NATIONAL PAYMENT CORPORATION OF VIET NAM

NATIONAL PAYMENT CORPORATION OF VIETNAM (NAPAS): The Backbone of Vietnam’s Digital Payments

As Vietnam accelerates toward a cashless economy, NAPAS—the National Payment Corporation of Vietnam (Công Ty Cổ Phần Thanh Toán Quốc Gia Việt Nam)—has emerged as the most crucial infrastructure player in the country’s financial ecosystem. With over two decades of operations since its establishment on July 14, 2004, NAPAS provides the essential backbone for digital transactions through its financial switching and electronic clearing services. The company is headquartered in Pacific Place Building, 83B Ly Thuong Kiet Street, Hanoi, with a strategic representative office in Ho Chi Minh City.

NAPAS operates as a joint stock company under the oversight of the State Bank of Vietnam, which remains its largest shareholder, controlling 48.96% of equity. Other prominent shareholders include major state-owned and commercial banks such as Agribank, BIDV, and VietinBank, alongside BSI Technology Infrastructure Development Co., Ltd., and a range of other institutional investors. This structure not only reflects its systemic importance but also the strong public-private synergy that underpins its growth.

In 2024, NAPAS recorded total assets of USD 161 million, up 20.45% year-over-year. However, the company saw a 13.73% decline in total sales, down to USD 158.8 million, and a 22.63% drop in net profit, which stood at USD 26.2 million. This contraction in revenue and earnings may indicate heightened competition in the payments space or increased operational costs amid technological upgrades. Nonetheless, equity grew to USD 147.63 million, up 21.59%, while working capital rose to a strong USD 130.71 million, demonstrating resilient financial health and liquidity.

Led by Chairman Nguyen Quang Hung, and supported by Deputy General Directors Nguyen Hung Nguyen and Nguyen Quang Minh, NAPAS continues to evolve in step with the digital transformation ambitions of the Vietnamese government. With a workforce of 200 employees, the company offers not only core switching services but has also expanded its business lines into areas such as software publishing, consultancy, market research, IT equipment trading, and financial auxiliary services.

NAPAS plays a pivotal role in linking banks, fintechs, and merchants, making digital payment ubiquitous across retail, e-commerce, and public services. In this sense, it acts as the invisible infrastructure powering modern consumer experiences in Vietnam—from ATMs and interbank transfers to QR code payments and e-wallet interoperability.

Despite short-term profit declines, NAPAS remains fundamentally strong. Its robust capital base, critical market role, and public sector backing position it as an indispensable enabler of Vietnam’s financial modernization. As digital payment adoption accelerates across all sectors, the strategic trajectory of NAPAS will continue to influence not only how Vietnamese citizens pay but also how the financial services industry innovates.

For a more detailed look into NAPAS’ financials and risk profile, access the company’s full report via VANGUARD BUSINESS INFORMATION LLC (VBI). In the dynamic landscape of digital finance, NAPAS stands not just as a service provider but as an institution of national significance.