The Hanoitimes - Despite being one of the fastest growing e-commerce markets in the region, online transactions in Vietnam remains feeble. Grab seeks to boost non-cash payment in Vietnam Vietnam c.bank to further push cashless payment: C.bank governor Vietnam to incentivize non-cash payment by 2020 Cash remains the main payment method for online shopping in Vietnam, as up to nearly 80% of online shoppers prefer cash-on-delivery (COD), according to Tu Tien Phat, vice chairman of Asia Commercial bank (ACB). Illustrative photo. Phat made this statement at the conference themed “Towards a cashless society” held on January 15, local media reported. Echoing Phat’s view, Deputy Governor of the State Bank of Vietnam (SBV) Nguyen Kim Anh said cash payment is still popular on the global scale in spite of the rapid expansion of e-payment methods, including mobile payment. Anh referred to a study conducted by MasterCard that cash accounted … [Read more...] about Majority of Vietnamese online shoppers still prefer paying in cash
Payment in cash
Grab seeks to boost non-cash payment in Vietnam
The Hanoitimes - Grab wants to assist Vietnam in developing online payment for public services, which is part of the Vietnam`s e-government strategy. Ride-hailing firm Grab would propose measures to facilitate non-cash payment in Vietnam, according to Anthony Tan, Grab's CEO and co-founder. Illustrative photo. One of the measures is to allow user to create an e-wallet profile without having to link with a bank account, Tan said at a meeting with Deputy Prime Minister Vuong Dinh Hue on October 2. Additionally, the government should authorize third parties such as convenience stores to create an e-wallet profile and deposit money for customers. Another issue is to apply the e-KYC (Know Your Customer) function, enabling users to make transaction and complete formalities online in real time, Tan added. According to Tan, Grab wants to assist Vietnam in developing online payment methods for public services, which is part of the Vietnam's e-government … [Read more...] about Grab seeks to boost non-cash payment in Vietnam
Central bank promotes non-cash payment in rural, remote areas
Mr. Son made the statement at a seminar to promote non-cash payment in rural and remote areas held by Nong thon ngay nay (Present Countryside) newspaper and the State Bank of Vietnam on September 28. However, the current problem is to expand network system for non-cash payment in rural and remote areas. Additionally, the central bank allows private organizations to provide services such as collect and pay for banks to help people have more options in paying without using money. Le Thi Thuy Sen, media official at State Bank of Vietnam said that next time, the central bank will increase information of cashless payment and provide guidance of the new way of paying. The central bank will use social network including Facebook and Google to spread the information to greatly contribute to non-cash payment in rural and remote areas. Statistically, at present 99 percent of Vietnamese people use cash for small purchases while 85 percent transaction in using ATMs is withdrawing money.By NGOC … [Read more...] about Central bank promotes non-cash payment in rural, remote areas
Thaibev to receive US$21.42 million in cash dividend from Sabeco
The Hanoitimes - Sabeco is calculated to pay a total of VND962 billion (US$41.21 million) on dividend. ThaiBev, which owns a 53.59% stake in Saigon Beer Alcohol Beverage Corp (Sabeco) through its local unit Vietnam Beverage, is expected to receive VND500 billion (US$21.42 million) of 2018 dividend in cash from Vietnam's largest brewer. Illustrative photo. Sabeco's board of directors on September 25 issued a resolution approving the first prepayment of 2018 dividend in cash. With payment rate of 15%, existing shareholders will receive VND1,500 (US$0.064) for every share owned. Total payment amount this time is estimated at VND962 billion (US$41.21 million). ThaiBev - controlled by tycoon Charoen Sirivadhanabhakdi - is expected to receive over VND500 billion (US$21.42 million) as the company currently holds 343 million shares or 53.59% stake at Sabeco. As the second largest shareholder of Sabeco, Vietnam's Ministry of Industry and Trade is set … [Read more...] about Thaibev to receive US$21.42 million in cash dividend from Sabeco
Banks prohibited from disbursing loans in cash
The State Bank of Viet Nam has tightened lending regulations, prohibiting credit institutions and foreign bank branches from disbursing loans in cash, effective from April 2, according to a new circular. Banks will have to provide loans to bank accounts of beneficiaries via non-cash payment instruments. - Photo vietnamfinance.vn Under Circular No. 21/2017/TT-NHNN, which stipulates the mode of disbursement of loans by credit institutions and foreign bank branches to customers, lenders will have to provide loans to bank accounts of beneficiaries via non-cash payment instruments. According to the central bank, the new circular is aimed to better supervise loans, seeking to have them comply with the stated purposes for requested loans. The disbursement of loans through bank accounts will help commercial banks supervise the use of borrowers’ loans from the beginning to avoid funds being used for incorrect purposes, such as rollovers, resulting in an increase of … [Read more...] about Banks prohibited from disbursing loans in cash