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The Governor instructs to promote non-cash payments

Monday 06, 01 2020
the head of the State Bank requested the banking industry to step up non-cash payments, especially via bank payments for public services
The Governor instructs to promote non-cash payments
The Governor of the State Bank has just issued Directive No. 01 / CT-NHNN on organizing the implementation of key tasks of the banking industry in 2020. A prominent content is the promotion of non-cash payment.

The industry conference

At the recent industry conference, Governor Le Minh Hung said that the State Bank of Vietnam has worked closely with the Ministry of Information and Communications and is waiting for the Ministry of Justice's permission to deploy Mobile Money in 2020.

Once again, at the first Directive in the new year, the head of the State Bank requested the banking industry to step up non-cash payments, especially via bank payments for public services; to ensure stable, safe and efficient payment systems and intermediary payment services.

"Innovating and completing information technology infrastructure, applying modern technology to develop digital banking services. Enhancing security, safety, and confidentiality in banking operations", the Directive stated.

The instructions

In 2020, it continues to be a year when the banking industry drastically implemented the scheme of restructuring the system of credit institutions associated with handling bad debts in the 2016-2020 period.

Accordingly, striving for 2020, bringing the NPL ratio to the on-balance sheet to below 2%; the NPL ratio of credit institutions, bad debts sold to Vietnam Asset Management Company (VAMC) and debts that have implemented debt classification measures to below 3% (excluding bad debts of weak commercial banks).

The Governor instructs to promote non-cash payments

In addition, the Governor also required to continue perfecting the legal framework, mechanisms, and policies in accordance with international practices and standards; ensure a uniform legal document system, better meet the state management requirements for monetary and banking activities in the coming period. It is also required to implement drastically the development strategy of Vietnam's banking industry until 2025, with orientations to 2030.

At the same time, the banking sector must accelerate administrative reforms to ensure the excess of targets and tasks under the overall state administrative reform program and administrative reform plan of the State for the period of 2016-2020, contributing to improving the business environment and improving the national competitiveness. It is also necessary to strive to maintain in the top ministries and branches in the ranking of administrative reform index (Par Index) by 2020; maintain the credit access index among the top 25 countries.

Regarding the general orientation, Directive 01 defines that, in 2020, the State Bank will operate monetary policy proactively, flexibly and prudently, coordinating synchronously with fiscal and other macroeconomic policies to control inflation below 4% on average, maintaining macroeconomic stability, supporting targeted economic growth, stabilizing money and foreign exchange markets.

In 2020, the total payment means orientation will increase by 13%; credit increased by about 14%, adjusted to suit the situation and the actual situation. Moreover, the orientation also includes the implementation of monetary and credit solutions according to the motto of extending credit towards safety, efficiency and ensuring capital supply for the economy.

>>> Read more: Cashless payment: Drastic need for state management

Categories:
Banking Business

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