Decision No. 2545/QD-TTg
approving the Scheme on development of non-cash payment in Vietnam during 2016-2020
Independence - Freedom - Happiness
No. 2545/QD-TTg Hanoi, December 30, 2016

Approving the Scheme on development of non-cash payment in Vietnam during 2016-2020


Pursuant to the June 19, 2015 Law on Organization of the Government;

Pursuant to the June 16, 2010 Law on the State Bank of Vietnam;

Pursuant to the June 16, 2010 Law on Credit Institutions;

At the proposal of the Governor of the State Bank of Vietnam,


Article 1. To approve the Scheme on development of non-cash payment in Vietnam during 2016-2020 with the following principal contents:


1. Overall objectives

a/ To make a marked progress in non-cash payment in the national economy, thereby changing the habit of using payment instruments in society, reducing cash payment-related social costs and the ratios of cash in circulation to the gross domestic product (GDP) and of cash to total payment instruments;

b/ To ensure security, safety and operational effectiveness of payment and settlement systems, and non-cash services and payment instruments; to create effective mechanisms to protect users of non-cash payment services;

c/ To promote the use of e-payment and reduce the use of cash in payment transactions between individuals, enterprises and governmental agencies;

d/ To improve the effectiveness of the management and supervision by state management agencies, and make payment activities in the economy and personal incomes transparent, thus contributing to the prevention and combat of corruption, negative practices and economic crimes.

2. Specific targets

a/ By the end of 2020, the ratio of cash to total payment instruments will be below 10%;

b/ To strongly develop card payment using card readers at points of sale (POS); to gradually increase the number and value of card payment transactions using card readers. By 2020, the whole market will have over 300,000 card readers installed at POS to process around 200 million transactions per year;

c/ To promote e-payment in e-commerce, strive to achieve the targets set out in the master plan on development of e-commerce during 2016-20 (100% of modern supermarkets, shopping malls and distribution centers will have card readers which enable consumers to make non-cash payments when purchasing goods; 70% of electricity, water, telecommunications and communications service providers will accept non-cash payment of charges; 50% of individuals and households in major cities will use non-cash payment instruments in their shopping and consuming activities);

d/ To concentrate efforts on developing a number of new and modern payment instruments and forms in rural, remote and deep-lying areas, thus contributing to promoting financial inclusion; to drastically increase the number of people having access to payment services, and increase the percentage of people aged 15 years or older having bank accounts to at least 70% by the end of 2020.


1. Improving the legal framework, mechanisms and policies

a/ To revise and supplement a number of provisions on non-cash payment in the current laws (such as the Law on the State Bank of Vietnam, Law on Credit Institutions and Law on Anti-Money Laundering); or to build a separate law on payment systems, thereby ensuring the inclusive, uniform and comprehensive management of the payment systems in the economy suitable to the country’s practical conditions and conformable to international standards and practices;

b/ To study, amend and supplement the regulations on non-cash payment and cash payment, including regulations on new non-cash payment instruments and services, payment intermediary services, cryptocurrency and e-commerce activities; to promulgate regulations on responsibilities of service providers, users and third parties;

c/ To issue legal documents to manage, operate, limit risks incurred to, and effectively supervise, new payment forms, instruments and systems:

- To revise and assess the mechanism of management of payment activities of non-bank institutions and other institutions engaged in providing cross-border services and international card institutions.

- To formulate the multilateral net clearing mechanism; to promulgate regulations on clearing agreement, finalization, irrevocability mechanism, square settlement and preventive measures against insolvency of payment systems, including the automated clearing house (ACH) for retail sale payments, which is under construction.

- To promulgate regulations on the operation of the interbank e-payment system (IBPS), ACH and system of payment for government bond transactions at the State Bank of Vietnam, and regulations concerning the processing and payment of interbank foreign currency transactions at the State Bank of Vietnam.

