Viet Nam News Phạm Xuân Hòe, deputy director of the Banking Strategy Institute (under the State Bank of Việt Nam), speaks to Thời báo Kinh doanh (Business Times) about measures to help people living in remote areas get access to digital financial services. How we are progressing with the goal of promoting digital banking in remote areas of the country? More than 40 banks across the country are now providing digital financial services on mobile phones. However, people in remote areas are still having difficulty accessing these services. The most fundamental obstacle is that the services provided by financial institutions and People’s Credit Funds – including banks – are not simple enough, not suitable for people living in remote areas. Direct facial recognition is still a requirement for performing transactions at banks, without it, it would be very difficult to help people use financial services such as opening savings accounts, … [Read more...] about Helping low-income people approach digital finance
Pay lowes credit card
Hanoi (VNA) - Commercial banks and financial companies are fiercely competing for a slice of the profitable personal loans market as demand often rises sharply at the end of the year. Industry insiders said the period between December till the Tet (Lunar New Year) holiday is always the most popular period for personal loans, as Vietnamese people requires money for home repair and purchase, shopping and car purchases. To meet the rising demand, many banks are offering preferential loan packages to attract customers. VietBank is marketing home purchase loans at an annual preferential interest rate of eight to nine percent for the first year. An Binh Bank is offering loans for car purchase at an annual preferential interest rate of 7.49 percent. Viet Capital Bank is even offering loans at just 6.8 percent interest per year to customers who want to buy vehicles for production and business. At Sacombank, the annual rate is 7.5 percent for the first year. Many banks are also co-operating … [Read more...] about Bản in : Banks battle it out in Tet loans market
More than a few tourists in Vietnam have been shocked to find that their credit cards can’t be used everywhere. Sixty-three year old New Zealander Jordan Lloyd wasn’t aware of the situation during his first trip in 2010. “In my four trips to Vietnam I have only used my credit card once,” he told VET, adding that the only time he needed to use it the fee made him think twice. Faults in the card market Vietnamese customers are still to adopt the habit of paying for goods and services by debit or credit card. Card payments are generally only used for expensive items, such as consumer electronics and appliances, air tickets and hotels. Even though a policy encouraging non-cash payments for goods and services has been introduced by the government, the practice has not taken hold as yet. The growth in Vietnam’s consumer class has been spurred on by a shift to the cities, with the number of urban dwellers expanding from 20 per cent of the population just … [Read more...] about Better way to pay
High fees, countless inactive cards Data from the State Bank of Vietnam shows that the total number of cards issued as of the end of June was 106 million, which means some of the 90 million Vietnamese people possess more than one card. Such a high figure is the result of a race between banks to boost their card issuance in recent years. In 2010 the number of cards stood at 31 million, but it has more than tripled in five years. Along with an increase in card numbers, payments made through cards have also seen continuous growth. Data from the Vietnam Bank Card Association shows that in 2011 payments made by card reached VND895 trillion (over US$39 billion) and jumped 88% in four years to nearly VND1,700 trillion (US$74.8 billion). The number of cash machines and payment terminals also respectively increased by 23% and 181% compared with 2011 to 16,573 and 217,470 devices as of early 2016. But according to official estimates, just above 20 million out of Vietnam’s population of 90 … [Read more...] about Bank cards: When will quality match quantity?
The low-cost airline Jetstar Pacific will transport apricot and peach blossoms as a special 'Luggage Consignment Service' for Tet from now until February 7. A passenger will be allowed to check in no more than two branches of apricot or peach blossoms, measuring maximum 120cm x 50cm x 50cm to avail the service provided by Jetstar Pacific. Transportation fees for this will be VND250,000 on flights from Ho Chi Minh City to Danang, VND350,000 on flights between Ho Chi Minh City to Hanoi, Haiphong and Vinh. Passengers can contact phone number 19001550 and the booking office of Jetstar Pacific for registration. In related news, the private airline Viet Jet Air is offering a discount of VND250,000 per ticket for flights from Hanoi to Ho Chi Minh City departing between January 10 and 23. Passengers can book fares and pay online by credit card (Visa or MasterCard) via the airline website, or pay by cash at their booking office. Source SGGP … [Read more...] about Jetstar passengers allowed to carry apricot, peach blossoms for Tet