Starting January 1, 2026, domestic banks will no longer accept passports as valid identification for Vietnamese citizens in any transactions, including payments, cash withdrawals, or card services, according to circulars issued by the State Bank of Vietnam.

VOV.VN - The Vietnamese Government identified building an e-Government towards a digital government, a digital society, and a digital economy as one of its top priorities toward a comprehensive digital transformation until 2030.

Competition among banks to lure demand deposits is becoming fiercer as the cheap capital source helps banks increase their net interest income (NIM) ratio.