Petrolimex to launch non-cash payment service

Napas system handles VND320 trillion transactions last year Van Ly HANOI - The financial switching system of National Payment Corporation of Vietnam (Napas) got involved in transactions worth VND320 trillion (around US$14 billion) last year, up 50% year-on-year, the corporation’s general director Nguyen Tu Anh said. Anh said the proportion of cash withdrawals in terms of total value via the system fell 12.5% last year over 2015 but the system saw year-on-year value growth of 174% in transactions for goods and services. She said revenue of the 24/7 money transfer through the system tripled against 2015 following the merger of electronic money transfers with 39 banks applicable to ATM, mobile and internet banking services. Nguyen Kim Anh, deputy governor of the State Bank of Vietnam (SBV), told a conference in Hanoi last week on Napas’s operation in 2016 and tasks for this year that the 50% increase was evident for the right policy of the Government and the central bank to develop a national card switching center based on the merger of Vietnam National Financial Switching JSC (Banknetvn) and Smartlink Card Services JSC. The merger of Banknetvn and Smartlink was completed in April last year. Napas now acts as an intermediate organization providing payment, financial switching and electronic clearing services in the nation. “2017 is an important year for the scheme to improve access to banking services for the local economy and speed up payments without using cash in the 2016-2020 period. Therefore, Napas needs to enhance its pioneering role…... [read more]

HÀ NỘI - Deputy Prime Minister Vũ Đức Đam has said there is a need for all ministries and relevant agencies to co-ordinate and connect with specific policies to promote electronic payments. He said there was a need to minimise cash payment, and make e-payments compulsory while encouraging its use. Deputy PM Đam made the comment during a Việt Nam E-payment Forum on Thursday in Hà Nội to discuss three major topics that included combining efforts by Government departments to promote online tax collecting, tax payments and encouraging online payment in e-commerce and retail, promoting online payment in transport and the ability of connecting to other payment activities in Việt Nam, and opportunities and challenges facing Việt Nam' banking sector brought by Fintech companies. The deputy PM said that currently Việt Nam had about 125,000 public services provided by the government and authorised agencies. Of these, only 1,200 services had implemented e-technology in their services. The Government has approved a master development plan of e-commerce from now until 2020. However, the implementation of e-payment is still limited and the habit of making cash payments was not easy to change, Đam told the forum. To promote e-payments, Bùi Quang Tiên, Director of the State Bank of Việt Nam (SBV)'s Payment System Department said the central bank has made many important recommendations by asking the Ministry of Finance to propose tax policies to encourage e-tax payment and e-payment in e-commerce development in retail shops. The SBV will complete a legal corridor and…... [read more]

Card payments still limited Van Ly HANOI – Card payments remain low in Vietnam though authorities have adopted a number of measures to reduce the use of cash in the economy. Bui Quang Tien, head of the payment department at the State Bank of Vietnam (SBV), told a forum in Hanoi on November 24 that by end-September the country had 250,000 points of sale (POS) terminals. Around 67 million transactions (up 71% year-on-year) were conducted with a combined value of VND160 trillion (up 30%). He was speaking at Vietnam E-Payment Forum 2016 held by SBV, National Payment Corporation of Vietnam and the new site VnExpress in Hanoi on November 24. Despite the increases, Tien said card payments at POS terminals stay low. A number of sellers ask customers to pay surcharges if they pay by bank card. Some are reluctant to support clients to make card payments as they do not want to unveil their sales revenues. Tien said the central bank has acted to back the development of mobile point of sale (mPOS) services in both urban and rural areas. E-payment has yet to grow strongly in the country as it accounts for only 7% of total sales in the e-commerce sector, he noted. Overall, facilities to support card payments can be found mainly in cities rather than nationwide. This issue should be addressed to help monitor tax payments as well as minimize the number of failed transactions in e-commerce. Tien added the ministries of finance and industry-trade and…... [read more]

