The Vietnamese government will cease paying State employees in cash from as early as 2008 as part of a major plan to develop modern non-cash payment services.
The move was hailed by Citibank Vietnam Director General Charly Madan as a step in the right direction.
Non-cash payment was originally called for in a plan approved by the Government in late 2006, several months before the country officially joined the World Trade Organisation.
Under the plan, 90 percent of State employees are scheduled to be paid via bank accounts and 95 percent of business payments to be conducted through banks.
Paying salaries via bank accounts was initiated by the State Bank of Vietnam six years ago. The policy has become common in most banks throughout the country and a number of State agencies, joint ventures and foreign companies.
Banks are also teaming up with public service agencies, including the water, electricity and telecommunications sectors, to provide non-cash payments for users of these services.
A recent survey shows that cash payments decreased from 23.7 percent in 2001 to 19 percent in 2005 and to around 18 percent at present. However, the figure remains 8 percent higher than in other regional countries.
Credit cards have now become the most favoured means of payment in Vietnam. By August, 6.5 million credit cards were issued for salary payments via 20 key banks.
Non-cash payment was originally called for in a plan approved by the Government in late 2006, several months before the country officially joined the World Trade Organisation.
Under the plan, 90 percent of State employees are scheduled to be paid via bank accounts and 95 percent of business payments to be conducted through banks.
Paying salaries via bank accounts was initiated by the State Bank of Vietnam six years ago. The policy has become common in most banks throughout the country and a number of State agencies, joint ventures and foreign companies.
Banks are also teaming up with public service agencies, including the water, electricity and telecommunications sectors, to provide non-cash payments for users of these services.
A recent survey shows that cash payments decreased from 23.7 percent in 2001 to 19 percent in 2005 and to around 18 percent at present. However, the figure remains 8 percent higher than in other regional countries.
Credit cards have now become the most favoured means of payment in Vietnam. By August, 6.5 million credit cards were issued for salary payments via 20 key banks.
VOVNews/VNA
Đăng ẩn
Tắt
Add new comment