ASEAN KEY DESTINATIONS
ATM card holders have $4b
ATM card holders in Vietnam had VND89.8 trillion (US$4.08 billion) in 42.7 million current accounts at the end of June, according to the latest data from the State Bank of Viet Nam. The savings earn 1.2 per cent in interest per year.
The central bank said that overall savings were down by VND10 trillion ($454.54 million) from early June, but were higher than the last months of 2012.
By the end of the first quarter, the amount in ATM accounts number was VND99 trillion ($4.5 billion), much higher than the VND85 trillion ($3.86 billion) for the same period last year.
The SBV said by the end of the second quarter, year-on-year current accounts rose from 10 per cent to 15 per cent both in account number and value, however, no specific comparative figures were released.
According to the Viet Nam Card Association, nearly 20 years after being introduced, millions of Viet Nam's ATM cards are still used to withdraw cash at ATMs instead of performing non-cash transactions.
The central bank has taken measures to boost non-cash transactions, including a draft decree on limiting the use of cash for large transactions which is expected to be submitted to the Government for approval this year.
Under the draft, individuals will not be allowed to pay for securities, houses, land and large vehicles with cash.
Organisations will not be allowed to use cash for transactions in real estate, securities, aircraft, ships and cars, or transactions exceeding the limit set by the central bank.
The central bank is also implementing a project on non-cash payments. It hopes to have 150,000 point of sales (POS) nationwide by 2015 compared to the present 94,000.
Letters that do not contain full contact information cannot be published.
Letters become the property of AseanAffairs and may be republished in any format.
They typically run 150 words or less and may be edited
submit your comment in the box below