Wednesday, November 21, 2018 7:25:21 PM - Markets open
VN-INDEX 922.56 +3.54/+0.39%
HNX-INDEX 103.90 -0.01/-0.01%
UPCOM-INDEX 52.06 +0.00/+0.00%
Gov’t aims to boost public service payment through banks - 8/27/2018 8:19:11 AM
 (0 ratings. You must sign in to rate.)
The Government will continue to fine-tune legal regulations to popularise the payment of public services through banks, deputy governor of the State Bank of Vietnam (SBV) Nguyen Kim Anh said at a forum on accelerating the payment of public services via banks held in Hanoi on August 24.
The Government early this year approved a project on fostering the payment of public services, such as tax, electricity, water, tuition, hospital fees and social and public welfare programmes, via banking.
Accordingly, the Government has set itself a target of collecting 80 percent of tax payments in cities through banks and enabling treasuries in all provinces and cities to have cashless payment systems by 2020.
Non-cash payments are expected to be accepted by 70 percent of electricity and water suppliers, all universities and colleges, and 50 percent of hospitals in major cities. Meanwhile, some 20 percent of social welfare payments will be made through banks.
Bui Sy Loi, vice chairman of the National Assembly’s Committee on Social Affairs, said that the payment of public services through banks should be accelerated as it helps limit the amount of cash in circulation, thereby reducing costs related to printing, transporting, preserving and destroying old and torn money.
Anh said that the payment via banks for public services is still modest, with focus mainly on the customer groups being institutions and firms in big cities and provinces.
Pham Thanh Du, deputy director of the Vietnam Social Insurance’s Finance and Accounting Department, said that the number of people who receive monthly pensions and social insurance in bank accounts makes up for a small proportion compared to the number of beneficiaries. Only 21 percent of monthly pensions and social insurance were paid to bank accounts by February this year, mainly in big cities.
Du attributed the limit to the long-standing habit of using cash only. The number of ATMs in remote areas is modest, he said.
According to Pham Tien Dung, director of SBV’s Payment Department, some policies, bank infrastructure and local habits on the use of cash are hindering such transactions.
“The connection between banks and service providers is still restricted while the information exchange and data access relating to the payment of public service are also limited,” Dung said.
According to SBV’s reports, 50 banks currently provide tax and customs payment services while 26 banks are involved in providing electricity and water payment services, and 11 banks are implementing tuition fee payment services for students at universities.
The report also showed that payments via Internet reached 127 million transactions with value of more than 8 trillion VND (341.27 million USD) in the first six months of 2018, rising by 50 percent in number and 32 percent in value year-on-year.
Mobile payments in the period also surged by 32 percent in volume and 144 percent in value year-on-year to reach 81 million transactions and 676 billion VND.- VNS/VNA
Read original article here
Newer News
14:27 Reference exchange rate up 5 more VND on November 21
20/11 Reference exchange rate ups 5 VND
19/11 Reference exchange rate stays unchanged on November 19
16/11 Reference exchange rate down further on November 16
14/11 Reference exchange rate turns around to drop on November 14
13/11 Reference exchange rate up 2 VND on November 13
12/11 Reference exchange rate ups 2 VND at week’s start
09/11 Reference exchange rate continues to go down
07/11 Reference exchange rate up on November 7
05/11 Reference exchange rate down on November 5
Older News
24/08 Government mulls tightening foreign bank laws
23/08 G-bonds become important capital mobilisation tool: official
20/08 Reference exchange rate keeps downward trend from previous week
17/08 Reference exchange rate goes down
16/08 Reference exchange rate up on August 16
16/08 Moody’s upgrades ratings of 14 Vietnamese banks
15/08 Reference exchange rate drops on August 15
15/08 Private banks raise interest rates to attract depositors
15/08 Moody's upgrades Vietnam's ratings
13/08 Reference exchange rate goes up at week’s beginning
Newsletter Signup
Top Stories
VN Index to rise amid volatility, weak liquidity
VN stocks continue rallying
VN manufacturing PMI hits 22-month high in March
CPI goes up 4.96 percent year-on-year in first quarter
Slight rise in February CPI
Market Update
Last updated at 3:11:17 PM
VN-INDEX 922.56 +3.54/+0.39%
Real-time chart
Top 5 Actives
Top 5 Gainers
Top 5 Losers
My Favorite Quotes
Your most recently viewed tickers will automatically show up here if you type a ticker in the Get Quotes box on the top of the page.
Company Research
Type in the symbol above for thorough background information, key statistics and financial information.
Stock Sectors
We continuously improve our services, here are the latest updates...
Allow you to monitor a customised group of securities. You can set up multiple Portfolios to help you better manage your investments.
Trigger Alerts
Get up-to-date alerts delivered directly to your email address.
Stock Screener
Allow you to filter the market and find exactly what sort of company you are looking for.
Live Terminal
Get instant access to FREE REAL-TIME streaming quotes for hundreds of stocks from HOSE, HNX and UPCOM exchanges.