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Two thirds of Vietnamese have bank accounts: central bank

By Quynh Trang   June 17, 2022 | 11:00 pm PT
Two thirds of Vietnamese have bank accounts: central bank
An employee counts Vietnamese banknotes at a bank in Hanoi. Photo by VnExpress/Giang Huy
The number of people having bank accounts has doubled since 2017 to 68 percent, according to the State Bank of Vietnam.

It signaled a milestone in achieving a cashless society, and was close to the 70-percent rate in many countries in the neighborhood, Le Anh Dung, vice head of the Payment Department under the State Bank of Vietnam, said at a conference on Friday.

Most of people having bank accounts are those in the age of 25-34.

Over 90 percent of banking transactions were done online, and mobile banking transactions had risen by 90 percent.

The banking industry was mulling digitization of all services, including small loans.

The cost-to-income ratio for Vietnamese banks was 30 percent on average, among the highest in the region.

The central bank had collaborated with the Ministries of Public Security and Information and Communication to set up a quick reaction force to respond to security breaches.

Commercial banks were required to spend 15 percent of their investment on IT, and this was periodically inspected by the SBV.

 
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