Implementation of Scheme on Cashless Payment Promotion in Vietnam for 2021-2025 period


Completing the legal framework and mechanism, policies on cashless payment; upgrading and developing modern, safe and effective payment infrastructure; promoting electronic payments in the government sector and public administrative services; strengthening the inspection, examination, supervision to ensure security and safety in payment, and applying international standards in payment activities v.v. are some of the key tasks outlined in the Decision No. 2006/QD-NHNN dated December 17, 2021 of the State Bank of Vietnam (SBV) on the Implementation Plan for Decision No. 1813/QD-TTg dated October 28, 2021 of the Prime Minister approving the Scheme on Cashless Payment Promotion in Vietnam for the 2021-2025 period. The Decision took effect from the date of signing.

The Plan aims to synchronously and effectively implement the solutions under the scope, authority and responsibility of the SBV as identified in the Scheme on Cashless Payment Promotion in Vietnam for 2021-2025 Period (the Scheme), which was issued at Decision No. 1813/QD-TTg of the Prime Minister. In addition, this Implementation Plan also defines the specific tasks, timeline and responsibilities of SBV’s entities and the entire banking industry, ensuring the timely implementation, close coordination, continuous reporting and monitoring, and supervision of the implementation progress in order to achieve the objectives as set out in the Scheme.

Firstly, improving the legal framework, the relevant mechanisms and policies: Reviewing, recommending necessary revisions and additions to a number of legal provisions related to payment operations in the existing laws and legal documents; Researching to develop a Bill on Payment Systems, ensuring its compatibility and compliance with the provisions of the Law on the State Bank, Law on Credit Institutions, Law on Anti-Money Laundering and the SBV’s authority to manage and supervise payment systems, services and means of payment, in line with practical requirements, development trends and international practices; Finalizing and issuing a new Decree replacing Decree No. 101/2012/ND-CP dated November 22, 2012 on non-cash payments, as well as formulating new guiding documents.

Reviewing and recommending a revision, an addition or a replacement of Decree No. 222/2013/ND-CP dated December 31, 2013 on cash payments in order to enhance the management of cash payment operations, especially for the purchase and sale of high-valued assets in accordance with the provisions of the Law on Housing, Law on Real Estates Trading, Law on Anti-Money Laundering, Law on Anti-Corruption; Formulating and submitting to the Government for issuance of a new Decree on a controlled pilot scheme for Fintech in the banking sector; Researching and recommending mechanisms and policies for a central bank digital currency (CBDC); Conducting appropriate policies on fees for cashless payments, allowing users to access non-cash payment services at a reasonable cost, etc.

Upgrading and developing modern payment infrastructure that can operate safely and effectively, as well as capable of connecting and integrating into other systems; Formulating, issuing and implementing the Development Strategy of payment systems towards 2025 and orientations to 2030; Modernizing the National Inter-bank Electronic Payment System in line with the international standards, enhancing the ability to connect, integrate, make payments and settlements for other systems; Improving and developing the infrastructure for financial switching and electronic clearing, expanding the digital payment eco-systems, ensuring the ability to connect and integrate with other sectors, industries to serve online payments; Expanding and connecting with other countries’ financial switching and electronic clearing system; Upgrading the core banking and internal payment systems, ensuring the connectivity and integration with important payment systems, technical infrastructure of public service providers and other systems; Applying ISO 20022 standards to the inter-bank electronic payment system.

Developing modern payment services, applying the achievements of the 4.0 Industrial Revolution: Researching and applying advanced technologies, business models and digital solutions associated with the 4.0 Industrial Revolution to develop a diverse payment products and services on digital platforms, ensuring safety, security and convenience for users; Promoting electronic payments in e-commerce; Promoting cashless payments in the remote and rural areas.

Promoting electronic payments in the Government sector and public administrative services: Coordinating to complete the connection between the electronic payment infrastructure of payment service providers, payment intermediaries, national inter-bank electronic payment system, financial switching and electronic clearing system with the infrastructure of tax, customs and treasury agencies to serve the collection and spending of the state budget by cashless payment method, etc.

Strengthening the inspection and supervision, ensuring the security and safety, and applying the international standards to payment operations: Developing tools to automatically collect and analyze supervision information, developing a database of supervision objects; Improving the supervision effectiveness in order to detect and prevent potential threads and risks; Researching and applying international standards in the assessment and supervision of payment systems, etc.

Promoting communications, training, guidance and consumer protection in cashless payments: developing plans, implementing communication and financial education programs in various forms that applied the achievements of the 4.0 Industrial Revolution; implementing the communication and education activities on solutions to ensure the security, safety and confidentiality in cashless payment, electronic payment, etc.

Strengthening the coordination mechanism to promote cashless payments: Effectively implementing the agreements, coordination regulations, Memorandum of Understandings, bilateral or multilateral coordination among relevant Ministries to promote cashless payment; proactively integrating internationally in the field of payment according to appropriate roadmap; actively participating in the activities of regional and international financial-monetary institutions, payment forums, etc.

Actively researching new models, means and forms of payment in the world that are appropriate for Vietnam; continuing to establish and strengthen external bilateral mechanism in regard to the field of payment with strategic partners and other important partners; Considering participation in international organizations and forums on financial inclusion and payment; actively participating in the discussion on international law and standards on payment operations of multilateral organizations and forums, particularly the Bank for International Settlements; continuing to expand integration in priority sectors of the payment system, gradually reaching common norms and international practices.

Department of Research and International Cooperation