Mobile transactions to mushroom in VN, says DPM

Deputy PM Vuong Dinh Hue at the Viet Nam Online Transaction Forum 2017, Ha Noi, November 6, 2017

Deputy PM Hue made the remark on November 6 in Ha Noi at the Viet Nam Online Transaction Forum 2017 with the participation of hundreds of domestic and foreign businesses. 

Deputy PM Hue highlighted the  motto of the forum “Mobile transaction – Driving force of non-cash economy. He stressed that the robust trend not only altered means of payment but also promoted new business models; changed customer behaviors; and support low-income people to benefit from the fourth industrial revolution. 

In Viet Nam, Bankplus offered by a Vietnamese network operator attracted 3.5 million of users and has already set up transaction centers in 63 provinces and cities. 

So far, Viet Nam had 140 mobile subscribers out of 100 people; nearly 60 million 3G and 4G subscribers. The figure was projected to touch 80 million by 2020. 

These are ideal conditions for mobile transaction and other financial and commercial services; thus benefiting business, people, and transforming the habit of cash payment in Viet Nam. 

Calling for quicker actions

However, in Viet Nam, e-commerce also sparked challenges regarding  legal system, information safety and security, cross-border transactions, high-tech crimes, and national digital sovereignty. 

The Vietnamese Government pledged to facilitate and promote mobile transaction; regularly contact with the business community and domestic and foreign financial organizations to perfect the legal system; craft mechanisms and build necessary action plans in favor of mobile transactions.

On this occasion, Mr. Hue tasked the State Bank of Viet Nam, relevant ministries and agencies to work closely to timely handle emerging issues./. 

By Kim Anh