Vietnam Law & Legal Forum Magazine is your gateway to the law of Vietnam

Official Gazette

Tuesday, July 14, 2020

PM approves national financial inclusion strategy until 2025

Updated: 10:45’ - 03/02/2020
Prime Minister Nguyen Xuan Phuc has approved a national financial inclusion strategy until 2025 with a vision to 2030, targeting at least 80 percent of adults in the country to have bank accounts by 2025.

At least 50 percent of communes nationwide will have offices to provide financial services by the end of 2025__Photo: VNA

The strategy is aimed to ensure individuals and enterprises, particularly low-income and vulnerable people, medium-, small- and micro-sized enterprises, to have access to basic financial products and services, such as payment, money transfer, saving, credit and insurance, in a convenient way and at affordable prices.

Accordingly, the strategy targeted that by the end of 2025, at least 50 percent of communes nationwide have offices to provide financial services and at least 25-30 percent of adults have saving accounts at credit institutions.

The number of non-cash transactions is also expected to increase by 20-25 percent annually and insurance premium income to reach around 3.5 percent of GDP by 2025.

At least 250,000 small- and medium-sized enterprises can have access to bank loans and the ratio of outstanding loans for the agricultural sector to the country’s total outstanding loans will be 25 percent by 2025.

To achieve the targets, the strategy provides a number of solutions, including streamlining the legal framework to ease the implementation of financial inclusion; diversifying financial services providers and supporting channels to ensure greater coverage of financial services and products; upgrading financial infrastructures and reducing transaction fees.- (VNA/VLLF)
 

Send Us Your Comments:

See also:

Video

Vietnam Law & Legal Forum