10:56 | 26/09/2019 Economy
Deputy Prime Minister Vuong Dinh Hue hailed the Republic of Korea as a cashless payment model that Vietnam wants to follow during a reception in Hanoi on September 19 for Director of the RoK’s Alliex Technology Company Park Byounggun.
|Deputy PM Vuong Dinh Hue and Alliex Technology Company Director Park Byounggun - Photo: VGP|
Hue said Vietnam is embarking on the cashless payment project, with a focus on standardising payment via QR codes and improving infrastructure for common points of sale (POS).
According to him, the Vietnamese government has issued regulations on electronic bills, payment via cards and is striving to enable online payment for public services.
The Deputy PM said the government has directed the pilot application of new technologies in the field and wished that Alliex would work closely with the State Bank of Vietnam to develop a cashless ecological system in the country.
Park informed his host that during his visit, Alliex signed a contract with Vietnam’s Vietinbank and Sacombank to build infrastructure for common POS, contributing to realising the country’s cashless payment policy.
During the first Vietnam – RoK dialogue on economic cooperation at the deputy prime ministerial level in June, Alliex expressed its interest in investing in common POS in Vietnam to help with the development of the sharing and cashless economy.
The company said it intends to pour US$700 million in Vietnam in the next five years to develop common POS, or nearly 600,000 card payment equipment for the market.