- To promulgate regulations on/concerning the elaboration and implementation of a set of standards of domestic chip cards and implementation of the plan on conversion of magnetic cards into chip cards in Vietnam.

d/ To revise the regulations on the use of non-cash payment instruments to disburse loans of credit institutions and foreign bank branches to their clients, thereby promoting non-cash payment and supervising the use of loans by clients for proper purposes;

dd/ To promulgate regulations on authorized payment, permitting non-bank institutions to participate in the provision of new payment services, expanding the network of payment services in rural, remote and deep-lying areas in order to promote the access to and use of these services;

e/ To formulate and promulgate appropriate mechanisms and policies to promote e-payment:

- To apply a number of administrative measures in combination with economic measures to develop e-payment:

+ To study and promulgate mechanisms and policies to promote e-payment in tax collection and payment; e-commerce; collection of charges and fees, administrative procedures; payment of charges for regular services like electricity and water supply, telephone, Internet and cable TV; to apply new e-payment technology; to encourage goods retailers and service providers to accept and use e-payment instruments and help their customers make e-payments in the course of goods and service purchase and sale, without discrimination between cash payment and e-payment.

+ To promulgate appropriate mechanisms and policies on payment service charges aiming to encourage non-cash payment; to apply lower charge rates for account transfer and higher charge rates for cash remittance and withdrawal via/at credit institutions and foreign bank branches; to reduce charge rates for interbank payment transactions; to issue regulations on methods of charge calculation and the structure of charge distribution by operators of payment systems, ensuring reasonable charge rates and creating a competitive and non-monopolistic market.

+ To study and promulgate mechanisms and policies to promote non-cash payment in combination with enhancing control of payment, issuance of goods and service sale invoices, and combat of tax loss; to issue regulations on the legality, use and storage of e-documents.

- To review and revise regulatory documents on the opening and use of payment accounts, considering adding the requirement for institutions and individuals engaged in business activities to open payment accounts at payment service providers for conducting payment transactions.

- To promulgate regulations on non-cash payments for real estate and valuable property (automobiles, motorcycles, ships, boats, etc.).

g/ To review and revise regulations and policies on information security, safety and confidentiality; anti-money laundering; and detection, prevention, stoppage and handling of violations in e-payment, especially crimes and frauds in card payment, payment via ATM, POS, the Internet, cell phones, contactless payment and other hi-tech payment modes; to further update and apply advanced measures to ensure security and safety for important e-payment systems and hi-tech payment services; to devise and improve measures, mechanisms and policies on risk management and penalties against e-payment violations.

2. Upgrading and expanding the interbank e-payment system to meet the needs of the economy and the process of international economic integration

a/ High-value payment systems

- To restructure the IBPS from the model of scattered processing to the model of concentrated processing at a national payment center, and conduct interbank finalization via a single account opened at the State Bank of Vietnam.

- To broaden or add the function of finalizing interbank foreign-currency payment transactions and the function of finalizing government bond payment transactions, and transfer these functions from commercial banks to the State Bank of Vietnam for finalizing these transactions with money of the central bank to minimize risks.

- To upgrade and expand the application of the IBPS to better serve state budget collection and remittance transactions; to complete the expansion and connection of the IBPS to the payment system of the State Treasury.

- To finalize clearing results of domestic card transactions and retail payment transactions of the card-switching system and retail clearing payment system, cross-border low-value payment and money transfer transactions at the IBPS of the State Bank of Vietnam.

- To promulgate regulations and processes with sufficient tools to manage financial, operating and legal risks to the IBPS.

- To prepare necessary conditions for bilateral or multilateral connections with the payment systems within the ASEAN.

b/ Low-value payment system

- To modernize the low-value payment system, raise its service quality, increase processing speed, and shorten finalization time.

- To invest in the upgrading and integration of both the high-value payment system and low-value payment system in order to save costs and resources and raise the operational effectiveness of the IBPS.

