In the era of globalization and the Fourth Industrial Revolution, the transition from cash-based transactions to electronic payments has become an inevitable trend, fundamentally reshaping financial management and transactional practices. Vietnam, characterized by its young demographic structure, high smartphone adoption rate, and rapidly expanding digital infrastructure, has emerged as one of the most dynamic markets for cashless payment solutions, particularly e-wallets. The convenience, efficiency, and broad accessibility of financial services have positioned e-wallets as an indispensable instrument in the digital economy. Nevertheless, alongside the opportunities for fostering digital economic growth, this rapid expansion also entails a range of risks and regulatory challenges. This study examines the current landscape, opportunities, potential risks, and proposes policy recommendations aimed at ensuring the sustainable development of Vietnam’s e-wallet and cashless payment ecosystem.