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Home / Economy / Banking & Finance
Vietnam gov't requests handling of illegal Chinese-issued POS payment
Ngoc Thuy 12:56, 2018/09/06
The use of illegal foreign electronic wallets is considered a form of tax evasion, causing losses to the state budget.
Deputy Prime Minister Vuong Dinh Hue has requested government agencies and provinces to deal with illegal Chinese-issued points of sale (POS) payments at Vietnam's tourist attractions, local media reported.
 
Illustrative photo.
Illustrative photo.
Under Hue's instruction, the Ministry of Finance (MoF) and the State Bank of Vietnam (SBV) are responsible to review international practices and finalize legal framework for tax management, focusing on online payment in Vietnam. 

Additionally, Hue ordered measures in place to manage payments through POS, electronic wallets such as WeChat Pay, AliPay commonly used by Chinese tourists. 

The Deputy PM requested the Ministry of Culture, Sports and Tourism (MCST) to work with local authorities in checking tourism companies on a frequent basis, especially with those offering cheap tour packages. 

Moreover, government agencies are ordered to strictly punish tourist companies accepting payments in foreign currencies in Vietnam. 

Notably, Hue instructed the Ministry of Planning and Investment to assess the impact of Chinese "zero dollar tour" on Vietnam's economy and security. 

By purchasing this kind of tour, travel agencies will pay for tourists' accommodation and meals on the condition of shopping at designated stores which often sell products with inflated prices. 

Recently, there have been growing number of "Chinese customers only" stores owned by Chinese in northern Quang Ninh province. However, profits generated from those stores are transferred directly back to China through illegal POS payment instead of Vietnam's banking system, causing losses to the state budget. 

In the first six months of 2018, Vietnam received 2.5 million Chinese visitors, accounting for 32% of all international arrivals, up 36% year-on-year. 
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