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Official Gazette

Monday, September 23, 2019
Tags: money
Official Gazette issues Nos 49-51/2019 released on August 26 2019 Official Gazette issues Nos 49-51/2019, released on August 26, 2019
Central bank wants to promote mobile payment Central bank wants to promote mobile payment
In Vietnam today, the term “fintech - financial technology” has become more and more popular. Particularly in the field of intermediary payment services, there has been a tremendous increase in the number of e-payments, especially mobile payments via e-wallets, over the past few years. Let’s examine the situation of the mobile payment sector as well as measures to be taken by state authorities to facilitate business operations while ensuring payment security and safety.
Central bank puts forth tighter regulations on e-wallets Central bank puts forth tighter regulations on e-wallets
The State Bank of Vietnam has proposed stricter regulations on opening and use of e-wallets in a draft circular revising Circular 39 of 2014 on intermediary payment services, with the aim of preventing the abuse of the e-wallet business for money laundering and other illegal purposes.
Resolution guiding money laundering enforcement announced Resolution guiding money laundering enforcement announced
The Supreme People's Court and the State Bank on May 31 held a joint seminar in Hanoi to announce the Resolution guiding the implementation of the 2015 Penal Code’s Article 324 on money laundering.
Vietnam looks to develop cashless payment Vietnam looks to develop cashless payment
The State Bank of Vietnam is working to complete the legal corridor and build rational mechanisms to boost cashless payments, which helps prevent corruption, money laundering, and tax invasion.
New directive issued to fight ‘black lending New directive issued to fight ‘black lending’
The Prime Minister has released a directive to fight loan sharks who are targeting vulnerable people.
Regulations on online ads - inadequacies and suggestions for improvement Regulations on online ads - inadequacies and suggestions for improvement
Online advertising has proven to be a trendy choice of businesses. Revenue of Vietnam’s online advertising market mounted to USD 76 million in 2017 and is forecast to increase by three folds in the next five years. However, there remain several limitations in the law regulating Internet advertising such as regulations on protection of interests of online customers, foreign traders’ right to run online advertisements, advertising of some special goods, products and services, management of new types of advertising, and competence for state management for online advertising.
State Bank steps up fight against black credit State Bank steps up fight against “black credit”
In January 2019, local media reported that Le Dinh Huu Phuoc, a 55-year-old man in the Central Highlands province of Gia Lai, was beaten to death by a group of gangsters for failing to fully pay his nephew’s debt.
SBV to reduce reserve requirement ratios on bank deposits SBV to reduce reserve requirement ratios on bank deposits
Credit institutions that take part in the central bank’s plan on supporting the restructuring of ailing credit institutions would be allowed to halve reserve requirements for all types of deposits.
Foreign capital attraction to see new forms: expert Foreign capital attraction to see new forms: expert
Vietnam needs to learn about new forms of investment to raise appropriate policies for attracting foreign money, according to chairman of the Vietnam Association of Foreign Invested Enterprises Nguyen Mai.

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