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