Under direction from the Government and the State Bank of Vietnam (SBV), the event was organised jointly by VnExpress online newspaper and the National Payment Corporation of Vietnam (NAPAS). The forum focuses on three main contents: Joint efforts by government departments to promote online tax collection, tax payment as well as encouraging online payments in e-commerce and retail; how to promote online payments in the public sector and connecting it to other payment activities in Vietnam; and opportunities and challenges facing Vietnam’s banking sector, brought about by fintech companies. Speaking at the forum, Deputy PM Vu Duc Dam urged ministries and sectors to formulate appropriate policies to reduce the use of cash and encourage e-payments. He also stressed the importance of applying e-payments in the face of a wave of foreign companies coming to Vietnam. Functional agencies should also pay more attention to increasing public awareness on the advantages of e-payments, he noted. Also at the forum, participants discussed the results of carrying out joint agreements from the 2015 VEPF among the Ministry of Industry and Trade, the Ministry of Finance and SBV to promote online payment in tax, e-commerce and retail; and the results of online tax collection and tax payment services as well as payment solutions in e-commerce in Vietnam. Several other issues, including how to encourage Electronic Toll Collection (ETC) in transportation and the ability of connecting it to other payment activities; as well as banks’ engagement to open technology standards with the ability of connecting to…... [read more]

Banks to shift to issuing chip cards Hong Phuc By Hong Phuc - The Saigon Times Daily HCMC – Banks will gradually replace all domestic debit, or ATM, cards with chip ones with higher security features between this year and 2020 in a project of National Payment Corporation of Vietnam (Napas). Nguyen Tu Anh, general director of Napas, told the Daily that all magnetic cards will be replaced by EMV-standard chip cards by 2020 as envisaged in a road map prepared by Napas and commercial banks. It will be submitted to the central bank for approval. Anh said EMV, which stands for Europay, MasterCard and Visa, is a global standard for cards equipped with chips and has long been approved by international card organizations. Five banks will launch pilot programs for the replacement this year before many other banks follow suit next year. Banks will gradually collect magnetic cards from cardholders and replace them with chip ones. Vietnam now has around 90 million cards. Banks will have to upgrade ATM machines and points of sale (POS) terminals to make them compatible with chip cards, Anh explained. Banks will announce their replacement road maps and launch programs to encourage customers to change their cards but 2020 is the deadline set by the central bank. In Vietnam, the SBV has assigned Napas to set standards for domestic debit cards. The conversion to chip cards is part of a plan to upgrade and standardize Vietnam’s card market. Anh said apart from Vietnam, other…... [read more]

National brand picked for debit cards Hong Phuc By Hong Phuc - The Saigon Times Daily HCMC - Napas, which stands for National Payment Services, has been chosen as the national brand for all domestic debit, or ATM, cards issued by over 40 banks in Vietnam. The brand, which was unveiled at a ceremony in Hanoi last Friday, will be printed on bank cards and recognized by ATM machines, point of sale (POS) terminals and websites. Napas is the new trading name of National Payment Corporation of Vietnam, the merged firm of Vietnam National Financial Switching JSC and Smartlink Card Services JSC. In the past, Vietcombank named its cards Connect24, Techcombank with Fast Access, OCB with Lucky and MHB with e-cash. Until now, the card market has over 40 brands and customers have to distinguish them by bank names. A lack of a national brand for bank cards has made it difficult for the nation to boost the development of the card market and restrict payments in cash. It also hinders card connectivity programs between Vietnam and other nations like Japan, India, Russia and Singapore. Such programs can help Vietnamese cardholders use their cards abroad. The introduction of Napas will support banks to create more utilities for cardholders. Pham Tien Dung, chairman of Napas, said the national card brand and technical standards will enable banks to better develop apps for customers. Banks will gradually replace all domestic debit cards with chip ones bearing Napas brand between this year and 2020…... [read more]

Survey: Locals prefer foreign employers Employees in Vietnam have overwhelmingly chosen foreign-invested companies as the best places to work, with only a few local exceptions, according to a new survey by recruitment network JobStreet.com. The survey for the second quarter attracted more than 2,500 employees in various industries. Unilever Vietnam, a giant in fast moving consumer goods (FMCG), came first among the top 10 employers, followed by Vietnam Dairy Products Joint Stock Co (Vinamilk), Vingroup and technology firms Samsung, FPT, Viettel and Intel. Nestle, P&G Group and Suntory PepsiCo rounded up the top 10. Multinational corporations tended to be dominant in most industry-specific lists. For instance, Vinamilk was the only local player in the top five FMCG companies. Domestic enterprises only outnumbered foreign-invested ones in retail and finance-banking sectors. Vingroup, FPT Shop, Viettel Store and The Gioi Di Dong (Mobile World) took the lead in retail, with Japanese retailer AEON the only foreign name in the top five. In the finance-banking sector, employees favored the Bank for Foreign Trade of Vietnam (Vietcombank), Bank for Investment and Development of Vietnam (BIDV) and Saigon Thuong Tin Commercial Bank (Sacombank). They were ranked right above foreign-invested banks HSBC Vietnam and Citibank. Among tech companies, two local enterprises FPT and Viettel came behind Samsung, but they managed to edge out Intel and Bosch Vietnam. Job search websites also showed that foreign firms often organize recruitment events and large-scale programs at schools to attract talent. Can Tho to host conference on Vietnam-France cooperation Can Tho…... [read more]

