Directive No. 22/CT-TTg promotion of non-cash payment development solutions in Vietnam

DIRECTIVE

On the promotion of non-cash payment development solutions in Vietnam

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On December 30, 2016, the Prime Minister issued the Decision No. 2545/QD-TTg on approving the Scheme on development of non-cash payment in Vietnam during the 2016 - 2020 period (hereinafter referred to as “the Decision No. 2545/QD-TTg”). After nearly four years of implementing the Decision 2545/QD-TTg, non-cash payment activities continued to develop positively; payment infrastructure and technology are focused on investment, improving quality and promoting efficiency; the inter-bank electronic payment system operates stably, safely,  efficiently, and satisfies the nationwide inter-bank payment needs; ensuring security and safety of the non-cash payment system is respected and strengthened; electronic payment services and instruments have been strongly developed and diversified; most of the new and modern payment products and instruments have been researched and deployed in Vietnam, especially payment through mobile devices which has a strong growth rate.

However, the ratio of cash on total payment instruments is still high compared to the target set out in the Decision 2545/QD-TTg (as of December 31, 2019: 11.33%); the use of cash is still quite common in people’s civil transactions, especially in rural areas, remote areas; electronic payment in e-commerce is still low, not commensurate with the development potential; the implementation of non-cash payment in the field of health and education remains modest; crimes in the field of high technology and electronic payment have recently had complicated development with new and more sophisticated behaviors and tricks, etc.

In order to continue to promote non-cash payment and electronic payment to reach targets set out in the Decision 2545/QD-TTg, especially in the complicated development context of the COVID-19 pandemic, the Prime Minister requests ministries, branches and relevant localities to proactively and urgently implement key tasks assigned by the Prime Minister in the Decision 2545/QD-TTg and the Government’s Resolutions. To be specific:

1. The State Bank of Vietnam:

a) To urgently complete the review, amendment, supplement and perfection of the legal framework for non-cash payment and electronic payment activities, satisfying new payment models and product development requirements; to assume the prime responsibility for and coordinate with ministries and relevant agencies in submitting the Government to consider and promulgate the new Decree replacing the Decree on non-cash payment before July 01, 2020.

b) To continue to study and promulgate according to its competence or submit the competent authorities to promulgate appropriate mechanisms and policies on payment service charges in order to encourage organizations and individuals to make non-cash payments.

c) To direct the construction and development of the automated clearinghouse for retail payment transactions (ACH), officially put into operation and deploying the service before December 15, 2020.

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