Shinhan Bank Vietnam Limited on June 29 signed a memorandum of understanding (MoU) with BC Card Company to establish a strategic collaboration in the development of acquiring business in Vietnam.

The Centre of Information and Digital Technology of the Vietnam E-commerce and Digital Economy Agency under the Ministry of Industry and Trade is expected to launch a system to ensure transactions in e-commerce from now until the end of the year.

With emerging technologies such as AI and blockchain, Vietnam has the ability to leverage data connectivity to create ‘an integrated payment ecosystem’ to promote cashless payments, experts said at a recent meeting in HCM City.

Cashless payments are developing rapidly in Vietnam, especially after the COVID-19 pandemic, with transactions via banks averaging US$40 billion per day, according to Pham Anh Tuan, Director of the State Bank of Vietnam (SBV)’s Payment Department.

Social security offices across the country have recently witnessed long lines of people waiting to claim lump-sum payments.

Samsung Vina Electronics signed a memorandum of understanding (MoU) with Shinhan Bank Vietnam to establish a strategic relationship between Samsung Wallet and financial products from Shinhan Bank on June 14.

The Ministry of Finance has proposed to develop a resolution to exempt late tax payment penalties for loss-making enterprises in 2022, but enterprises said a more comprehensive solution is needed to support them to earn profits and revenue, and gain orders to overcome the current difficult period.

Vietnam remains an attractive market for retailers as local consumers remain optimistic about the economic challenges and are driving premium purchases.

Some 77% of Vietnamese consumers believe they could go cashless for three days, according to a new survey by Visa entitled “Consumer Payment Attitudes Study 2022”.

The State Bank of Vietnam (SBV) has requested banks, branches of foreign banks, and providers of intermediary payment services to take steps to continue promoting cashless payment and the implementation of the national digital transformation programme.