The State Bank of Vietnam’s (SBV) Decision 2345/QD-NHNN to implement safety and security measures for online and bank card payments, including mandatory biometric face authentication for account transactions over 10 million VND or a daily total of 20 million VND, has been a significant step forward.
Just two months after Decision 2345 came into effect on July 1, 2024, positive results were already being seen. Biometric authentication not only enhances security for online transactions but also provides convenience and peace of mind for millions of customers across Vietnam. 
As of July 22, 2024, 26.3 million customers had completed biometric authentication under Decision 2345, with 22.5 million doing so online via apps and 3.8 million at bank branches.
Mr. Nguyen Viet Anh from Cau Giay, Hanoi, shared his experience: “I work in online sales and frequently make large online bank transfers. Initially, the requirement for biometric authentication for transactions over 10 million VND seemed inconvenient, but after two months of using it, I’ve found it easy and quick. More importantly, it protects my account information and gives me peace of mind against potential losses due to information leaks or hacking.”
Banks have been proactive in assisting customers with biometric authentication. BIDV’s Hoan Kiem branch, for example, reported a smooth transition to the new system, with no issues reported by customers. The branch also received positive feedback, with customers expressing increased confidence in the security of their accounts and transactions.
Ms. Nguyen Hien Luong, a Winmart Hoan Kiem supermarket employee, shared her experience: “When the new rule came into effect, I visited the BIDV Hoan Kiem branch to register for biometric authentication since my old phone didn’t support it. At first, I was slow and uncomfortable with the process, but now I’ve mastered it and find it very convenient, especially in terms of account security.”
Facial biometrics uses facial recognition technology to uniquely identify individuals based on their biological characteristics. This ensures that only account holders can perform large transactions, reducing the risk of fraud or identity theft. The implementation of facial biometrics is a significant step forward for online transaction security and paves the way for the further development of Vietnam’s digital payment platform.
Mr. Nguyen Hung, CEO of TPBank, shared that his bank had been an early adopter of facial authentication even before Decision 2345. Most TPBank customers are now familiar with the process, which has proven to be a safer method, especially with the rise of scams involving fake links, impersonation, and fraudulent requests.
With the rapid growth of e-commerce and online financial services, biometric authentication is set to become a mainstream trend, enhancing user experiences and strengthening customer trust in Vietnam’s banking system. To further ensure security, the SBV has issued Circular 18/2024, effective from January 1, 2025, mandating the completion of identity verification and biometric authentication for all bank accounts before conducting online transactions. This additional layer of security cross-references user biometric data with official databases, fortifying the safety of online transactions in Vietnam.
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“Biometric Authentication: The New Norm for ATM and e-Wallet Security”
As of October 1st, individuals registering for an e-wallet or electronic card must undergo biometric authentication, as mandated by the State Bank. This added security measure ensures the safety and integrity of your personal information, protecting you from potential fraud and identity theft. With this simple and secure process, you can rest assured that your financial transactions are in safe hands.
“Unverified Bank Accounts to Become Inactive for Online Transactions from 1st January 2025”
As of January 1st, 2025, bank account holders will be required to verify their accounts before being able to transact online. This extra layer of security is designed to protect your personal information and finances, ensuring that only the rightful account owners can access and manage their funds online.