- To identify and classify subjects and scope of provision of the clearing payment service for low-value interbank transactions via the IBPS of the State Bank of Vietnam and ACH system.

c/ To restructure the organizational and operational model

To gradually change according to an appropriate roadmap the organization, operation and management of the IBPS toward specializing and professionalizing the provision of public services at an independent unit under the direct management of the State Bank of Vietnam with a view to ensuring autonomy, operational effectiveness and constant innovation.

3. Building and developing retail payment systems and services

a/ To increase card payment services

- To continue quantitative and qualitative development in combination with rational arrangement of the POS network in order to improve its quality and efficiency; to develop the POS sharing network and mPOS payment; to promote card payments for online payment transactions; to expand card payment services to health establishments, hospitals, schools, etc.

- To research and apply new modern payment technologies at reasonable cost, with a high payment speed, simple and convenient procedures and high quality.

- To promote the development of multi-purpose, multi-function, non-physical and contactless cards (for payment of road and bridge tolls, gasoline and oil, bus tickets and taxi fares, social insurance premiums, school fee, etc.).

- To study and deploy a number of administrative measures combined with economic measures to develop card payment at goods and service retail points; to impose heavier penalties for collection of payment surcharge at retail points.

b/ To build and develop the automated clearing house (ACH) for retail payment transactions

- ACH will provide clearing services for transactions conducted via different payment instruments and channels, meeting payment needs of various subjects such as enterprises, individuals and governmental agencies; it will process credit and debit transactions, accept new payment instruments and provide clearing services for e-commercial transactions and e-tax payments.

- ACH will operate around the clock, ensuring the fulfillment of obligations between clients on a real time or near-real time basis; act as a focal point connecting to other retail systems in the region and around the world.

- The State Bank of Vietnam shall manage and strictly supervise the ACH, ensuring its safe, effective and uninterrupted operation to serve the common purpose of the market in conformity with international practices.

- The State Bank of Vietnam shall approve operation regulations of important retail payment systems, specifying their functions, tasks and characteristics; mechanisms for risk management and dispute settlement; guidelines on the operation of the systems and measures against non-compliant members; responsibilities of system members; management measures; basic information of financial messages; continuous operation mechanism; and charge rates.

c/ To improve internal payment systems of banks

To build, upgrade and improve internal payment and core banking systems of commercial banks; to ensure uninterrupted and automated connection with the ACH and IBPS of the State Bank of Vietnam; to further invest in infrastructure facilities for and strongly develop e-payment modes such as online banking, payment via the Internet and cell phones, contactless payment and acceptance of contactless payment, contactless payment via cell phones, near field communication (NFC) payment via cell phones, cloud-computing payment, digital payment and electronic device-based commerce; to apply new and advanced security and confidentiality measures suitable to the payment trend in the world, ensuring swift, secure, safe, and convenient payment at reasonable cost.

d/ To develop e-payment to serve e-commerce

- To improve and increase connectivity between the e-payment infrastructure of the banking system and the payment infrastructure of other units in order to better serve e-payment in e-commerce and at retail points and online payment for goods and service invoices.

- To encourage the use of electronic devices to pay for goods and services in different e-payment channels.

- To apply measures to raise the quality of e-commerce, thus creating a foundation for developing e-payment services.

- To encourage the use of services on the ACH to pay regular charges and make payments in e-commerce.

dd/ To develop and appropriately arrange the network of automated telling machines (ATM)

- To study and rearrange the ATM network in Vietnam, ensuring its effective operation to better meet the market’s requirements.

- To require and supervise payment service providers in regularly maintaining and unceasingly raising the ATM service quality, intensifying the implementation of measures to ensure safety and confidentiality of ATM services, properly performing customer care and protecting customer interests.

