Việt Nam is entering the Fourth Industrial Revolution with the participation of all sectors, including the banking system; however, non-cash payment has seen development stall as the country’s population has not yet embraced its benefits.— Photo vietnambiz.vn HÀ NỘI — Việt Nam is entering the Fourth Industrial Revolution with the participation of all sectors, including the banking system; however, non-cash payment has seen development stall as the country’s population has not yet embraced its benefits. Representatives from various sectors and agencies discussed how to promote cashless payment systems in rural areas at a Friday workshop in Hà Nội. At the workshop, Deputy Chairman of Việt Nam Farmers’ Association Phạm Tiến Nam said these cashless systems are a worldwide trend that some Vietnamese people have started to embrace as an alternative to normal cash transactions. “Non-cash payments … [Read more...] about Cashless payment needs a boost in rural areas
Daily cash withdrawal limit
Central bank urges ATM withdrawal limits at night
Central bank urges ATM withdrawal limits at nightThe Saigon Times Daily Clients withdraw cash at ATMs of Vietnam Prosperity Bank, or VPBank – PHOTO: VNA HCMC – The State Bank of Vietnam (SBV) has asked credit institutions and banks to impose limit on cash withdrawal at their automatic teller machines (ATMs) at night, in a bid to protect themselves and their clients. In a written request to local credit organizations and branches of foreign banks on Tuesday, the SBV asked credit institutions to take preventive measures in card payment activities. The SBV told the agencies to strictly comply with the laws and regulations of the central bank, as well as strengthen the internal inspections and audits of card payment activities, both in number and quality. Such agencies should review their entire procedures of card payment activities, and fully carry out risk prevention measures in each stage, in a bid to prevent crime. They also should make their clients more aware of … [Read more...] about Central bank urges ATM withdrawal limits at night
BUSINESS IN BRIEF 27/4
Viet Nam climbs up on UL safety index Viet Nam is becoming a safer nation relative to many others, and once again improved its safety ranking in 2017, according to the latest report released by Underwriters Laboratories (UL), a global safety science company. In the latest UL Safety Index, Viet Nam moved up 11 places to 76th. The overall injury rates in the country decreased sharply last year, with drowning deaths falling by 15 per cent, poisoning by 14 per cent and transport deaths by 8 per cent, according to the report. “Our mission is to help advance safe living and working environments for people in Việt Nam and around the world, and contribute to the discourse on public health and safety,” David Wroth, director, Data Science– UL, said. “The findings from the study this year illustrate that Việt Nam is performing better in its overall efforts to improve safety.” The index attributes the improvement to certain indicators … [Read more...] about BUSINESS IN BRIEF 27/4
BUSINESS IN BRIEF 27/3
Although Vietnam has stepped up exports to ASEAN, the country ran a trade deficit of US$6.51 billion with the region last year, according to data of the General Department of Vietnam Customs. Vietnam’s trade with other ASEAN countries totaled US$49.53 billion last year, up 19.6% over 2016 and accounting for 11.7% of the country’s total foreign trade. Export growth outpaced import growth but the country still incurred a yawning trade deficit with the region. The country exported US$21.51 billion worth of products to other Southeast Asian countries, growing 23.9% against the previous year, while imports grew by 16.4% year-on-year to US$28.02 billion. The surge in exports to ASEAN is thanks to higher export revenues from mobile phones and phone parts (up US$948 million), iron and steel products (up US$722 million), computers, electronic products and components (up US$488 million), crude oil (up US$378 million), and textiles-garments (up US$181 million). Meanwhile, Vietnam … [Read more...] about BUSINESS IN BRIEF 27/3
New limitation of foreign currency withdrawal for Vietnam`s credit card holders
The new regulation would go into force from March 3, 2018. Specifically, a card holder can withdraw a maximum amount of cash in foreign currency equivalent to VND30 million (US$1,300) per day. For cash withdrawal at domestic card accepting units, each card holder can withdraw maximum VND5 million in one day. This is in line with newly-issued Circular 26 by State Bank of Vietnam (SBV) concerning bank card operation. For the withdrawal of cash by cards abroad, to limit the use of cash as foreign currency spent for improper purposes that are not permitted by the law, the circular stipulates that cash withdrawal transactions will be subject to a daily cap limit The circular also states, in case of issuing credit card with collateral asset, the credit line will not exceed 80% of the asset’s value, which is not over one billion VND. lso supplements regulations on the issuance of cards to foreigners to prevent the case where foreigners enter the country for a … [Read more...] about New limitation of foreign currency withdrawal for Vietnam`s credit card holders
Breakfast @ Tuoi Tre News – January 15
Check out the news you should not miss today, January 15, 2018: Society -- Police raided a nightclub in Bien Hoa, the capital of the southern province of Dong Nai, on Sunday, with 80 out of 218 club-goers later testing positive for drugs. -- The tenth annual Spring Volunteer Campaign, where local students take part in community work, was officially kick-started in Ho Chi Minh City on Sunday, with more than 30,000 participants. -- The number of people learning to drive in Ho Chi Minh City in 2017 rose 11 percent year on year to 141,000, many of whom were apparently future car buyers who anticipated tax cuts, applicable this year, for vehicles imported from ASEAN countries. -- Police in the northern city of Hai Phong are hunting for a pickup truck driver who fled away after fatally crashing into two ninth graders on Sunday. -- The Ministry of Construction has proposed reinstating a coercive measure, which was nullified in 2015, to cut power and water supply to developers that violate … [Read more...] about Breakfast @ Tuoi Tre News – January 15
BUSINESS IN BRIEF 5/1
Social housing: Loan interest rate maintained at 5% The State Bank of Viet Nam (SBV) has decided to keep preferential loan interest rate unchanged at 5 per cent for purchase, rent or hire of social housing projects in 2018.The decision took effect from the beginning of this year, replacing Decision No 2544/QD-NHNN, dated December 30, 2016, on interest rate for loans applicable in 2017 for social housing projects.The interest rates will be applied for house buyers who have already sought loans from the VND30 trillion (US$1.32 billion) housing stimulus package launched in 2013 as the minimum repayment term is 15 years, and from the Viet Nam Bank for Social Policies (VBSP).The VND30 trillion (US$1.32 billion) housing stimulus package aimed primarily at social policy beneficiaries and estate developers of such projects. Of which, VND21 trillion, accounting for 70 per cent of the package’s total has been given to home buyers of projects. The remaining 30 per cent … [Read more...] about BUSINESS IN BRIEF 5/1
Students to pay tuitions by school smart card
Students to pay tuitions by school smart cardHoang Nhung By Hoang Nhung - The Saigon Times Daily HCMC – Students from 150 schools in HCMC from this academic year will not have to use cash for tuition payment as the city’s Department of Education and Training on July 2 introduced the School Smart Card (SSC) project. The project is being executed by the education department in cooperation with the State Bank of Vietnam’s HCMC branch, Vietcombank, BIDV and Green House Joint Stock Company. Le Hoai Nam, deputy director of the Department of Education and Training, said the project would be piloted at 150 schools first before being introduced to more schools. Students as cardholders will have their names and identification numbers on the card. Parents will be account holders and open the card for their children by filling in the form of the SSC project. SSC’s information center will announce the payable amount to parents, and they can either pay via … [Read more...] about Students to pay tuitions by school smart card