Vietnam accelerates non-cash payment Business

Vietnam accelerates non-cash payment

Non-cash payments bring enormous benefits for individuals, banks and others, helping increase transparency while reducing social expenses relating to using cash.

Non-cash transactions on sharp rise in Vietnam

The proportion of cash transactions in total means of payment declined from 20.3 percent in 2004 to 14 percent in 2010 and around 12 percent at present, according to the State Bank of Vietnam.

ATM card holders in Vietnam have 4 billion USD

ATM card holders in Vietnam had 89.8 trillion VND (4.08 billion USD) in 42.7 million current accounts at the end of June, according to the latest data from the State Bank of Vietnam. The savings earn 1.2 percent in interest per year.

State Bank seeks to curb cash transactions

The State Bank of Vietnam (SBV) seeks to limit the use or cash for large transactions like the purchase of motorbikes, cars and property by preparing a draft decree on the issue.

Intended to replace the 2006 decree on cash payment, the new legislation will be submitted to the Government before this year, according to Director of the SBV’s Payment Department Bui Quang Tien.