Residents advised to make non-cash payments amid coronavirus fears

A deputy governor of the State Bank of Vietnam has advised residents to limit the use of cash for payments and make more online transactions instead to prevent the spread of the Wuhan coronavirus, the local media reported.

Residents advised to make non-cash payments amid coronavirus fears

A person holds a stack of Vietnamese banknotes. The State Bank of Vietnam has advised residents to limit the use of cash for payments to prevent the spread of the Wuhan coronavirus

Cash is always handed from one person to another, increasing the risk of infections with multiple viruses, including the novel coronavirus.

Speaking at a recent meeting with 21 commercial banks, Deputy Governor Dao Minh Tu noted that cash payments still make up a large percentage of payments in Vietnam. Meanwhile, the central bank does not have enough equipment or methods to sterilize cash, which may slow down or interrupt transactions as well.

As such, apart from encouraging residents to turn to electronic payments, the representative of the central bank assigned the Payment Department to find ways to raise online transaction value limits for residents and firms.

A representative of the National Institute of Hygiene and Epidemiology stated that despite the lack of research on whether the coronavirus, which emerged in China late last year, can be transmitted on paper bills or coins, residents should be cautious in touching and using cash amid the rapid spread of the virus.

The representative explained that some studies have indicated that paper money can carry up to 3,000 different viruses.

Ninh Thi Lan Phuong, deputy general director of Saigon-Hanoi Bank (SHB), noted that SHB believed this was the right time to adopt measures to promote non-cash transactions, including payments and deposit services.

A number of banks, aside from calling on residents to make online transactions, have reduced online money transfer fees to incentivize their customers to make non-cash payments.

 

Nam A Bank has urged its employees to instruct its clients to use electronic banking products such as Internet Banking and Open Banking.

In addition, Binh An Bank has encouraged its clients to conduct more online transactions to minimize the potential spread of the virus.

Promoting non-cash transactions is not only the Government’s policy but is also a global trend, bringing convenience to residents and helping the nation fight against corruption and money laundering.

Pham Tien Dung, director of the Payment Department, under the State Bank of Vietnam, pointed out that as of late November 2019, over 146 million transactions, valued at some VND87.6 quadrillion, had been conducted through the interbank electronic payment system, up 17.8% in the number of transactions and over 32% in value year-on-year.

The average number of daily transactions amounted to 635,000, valued at over VND380 trillion. However, the figures were still modest compared with cash transactions in Vietnam. SGT

Banks, fintech firms promote cashless payments during epidemic

Banks, fintech firms promote cashless payments during epidemic

To prevent the spread of the new strain of coronavirus in Vietnam, customers are encouraged to adopt cashless payment methods.

Vietnam c.bank sets cashless payments as top priority for 2020

Vietnam c.bank sets cashless payments as top priority for 2020

The State Bank of Vietnam (SBV) has issued a resolution to boost cashless payments in the country.

 
 

Other News

.
More sci-tech content in upcoming China-ASEAN Expo
More sci-tech content in upcoming China-ASEAN Expo
BUSINESSicon  06/09/2021 

The whole universe hidden in the VR glasses, magnificent images shown on transparent screens, unmanned aircraft applied in seeding and fertilization..., sci-tech exhibition has become the new hot spot in the China-ASEAN Expo (CAEXPO) in recent years.

VIETNAM BUSINESS NEWS SEPTEMBER 4
VIETNAM BUSINESS NEWS SEPTEMBER 4
BUSINESSicon  04/09/2021 

Vietnam scores high in employee experience

Foreign investors keen on education
Foreign investors keen on education
BUSINESSicon  04/09/2021 

Overseas funds continue to cash in on Vietnam’s education sector with a view to diversify investment portfolios.

Rice exporters feel strain of restrictions
Rice exporters feel strain of restrictions
BUSINESSicon  04/09/2021 

The disruption of the production chain in the past few months is pushing rice exporting and processing companies into an increasingly difficult situation.

Garment and textile groups bemoan curbs
Garment and textile groups bemoan curbs
BUSINESSicon  04/09/2021 

With the autumn-winter season coming up, Vietnam’s garment and textile industry could cash in on the increased demand for clothing. 

CAEXPO embraces RCEP opportunities
CAEXPO embraces RCEP opportunities
BUSINESSicon  04/09/2021 

Cooperation is deepened to improve substantial economic and trade results.

