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Efforts urged to promote cashless payment

Relevant authorities are requested to swiftly implement measures to encourage non-cash transactions, enhance direction and guidance, and conduct widespread communication campaigns to promote cashless payments.

Cashless payment becoming more popular in Vietnam. (Photo: VietnamPlus)
Cashless payment becoming more popular in Vietnam. (Photo: VietnamPlus)

Hanoi (VNA) – Deputy Prime Minister Ho Duc Phoc has signed an official dispatch on July 30 to urge ministries, sectors, and localities to intensify efforts to promote cashless payment.

Accordingly, the Deputy Prime Minister requested relevant authorities to swiftly implement measures to encourage non-cash transactions, enhance direction and guidance, and conduct widespread communication campaigns to promote cashless payments. These efforts aim to meet the payment demand of citizens and businesses, prevent tax evasion and criminal activities, and ensure strict enforcement of law against violators.

The Ministry of Finance is tasked with coordinating with other ministries and sectors to strengthen inspections and oversight of State budget disbursement and ensure compliance with legal regulations on invoices and payment documentation for the sale and purchase of goods and services. Violations, particularly the deliberate use of cash to evade taxes, must be promptly and strictly penalised.

The State Bank of Vietnam (SBV) will work with relevant agencies to quickly carry out tasks and solutions to further develop the cashless payment ecosystem. It is also assigned to conduct a comprehensive review of the implementation of the 2021–2025 cashless payment development scheme and report the outcomes to the Prime Minister before December 1, 2025.

In addition, the SBV must step up inspection, supervision, and anti-money laundering measures within the banking system. The continued development of payment infrastructure and financial technologies is also emphasised as essential to boosting cashless transactions nationwide.

According to an SBV report presented at a recent seminar on cashless payment in Vietnam held in Ho Chi Minh City, the interbank electronic payment system currently processes an average of 820 trillion VND (31.25 billion USD) daily, handling about 26 million transactions.

Vietnam has continuously upgraded its national credit information infrastructure, achieving an impressive 98% data update success rate across credit institutions.

There are now over 204.5 million payment accounts and 154.1 million active bank cards in the country, with nearly 87% of adults holding bank accounts.

A recent survey revealed that 59% of daily transactions are cashless, rising to 72% among those aged 25 to 44.

Vietnam is also advancing cross-border retail payments via QR codes with neighbouring countries such as Thailand, Laos, and Cambodia, with plans to expand further to Asia./.

VNA
#cashless payment #e-commerce #banking #cross-border transactions #non-cash transactions
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