The Vietnamese Government plans to reduce the cash payment proportion to less than 10 percent by 2020 and 8 percent by 2025, which can be done by expanding the network of automatic teller machines (ATMs) and points of sale (POS) nationwide.
Vietnam strives to reduce cash payment proportion to less than 8 percent by 2025 (Source: Vietcombank)
Hanoi (VNA) - The Vietnamese Government plans to reduce the cashpayment proportion to less than 10 percent by 2020 and 8 percent by 2025, whichcan be done by expanding the network of automatic teller machines (ATMs) andpoints of sale (POS) nationwide.
The target is set in the bankingdevelopment strategy till 2025 with vision to 2030, which was recently approvedby Prime Minister Nguyen Xuan Phuc.
Under this strategy, Vietnam aimsto have at least 2 or 3 banks in Asia’s top 100 largest banks in terms ofassets, and 3 to 5 banks listed on foreign stock markets by 2025.
The strategy also seeks toimprove local banks’ competitiveness, enhance transparency in the bankingsector and make the sector operate in accordance with international standards.
Accordingly, by the end of 2020,all banks are required to have equity capital in accordance with Basel IIstandards – a set of banking laws and regulations issued by the Basel Committeeon banking supervision to enhance competition and transparency in the bankingsystem and make banks more resistant to market changes.
To help State-owned banks achievethe equity capital requirements, the Prime Minister has instructed the StateBank of Vietnam (SBV), in conjunction with the Ministry of Finance and theMinistry of Planning and Investment, to map out and submit to the Governmentplans to increase capital for State-owned banks.
The new strategy also sets a goalof improving the SBV’s independence, activeness and accountability fordirecting monetary policy, controlling inflation, supporting macro-economicstability and fuelling sustainable economic growth.
It also looks to strengtheninstitutional capacity and banking supervision of the central bank, expand itsscope of supervision into financial corporations with parent ones.
The banking system also plans toundergo a restructuring process in the 2018-2020 period with a focus onresolving bad debts and weak banks to ensure the bad debt ratio of the entirebanking system is kept under 3 percent.
Other targets set forward by thestrategy include finalising a legal framework for monetary policies and bankson the basis of market mechanisms and international standards, as well asimproving foreign currency and gold policy management.
It also aims to enhance publicaccess to financial and banking services, especially in rural, mountainous andpoor areas.-VNA
The total value of transactions via the automatic teller machines (ATMs) and points of sale (POS) last year surged sharply by 34 percent against the previous year.
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Vietnam strives to reduce cash payment proportion to less than 8 percent by 2025 (Source: Vietcombank) 
