Domestic electronic transfers worth VND500 million (over US$18,900) or more, and international electronic transfers of US$1,000 (or the equivalent in foreign currency) or above, will have to be reported to the State Bank of Vietnam (SBV).

The State Bank of Vietnam has issued a circular guiding certain provisions of the Law on Money Laundering Prevention and Control.

Vietnamese digital payment firm Momo and American multinational financial services company Western Union on March 20 announced a strategic collaboration enabling customers to receive Western Union money transfers on the MoMo app.

Vietnam is a top market in adopting new technologies, in which 58% of digital consumers have used online banking solutions, e-wallets, money transfer applications, and digital banking.

VTB Bank, a Russian majority state-owned bank servicing the country’s foreign trade operations, launched money transfers to Vietnam in Vietnamese dong from July 27.

VOV.VN - Vietnamese nationals abroad have sent home some US$12.5 billion this year, a year-on-year increase of 10%, according to the State Bank of Vietnam (SBV).

Visa, one of the world’s leading electronic payment technology companies, announced that it has partnered with Saigon Thuong Tin Commercial Joint Stock Bank (Sacombank) to deploy the inbound remittance transfer service through Visa Direct.

The Government has issued a resolution to create a sandbox for financial technology (fintech) in the country’s banking sector.

The National Payment Corporation of Vietnam (Napas) and 14 first banks of Vietnam on June 15 launched the VietQR trademark and quick online money transfer service – Napas 247 using QR codes.

Prime Minister Nguyen Xuan Phuc has approved a mobile money pilot project that will pave the way for payments of a limited value to be conducted using telecommunications accounts.