Deputy Prime Minister Le Minh Khai has asked the State Bank of Vietnam (SBV) to continue studying and completing the legal framework, mechanisms, and policies to promote digital payments.

Speaking at the recent “Data Connection, Smart Payment” conference held in Ho Chi Minh City as part of Cashless Day 2023, Deputy Prime Minister Khai said cashless payments have become more common among the population and encourage the development of smart digital payment services.

He asked relevant ministries, agencies, and localities to develop and apply digital payment services and products to further boost cashless payments, particularly in rural and remote areas.

In the two years since Vietnam developed a master plan on cashless payments in the 2021-2025 period, the rate of people with banking accounts now stands at more than 75 per cent. Non-cash transactions have increased 89 per cent in quantity and 32 per cent in value in that time.

Interbank electronic payment transactions rose 8.6 per cent year-on-year in terms of value in the first quarter, according to the SBV.

After more than a year of mobile-money services being offered, 3.71 million accounts have been opened, 30 per cent of which are in remote areas and islands.