- To continue investing in and expanding the ATM network in areas where conditions permit; to study and install some types of machines similar to ATM for people’s convenience at reasonable cost.

e/ To develop non-cash payment in rural areas

- To promote the development and application of modern and easy-to-use payment/money transfer instruments and models suitable to rural conditions (payment via cell phones, digital devices, etc.) in order to promote non-cash payment in rural, remote and deep-lying areas and on islands and even for subjects without bank account, on the basis of using the existing networks of credit institutions, postal network and networks of payment intermediary service providers and some other non-bank institutions in association with formulating and implementing a program and plans on promotion of financial inclusion in Vietnam.

- To design and apply modern know-your-customer (KYC) solutions using electronic devices suitable to rural areas in order to promote the access to and use of retail payment services.

4. Promoting e-payment in the governmental sector and public administrative services

- To improve and increase the connection and sharing of information and data between the agencies in the finance sector (the State Treasury, General Department of Taxation and General Department of Customs) and the banking system in order to better coordinate the electronic collection of state budget revenues, especially e-tax collection and payment, thereby facilitating tax administration and collection and creating favorable conditions for governmental agencies, enterprises and people to use diverse e-payment services in tax collection and payment.

- To install POS and mPOS devices and apply modern e-payment modes at public administrative and non-business units to collect charges and fees for administrative procedures, public services, health care, education, traffic and other public services.

- To develop and apply e-payment products and services to serve spending activities of state budget-funded agencies and units.

- To increase the payment of social allowances and pensions via e-payment devices or payment accounts along with expanding points of cash access (post offices, agents) and new, modern, convenient and reasonable-cost payment modes.

- To further expand the via-account payment of salaries and incomes; to mobilize and encourage state officials, civil servants and employees to use more and more non-cash payment instruments (money transfers via ATM, payments via POS, and other modern payment services).

5. Renovating the securities clearing and finalization system

- To transfer the function of finalizing money amounts for government bond trading from commercial banks to the State Bank of Vietnam; to reorganize the system of finalization of money amounts for government bond trading through the direct connection between the clearing system of the Vietnam Securities Depository (VSD) and the IBPS of the State Bank of Vietnam in order to ensure the principle that securities delivery is made concurrently with payment (delivery versus payment - DvP).

- To establish a system for centralized management of deposited valuable papers for members (covering also the system for clearing retail payment transactions, the system for securities clearing, payment and finalization, and interbank monetary market), thus helping members save costs and efficiently and flexibly use payment sources.

- To study and recommend an appropriate model of finalization of money amounts for trading of other types of securities (stocks and bonds listed on the securities market) in order to minimize risks and consider the possibility of transferring the function of finalizing money amounts for these securities’ trading from commercial banks to the State Bank of Vietnam.

6. Renovating the payment and finalization system on the interbank monetary and foreign-currency market

- To study and assess the current finalization operations and processes of the interbank monetary market in order to work out mechanisms and measures to improve the effectiveness of finalization and efficiency of the market, including legal frameworks and supervision of securities repo (repurchase agreement) and lending activities.

- To assess the existing interbank foreign-currency payment system of commercial banks, study and select the model of processing, clearing and finalizing interbank foreign-currency transactions at the State Bank of Vietnam, ensuring foreign-currency payment be made concurrently with Vietnam-dong payment (payment versus payment - PvP) according to the best international standard and practice in order to minimize risks for the financial market.

7. Enhancing management and supervision of international payment and money transfer

- To study and assess the current mechanism of managing international money transfer services in Vietnam according to recommendations of the World Bank (WB) and Bank for International Settlements (BIS) on general principles of international money transfer services, including reviewing and developing a clear and uniform mechanism for consumer protection and dispute settlement.

- To study the building of effective payment infrastructure facilities for overseas remittance services; to promote the use of e-payment instruments and renewed instruments for overseas remittances in order to increase convenience and reduce cost for remittance recipients.

- To study regulations on management of international money transfer services, ensuring fair competition among service providers on the market (among banks and between banks and other money transfer service providers).

