On December 17, 2021, the State Bank of Vietnam (SBV) issued Decision No.2006/QD-NHNN on the Implementation Plan for Decision No.1813/QD-TTg dated October 28, 2021 of the Prime Minister approving the Scheme on Cashless Payment Promotion in Vietnam for the 2021-2025 Period.
The issuance of the Plan is aimed to synchronously and effectively implement the relevant solutions under the SBV’s jurisdiction as identified in the Scheme on Cashless Payment Promotion in Vietnam for the 2021-2025 Period (the Scheme), which was issued at Decision No. 1813/QD-TTg of the Prime Minister. In addition, this Implementation Plan also defines the specific tasks, timelines and responsibilities of SBV entities and the entire banking industry, ensuring the timely implementation, close coordination, continuous reporting and monitoring, and supervision of the implementation progress in order to achieve the objectives as set out in the Scheme. The Plan comprises of the following specific tasks:
First, improving the legal corridor, the relevant mechanisms and policies: reviewing, recommending necessary revisions to a number of legal provisions related to payment operations in the existing laws and legal documents; studying to formulate a Law on Payment Systems; Finalizing and issuing a new Decree replacing Decree No. 101/2012/ND-CP dated November 2012 on non-cash payments, as well as formulating new guiding documents; Reviewing and recommending a revision or a replacement of Decree No. 222/2013/ND-CP dated December 31, 2013 on cash payments in order to enhance the management of cash payment operations, especially for the purchase and sale of high-valued assets; Formulating and submitting to the Government for issuance of a new Decree on a controlled pilot scheme for Fintech in the banking sector; Researching and recommending mechanisms and policies for a central bank digital currency (CBDC); Conducting appropriate policies on fees for cashless payments; etc.
Second, upgrading and developing modern payment infrastructure that can operate safely and effectively, as well as connecting and integrating into other systems: formulating, issuing and implementing the Scheme with the development of payment systems towards 2025 and orientations to 2030; modernizing the National Inter-bank Electronic Payment System in line with the international standards; improving and developing the infrastructure for financial switching and electronic clearing, expanding the digital payment eco-systems; upgrading the core banking and internal payment systems; applying ISO 20022 standards to the inter-bank electronic payment system.
Third, developing modern payment services, applying the achievements of the 4.0 Industrial Revolution: Researching and applying advanced technologies, business models and digital solutions; promoting cashless payments in the remote and rural areas.
Finally, promoting electronic payments in the Government sector and in the public administrative services; strengthening the inspection and supervision, ensuring the security and safety, and applying the international standards to payment operations; Promoting the communications, dissemination, training, guidance and consumer protection in non-cash payments; Strengthening the coordination mechanism to promote cashless payments; etc.
The SBV relevant Departments, the payment service and the intermediary payment service providers, based on their functions, tasks and jurisdictions, shall have to proactively develop their own plans for the strong implementation, ensuring the progress of the assigned tasks as specified in the Plan; regularly checking, urging the implementation and proposing prompt amendments, if necessary.
This Decision took effect from the date of signing.
Le Hang