Workshop talks promoting cashless payment
Policies and reality in building a cashless society in Vietnam was the theme of a workshop held in Ho Chi Minh City on June 11 by the State Bank of Vietnam (SBV) in coordination with the Ministry of Information and Communication and Tuoi Tre (Youth) newspaper.
At the workshop (Photo: VNA)HCM City (VNA) – Policies and reality in building a cashless society in Vietnam was the theme of a workshop held in Ho Chi Minh City on June 11 by the State Bank of Vietnam (SBV) in coordination with the Ministry of Information and Communication and Tuoi Tre (Youth) newspaper.
Addressing the event, Deputy Prime Minister Vuong Dinh Hue stressed that the Government has paid attention to promoting cashless payment as a way to support the building of an e-government and provision of online public services.
Citing statistics of the SBV, the Deputy PM noted that Vietnam’s mobile payment market saw an expansion of 160 percent in 2018, the highest growth rate in the region. He said the impetus should be maintained and accelerated to narrow the gap between Vietnam and other countries in the region in this field, and also to assist with the development of other services.
Deputy PM Hue asked the SBV to work with the Ministry of Information and Communication and other ministries and agencies to review and refine the legal corridor for payment activities, laying the foundation for the building and implementation of new professional procedures and business models.
The banking sector should continue to effectively carry out of the project on developing cashless payment in 2016-2020 and the scheme on popularizing payment through banks for public services such as public utilities, school tuition fee and social welfare.
SBV Deputy Governor Nguyen Kim Anh said the SBV will revise and supplement the legal corridor for banking activities in general and payment activities in particular so as to meet requirements for information technology-based business models and new products and services, with a focus on digital banks and digital payment.
In 2019 alone, the SBV will build a decree to replace the Government’s Decree 101/2012/ND-CP on non-cash payment.
With the Government’s drastic measures, cashless payment has made remarkable progress in 2018. According to statistics of the SBV, the inter-bank electronic payment system handled about 13 billion USD of transactions each day, up 25 percent from 2017 and the value of mobile payment increased by 169.5 percent.
A survey of 27 countries by PwC, one of the world leading accounting firms showed Vietnam’s mobile payment market had the fastest growth rate in 2018, with the rate of consumers using mobile payment rising from 37 percent to 61 percent.-VNA
You should also see
Dien Bien Phu Victory echoes, 70 years on
Seventy years ago, Vietnam won the Dien Bien Phu battle, forcing the French government to sign the Geneva Agreement in July 1954 and marking the end of the French military presence in the whole Indochina.
See more
Business
Localities get ready for fourth FDI boom
As the year 2024 is expected to witness the start of the fourth wave of foreign direct investment (FDI) to Vietnam, localities nationwide are getting ready to absorb foreign capital flows.
Business
HCM City moves towards Net Zero
Ho Chi Minh City is building a project to restructure its industry towards sustainable development in the 2025-2030 period, with a vision to 2050, prioritising the use of high technology and reducing emissions towards net zero emissions by 2050.
Business
Old loans must endure higher interest rates temporarily: central bank
The average lending interest rate for new loans by commercial banks is reported at around 6.4% per year, a decrease of 0.7 percentage point per year compared to the end of last year. However, borrowers with loans issued before the latest rate adjustment still must pay higher rates, according to the State Bank of Vietnam (SBV).
Business
Vietnam among top domestic infrastructure investors: Ambassador
Vietnam is one of the leading countries in Asia in terms of investment for infrastructure development, allocating 5.7% of its Gross Domestic Product (GDP) to projects in this field, said Ambassador Dang Hoang Giang, Permanent Representative of Vietnam to the United Nations (UN).
Business
Vietjet adds more flights to Dien Bien
To meet the rising demands to visit Dien Bien of people and tourists during the celebration of the 70th anniversary of the Dien Bien Phu victory, Vietjet increased the frequencies of flights between Hanoi, Ho Chi Minh City and the northwestern province to 28 per week.