- The State Bank of Vietnam will supervise money transfer service providers in Vietnam, including international money transfer service providers, agents, commercial banks and micro-finance institutions, and institutions that are likely to enter the market in the future.

8. Supervising and applying standards to payment systems according to international criteria and standards

a/ To enhance the management and supervision of and ensure security and safety for and trust in payment systems

- To implement the Strategy on supervision of payment systems in Vietnam through 2020; to intensify the supervision of payment systems according to the international supervision principles.

- To intensify the management and supervision of important payment systems in the economy, such as the IBPS, card-switching system, ACH, interbank foreign-currency payment system and securities settlement system; cross-border and international payment activities; and new payment instruments and services.

- To promote the application of new criteria for supervision of the financial infrastructure and important payment systems of the economy, cross-border and international payment activities; and new payment instruments and services.

- To intensify the training of payment and settlement supervisors, improve the capacity of the State Bank of Vietnam to supervise the important payment systems and new payment instruments and services.

b/ To study and apply standards and ISO systems according to international practices:

- To study and apply the international financial messaging standard ISO 20022 to important payment systems in Vietnam (such as IBPS, ACH and others) right from the stage of building or upgrading in order to enhance their connectivity and increase the sharing of e-data among related agencies and institutions, facilitate the connection to other payment systems in the region and around the world, and minimize business costs as well as operational and professional risks.

- To complete the elaboration of standards for domestic chip cards, adopt new card payment technologies, and implement the plan on conversion of magnetic cards into chip cards in Vietnam, thus achieving the set objectives of unifying the management of and technical instructions for card payment activities; to ensure security and safety for card payment; to facilitate the connection to other payment systems; and to develop various card-based value-added services.

- To promote connection and standardization in the field of payment and settlement; to apply the best international practices and standards to a number of payment instruments and systems. To study and apply new-generation and modern solutions to ensure payment security, safety and confidentiality with a view to increasing the payment effectiveness and speed of the payment systems in Vietnam, and implementing more solutions to ensuring security, safety and confidentiality for the retail payment system in Vietnam.

9. Stepping up information, communication, training, guidance and customer protection in non-cash payment

a/ To intensify non-cash payment information, communication, training and guidance

- To coordinate with the central and local mass media and make full use of the information and press media in the banking sector in intensifying the popularization of knowledge about, training in and guidance on non-cash payment among the population and businesses in appropriate, practical and effective forms.

- To intensify the training of officials and employees of payment and payment intermediary service providers in instructing customers to understand and use non-cash payment services and instruments.

- To incorporate basic knowledge about non-cash payment, especially new non-cash payment instruments, in the curricula of economic, financial and banking training institutions.

- To coordinate with related institutions in designing and implementing appropriate and effective programs to popularize and educate in financial knowledge and skills for related institutions and individuals, including also the elderly and rural residents; to implement marketing programs, popularize good international experiences and initiatives, provide counseling and implement risk management programs, etc., in order to promote non-cash payment.

- To create and apply forms of emulation, commendation, rewarding, honoring, ranking and assessment of retailers to encourage non-cash payment; to mobilize payment and payment intermediary service providers, goods suppliers and service providers to launch such promotion activities as charge exemption or reduction, discount, sales promotion, point accumulation, lottery, lot drawing, etc., for consumers.

- To develop a general database with easy-to-understand, accurate, reliable, neutral and updated information to facilitate the provision of knowledge and public education about non-cash payment.

- To use the social networks (Facebook, fan pages, etc.), commune-level postal and cultural points in rural and mountainous areas to disseminate knowledge and guidance on non-cash payment.

b/ To protect consumers in non-cash payment

- To analyze and assess risks and major problems and limitations in the protection of non-cash payment service users, especially low-income customers in rural areas.

- To improve supervision and coordination among related ministries and sectors, learn and apply the best international practices in the protection of non-cash payment service users; to study and promulgate regulations on the protection of non-cash payment service users.

