70% of Vietnam’s adults set to have current accounts by 2020
A recently-approved blueprint for improving access to banking services aims for 70% of adults in Vietnam to have bank current accounts by 2020.
The plan, signed off by Prime Minister Nguyen Xuan Phuc, also aims for at least 20 branches or transaction offices of commercial banks per 100,000 adults.
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While 35%-40% of rural adults are expected to have savings at credit institutions, the plan also looks to have 50%-60% of small- and medium-sized enterprises (SMEs) get credit from these organisations.
Under the blueprint, banking services access in the economy will be improved alongside restructuring banks.
The State will create a favourable legal framework for organisations to diversify banking services, especially non-credit services. Credit institutions will be encouraged to provide banking services for remote areas and SMEs.
The use of information technology will also be stepped up to ensure the services’ convenience for rural and low-income clients.
