Economic News

Last updated: Monday, April 22, 2019


VN Banking System Development Strategy by 2025 Ratified

Posted: Thursday, August 16, 2018

The proportion of cash payments will be reduced by 10 per cent by 2020 and 8 per cent by 2025, according to the recently-ratified Viet Nam banking system development strategy by 2025, with a vision to 2030.

Accordingly, the strategy sets the tasks to increase the independence, activeness and responsibility of the State Bank of Viet Nam (SBV) on monitoring monetary policy, controlling inflation in line with socio-economic development orientation in each period, supporting for stabilizing the macro-economy and boosting sustainable economic development goals.

It also heads to strengthen the capacity and effectiveness of the SBV’s inspection and supervision over banks as well as enhance the development of non-cash payments and maximize ATM and POS networks.

The strategy aims to increase the number of businesses and people getting access to financial and banking services provided by credit organizations and develop services serving for population groups unable to access to traditional banking service at rural, remote and disadvantaged areas.

By 2025, at least two to three commercial banks will be ranked among top 100 Asian banks (in term of assets) and three to five ones will be listed on foreign stock markets.

The bad debt of the credit organizations will be lessened by 3 per cent by 2025.


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