This post is also available in: Tiếng Việt (Vietnamese)
The Prime Minister has just issued Directive No. 22/CT-TTg on promoting the implementation of non-cash payment development solutions in Vietnam.
It was stated that on December 30, 2016, the Prime Minister issued Decision No. 2545/QĐ-TTg approving the Project on development of non-cash payment in Vietnam in the 2016-2020 period (Decision 2545 / QD-TTg). The Decision No 645/QĐ-TTg on the overall plan of the national e-commerce development in 2021-25 period targets to have 55 per cent of the country’s population shopping online and 50 per cent of small-and-medium sized enterprises having business activities on e-commerce floors by 2025. The targets required determination from firms and banks in promoting digitalisation and non-cash payment.
Press Conference “Ngày không tiền mặt” on 26/5 at Ho Chi Minh City
Pham Tien Dung, director of the Payment Department under the State Bank of Việt Nam (SBV) said the current policies have lagged behind the technology development.
To promote digital economy, banks should find ways to bring ordinary users to become their digital customers. To support banks, the SBV recently drafted a regulation on opening accounts by the electronic system, Know your customers (eKYC). Banks must increase customer experience to make them satisfied with products and services.
The central bank was expected to submit a decree to replace the Decree No 101/2012/NĐ-CP on non-cash payment in June. This would see Việt Nam having a definition for electronic money and correspondent banks for the first time. This is the basis for banks to develop comprehensive digital banking.
In addition, banks must also strengthen integration, connectivity of infrastructure and applications of the banking industry with other industries and services to expand the digital ecosystem.