Business

Most adults must have bank accounts by 2030

The State Bank of Vietnam (SBV) must take action to ensure 90 percent of the Vietnamese population over the age of 15 have bank accounts by 2030.
Most adults must have bank accounts by 2030 ảnh 1According to new targets, 90 percent of the Vietnamese population aged over 15 will have bank accounts by 2030. (Photo: cafef.vn)

Hanoi (VNS/VNA) - The State Bank of Vietnam(SBV) must take action to ensure 90 percent of the Vietnamese population overthe age of 15 have bank accounts by 2030.

This instruction was included in Decision No681/QD-TTg on implementing sustained development targets for Vietnam until 2030issued by the Prime Minister last week.

The target for 2020 will be 70 percent and morethan 80 percent by 2025.

Under the decision, the Government also set outplans to increase the number of ATMs per 100,000 people to 40 by 2020 and morethan 40 by 2025.

The number of commercial bank branches per100,000 people will be 20 by 2020, and more than 20 by 2025-2030.

The decision also targets the strengthening ofaccessibility to banking services for businesses, especially small- andmedium-sized enterprises (SMEs). As part of the roadmap, the number of SMEswith outstanding loans at credit institutions will be 200,000 by 2020, 250,000by 2025 and 300,000 by 2030.

While fintech is sweeping through thetraditional economy in Vietnam like everywhere else in the world, the vastmajority of residents do not have bank accounts. 

Cashless transactions currently account for just10 percent of total payments in Vietnam.

As the Government is stepping up measures toenhance cashless transactions in the country, Pham Thanh Duc, CEO of M-Service– the operator of e-wallet MoMo – expected in the next two to three yearscashless payments would be the main factor significantly shifting theVietnamese economy.

According to a plan on non-cash payments in Vietnamin the 2016-2020 period approved by the Prime Minister, by the end of 2020, theratio of cash transactions will be reduced from 90 percent in 2016 to below 10 percent. 

To boost cashless payments, Vietnamese banks arealso proposing tax incentives for businesses adopting e-payments.

According to Dao Minh Tuan, deputy CEO ofVietcombank, most businesses were reluctant to purchase point-of-sale (POS)devices or establish e-payment services with the banks because there werecurrently no incentives to attract them.

Incentives, especially in taxes, would attractmore businesses to cashless payments, which would increase payment transparencyand reduce tax evasion, Tuan said.-VNS/VNA
VNA
#bank accounts #State Bank of Vietnam #Decision No 681/QD-TTg #ATMs #commercial banks #accessibility to banking services #SMEs #outstanding loans #credit institution #fintech #Vietnam News Agency #vietnamplus
Follow VietnamPlus

Related News

Vietnam looks to develop cashless payment

Vietnam looks to develop cashless payment

The State Bank of Vietnam (SBV) is working to complete the legal corridor and build rational mechanisms to boost cashless payments, which helps prevent corruption, money laundering, and tax invasion.

See more

Famers harvest coffee. (Photo: VNA)

Forum seeks solutions to build brand for Vietnamese Robusta coffee

VICOFA Vice Chairman Thai Nhu Hiep stated that Vietnam is already the world’s largest producer and exporter of Robusta coffee, with an annual output exceeding 1.8 million tonnes. Vietnamese Robusta coffee has several advantages, including favourable natural conditions and large, concentrated growing areas, which provide a stable supply.

An electric vehicle charging station in Hanoi. (Photo: VNA)

Automakers race toward fierce competition as sector shifts gears

According to the latest figures from the Department of Customs, Vietnam imported 16,343 cars in October. Although this represents a 5.5% drop from the previous month, total imports over the first ten months reached 171,364 units, up 20% year on year. Import turnover neared 4 billion USD, the highest level in the past three years.

The year 2025 has seen the coffee industry form an ecosystem of responsible production, stretching from raw-material regions to processing stages, helping lay the foundation for sustainable growth in the years ahead. (Photo: VNA)

Coffee exports likely to exceed 8 billion USD this year

The Ministry of Agriculture and Environment reported that Vietnam sold 1.3 million tonnes of coffee overseas for 7.41 billion USD between January and October, up 61.8% year-on-year and marking the highest annual value increase to date. The average export price reached 5,653 USD per tonne, a surge of 42.5% from the same period last year. Several markets posted outstanding growth, particularly Mexico, where export value jumped by 34.7 times.

Aero K operates the Cheongju (CJJ) - Cam Ranh (CXR) route from November 2025 (Photo: VOV)

Another Korean airline opens direct route to Nha Trang

Aero K said that Nha Trang is its second destination in Vietnam after central Da Nang city. The airline has been steadily expanding routes to Japan, Taiwan (China), and Southeast Asian countries, increasing its international flights for the RoK’s central region.

Ambassador Nguyen Minh Nguyet (second from left) and representatives of associations and diplomatic corps in Sofia. (Photo: published VNA)

Vietnamese companies join Interfood & Drink 2025 in Bulgaria

The Vietnamese booth features a range of signature products including coffee, tea, fruit juices, traditional confectionery and natural functional foods that match the growing demand in Southeast Europe for healthy, natural and traceable products.

Minister Counsellor Pham Quang Huy, Deputy Head of Vietnam’s Permanent Mission to Geneva (R) and Andrey Eydlin of the St. Gallen Endowment, at the working session (Photo: VNA)

Swiss endowment supports Vietnam in trade defence capacity building

Minister Counsellor Pham Quang Huy, Deputy Head of Vietnam’s Permanent Mission to Geneva, has chaired a working session on the Global Trade Alert (GTA) tool with representatives from the Trade Remedies Authority of Vietnam (TRAV) under the Ministry of Industry and Trade and Andrey Eydlin of the St. Gallen Endowment.

Participants at the forum. (Photo: VNA)

Vietnam moves to tap “silver economy” as ageing accelerates

At a national forum on the silver economy in Vietnam on November 14, Politburo member and Director of the Ho Chi Minh National Academy of Politics Nguyen Xuan Thang said the country must shift from viewing ageing as a welfare burden to recognising older people as an economic asset.

Participants at the official technical negotiation session between Vietnam and US (Photo: VNA)

Vietnam, US conclude 5th round of reciprocal trade agreement talks

In the closing session, representatives from the Office of the US Trade Representative (USTR) and the Vietnamese negotiating team stated that the talks yielded positive results, laying a favourable foundation for the early conclusion of the Vietnam – US Reciprocal Trade Agreement.

At a ceremony to announce the cooperation agreement between VIPTAM Group, Inlog and partners (Photo: VNA)

New social-commerce model targets 50 billion USD in Vietnam–US trade

VIPTAM Technology Group JSC (VIPTAM Group) has officially established long-term strategic trade partnerships with major international brands, introducing a new model to promote bilateral trade between Vietnam and the US through VDONE Network, a multimedia social platform developed by the group.