Vietnamplus

Minister of Information and Communications Nguyen Manh Hung has urged digital companies to innovate and develop platforms for online services as the novel coronavirus (COVID-19) pandemic has sparked a pressing need for Vietnam to hasten digital transformation.

The fees for fast interbank fund transfers will be cut for the second time this year to promote cashless payments amid the rapid spread of the COVID-19 outbreak, the National Payment Corporation of Vietnam (NAPAS) announced on March 16.

The banking sector will ensure adequate capital to keep the economy going, according to an official from the State Bank of Vietnam (SBV), amid the novel coronavirus disease (COVID-19) which is taking heavy toll on the economy.

Companies in various sectors are seeking to help people limit physical contact with others, not use cash or leave home as the COVID-19 epidemic rages.

The Ministry of Industry and Trade has called for no increases in the electricity price until the end of the second quarter at the earliest to support businesses amid the novel coronavirus (COVID-19) outbreak.

The Prime Minister has launched an initiative to restructure the services sector using advanced technology and artificial intelligence to improve competitiveness.

To prevent the spread of the new strain of coronavirus in Vietnam, customers are encouraged to adopt cashless payment methods.

Banknotes, which go from people to people, are a high-risk source of spreading virus. The habit of using cash among 90 percent of the population makes the banknotes, regardless of their materials as paper or polymer, a potential harmful factor to public health, which can transmit not only corona virus but many other diseases.

The State Bank of Vietnam (SBV) has issued a resolution to boost cashless payments in the country.

Cashless payment would not only increase the circulation of capital but also help boost the internet economy, said Deputy Prime Minister Vu Duc Dam.

Overcoming human resources problems, understanding local cultures and finding reliable partners are needed for Vietnamese start-ups to “go global,” the CEO of Grab Financial Group Vietnam Nguyen Tuan Anh has said.

The State Bank of Vietnam (SBV) plans to lower the foreign ownership rate in the payment intermediary service sector to 49 percent instead of leaving it unrestricted to avoid manipulation by foreign investors in the field.

E-wallet firm MoMo launched a cashback programme on November 3 with value of up to 100,000 VND (4.30 USD) per transaction and for four transactions daily at most.

Representatives from the Ministry of Industry and Trade (MoIT) have stressed the necessity to promote e-payment, and ensure safety in this method.

Rising number of Internet users and mobile phone subscribers is smoothing the way for digital banking in Vietnam to thrive, but huge challenges keep lying ahead, according to insiders.

Chairman of the Hanoi People’s Committee Nguyen Duc Chung led a delegation to visit Singapore from September 21-23, aiming to learn from partners’ experience in organizing the Formula One Vietnam Grand Prix in 2020 (F1 Grand Prix) and promote investment cooperation with the country.

Sacombank and Alliex Vietnam JSC have signed a deal to create shared POS payment infrastructure that is integrated with many banks and allows many different payment methods.

The Ministry of Health has set out a plan to promote e-payments, or cashless payments, in the health sector, especially for health check-ups and treatment services at medical facilities nationwide.

Deputy PM Vuong Dinh Hue hailed the Republic of Korea as a cashless payment model that Vietnam wants to follow during a reception in Hanoi for Director of the RoK’s Alliex Technology Company.

Governor of the State Bank of Vietnam (SBV) Le Minh Hung Hung has asked relevant agencies to help implement non-cash payments for public services, including tax, electricity, water, hospital and education fees.