DPM: Non-cash payment may boom in VN
11:25 | 12/06/2019

VGP – Deputy PM Vuong Dinh Hue highlighted the benefits of non-cash payment such as reduction of expenditures for people and enterprises, enhancing transparency, preventing corruption and money laundering as well as improving the effectiveness of the banking system and accelerating production and services. 

Deputy PM Vuong Dinh Hue attends a conference themed “Non-cash society: Policy and practice in Viet Nam” in Ho Chi Minh City, June 11, 2019 - Photo: VGP/Thanh Chung

Deputy PM Hue made that statement while attending a conference themed “Non-cash society: Policy and practice in Viet Nam” on June 11 in Ho Chi Minh City. 

Speaking at the event, Hue affirmed that the Government and the PM are concerned about promoting non-cash payment and boosting e-payment to support the development of the e-Government and providing the public services at third and fourth levels. 

He stressed the growth of non-cash payment at 160%, supposing that the nation needs to propose suitable mechanisms and policies to enhance non-cash payment, heading to a non-cash society. 

Earlier in 2017, the PM ratified a project on non-cash transaction development in Viet Nam in the 2016-2020 period with a view to keeping cash transaction rate under 10%.

Especially, 100% of supermarkets, commercial centers, modern distribution sites will allow e-commerce transactions. Up to 70% of water, electricity, telecom providers will allow non-cash payments. A half of individuals and households will apply non-cash transactions.

New and modern means and methods of payments will be developed at rural and far-reaching areas. Financial inclusion will be promoted. At least 70% of over 15-year-old people will have banking accounts by 2020.

Last year, according to the Development Strategy of the Viet Nam Banking Sector to 2025, with a vision to 2030, the development of non-cash payments will be promoted and the ATM and POS network will be optimized. The ratio of cash in total liquidity is expected to be below 10% by the end of 2020 and reduced to 8% by the end of 2025.

By Thuy Dung

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