Vietnam is rapidly positioning itself as a go-to destination for foreign direct investment (FDI), yet many international businesses are still grappling with the complexities of payment operations. Issues such as local collections, disbursements, and cross-border payments present formidable barriers. Here, licensed domestic payment intermediaries like 9Pay are stepping up to address these hurdles.
As reported by the Ministry of Planning and Investment, Vietnam’s registered FDI soared to nearly $18.4 billion by the end of May 2025, representing a remarkable 51.2% year-over-year increase. However, this surge doesn’t necessarily translate to a smoother operating environment, particularly for foreign firms entering the Vietnamese market for the first time.
Despite holding legal registration and investment licenses, many FDI companies face significant challenges with domestic payment collection, local payment channel integration, and processing cross-border transfers. According to 9Pay, an intermediary licensed by the State Bank of Vietnam, three main factors contribute to these ongoing issues.
Repatriating profits or making payments to overseas service providers is a complicated affair in Vietnam. The EuroCham Q1 2025 Business Confidence Index shows that over 70% of European businesses report “little or no improvement” in administrative procedures. Companies find that outbound payments often take much longer than expected due to stringent documentation requirements, encompassing invoices, contracts, financial statements, and tax approvals. To add another layer of complexity, foreign exchange regulations demand strict compliance with commercial banks, which can be notably inflexible.
While over 90% of domestic transactions are conducted via digital channels—bank transfers, QR codes, and e-wallets—foreign companies in sectors like e-commerce and logistics are often hamstrung by language barriers and unclear regulations. The absence of end-to-end service providers only compounds their difficulties.
To set up a corporate bank account, businesses must navigate a minefield of documentation, including investment certificates, capital contribution paperwork, rental agreements, and tax codes, with the entire process taking anywhere from three to six weeks. For those without a Vietnamese legal entity or local representative office, this requirement can be especially daunting. Currency volatility and the costs associated with foreign exchange only add to the challenges businesses face.
In this evolving landscape, licensed payment intermediaries like 9Pay are crucial to developing Vietnam’s digital financial infrastructure. Positioned as a strategic partner for international companies across sectors such as e-commerce, fintech, and education, 9Pay aims to bridge the gap between Vietnam’s domestic market and global businesses.
“We are more than just a payment solution provider; we are financial and legal partners who understand the intricacies of the Vietnamese market,” asserts Nguyen Quang Thinh, CEO of 9Pay. This initiative helps foreign enterprises navigate everything from payment integration to cash flow optimization, all while ensuring compliance with local regulations tailored to the specific needs of each business.
With an expansive digital financial ecosystem, 9Pay enables businesses to accept payments via popular Vietnamese methods, including bank transfers, QR codes, e-wallets, and domestic cards. Remarkably, it’s one of the few intermediaries in Vietnam able to handle high transaction volumes swiftly and securely, making it a go-to solution for e-commerce platforms.
Further amplifying its services, the 9Pay e-wallet offers a user-friendly personal payment system that equips Vietnamese users with the tools to deposit, withdraw, pay bills, and seamlessly transact with businesses. By processing sales revenue, refunds, and payments to partners with impressive speed and accuracy, 9Pay removes some of the stress from the equation.
Thanks to robust technology infrastructure and 24/7 customer support, 9Pay assists partners in managing cash flow needs efficiently, enhancing operational effectiveness while minimizing financial strain. The company’s ability to tap into synchronized data allows it to accurately predict emerging client needs, making it a preferred choice among banks and partners.
Operating under the esteemed PCI DSS (level 1) security certification, 9Pay collaborates with over 50 domestic banks and e-wallets. Its impressive partner roster includes major financial organizations like MasterCard, VISA, and various prominent Vietnamese banks, positions it as a heavyweight in the payment intermediary arena.
In an increasingly complex regulatory landscape, 9Pay offers foreign companies not just advanced technology but also the expertise to navigate Vietnam’s intricate legal and tax frameworks. As such, international firms can minimize legal risks while optimizing their operations.
“Our goal is to standardize payment records, helping businesses navigate these complexities effortlessly,” adds Thinh. Businesses simply need to coordinate with 9Pay to manage all transactions, eliminating the need to juggle multiple banks or service providers while ensuring full legal compliance.
By 2027, 9Pay aims to establish itself as Vietnam’s leading digital finance platform for foreign investors, providing comprehensive solutions that span payment technology, cash flow management, tax compliance assistance, and operational efficiency boosts. The focus will be particularly strong on sectors like cross-border e-commerce and digital services, which are witnessing high transaction volumes.
Currently, 9Pay supports over 1,000 foreign enterprises, chiefly from Singapore, South Korea, China, Hong Kong, and the EU, with ambitions to double this number within three years. In 2025, the company targets an annual revenue growth of 30% from its FDI clients as demand for cash flow management surges.
As global supply chains undergo significant adjustments in the aftermath of the pandemic, Vietnam emerges as a pivotal nexus for international business. To effectively capitalize on this dynamic landscape, foreign firms need proficient, legally compliant, and locally attuned financial platforms. With a partner like 9Pay, they can unlock operational efficiency and regulatory assurance amid the intricacies of Vietnam’s business environment.
Founded in 2018, 9Pay Joint Stock Company is a licensed intermediary by the State Bank of Vietnam, delivering a suite of comprehensive financial solutions, including e-wallet services, payment gateways, and the innovative TingTing Payment Sound Box.
What challenges do foreign direct investment firms face in Vietnam?
Foreign businesses often struggle with complicated administrative procedures, lengthy documentation for profit repatriation, and integration with local payment solutions due to language barriers and unclear regulations.
How does 9Pay aid foreign businesses operating in Vietnam?
9Pay functions as both a financial partner and a payment intermediary, providing tailored solutions that simplify payment integration, enhance cash flow management, and ensure compliance with local regulations.
What are 9Pay’s future goals in the financial services sector?
9Pay aims to become Vietnam’s leading digital finance platform for FDI firms by 2027, expanding its offerings to include comprehensive payment solutions and aiming for annual revenue growth of 30% from its foreign clients.
