Deputy PM: Mobile payments to boom in Vietnam

09:52 | 07/11/2017 Economy- Society

Mobile payments will soon boom and become popular in Vietnam, in a similar manner to mobile phones ten years ago, said Deputy Prime Minister Vuong Dinh Hue at the 2017 Vietnam Mobile Payment Forum, in Hanoi, on November 6.

Deputy PM Vuong Dinh Hue speaking at the forum - Credit: VGP

The event, themed ‘Mobile payment – a factor promoting the economy without cash’, featured the participation of hundreds of domestic and international enterprises form around the world.

Deputy PM Hue emphasised that mobile payments have not only changed the mode of payment but have also created and promoted new business models.

The Vietnamese Government has set an important target of creating a boom and universalising mobile payments, contributing to bringing the ratio of cash on the total payment side to less than 10% by 2020, he added.

The Deputy PM also pointed out a number of challenges related to the legal framework, transaction security, information security, cross-border transactions, high-tech crimes and national digital sovereignty that the use of mobile payments can create.

He said that these challenges should be addressed thanks to creative innovations and learning from international experience, as well as the coordination between the Government and enterprises.

Vietnam is developing a National Financial Inclusion Strategy and mobile payments will be an important part in implementing this strategy, noted Deputy PM Hue.

He affirmed that the Vietnamese Government will create favourable conditions to popularise mobile payment trends in Vietnam through regular dialogues and close coordination with the business community and domestic and foreign financial institutions.

The Government will also create the necessary legal framework, mechanisms and essential action plans to promote mobile payment in particular and e-commerce services in general; as well as properly detecting and addressing pressing issues to ensure that the majority of people and enterprises can enjoy the benefits, said the Deputy PM.

He asked the State Bank of Vietnam, as well as the relevant ministries and agencies, to closely coordinate together to remove any difficulties in the promotion of mobile payments.

Theo NDO