return icon

Mobile Money paves way to apply 'sandbox' for new services

The trial Mobile Money service allowed by the Prime Minister will set a precedent for applying a "sandbox" scheme for new services and professions in digital society.



Sandbox is a controlled institutional framework applied to new technologies, products, services and business models. It is an environment for technology firms to try their new technological apps and business models. After the trial period, management agencies will review the trial implementation and then accept or reject it.

Using laws to set rules to deal with new issues arising from the application of new technologies is a challenge. The apps may have a rapid impact on society that management systems may not be able to keep up with.

Many traditional business fields have changed, and businesses have to utilize technology to work more effectively. It is impossible to manage new services and business models within the existing framework, because policies tend to lag behind practice. Therefore, a sandbox is a wise method.

“It’s impossible to demand state management agencies to create policies for the future. Many countries apply sandbox policies to encourage enterprises to develop new business models, with certain limitations in deployment,” said Nguyen Trung Chinh, president of CMC.

“Sandbox is the manifestation of the principle ‘businesses can do what is not prohibited by law’,” he said. “To build a strong government, it’s necessary to give up the view that businesses can only do the things the State allows them to do."

The Prime Minister has put into effect the pilot implementation of Mobile Money services – making payments for small-value goods and services with telecom accounts. The pilot program will last two years.

This is the first service that the Government has applied the sandbox mechanism with the management of many ministries and branches.

The Government hopes the service will contribute to the development of non-cash payments, and promote access and use of financial services, especially in rural and mountainous areas.

Businesses can only provide Mobile Money to remit money and make payments for legal goods and services in Vietnam in accordance with current laws.

Mobile Money is only applied to domestic transactions with a monthly transaction value limit of VND10 million.

Vietnam is not the first country that has accepted a new technology platform, but experts said that it has an advantage by learning lessons from predecessors.

To popularize certain services among everyone, payment platforms must reach 100 percent of the people. There is no other means that can implement this better than Mobile Money.

In Vietnam, the proportion of credit card users is still low, but mobile subscriber density is very high. Ninety-nine percent of transactions with small value of below VND100,000 are carried out in cash. Mobile Money will be a strong solution to promote non-cash payments in society.

Minister of Information and Communications Nguyen Manh Hung said that Mobile Money is a convincing example that shows that telecom carriers can become platforms for many things, not only telecom infrastructure. They can become platforms for data, computing, digital content, authentication, IT services and IoT.

Nguyen Son Hai, Deputy CEO of VNPT Media, said Mobile Money would lead Vietnamese on the path to become digital citizens and develop a digital society.

“Mobile Money is the first sandbox involving many ministries and sectors to be piloted to meet the needs of society. It paves the way for more sandboxes to be applied to other new services and business models in the future."

Bui Son Nam, Deputy CEO of MobiFone, said that Mobile Money is a great opportunity for mobile network operators to build an ecosystem to accelerate digital transformation.

Got It’s CEO Tran Viet Hung also puts high hopes on the sandbox mechanism, saying that it will help develop Vietnam’s technology startups. 

Thai Khang

Calls for cashless payments to take-off in Vietnam

Calls for cashless payments to take-off in Vietnam

The prolonged COVID-19 pandemic has unexpectedly created "golden" conditions for the financial industry to accelerate digital transformation and shift to cashless payments.

Three mobile network providers seek permission to launch mobile money services

Three mobile network providers seek permission to launch mobile money services

Three mobile network operators - Viettel, VNPT and MobiFone - have applied for the implementation of their own Mobile Money pilot projects.


Amid global unrest, VN billionaires incur huge losses

Despite good news about the economy, including high growth rate and low inflation, stock prices have been sliding all over the globe.

Vietnam needs to expand airport network to relieve pressure on infrastructure

Vietnam ranks No.1 on the list of the 25 countries with the fastest post-pandemic recovery of the domestic aviation market.

Binh Duong lures foreign investors with special care

The southern province of Binh Duong has taken the lead for foreign direct investment (FDI) attraction thanks to its methods of taking care of investors.

Securities under pressure from external risks

Although the US Federal Reserve (FED) raised the interest rate in the hope of reducing inflationary pressure, it has come as a shock to see a rise in the core US inflation data, despite falling oil prices.

Unemployment rate falls, workers' incomes increase

According to the General Statistics Office's Report, the labor and employment situation in the third quarter of 2022 continued to recover.

The most expensive birds in Vietnam

Red-whiskered bulbs (Pycnonotus jocosus) with original colors are priced at VND500 million and tiny chickens with original colors sell for thousands of USD.

Drinks from dracontomelon: A popular heat-relieving drink in Hanoi

Sweet drinks made from ‘sau’, a fruit which is known scientifically as Dracontomelon, are a popular heat-relieving drink in Hanoi during the hot summer.

1,000 authors with doctoral degree or higher compiled textbooks for new academic year

As many as 1,574 authorities participated in compiling textbooks for six grades in accordance with the new general education program issued in 2018.

Expectations positive for growth trajectory

The Vietnamese economy has been gradually bouncing back thanks to the government’s major efforts to curb the pandemic and remove obstructions to progress for enterprises.

Law on Pharmacy needs to be amended

The lack of medicine at public hospitals has caused concern among the public. The Prime Minister has instructed the Ministry of Finance (MOF) and relevant ministries to find solutions to resolve the problem.

FIEs seek streamlined workforce policy

The human resources of Vietnam are improving to meet the demand of foreign-invested enterprises. However, they may require stronger policies on visas to enhance performance and transfer high technologies to Vietnam

US investors display confidence in Vietnam

Vietnam and the United States are seeking ways to increase their investment and trade ties, with the latter pledging to support the latter in education, training, and the energy transition.

Entrepreneurs blaze a trail in the city

Die-hard entrepreneurs are re-inventing themselves to solve business problems and find their niches in Ho Chi Minh City.

VN ranks 48th in Global Innovation Index 2022

Vietnam ranked 48th among the 132 economies featured in the Global Innovation Index 2022 (GII 2022).

Outstanding policies take effect in October 2022

A string of new policies on higher vehicle registration fee, termination of compulsory unemployment insurance premium, electronic identification and authentication and cybersecurity come into effect in October 2022.