Hanoi (VNA) - Cash as a mode ofpayment has declined in the country by 2 percent in the past six years, from14.02 percent in 2010 to the current 12 percent.
As per the State Bank of Vietnam’s reportreleased this week, the country currently has around 67.4 million bank accountscompared to 16.8 million accounts in 2010.
Modern infrastructure and technology tofacilitate non-cash payments, especially online payments, have developedsignificantly. The number of bank cards has increased by 11.36 percent againstthe end of 2015, to around 111 million now.
There are around 254,000 points of sales(POS) and 17,380 automatic teller machines (ATMs), up 13.77 percent and 5.39percent, respectively, compared to end of 2015.
The central bank has issued many policiesrelating to modern infrastructure and technology to boost non-cash payments, toprotect customer interests, and ensure quality of service.
It has instructed commercial banks toquickly carry out a plan to convert all magnetic cards into chip cards toprevent fraud. Under the plan, all ATM cards will become EMV-standard chipcards by 2020, to reduce risks in e-commerce for both buyers and sellers.
To protect the interests of customers, inOctober 2016, the central bank issued Circular 30/2016/TT-NHNN, which requirescredit card service providers to compensate card owners for loss not caused bythe owners, starting November 28, 2016.
The Government also recently approved apolicy encouraging cashless transactions in Vietnam in order to reduce thenumber of cash-based deals, improve electronic payment methods and control taxevasion.
Under the plan, by 2020, cash transactionsin the country will be account for less than 10 percent of total markettransactions. As per the plan, all supermarkets, shopping malls anddistributors will accept credit cards; 70 percent of water, electronics and telecommunicationservice providers will accept cash-free payments from households andindividuals; and 50 percent of the total urban households will use electronicpayment for daily transactions.
The policy also proposes the development ofnew payment methods for rural and remote areas in order to encourage financialinclusion and increase overall access to services. At least 70 percent ofVietnamese citizens over the age of 15 will have bank accounts by the end of2020. Social welfare and pensions will be paid through electronic paymentmethods.-VNA
The Government has approved an e-commerce development plan for 2016-20 that targets 50 percent of consumers switching from cash to other forms of payment.
Small and medium-sized enterprises (SMEs) are encouraged to promote brand building and e-commerce development to enhance competitiveness at a recent workshop on e-commerce in southern Can Tho City.
The State Bank of Vietnam (SBV) has instructed concerned agencies and organisations to keep a strict check on the use of credit cards to prevent false transactions.
In addition to institutional reform, the agency is also rolling out key solution groups to combat counterfeit goods, imitations, and intellectual property infringements in the digital environment.
The event, co-organised by the Vietnam Trade Office in the UK and TT Meridian, a local importer of Vietnamese fresh produce, aims to build a national lychee brand and encourage broader recognition of Vietnamese fruits in a competitive, high-end market.
The industry's performance has been powered by bold investments in modern production lines, enabling Vietnamese firms to produce complicated products which were exclusive to advanced economies.
Outcomes of ABAC III will shape ABAC’s final policy recommendations to be submitted to the ABAC-APEC leaders’ dialogue, scheduled to take place in the Republic of Korea this November.
This is the second year the magazine has released the ranking, which is based on total revenue and key financial indicators of enterprises from seven countries in the region: Vietnam, Indonesia, Thailand, Malaysia, Singapore, the Philippines, and Cambodia.
At the summit, publishing, tech, and media sectors will discuss emerging trends, business models, and sustainable solutions for digital publishing development in Vietnam.
This year’s “Vietnam Goods Week” marks a significant milestone as it is being held simultaneously for the first time in four locations across Asia: Japan, Hong Kong (China), Cambodia, and Malaysia, from June 19 - 22.
According to NordCham Vietnam Chairman Thue Quist Thomasen, the Vietnamese Government’s commitment to achieving net-zero emissions by 2050 is both a challenge and an opportunity for businesses to contribute to green and sustainable growth.
The analysis from an investment perspective shows that the economy’s growth has been heavily capital‑driven, yet efficiency remains low as reflected by Vietnam’s Incremental Capital-Output Ratio (ICOR) being significantly higher than global and regional averages. This underscores the imperative to enhance capital‑use efficiency.
Deputy PM Tran Hong Ha urged countries to work together to remove supply chain bottlenecks, expand market access, strengthen cooperation in smart customs procedures, mutually recognise technical standards, and eliminate unnecessary protectionist barriers to boost trade and investment.
The event has gathered over 400 exhibitors from 16 countries and territories, with more than 980 booths showcasing a wide range of products and technologies in automotive components, electronics, repair and maintenance, bodywork, accessories, and customisation.
The latest order follows Vietjet’s commitment for 20 additional A330neo aircraft last month, bringing the airline’s total widebody aircraft on order to 40.
Minister of Finance Nguyen Van Thang acknowledged the target represents an important milestone for socio-economic development as well as a demonstration of the country’s aspiration for robust economic growth.
The price of E5 RON92 petrol is now capped at 20,631 VND (0.79 USD) per litre, up 1,169 VND from the previous adjustment, while RON95-III costs no more than 21,244 VND per litre, up 1,277 VND.
While German consumers are familiar with Vietnamese products such as coffee, seafood, tea, and spices, many other quality items remain relatively unknown in the market. The Selgros event not only helped introduce Bac Giang lychee to German consumers but also provided them with the opportunity to experience other Vietnamese agricultural products.
The article by Cuba’s Inter Press Service detailed how Vietnamese private enterprise Agri VMA leased 1,000 ha of land in Los Palacios district, Cuba’s westernmost province of Pinar del Río, for rice cultivation over a three-year period. The project’s first harvest in 2025 recorded an impressive yield of 7.2 tonnes per hectare, far exceeding the local average of 1.6 tonnes.
Illustrative image (Source: Internet) 
