Deputy PM makes case for cashless society

10:30 | 14/06/2019 Finance - Banking

Deputy Prime Minister Vuong Dinh Hue has declared a series of benefits of cashless payment and projected a boom in the service while speaking at a forum on June 11.

deputy pm makes case for cashless society
Deputy Prime Minister Vuong Dinh Hue speaks at the event - Photo: VGP

He stated that cashless payment will reduce costs, promote transparency, prevent corruption and money laundering, enhance the performance of banks and bolster production and services.

The Deputy PM added that the government has requested provincial chiefs to roll out the collection of tuition fees and water bills without using cash as soon as 2019.

According to Deputy PM Hue, cashless payment in Vietnam will soon witness a boom in the near future thanks to greater demand and the technology being ready to support it.

Although cashless payment has been growing rapidly in recent years, it remains an emerging business in Vietnam.

Hue stated that the introduction of measures to boost cashless payment is both an urgent and long term matter, and asked the central bank to work with the Ministry of Information and Communications to soon perfect the legal framework.

Speaking to payment service providers, the Deputy PM said that there is huge potential for further growth and urged them not to focus on profits in the initial stages, adding that profits will multiply with the number of users.

The workshop on the policies and realities of a cashless society was jointly held by the State Bank of Vietnam’s Department of Payment and Tuoi Tre Newspaper in Ho Chi Minh City.

Theo NDO