E-commerce platform imports billions of US dollars of Chinese goods
E-commerce platform imports billions of US dollars of Chinese goods
BUSINESSicon  04/09/2021 

The Vietnamese Ministry of Finance believes that it is necessary to have regulations to control exports and imports transacted through e-commerce platforms.

Experts propose solutions to supply chain disruptions caused by COVID-19
Experts propose solutions to supply chain disruptions caused by COVID-19
BUSINESSicon  03/09/2021 

A group of experts of the Hanoi-based National Economics University have put forward several immediate solutions to remove bottlenecks and connect disrupted supply chains that have impacted localities hit by COVID-19.

Agriculture Ministry to open new path for farm produce sales
Agriculture Ministry to open new path for farm produce sales
FEATUREicon  04/09/2021 

“We have to figure out a new ‘farm produce path’ that allows us to connect fields and markets,” said Minister of Agriculture and Rural Development Le Minh Hoan.

VIETNAM BUSINESS NEWS SEPTEMBER 3
VIETNAM BUSINESS NEWS SEPTEMBER 3
BUSINESSicon  03/09/2021 

Bubbles heap pain on vital manufacturers

Five-year restructuring plan aims to improve national economic competitiveness
Five-year restructuring plan aims to improve national economic competitiveness
BUSINESSicon  04/09/2021 

The Ministry of Planning and Investment has said that it is coordinating with relevant ministries, agencies and localities to build a national economic restructuring plan for the 2021-2025 period, 

On-line CAEXPO: Exploiting potential of Internet for new growth
On-line CAEXPO: Exploiting potential of Internet for new growth
BUSINESSicon  03/09/2021 

On the platform of on-line China-ASEAN Expo (CAEXPO), ASEAN Pavilion, China Pavilion, and other virtual pavilions can be found on the homepage.

The 'test' for the future of seafood exports
The 'test' for the future of seafood exports
FEATUREicon  05/09/2021 

If Vietnam does not focus on removing the IUU (Illegal, unreported and unregulated fishing) yellow card and violations continue, it is very likely that the EC will switch from yellow card to red card.

Offshore wind power: unpredictable 'waves' as investors wait for decision on tariff
Offshore wind power: unpredictable 'waves' as investors wait for decision on tariff
FEATUREicon  03/09/2021 

Many offshore wind power investors are holding their breath waiting for the next move of the Ministry of Industry and Trade and the Government.

Vietnam Airlines pilots IATA Travel Pass on flight to Europe
Vietnam Airlines pilots IATA Travel Pass on flight to Europe
BUSINESSicon  03/09/2021 

National flag carrier Vietnam Airlines successfully piloted the IATA Travel Pass on a flight from Hanoi to London on September 2 with the participation of 18 passengers.

Online Vo So platform sells food in HCM City
Online Vo So platform sells food in HCM City
BUSINESSicon  02/09/2021 

After HCM City resumed operation of goods delivery services on August 31, Viettel Post and Vo So e-commerce platform opened an "online market" to provide food and essential goods for people at hcm.voso.vn.

VIETNAM BUSINESS NEWS SEPTEMBER 2
VIETNAM BUSINESS NEWS SEPTEMBER 2
BUSINESSicon  02/09/2021 

Online trade promotion is currently considered as an effective solution for businesses to maintain contacts with their export markets and also a tool to learn about market trends, developments and demand.

Vietnam boosts high-tech industry
Vietnam boosts high-tech industry
BUSINESSicon  02/09/2021 

Vietnam has targeted mastering a number of high technologies to form an ecosystem of enterprises producing high-tech products, and put them into production to increase the export value of high-tech products by 2030.

Government urged to loosen restrictions, speed up vaccinations to save economy
Government urged to loosen restrictions, speed up vaccinations to save economy
FEATUREicon  02/09/2021 

Economic indexes show the situation is getting worse in the country. The most concerning issues are social distancing extensions and other restrictions.

Standard Chartered revises down Vietnam’s 2021 GDP growth forecast to 4.7%
Standard Chartered revises down Vietnam’s 2021 GDP growth forecast to 4.7%
BUSINESSicon  02/09/2021 

Standard Chartered has revised down its forecast for Vietnam’s gross domestic product (GDP) growth this year from 6.5% to 4.7%.

 
 
 
Leave your comment on an article

OR QUICK LOGIN