Deputy Governor of the State Bank of Vietnam, Pham Tien Dung, announced that as of December 19th, over 142.5 million individual customer records and more than 1.5 million organizational customer records have been biometrically verified using chip-embedded national ID cards (CCCD) or the VNeID app. This initiative has significantly reduced fraudulent activities, with a 57% decrease in individual customers falling victim to scams and a 47% drop in accounts receiving illicit funds.
Currently, 57 credit institutions and 39 payment intermediaries have implemented CCCD chip verification via mobile apps, while 63 credit institutions offer in-branch verification. Additionally, 32 credit institutions and 15 payment intermediaries are actively deploying the VNeID app.
Despite these advancements, combating cybercrime in the banking sector remains challenging. Sophisticated high-tech scams, including deepfakes and AI-driven attacks, continue to threaten individuals’ bank accounts and funds. The rapid evolution of these criminal tactics exacerbates the difficulty in prevention and detection.
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The State Bank of Vietnam emphasizes that combating cyber fraud is a critical and urgent priority for the banking sector, especially with the rapid growth of cashless payments and digital banking services.
According to statistics and information from the Ministry of Public Security, cyber fraud methods are becoming increasingly dangerous and unpredictable, falling into four main categories: impersonation of organizations or individuals, romance scams, investment fraud, and malware distribution for asset theft.
In recent years, the State Bank of Vietnam and the entire banking industry have collaborated with the Ministry of Public Security, Ministry of Science and Technology, and other agencies to implement various measures. These initiatives aim to enhance payment security, protect customer rights, and prevent online fraud, thereby safeguarding customer interests.
The Payment Department of the State Bank of Vietnam has introduced the SIMO system, which monitors suspicious payment accounts and e-wallets potentially involved in fraud or identity theft. Member organizations can report and share information about questionable accounts through this system.
Leveraging SIMO’s centralized data, credit institutions can make informed decisions to block transactions immediately or require additional account verification before online transactions. This proactive approach helps minimize fraud, protect customer accounts, and ensure transaction security.
As of December 28th, over 2.4 million customers have received scam alerts, with more than 776,000 customers halting or canceling transactions post-alert. The total transaction value involved exceeds 2.9 trillion VND.
Ngọc Mai
– 1:27 PM, December 31, 2025
December 30th Currency Market Update: Overnight Interest Rates Plummet to 3%, Halving Since Last Week
At the close of trading on December 29, the Vietnamese Dong (VND) interbank interest rates saw a sharp decline in the overnight term, while longer-term rates remained elevated. The State Bank of Vietnam continued its net liquidity injection through the Open Market Operations (OMO) channel. Both the central exchange rate and the USD rates across markets experienced a slight downward adjustment.
Gold Prices Plunge Further Tonight
Gold prices have plummeted by 2 million VND per tael, pushing the historic peak of 160 million VND further out of reach!
Central Bank Reverses Course After One Week of Net Withdrawal
After nine consecutive weeks of net injection, the State Bank of Vietnam (SBV) briefly shifted to a net withdrawal stance. However, this phase lasted only one week before the regulator resumed net injections during the final week of December (22–29/12/2025).
Currency Market Update: SBV Nets VND Injection, Overnight Rates Dip to 4%, USD Black Market Plunges
The week of December 22–26 witnessed a cooling trend in the foreign exchange market, as central rates, interbank rates, and free market rates all declined compared to the previous week. Interbank interest rates fluctuated unevenly across different tenors, while the State Bank of Vietnam injected a net liquidity of over 6.1 trillion VND through the OMO channel to support system liquidity.
Vietnam’s Credit Growth Hits 10-Year High as Central Bank Warns of Risks with Credit-to-GDP Ratio Reaching 146%
Mr. Quang revealed that the majority of capital in the banking system is short-term, accounting for up to 80%, while 50% of outstanding loans are medium to long-term. This mismatch in maturities poses a persistent risk. In a context of surging credit growth, the level of risk escalates significantly.
