Vietnam Cash Payment Ratio Lowered to 14.6% in 2009
The Vietnamese government has completed a goal on non-cash payment services with the ratio of cash-based transactions against total payments curbed at 14.6% in 2009, compared to the high ratio of 23.7% in 2001.
Non-cash payment is considered a solution to help Vietnam make a breakthrough in foreign investment attraction and fulfill the requirements of international economic integration.
Under a project approved by the Prime Minister to develop non-cash payment services between 2006 and 2010, the cash payment ratio was expected not to surpass 18% by 2010 and would lower to below 15% by 2020.
Statistics from the State Bank of Vietnam earlier showed that total e-payment transactions in 2005 stood at only 3.5 million but climbed to 4.5 million in 2006 and 6.3 million in 2007.
The number of smart card users for shopping and other transactions has increased sharply. Commercial banks in Vietnam had issued a total 19 million bank cards by last October.
Vietnam earlier targeted to have 20 million cards and 70% of trade centers, hotels, supermarkets, public transport means accepting card-based payment by 2010. (Saigon Marketing)
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