According to new targets, 90 percent of the Vietnamese population aged over 15 will have bank accounts by 2030. (Photo: cafef.vn) Hanoi (VNS/VNA) - The State Bank of Vietnam(SBV) must take action to ensure 90 percent of the Vietnamese population overthe age of 15 have bank accounts by 2030.
This instruction was included in Decision No681/QD-TTg on implementing sustained development targets for Vietnam until 2030issued by the Prime Minister last week.
The target for 2020 will be 70 percent and morethan 80 percent by 2025.
Under the decision, the Government also set outplans to increase the number of ATMs per 100,000 people to 40 by 2020 and morethan 40 by 2025.
The number of commercial bank branches per100,000 people will be 20 by 2020, and more than 20 by 2025-2030.
The decision also targets the strengthening ofaccessibility to banking services for businesses, especially small- andmedium-sized enterprises (SMEs). As part of the roadmap, the number of SMEswith outstanding loans at credit institutions will be 200,000 by 2020, 250,000by 2025 and 300,000 by 2030.
While fintech is sweeping through thetraditional economy in Vietnam like everywhere else in the world, the vastmajority of residents do not have bank accounts.
Cashless transactions currently account for just10 percent of total payments in Vietnam.
As the Government is stepping up measures toenhance cashless transactions in the country, Pham Thanh Duc, CEO of M-Service– the operator of e-wallet MoMo – expected in the next two to three yearscashless payments would be the main factor significantly shifting theVietnamese economy.
According to a plan on non-cash payments in Vietnamin the 2016-2020 period approved by the Prime Minister, by the end of 2020, theratio of cash transactions will be reduced from 90 percent in 2016 to below 10 percent.
To boost cashless payments, Vietnamese banks arealso proposing tax incentives for businesses adopting e-payments.
According to Dao Minh Tuan, deputy CEO ofVietcombank, most businesses were reluctant to purchase point-of-sale (POS)devices or establish e-payment services with the banks because there werecurrently no incentives to attract them.
Incentives, especially in taxes, would attractmore businesses to cashless payments, which would increase payment transparencyand reduce tax evasion, Tuan said.-VNS/VNA
VNA
