Central bank digital currencies in cross-border payments: Global experiment model and policy implications for Viet Nam

NGUYEN THI THANH PHUONG

PhD, Foreign Trade University

Email: [email protected]

NGUYEN THI HOANG ANH

PhD, Foreign Trade University

Email: [email protected]

Abstract

Cross-border payment system exhibits structural shortcomings stemming from high transaction costs, slow settlement processes, and fragmented regulatory and compliance frameworks, challenges that disproportionately affect emerging economies. Central bank digital currencies (CBDCs) have been advanced as a policy instrument to mitigate these frictions, particularly in cross-border payments. This article examines global cross-border CBDC pilots through a legal and institutional lens, drawing on the three implementation models identified by the World Bank: (i) bilateral CBDC arrangements between central banks, (ii) multi-CBDC platform-based models, and (iii) hybrid models that leverage existing payment intermediaries. By analyzing international experiences under each model and benchmarking them against Viet Nam’s ongoing CBDC exploratory initiatives, the article derives policy implications for Viet Nam regarding model selection, legal readiness, regulatory interoperability, and international coordination.

Keywords: Central bank digital currency (CBDC), cross-border payments, banking regulation, monetary policy, emerging economies, Viet Nam

(This article was published in the Vietnam Economic & Financial Review, Vol 2, Issue 1, February 2026)

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