70th anniversary of Hanoi's Liberation Day Vietnam - Asia 2023 Smart City Summit Hanoi celebrates 15 years of administrative boundary adjustment 12th Vietnam-France decentrialized cooperation conference 31st Sea Games - Vietnam 2021 Covid-19 Pandemic
Home / Economy / Banking & Finance
Vietnam c.bank prioritizes drafting national digital currency policy in 2021-2025
Ngoc Mai 16:40, 2021/12/21
The move is aimed at promoting non-cash payment in Vietnam during the period.

Legal framework for a national digital currency is among priorities to promote non-cash payment in Vietnam during the 2021-2025 period.

 The State Bank of Vietnam, the country's central bank. 

The State Bank of Vietnam (SBV) revealed the move in Decision No.2006/QD-NHNN detailing the central bank’s action plan to realize Prime Minister Pham Minh Chinh’s instruction to push for non-cash payment in Vietnam in the five years.

Under the plan, the SBV would first finalize the legal framework, including the policy and mechanism for a national digital currency; draft a Government’s decree governing the pilot of fintech’s activities in the banking system.

The SBV is also tasked with providing new incentives to continue promoting non-cash payment methods and support locals access new kinds of payments with affordable costs.

Among other targets, the SBV aims to further upgrade payment infrastructure systems capable of integrating into different systems; promote modern payment methods based on Industry 4.0 technologies; adopt e-payment in the public sector and administrative procedures.

The Government stressed the necessity to raise public awareness on using non-cash payment with safety, convenience, and transparency.

In Prime Minister’s Decision No.1813 on promoting non-cash payment in Vietnam in 2021-2025, the government’s leader targets the value of non-cash payment transactions to be 25 times larger than the GDP, and the proportion of non-cash payments to make up 50% of total transactions in e-commerce.

“In the next five years, the priority is for at least 80% of the population aged 15 and above to have bank accounts, as well as the rate of organizations and individuals using non-cash payments via e-payment channels to reach 40%,” noted the decision.

In late June, Prime minister Pham Minh Chinh asked the SBV to research the use of cryptocurrency based on blockchain technology in the 2021-2023 period.

RELATED NEWS
TAG: Vietnam central bank vietnam digital currency non-cash payment Vietnam
Other news
18:20, 2024/05/09
Vietnam's non-cash payments reach US$9.8 trillion, 23 times GDP
Many of the banking industry's digital transformation goals for 2025 are on track to be met or exceeded.
21:53, 2024/05/04
PM urges Central bank to ensure positive growth in 2024
Local lenders are encouraged to provide incentives and attract individuals to take out consumer loans.
17:07, 2024/05/03
Vietnamese Gov't to continue VAT cut for second half of 2024
If the VAT reduction policy is continued for the last six months of the year, the total revenue loss for 2024 is projected to be approximately VND47.5 trillion (US$1.87 billion).
21:54, 2024/04/23
3,400 taels of gold purchased at the first-in-11-year auction
Gold trading firm SJC and lender ACB are the two successful bidders at the auction held today.
16:19, 2024/04/22
HoSE to launch KRX-developed transaction system in early May
Brokerage firms are expected to prepare data for the transition to the new system.
15:23, 2024/04/22
Central bank moves gold auction to tomorrow
The auction was postponed due to a lack of bidders and escrow deposits.