Vietnam pledges to improve non-cash payment policies

The central bank plans to expand access to low-income groups and people in rural areas.

A Vietnam senior central banker said that they will continue to improve mechanisms and policies on non-cash payments.

Speaking in a seminar on 6 October, Deputy Governor Pham Thanh Ha said that the State Bank of Vietnam (SBV) will continue to improve mechanisms and policies on payment and digital finance for transparency, and to create conditions for healthy competition.

Ha laid out plans to develop payment infrastructure and digital finance infrastructure, as well as to strengthen payment connections domestically and cross-border.

He also said they will work to develop an embedded digital payment ecosystem involving healthcare, education, and public services.

"These are important factors for digital payments to be used regularly, form new financial habits and create a foundation for comprehensive finance for sustainable development," Ha said.

Ha also highlighted the necessity to expand finance access for people in rural, deep-lying, remote, mountainous, and island areas, as well as for low-income groups, small and medium enterprises, businesses, and disadvantaged groups.

Ha said that the SBV will ensure system safety.

“Rapid development must go hand in hand with sustainable development; innovation must go hand in hand with risk management; convenience must be accompanied by safety and responsibility,” the SBV said in a statement translated into English on 6 October.

He said that the development of non-cash payments is in line with Vietnam’s financial inclusion goal for 2026 to 2030.