Project on cashless payment development for 2021-25 approved

Deputy Prime Minister Le Minh Khai has signed a decision approving a project on the development of cashless payment in Vietnam in the 2021-25 period.
Project on cashless payment development for 2021-25 approved ảnh 1Deputy Prime Minister Le Minh Khai has signed a decision approving a project on the development of cashless payment in Vietnam in the 2021-2025 period. (Illustrative photo: vneconomy.vn)

Hanoi (VNA) – Deputy Prime Minister Le Minh Khai has signed a decision approving a project on the development of cashless payment in Vietnam in the 2021-25 period.

The project aims to create positive changes in cashless payment in an economy of high growth rate; turn the practice into a habit of residents in urban areas and gradually in rural, remote and mountainous areas; and reduce cash-related costs.

It targets that the value of non-cash payments will be 25 times higher than GDP,  the proportion of the payment method in e-commerce will account for 50 percent by 2025.

In addition, 80 percent of people aged 15 and above will have a transaction account at a bank or other authorised institutions.

Average growth rate in terms of quantity and quality of cashless payment transactions is projected to reach 20-25 percent a year.

Transaction that made via mobile phones hit 50-80 percent per year, with transaction values expanding 80-100 percent annually; and via the Internet grow 35-40 percent a year.

Project on cashless payment development for 2021-25 approved ảnh 2Scanning to pay via QR code (Photo: tapchitaichinh.vn)

The rate of individuals and organisations using cashless payment methods via e-commerce channels is hoped to reach 40 percent.

In regards to public services, almost all urban educational establishments are expected to accept tuition payment via cashless method and universities and colleges collect the fees on the National Public Service Portal.

Meanwhile, the practice is hoped to be carried out in 60 percent of medical establishments in urban areas and 60 percent of pensioners and social security and unemployment allowance recipients will receive payments through cashless method./.

VNA

See more

Illustrative image (Photo: VNA)

Ministry responds to escalating global trade tensions

Amidst the complicated developments in the global market, the MoIT has directed foreign market departments and Vietnam’s trade offices abroad to closely monitor market trends, as well as economic, political, and policy changes in the region and the world that could impact trade with Vietnam.

The Vietnamese online shopping and food delivery sector used about 160,000 cardboard boxes and 171,000 tonnes of plastic, mainly single-use plastic, in 2024. (Photo: vneconomy.vn)

Ministry proposes developing green e-commerce law

The MoIT's draft proposal to develop the Law on E-commerce will be included in the National Assembly's law and ordinance development programme in 2025 and will be presented to the NA for consideration and comments in October 2025, before being approved at a NA meeting in May 2026.

In 2025, Goertek will invest in a new project and bring more experts and new technology equipment to Vietnam. (Photo: Goertek)

Vietnam expects big FDI wave in 2025

More than 4.33 billion USD in foreign investment was registered in Vietnam in January, an increase of 48.6% compared to the same period last year.

The Lao Bao border gate, Huong Hoa district, Quang Tri province. (Photo: VNA)

Nearly 200 projects registered in Quang Tri's IPs

Two economic zones and two industrial parks in the central province of Quang Tri have so far attracted nearly 200 investment projects, with a total registered capital exceeding 172.4 trillion VND (6.78 billion USD) and a planned land use of over 5,978ha.