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Cashless payment is a modern, cost-saving payment trend... and has received attention and close direction from competent authorities, but in reality it also poses many challenges.
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| Dr. Hoang Van Ninh, Deputy Director of IDS, reported on the topic at the workshop. |
On July 1, in Ho Chi Minh City, the Institute for Digital Economic Development Strategy (IDS) organized a scientific workshop to contribute ideas on the topic "Development of non-cash payments in Vietnam: Current status and solutions for improvement" chaired by Dr. Hoang Van Ninh, Deputy Director of IDS.
According to Dr. Hoang Van Ninh, the topic aims to study the theoretical and practical basis of the law on the development of non-cash payments in Vietnam; analyze the limitations and shortcomings in the current legal system; make recommendations to improve the legal system on the development of non-cash payments in particular, ensure the consistency of the legal system as well as ensure reasonable adjustment of legal policies on non-cash payment activities in current practice.
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Delegates speaking at the conference |
Dr. Nguyen Quoc Hung, General Secretary of the Vietnam Banking Association, said: The number of personal accounts opened at commercial banks reached about 68.7 million accounts, about 70 credit institutions provided payment services via the Internet and about 36 commercial banks provided payment services via mobile phones. The State Bank has also granted operating licenses to provide intermediary payment services to 21 non-bank organizations providing intermediary payment services... contributing to accelerating the process of non-cash payments.
“The legal framework for electronic payment activities is not yet complete. In particular, the legal framework and policy mechanisms related to services, online payment methods, virtual currency, electronic money... are complex issues that have not yet been guided by management agencies or are in the pilot phase,” Dr. Nguyen Quoc Hung shared at the workshop.
Since 2016, many legal documents related to the payment sector have been researched and issued by competent authorities, creating a legal corridor for payment service providers and payment intermediary organizations to provide a variety of payment products and services based on the application of modern payment technologies. In particular, Decree No. 165/2018/ND-CP dated December 24, 2018 regulates electronic transactions in financial activities, specifying the legal value of electronic transactions and electronic documents in financial activities...
“Currently, the Government has assigned the State Bank to research and develop a number of decrees that have an impact on non-cash payment activities with contents aimed at specifying and clarifying the nature of payment methods, including cryptocurrencies; or the scope and methods of managing payment methods, types of payment services; supplementing prohibited acts to handle violations in the payment field…”, Master Pham Ngoc Lam shared at the workshop.
“The legal corridor and policy mechanisms on cashless payments continue to be reviewed, supplemented, and improved to create consistency and favorable conditions to encourage the development of cashless payments,” said Master Pham Ngoc Lam.
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Delegates attending the workshop |
Dr. Tran Van, Director of IDS, said that the development of non-cash payments is still a big challenge for policy-making agencies in Vietnam when current non-cash payment services and means are mostly provided to people with good incomes in urban areas; while in rural areas, remote areas, there are still limitations. Besides, in the context of deep economic integration, payment technology is constantly developing... requiring the completion of the legal corridor for non-cash payments to both meet practical requirements, encourage innovation and ensure the good performance of State management functions in the digital economy. Therefore, the research on the topic "Development of non-cash payments in Vietnam: Current situation and solutions" to determine the orientation and solutions for developing non-cash payments in Vietnam in the coming time is extremely necessary.
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