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

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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 MinisterEffective date:
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Official number:149/QD-TTgSigner:Nguyen Xuan Phuc
Type:DecisionExpiry date:Updating
Issuing date:22/01/2020Effect status:
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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.

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Effect status: Known
TTXVN

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.

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[1] Công Báo Nos 171-172 (03/02/2020)

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SAME CATEGORY

Circular No. 16/2023/TT-BTC dated March 17, 2023 of the Ministry of Finance amending and supplementing a number of articles of the Ministry of Finance’s Circular No. 36/2021/TT-BTC dated May 26, 2021, guiding a number of contents regarding investment of state capital in enterprises and management and use of capital and assets at enterprises as prescribed in Decree No. 91/2015/ND-CP dated October 13, 2015; Decree No. 32/2018/ND-CP dated March 08, 2018; Decree No. 121/2020/ND-CP dated October 09, 2020, and Decree No. 140/2020/ND-CP dated November 30, 2020, of the Government

Circular No. 16/2023/TT-BTC dated March 17, 2023 of the Ministry of Finance amending and supplementing a number of articles of the Ministry of Finance’s Circular No. 36/2021/TT-BTC dated May 26, 2021, guiding a number of contents regarding investment of state capital in enterprises and management and use of capital and assets at enterprises as prescribed in Decree No. 91/2015/ND-CP dated October 13, 2015; Decree No. 32/2018/ND-CP dated March 08, 2018; Decree No. 121/2020/ND-CP dated October 09, 2020, and Decree No. 140/2020/ND-CP dated November 30, 2020, of the Government

Finance - Banking , Investment

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