The State Bank of Vietnam (SBV) issued Decision No. 637/QĐ-NHNN on March 31 to promulgate plan of implementing Decision No. 2545/QĐ-TTg of the Prime Minister dated December 30, 2016 on approving Scheme on non-cash payment in Vietnam for 2016-2020 period.
Accordingly, in order to implement promptly and effectively as well as achieve objectives of Scheme on non-cash payment in Vietnam for 2016-2020 period, the SBV formulated plan of implementing the Scheme; specified tasks, roadmap, time for completion and assigned tasks to each entity and relevant institutions to implement following substances: completing legal frame and policy mechanism; upgrading, expanding and restructuring the Inter Bank Payment System (IBPS); formulating and developing retail payment systems and services; enhancing electronic payment in the Government and public administrative sector; reforming securities clearing and settlement system; improving settlement systems in money market and foreign currency inter-bank market; strengthening management and monitoring of international payment and money transferring system; enhancing the task of information and communication as well as training, guidance and protection of customer in the process of non-cash payment; strengthening cooperation mechanism to accelerate cashless payment.
The SBV Governor required SBV entities to proactively implement the assigned tasks; regularly monitor and make recommendation on timely adjustment; make annual report on the implementation results before December 15 to be sent to Payment Department for submitting to the SBV Governor.
The Payment Department is responsible for assisting the SBV Governor in implementing the Plan; monitoring the implementation; annually reviewing and reporting to the SBV Governor, results, difficulties and obstacles, then suggesting measures of handling; being leading department to compile annual report on assessment and results of implementing the Scheme to be submitted to the Prime Minister.
The SBV municipal and provincial branches are required to promptly and effectively implement mechanisms and policies on non-cash payment; monitor the payment situation in their locations to report and make recommendations to the local authorities and the SBV Governor in line with regulations.
Payment and payment intermediary service providers are required to formulate their plans on developing non-cash payment to be implemented effectively in compliance with the tasks as stipulated in this Plan.
Le Hang