On June 2nd, a press conference was held in Ho Chi Minh City regarding the Cashless Day 2025 program with the theme “Cashless Payments Drive Digital Economy.” The event was organized by the Payment Department, the Bank Times, and Tuoi Tre Newspaper, in collaboration with the Ho Chi Minh City Department of Industry and Trade and the National Payment Corporation of Vietnam (Napas).
At the press conference, Mr. Pham Anh Tuan, Director of the State Bank of Vietnam’s Payment Department, shared that according to statistics, there are 200 million bank accounts in the country. However, after the State Bank required biometric authentication, the number of active accounts stood at 113 million individual accounts and over 711,000 organizational accounts. These accounts have been verified with the national population database.
A bird’s-eye view of the press conference.
Mr. Tuan stated, “Accounts that have not been biometrically verified could be dormant, fraudulent, or inactive. The banking industry has undergone a revolution to eliminate fraudulent accounts, and by September, we plan to close all accounts that haven’t undergone biometric verification to prevent their misuse for fraudulent activities.”
He also highlighted a new development: starting July 1st, e-wallets will be recognized as a means of payment, similar to accounts, cards, and cash. This change will provide e-wallets with greater opportunities to penetrate the market and offer their services, especially in remote areas.
Additionally, the revision of Circular No. 40/2024/TT-NHNN, which regulates the provision of payment intermediary services, is expected to come into effect on September 1st. This will facilitate the development of e-wallets while ensuring compliance with the law and preventing their use for illegal activities such as black-market lending, gambling, and unauthorized exchanges.
Ho Chi Minh City residents verifying their bank account information using biometrics.
Furthermore, the Payment Department representative mentioned that the upcoming draft related to cards and accounts will require credit institutions to use technology to authenticate the identity of individuals conducting transactions. This will ensure that the person’s information matches their documents and the VNEID application, rather than relying solely on the verification of bank tellers as is currently the case.
Mr. Nguyen Nguyen Phuong, Deputy Director of the Ho Chi Minh City Department of Industry and Trade, emphasized the city’s efforts to promote cashless commerce and consumption. He stated that they are not only focusing on luxury brands but also expanding into other services such as transportation, accommodation, cuisine, healthcare, medicine, and beauty. This will create a comprehensive experiential ecosystem for both locals and visitors.
“With synchronized implementation and a shift in payment methods, I believe Ho Chi Minh City is on a path towards a future where the use of cash is no longer prevalent,” Mr. Phuong asserted.
According to the organizers, the program is expected to attract 50,000 direct participants and reach approximately 50 million views through online channels. Additionally, it aims to boost cashless transactions in Ho Chi Minh City by at least 20% in June, significantly promoting digital consumption and contributing to economic growth.
Mr. Pham Anh Tuan: Nearly 86 Million Accounts “Wiped Out” Post-Biometric Authentication
“Prior to the implementation of the new authentication requirements by the State Bank of Vietnam, the country boasted an impressive 200 million bank accounts. However, once the new biometric verification process was enforced, the number of active accounts stood at 113 million individual accounts and over 711,000 organizational accounts. These are the accounts that have successfully undergone the rigorous process of biometric data verification, ensuring the integrity and security of Vietnam’s national population database.”
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“Over 108 Million Customers’ Biometric Data Verified: Unlocking the Power of Secure Authentication.”
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