SBV Project on boosting non-cash payment in Vietnam in 2011-2015 period
SBV Project on boosting non-cash payment in Vietnam in 2011-2015 period
The Governor of the State Bank of Vietnam (SBV) issued Decision No.1131/QD-NHNN on May 30 promulgating the Plan for implementing Decision No. 2453/QD-TTg of the Prime Minister (PM) dated December 27, 2011 approving the Project on boosting non-cash payment in Vietnam in the 2011-2015 period.
In order to ensure timely and effective implementation and meet the objectives of the Project on boosting non-cash payment in Vietnam in the 2011-2015 period as approved by the PM, SBV has formulated the Plan for implementing the Project, defined the tasks, roadmap, deadlines and responsibilities of the SBV entities related to the implementation of the Plan.
Tasks in 2012:
Completing the draft decree to replace Decree No. 64/2001/ND-CP of the Government dated September 20, 2001 on the payment via payment service providers, in order to submit it to the Government for approval.
Promulgating and carrying out the regulations on the disbursement of loans of credit institutions and foreign bank branches for customers.
Completing the formulation of the circular on intermediary payment service provision of non-banking institutions, and responsibilities of the other relevant institutions and individuals.
Completing the formulation of the Circular on the procedures for opening and using payment accounts, and responsibilities of the relevant institutions and individuals.
Completing the formulation of the circular on equipping, managing and operating safe and sound ATMs.
Improving the quality, efficiency, and capacity of the inter-bank electronic payment system. .Completing the formulation of the circular on the payment procedures via payment service providers, and responsibilities of the relevant institutions and individuals.
Completing the formulation of the circular on non-cash payment services, and responsibilities of the relevant institutions and individuals.
Adjusting fees of inter-bank payment services.
Formulating the project on the development of an automatic clearing payment system for retail banking transactions.
Formulating a draft decree to revise Decree No. 161/2006/ND-CP of the Government on cash payment.
Revising mechanisms and policies of fees for payment services to encourage entities and individuals to use bank cards via automatic teller machines (ATMs) and points of sale (POSs).
Promoting investment in and improving the quality of infrastructure of card acceptance networks.
Completing and implementing the project on establishing a unified card switching center.
Researching and orienting the application of the standards of domestic bank cards, and formulating the plan on development of IC cards in Vietnam.
Coordinating with the Ministry of Finance in formulating the Project on settlement and final accounting of government bond transactions via SBV.
Tasks in 2013:
Completing a draft decree and submitting it to the Government to revise Decree No. 161/2006/ND-CP of the Government on cash payment.
Issuing guidelines on cash payment, and setting fees for certain cash payment transactions.
Expanding and completing the connection of the inter-bank electronic payment system with the payment system of the State Treasury.
Coordinating with the Ministry of Public Security in issuing the regulations on security, safety, confidentiality, prevention, and handling of legal violations in card payment, ATMs, POSs and high-techpayment modalities.
Requesting the World Bank (WB) to provide loans and advice to Vietnam to help apply new and modern means of payment to those rural areas and residents far from getting access to banking services, particularly payment services via banks.
Promulgating the regulations on applying new and modern payment services and facilities (via internet, mobile phones ...).
Issuing proper mechanisms and policies on tax incentives; and issuing mechanisms to enhance tax supervision for those entities which are not willing to conduct payments via POSs for tax fraudulence and evasion.
Revising the regulations on equity contribution, and transfer of shares and bonds by enterprises and individuals related to non-cash payments.
Accomplishing the Project on development of automatic clearing payment system for retail banking transactions as approved by the competent authorities.
Implementing the Plan on the development of IC cards in Vietnam.
Formulating the standards for equipments in service of card payment and testing the quality of ATMs and POSs.
Developing and applying cards in service of public duty expenses of public expenditure agencies and units.
Formulating the project on selecting certain locations for pilot application of modern payment facilities and modalities which are easily and properly utilized in the practical conditions of rural and remote areas, and by those people who do not have bank accounts.
Implementing the Project on settlement and final accounting of government bonds via SBV.
Tasks in 2014:
Pilot application of modern payment modalities and facilities in certain rural areas in line with the approved plan.
Implementing mechanisms and policies on tax incentives to develop POSs.
Developing and promulgating the regulations on property and valuable asset trading to be settled via commercial banks.
Developing an automatic clearing payment system for retail banking transactions.
Checking the quality of ATMs and POSs before putting them into operation.
Developing and applying cards for public duty expenses of public expenditure agencies and entities.
Continuing to implement the plan of IC cards in Vietnam.
Tasks in 2015:
Continuing to implement and complete pilot application of modern payment facilities and modalities in certain rural areas.
Directing the implementation of the regulations on property and valuable asset trading to be settled via commercial banks.
Continuing to implement mechanisms and policies on tax incentives to further develop POSs and evaluate initial results.
Organizing stock taking of the Plan and making report to the Prime Minister.
Regular tasks implemented during the 2012 – 2015 period:
In addition to the aforesaid tasks defined for each year, a number of tasks are regularly implemented in the 2012-2015 period as follows:
Promoting technology development and transfer and application of new technologies for advanced electronic payment, and developing and upgrading the payment system in the economy.
Improving the quality and efficiency of payment services via POSs with synchronous measures in order to make the effective utilization of bank cards via POSs; developing multi -purpose cards; enhancing payment via mobile phones, internet ... ; developing other forms of electronic payments of periodical charges; reviewing and supplementing operational procedures to ensure security and safety in electronic payment of the payment services providers.
Continuing to enhance the payment of salary and wages for the state budget beneficiaries via bank accounts and strive to the target of 65% in late 2012 and 80% in 2015 for the state budget benificiary entities.
Regularly launching information and communication campaigns to help the public to understand how to use non – cash payment services in order make a fundamental change to gradually do away with the age-old habit of cash payment.
Promoting international cooperation in order to obtain technical assistance, advice, and experience from successful models and necessary financial resources for the non-cash payment development.
Increasing the number and capacity of staff in the field of payment, especially the makers of non-cash payment development policy, strategy and orientation.
Enhancing coordination among ministries, agencies and enterprises in implementing non-cash payment solutions.
Enhancing supervision of payment transactions in the economy to ensure compliance with the legal documents on payment, and maintaining a safe and sound payment system. Developing the SBV strategies, mechanisms and policies to supervise the payment systems of the economy.
Encouraging the payment services providers and goods and service traders to promote various incentives for consumers in using non-cash payment instruments.
Developing and applying various rewarding forms for retail businesses; and grating awards to the best entities and individuals in implementing the Plan.
The SBV Governor has assigned specific tasks with deadlines for all the relevant SBV departments and entities. They have to make periodical reports on the implementation of their tasks to the SBV Governor to make a consolidated report to the Prime Minister on execution of the Project on boosting non – cash payment in Vietnam in the 2011-2015 period.
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