Decision No. 149/QD-TTg 2020 approving the national financial inclusion strategy through 2025

Summary
Content
Status
Vietnamese
Download

Error message

Font size:

ATTRIBUTE

Decision No. 149/QD-TTg dated January 22, 2020 of the Prime Minister approving the national financial inclusion strategy through 2025, with orientations toward 2030

Issuing body:	Prime Minister	Effective date:	Known Please log in to a subscriber account to use this function. Don’t have an account? Register here
Official number:	149/QD-TTg	Signer:	Nguyen Xuan Phuc
Type:	Decision	Expiry date:	Updating
Issuing date:	22/01/2020	Effect status:	Known Please log in to a subscriber account to use this function. Don’t have an account? Register here
Fields:	Finance - Banking

SUMMARY

By 2025, at least 250,000 small and medium-sized enterprises have credit relationship with credit institutions

On January 22, 2020, the Prime Minister issues the Decision No. 149/QD-TTg on the approval of the National financial inclusion strategy in Vietnam until 2025, with vision towards 2030.

Accordingly, the Government sets out the following targets to achieve until the end of 2025:

First, at least 80% of adults have transaction accounts at banks or other qualified institutions; towards 2030, every adult shall have at least one transaction account at banks or other qualified institutions.

Besides, there shall be at least 20 banking branches and transaction offices for each 100,000 adults. At least 50% of the total number of communes shall have financial service provider points (branches and transaction offices of credit institutions and agent banks; except for service provider points of the Vietnam Bank for Social Policies).

Especially, at least 25% to 30% of adults shall have saving accounts at credit institutions; the number of cashless transactions shall reach the annual growth rate from 20% to 25%; there shall be at least 250,000 small and medium-sized enterprises which have credit relationship with credit institutions; revenue from insurance shall account for 3.5% of the GDP...

In order to reach the above targets, the Government advocates to complete the legal framework to create favorable conditions for the fulfilment of financial inclusion targets; develop agent banking model to expand the coverage of banking services points to people living in areas with limited or no access to banking services.

This Decision takes effect on the signing date.

For more details, click here.

Download files here.

LuatVietnam.vn is the SOLE distributor of English translations of Official Gazette published by the Vietnam News Agency

Effect status: Known

THE PRIME MINISTER		THE SOCIALIST REPUBLIC OF VIETNAM Independence - Freedom - Happiness
No. 149/QD-TTg		Hanoi, January 22, 2020

DECISION

Approving the national financial inclusion strategy through 2025, with orientations toward 2030^{^[1]}

--------------

THE PRIME MINISTER

Pursuant to the June 19, 2015 Law on Organization of the Government;

Pursuant to the June 16, 2010 Law on the State Bank of Vietnam;

Pursuant to the June 16, 2010 Law on Credit Institutions, and the November 20, 2017 Law Amending and Supplementing a Number of Articles of the Law on Credit Institutions;

At the proposal of the Governor of the State Bank of Vietnam in Document No.105/TTr-NHNN of October 25, 2019,

DECIDES:

Article 1. To approve the national financial inclusion strategy through 2025, with orientations toward 2030 (below referred to as the Strategy) with the following contents:

I. VIEWPOINTS

1. To implement the financial inclusion with the participation and close coordination of the state sector and private sector, in which the State plays the role of creating a favorable environment for promoting the market-oriented financial inclusion in line with undertakings and policies of the Party and the State.

2. To promote the financial inclusion in couple with assurance of safety, efficiency and sustainability of the entire financial system, thus protecting financial consumers.

3. To apply modern technologies and promote innovation as important factors for promoting the financial inclusion.

4. To attach importance to security and confidentiality; to fully manage and monitor risks related to the provision of financial products and services, particularly digital financial products.

5. To learn from international experiences in applying breakthrough solutions to promote the financial inclusion in order to accelerate the achievement of financial inclusion targets in Vietnam.

II. DEFINITION, SCOPE, OBJECTS AND OBJECTIVES

1. Definition, scope and objects

a/ Definition

Financial inclusion means convenient access to and use of financial products and services, which are provided in a responsible and sustainable manner, by all people and enterprises in conformity with their demands and at reasonable costs, paying greater attention to the poor, low-income earners, disadvantaged people, small- and medium-sized enterprises, and micro-enterprises.

Click download to see the full text

^{^[1]} Công Báo Nos 171-172 (03/02/2020)

Please log in to a subscriber account to see the full text. Don’t have an account? Register here

Processing, please wait...

LuatVietnam.vn is the SOLE distributor of English translations of Official Gazette published by the Vietnam News Agency