return icon

Vietnam to removes daily transaction limit for e-wallet users

Following the removal of the limit, Vietnam’s central bank said it would only maintain the monthly limit of VND100 million (US$4,284) for each individual.





The State Bank of Vietnam (SBV), the country’s central bank, plans to lift the daily transaction limit at VND20 million (US$856.81) for e-wallet users, the governmental portal reported.

The SBV announced the information at its press briefing held on June 10, responding to the recommendation of the Vietnam Chamber of Commerce and Industry (VCCI) that such limit does not reflect actual transactions, as the prices of some electronic products and services have exceeded the VND20-million threshold.

Following the lifting of the limit, the SBV said it would only maintain the monthly limit of VND100 million (US$4,284) for each individual.

Statistics recently showed that the average transaction value through each e-wallet reaches VND58,000 (US$2.49) a day, totaling merely VND1.74 million (US$74.56) a month. Meanwhile, the average figure globally is estimated at VND5 million (US$206) per month.

Pham Tien Dung, head of the SBV’s Payment System Department, said Vietnam’s monthly limit is not low compared to other countries.

Nevertheless, Dung noted there has been growing trend of e-wallet provider allowing cash topping up , ewallet-to-ewallet transfer and cash withdrawal.

This would mean e-wallets now promote the use of cash, Dung added.

Dung said the recent pilot service of mobile money, which allows people to transfer money through cellphone account instead of a bank account, is also considered a type of e-wallet. Therefore, the limit transaction value for these e-wallet would range from VND5 – 10 million (US$214.17 – 428.34) per day.

According to Dung, a restriction on transaction value through e-wallet would stand in stark contrast with the government’s policies to promote non-cash payment over the past few years.

Nevertheless, users can turn to mobile banking for non-cash payment with large transactions, Dung continued, saying a limitation to transaction through e-wallet is a common international practice.

Moreover, a transaction limit is required to prevent the exploitation of possible loopholes during the verification process, namely the Know Your Customer (KYC), Dung asserted.

This is particularly important in Vietnam as such process has not been fully optimized, causing difficulties for local authority tracking the owners of e-wallets in potential cases of fraud or money laundering, Dung stated.

The Ministry of Industry and Trade informed e-payment in Vietnam recorded one of the highest growth rates in the world, at 35% per year, leading to a booming of e-wallet providers over the past few years.

However, as of the end of 2018, only 4.2 million e-wallet users have linked to bank accounts, while transactions through e-wallet only accounted for nearly 1% of total non-cash payment value.

According to a plan on non-cash payment in Vietnam in the 2016 - 2020 period approved by the prime minister, by the end of 2020, the ratio of cash transactions will be reduced from 90% in 2016 to below 10%. Hanoitimes

VCCI opposes VND20m daily transaction limit for individual e-wallets

VCCI opposes VND20m daily transaction limit for individual e-wallets

The Vietnam Chamber of Commerce and Industry has objected to the State Bank of Vietnam’s (SBV’s) proposal that an individual must not conduct transactions worth more than VND20 million per day through e-wallets.  

E-wallets boom, struggle to survive amid competition

E-wallets boom, struggle to survive amid competition

Nearly 30 e-wallets have been licensed, but only a few of them have real users.

VN Central Bank attempts to set limits on transaction value via e-wallets

VN Central Bank attempts to set limits on transaction value via e-wallets

The attempted restriction on transaction value via e-wallet has faced strong opposition from both wallet users and goods and service providers.



Big supermarkets join Promotion Month 2022

Missosology picks locals contestant among Top 3 at Mister Grand International

Missosology, the world’s leading publication on beauty pageants, has named Vietnamese representative Vu Linh among its hot picks of the Top 3 currently participating in the Mister Grand International 2022 pageant.

HIV infections rise among people under 29

The number of young people catching HIV has seen an upward trend recently, with 50% of new cases being under the age of 29.

Three female scientists receive L’Oreal-UNESCO awards

Three female scientists were granted the 2022 L'Oreal-UNESCO awards at a ceremony in Hanoi on November 25.

Vietnam has two more named in Asia-Pacific documentary heritage list

Two heritage pieces of Vietnam were recognised as part of documentary heritage in Asia and the Pacific on November 26, at the 9th general meeting of the Memory of the World Committee for Asia and the Pacific.


NA Chairman Hue to visit Australia, New Zealand

Big firms absent from 'good governance' list

The list of companies recognized as having the best transparency and governance on the Hanoi Stock Exchange (HNX) doesn’t include many well-known names.

People must live in rooms of at least 8sq.m to register for permanent residence

The Hanoi People’s Council plans to require at least 8 sq m of living space in state-owned properties and 20 sq m in non-state owned properties for registered permanent residence.

80% of wind power projects operate at moderate level as tariff is unclear

Many wind power projects in Quang Tri are behind schedule because of unfavorable weather conditions, the impact of the Covid-19 pandemic, slow site clearance and an unclear tariff scheme.

Headmaster honored by Microsoft for last three years

Nguyen Thi Kim Dung, headmaster of Dong La Secondary School in Hoai Duc district in Hanoi has been honored as Microsoft Innovative Educator Expert - MIEE for three consecutive years.

High fertiliser prices and rising export demand help businesses earn more profits

A promising export market contributed positively to the sharp increase in profits of many fertiliser and chemical enterprises.

Short-lived legal documents cause a hindrance to firms

Many legal documents in Vietnam have been made in such a way that creates a great compliance burden on firms, according to insiders.

Energy demand to outpace supply in short term

Electricity demand has been growing steadily since 2021 and is expected to surpass domestic output in the short term.

Vietnam’s further evolving regulations and policies on energy

The last several months have been dynamic for the energy sector in Vietnam, with a number of key developments.

Digital platforms brought into life

Digital transformation is an inevitable trend today in the world and Vietnam with three main pillars: digital government, digital economy, and digital society.