The PM has recently ratified a project on non-cash transaction development in Viet Nam in the 2016-2020 period with a view to keeping cash transaction rate under 10%.

The project aims to accelerate e-commerce  transactions and implement the Master Scheme on E-commerce Development in the 2016-2020 period.

Especially, 100% of supermarkets, commercial centers, modern distribution sites will allow e-commerce transactions. Up to 70% of water, electricity, telecom providers will allow non-cash payments. A half of individuals and households will apply non-cash transactions.

New and modern means and methods of payments will be developed at rural and far-reaching areas. Financial inclusion will be promoted. At least 70% of over 15-year-old people will have banking accounts by 2020.

Policies on e-commerce payment

The project aims to research administrative and economic measures in favor of e-commerce development.

It also looks to issue some mechanisms and policies to promote non-cash transactions; strengthen control of payment and invoice issuance to prevent  tax evasion; and issue legal regulations on electric records.  

In addition, the project also targets to develop non-cash transactions in rural areas and e-commerce payment for public administration services.

VGP