SBV to take action against illegal transactions via int’l payment gateways
Deputy Prime Minister Truong Hoa Binh has assigned the State Bank of Vietnam (SBV) to devise measures to control illegal financial transactions and tax evasion via illicit international payment gateways.
Paypal is among the international payment gateways that haven't been licensed to provide services in Vietnam (Screenshot photo)
Hanoi (VNA) -Deputy Prime Minister Truong Hoa Binh has assigned the State Bank of Vietnam(SBV) to devise measures to control illegal financial transactions and taxevasion via illicit international payment gateways.
He made the decisionfollowing a series of articles in the Lao Dong (Labour) newspaper on the factthat many international payment gateways like Paypal and Payoneer, whichhaven’t been licensed to provide intermediary payment services by the SBV, havebecome tools for illegal financial transactions, money laundering, and taxevasion.
The Government Office saidBinh has tasked the SBV with coordinating with the Ministry of Public Securityand the Ministry of Information and Communications to examine the matter andquickly identify measures to control any illegalities.
Published in December, thearticles in Lao Dong described tactics used to avoid tax via internationalpayment gateways, showing a major loophole in the management of internationalpayments and cross-border transactions in Vietnam./.
The Ministry of Information and Communications (MIC) is proposing the amendment of some articles in the Law on Electronic Transactions No. 51/2005/QH11 in order to fix its shortcomings.
Cross-border transactions are in the crosshairs as Decree 126/2020/ND-CP - the latest regulation on tax administration - is to come into effect on December 5, said senior tax officials in a recent press conference.
The novel coronavirus outbreak has changed the payment habit in Vietnam, with non-cash transactions particularly surging in the public service, Director of the State Bank of Vietnam’s Payment Department Pham Tien Dung said on December 4.
All of the transactions in the transport sector will be cashless by 2030, as part of a programme on digital transformation recently approved by the Ministry of Transport.
The State Bank of Vietnam (SBV) has extended the credit growth limits for the second time this year to some commercial banks, of which the highest level is up to 30 percent.
Developed with state-of-the-art infrastructure, the Da Nang FTZ is designed to become a leading regional economic centre and a strategic growth pole in Vietnam’s new development landscape.
The Binh Duong Association of Supporting Industries (BASI) is expected to promote the usage of domestically manufactured components while supporting businesses in accessing international markets, strengthening linkages, and promoting deeper integration into global supply chains.
PwC Vietnam forecasts a vibrant M&A market in Vietnam’s healthcare sector in 2025, driven by rising demand for high-quality medical services and a growing middle class. Pharmaceutical companies, private hospitals, and specialised medical facilities, particularly in ophthalmology and oncology, are predicted to be key targets for M&A.
The central province of Quang Nam is set to become a hub for the medicinal plant industry, with Ngoc Linh ginseng designated as the core crop, under the Prime Minister's decision issued earlier this year.
The North-South Expressway project is scheduled for completion by 2030, aiming to establish the groundwork for Vietnam’s modern railway industry and stimulate regional economic development, positioning the country for a significant economic leap in the era of national rise.
The probe, initiated on June 11 following a petition by the US Coalition for Fair Trade in Hardwood Plywood, targets products classified under HS Code 4412 and 9403 imported from China, Indonesia and Vietnam.
Sun PhuQuoc Airways was born as a perfect piece in Sun Group’s strategic vision to build a premium ecosystem of tourism, entertainment, real estate, and aviation. With a pioneering ambition, Sun PhuQuoc Airways is not just an airline, but a symbol of connection – bringing the world to Phu Quoc and taking Phu Quoc to the world.
A key change in the draft decree is a provision requiring bank transfers for gold transactions valued at 20 million VND (765 USD) and above, to enhance transparency and verify customer identities.
In the first four months of 2025, trade turnover between Vietnam and Cambodia surpassed 3 billion USD, marking a 7% increase compared to the same period in 2024.
On June 19 alone, a total of 2,005 trucks completed customs clearance at Lang Son’s border gates — the highest single-day figure ever recorded in the province. Of these, 634 carried exports and 1,371 imports.
The OECD Economic Surveys: Vietnam 2025 report focuses on analysing the country’s macroeconomic fundamentals, the impact of international integration on attracting foreign investment and trade, and the country’s prospects for developing a low-carbon economy.
Antoine Colin, Senior Vice President for Global Supply Chain Digital Transformation & Resilience at HP Inc., affirmed HP’s strategic commitment to building a supply chain and ecosystem in Vietnam and the region.
Deputy Director General of the Ministry of Industry and Trade (MoIT)’s Trade Promotion Agency Bui Quang Hung emphasised that logistics has evolved from a technical function into a core capability for Vietnamese exporters to maintain their competitive advantage in the US market.
A trade official has suggested companies work closely with shipping lines, airlines, and freight forwarders to monitor routes, transit times, and potential surcharges while exploring broader cargo insurance to cover risks like war and terrorism.
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.
Paypal is among the international payment gateways that haven't been licensed to provide services in Vietnam (Screenshot photo) 