State Bank of Vietnam (SBV) Deputy Governor Nguyen Kim Anh on September 8 called for drastic steps to make online payments more secure. He told an online conference held by the central bank that commercial banks and customers needed better protection against hi-tech attacks. Such attacks on the banking and finance sectors were increasing in number, he said. He asked the Payments Department to intensify supervision of transactions and revise regulations covering credit institutions and intermediaries towards minimizing risks in payment processes. Anh directed the Information Technology Department to build a roadmap for applying international security standards in payment systems, including ISO 27001 and PCI/DSS for bank card payments. Banking authorities will co-ordinate with the ministries of Public Security and Information and Communications in fighting IT scammers and guaranteeing cyber-network security, he said. He also said that SBV branches would check on any interruptions in non-cash payment services of credit institutions and intermediaries between now and the end of October, and report results by mid-November. Anh also asked the National Payment Corporation of Vietnam, formerly known as Vietnam Financial Switching JSC, to assist banks in detecting and handling doubtful card transactions. He urged credit institutions to thoroughly test their technological infrastructure, human resources and processes related to electronic payments, and submit reports to the SBV by October 30. The institutions should regularly check ATM and point-of-sale (POS) systems to make sure that cameras, alarms and other antitheft devices are in good condition, and ensure no spy ware is illegally installed,…... [read more]

HÀ NỘI - State Bank of Việt Nam (SBV) Deputy Governor Nguyễn Kim Anh yesterday called for drastic steps to make online payments more secure. He told an online conference held by the central bank that commercial banks and customers needed better protection against hi-tech attacks. Such attacks on the banking and finance sectors were increasing in number, he said. He asked the Payments Department to intensify supervision of transactions and revise regulations covering credit institutions and intermediaries towards minimising risks in payment processes. Anh directed the Information Technology Department to build a roadmap for applying international security standards in payment systems, including ISO 27001 and PCI/DSS for bank card payments. Banking authorities will co-ordinate with the ministries of Public Security and Information and Communications in fighting IT scammers and guaranteeing cyber-network security, he said. He also said that SBV branches would check on any interruptions in non-cash payment services of credit institutions and intermediaries between now and the end of October, and report results by mid-November. Anh also asked the National Payment Corporation of Việt Nam, formerly known as Việt Nam Financial Switching JSC, to assist banks in detecting and handling doubtful card transactions. He urged credit institutions to thoroughly test their technological infrastructure, human resources and processes related to electronic payments, and submit reports to the SBV by October 30. The institutions should regularly check ATM and point-of-sale (POS) systems to make sure that cameras, alarms and other antitheft devices are in good condition, and ensure no spy…... [read more]

Medicine, healthcare services see strongest price hike in August Medicine and healthcare services prices this August post the sharpest monthly hike, 6.18 percent, compared to five other goods and services categories that share the same upward trend, said the General Statistics Office (GSO) on August 24. The five other categories with rising price are education (up 0.47 percent); garment, hats and footwear (0.14 percent); beverage and cigarette (0.05 percent); household appliances and goods (0.05 percent); and other goods and services (0.11 percent). Meanwhile, consumers spent lesser money on traffic (down 1.97 percent); food and catering services (0.14 percent); culture, entertainment and tourism (0.12 percent); postal services and communications (0.03 percent); and housing and construction materials (0.02 percent). As a result, consumer price index (CPI) in August rose by 0.1 percent from July, 2.57 percent from the same period last year and 2.58 percent from last December. The eight-month CPI climbed 1.91 percent year on year. Do Thi Ngoc, Deputy Director of the GSO’s Price Statistics Department, said costlier healthcare services prices are the biggest contributor, 0.28 percent, to the CPI growth. Their 8.12-percent increase in 16 provinces was scheduled in a joint circular between the health and finance ministries. Nine provinces and cities also augmented tuition fees as stipulated in a Government decree last year. Higher demand for educational tools like textbooks, notebooks and pens to prepare for the new school year also boosted education prices, she added. While food supply abundance made food prices fall slightly, lower construction demand…... [read more]




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