietnam’s largest telecommunications company. It operates a mobile wallet with SBV payment intermediary licensing and serves approximately 10 million users, skewed toward rural and semi-urban Vietnam where Viettel’s mobile network has stronger penetration than commercial banks. Viettel Money accepts inbound international transfers through partner agreements and is positioned to be a significant last-mile infrastructure provider as Vietnam’s formal remittance market expands into lower-income demographics.
Role: Domestic wallet; rural last-mile delivery
Regulated: SBV payment intermediary licence
Parent: Viettel Group (Vietnam Ministry of Defence-owned telco)
The Stablecoin Opportunity: Why It Matters for Vietnam
The discussion above covers the formal, licensed cross-border payment market. There is a parallel layer operating at significant volume: stablecoin transfers, primarily USDT on TRON, used by Vietnamese businesses and workers for international settlements.
The World Bank’s 2025 data and expert consensus from the VBA’s September 2025 workshop on cross-border payments both point to the same pressure: high transaction fees are eroding Vietnam’s remittance flows, and legacy rails cannot solve the speed-cost tradeoff at scale. Global stablecoin transaction volume exceeded USD 26 trillion in 2024, with USD 2.1 trillion tied to real-world payments including remittances and business transfers. Vietnam, with its large overseas worker population and growing digital freelance sector, is a natural high-growth corridor for stablecoin-based remittances.
The regulatory environment is moving. Resolution No. 05/2025/NQ-CP creates Vietnam’s first pilot framework for crypto asset services. The Law on Digital Technology Industry recognises digital assets as property. Experts at the VBA workshop explicitly named stablecoins as a viable complement to traditional infrastructure, one that can improve transparency, reduce costs, and address the USD 320 trillion cross-border payment opportunity that the BIS and FSB have identified as requiring urgent infrastructure innovation by 2032.
The Basal Pay project in Da Nang is the first licensed example: a regulated, KYC/AML-compliant conversion service from digital assets to VND under Vietnam’s regulatory sandbox. It is early stage, but it defines what compliant stablecoin payment infrastructure must include:
- On-chain transaction screening against AML databases
- KYC/KYB verification meeting SBV and Ministry of Public Security standards
- VND conversion at point of receipt, with FX risk managed at the infrastructure layer
- Audit-ready reporting for SBV and tax authorities
- Secure custody of digital assets during the conversion window
For institutions evaluating stablecoin payment infrastructure for Vietnam corridors, the custody layer is a gating condition. Digital assets in transit are not immune to theft, loss, or key management failure. Institutional-grade wallet infrastructure is what separates a compliant stablecoin payment service from an informal USDT transfer.
What Payment Infrastructure Companies Need to Operate in Vietnam
Whether the company is a remittance operator, a B2B payments platform, or a stablecoin-native PSP, the infrastructure requirements converge on four areas.
SBV payment intermediary licensing or partner arrangements are the entry point. Direct participation in Vietnam’s payment system requires an SBV licence. Foreign payment companies typically operate via licensed partner banks or domestic wallet providers rather than holding licences directly. Understanding which partnerships unlock which capabilities, and which corridors, is the first infrastructure decision.
AML transaction monitoring per Circular No. 27/2025/TT-NHNN must be embedded in real-time transaction flows. The VND 500 million domestic reporting threshold and the USD 1,000 cross-border reporting threshold are gating conditions for operating compliantly. Manual AML review at scale is operationally unsustainable; automated screening with audit-grade records is the standard.
Wallet infrastructure for stablecoin or digital asset payment operators must eliminate single points of failure in key management. The Ministry of Finance’s custody definition under Resolution No. 05 (“the receipt, storage, safekeeping, and transfer of crypto assets on behalf of clients”) makes clear that custody is an active infrastructure obligation, not a passive function. MPC-based key management, deployed on infrastructure that meets Vietnam’s data localisation requirements, is the architecture that satisfies both the operational and regulatory needs.
Data localisation for sensitive datasets (key material, transaction records, customer data) must reside on infrastructure physically located in Vietnam and accessible to regulators. This is a binding architectural constraint for any company seeking formal licensing or pilot participation under the current frameworks.
How Liminal Supports Payment Operators in Vietnam
Liminal’s wallet infrastructure is built for exactly the compliance and operational requirements that cross-border payment operators face in regulated markets like Vietnam.
MPC wallet infrastructure distributes key shares with no single point of failure. For stablecoin payment operators managing digital assets in transit (collecting USDT from a sender, converting to VND at the receiving end), MPC architecture ensures that no single compromise event can result in fund loss. Liminal’s MPC supports deployment on client-specified infrastructure, including onshore Vietnamese data centres, satisfying the data localisation rule while maintaining multi-chain operational flexibility.
Policy-based transaction controls via Liminal’s Firewall enforce counterparty allowlists, transaction limits, and multi-signatory approval workflows automatically. For payment operators managing high-volume, high-frequency transfers, policy enforcement at the infrastructure layer is the only operationally scalable approach to compliance.
Audit-ready reporting generates transaction-level records exportable for SBV review, AML reporting under Circular 27, and the infrastructure inspections required for licensing under Resolution No. 05. Liminal’s reporting architecture maps directly to the documentation requirements that Vietnamese regulators have signalled they will inspect.
Certifications: Liminal holds ISO 27001, ISO 27701, and SOC 2 Type 2. For payment operators working through Vietnam’s information security certification requirements, partnering with certified infrastructure reduces the compliance engineering burden.
Liminal has secured over USD 100 billion in transaction volume across institutional clients in APAC and MENA. Institutions building cross-border payment infrastructure for Vietnam or evaluating stablecoin payment rails for the SEA corridor can speak with experts from Liminal
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Note: Liminal is not a registered payment intermediary in Vietnam and does not provide payment services directly to Vietnamese end-consumers. Liminal’s infrastructure is available to licensed payment operators and digital asset service providers under technology partnership arrangements.