- To develop online channels for people to report fraudulent, counterfeiting and deceitful acts, measures to identify risks, prevent, avoid and handle abuse in non-cash payment activities.

- To develop programs on popularization of knowledge about fraudulent acts, measures to identify risks, prevent, avoid and handle abuse in non-cash payment activities.

- To introduce penalties against such violations as organizing money transfer and payment for illegal activities.

- To promulgate regulations aiming to create a competitive and non-monopolistic market for domestic and international card payment systems, including those on methods of charge calculation and structure distribution for application by system operators in order to ensure charges accurately reflect reasonable expenses.

10. Enhancing coordination to promote non-cash payment

a/ To enhance coordination among ministries, sectors and localities in promoting non-cash payment

- To ensure effective operation of the Settlement and Technology Council as a cooperation platform for stakeholders to discuss, advise on and promote the development of the national settlement infrastructure, payment instruments and e-payment services.

- To reach and effectively implement bilateral and multilateral cooperation and coordination agreements and memos of understanding between related ministries and sectors in order to promote e-payment, especially in the state budget collection and remittance, formulate and promulgate schemes, policies and programs on promotion of e-payment at businesses and goods and services retailers to boost e-commerce.

- To reach and implement agreements on supervision cooperation between the State Bank of Vietnam and the State Securities Commission to effectively supervise the securities clearing and finalization systems.

- To formulate technical assistance projects and credit programs on financial inclusion; programs and plans on promotion of financial inclusion, including access to and use of payment services in rural areas.

b/ To organize integration activities in the field of payment

- To actively and proactively expand international integration in the field of payment according to a roadmap with appropriate steps; to actively participate in activities of regional and global financial-monetary institutions and payment forums; to concentrate on realizing the signed integration commitments in the field of payment.

- To call for and efficiently use resources in the form of financial or technical assistance, policy advice, training support and capacity building from bilateral and multilateral partners in order to raise the quality of human resources and develop technical and technological infrastructure facilities for non-cash payment.

- To proactively study new payment models, instruments and forms in the world for effective application in Vietnam.

- To continue establishing and strengthening bilateral mechanisms in the field of payment with strategic partners and other major partners; to consider joining international financial inclusion and payment organizations and forums.

- To actively participate in discussions about international rules, regulations and standards on payment activities, especially those of the BIS; to continue international integration in the priority fields concerning payment systems, step by step applying universal criteria and international practices.

- To step up international cooperation and coordination in reaching bilateral or multilateral cooperation agreements between Vietnam and concerned countries for promoting the development, management and supervision of domestic and cross-border payment activities.


Funds for the implementation of the Scheme will be allocated from the state budget, concessional loans and financial aid of international and domestic organizations; contributions of payment and payment intermediary service providers and other lawful sources. The ministries and central and local agencies shall use annual state budget funds to implement the Scheme.


1. The State Bank of Vietnam shall assume the prime responsibility for, and coordinate with related ministries and sectors in, implementing and monitoring the implementation of solutions set forth in the Scheme, and annually review the implementation and propose necessary solutions to the Prime Minister; organize a final review by the end of 2020; and perform the functions and tasks in the fields under its management.

2. Based on their assigned functions and tasks, the ministries, sectors and localities shall:

- Promptly and effectively implement the contents and tasks of the Scheme; incorporate contents on development of non-cash payment into their socio-economic development schemes, projects, plans and programs.

- Perform their assigned tasks specified in the plan on performance of a number of major tasks to implement the Scheme, promulgated together with this Decision (not translated).

- Before December 15 every year, send reports on implementation results to the State Bank of Vietnam for summing up and reporting to the Prime Minister.

Article 2. This Decision takes effect on the date of its signing.

Article 3. The Governor of the State Bank of Vietnam, ministers, heads of ministerial-level agencies and government-attached agencies, and chairpersons of provincial-level People’s Committees shall implement this Decision.-

For the Prime Minister
Deputy Prime Minister

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