Risk consideration to abolish the transaction limit of Vietnam electronic payment

Risk consideration to abolish the transaction limit of Vietnam electronic payment

With the spread of electronic transactions in Vietnam, it is hoped that the transaction limits for electronic transaction settlements will be set to appropriate levels by carefully considering risks.

Current e-commerce settlement limit

Payments via e-commerce payments are expected to grow rapidly in Vietnam.
The State Bank of Vietnam has set a daily limit of 20 million VND (850 USD) for individuals, 100 million VND (4250 USD) for corporations and organizations, and a monthly transaction limit of 100 million VND and 500 million VND, respectively. increase.

The State Bank of Vietnam has informed that the setting of transaction limits for electronic payments is to prevent them from being used for illegal purposes such as tax evasion and money laundering.

The maximum amount of electronic payment is a disadvantage

Key experts have argued against current electronic payment transaction limits.

Currently, electronic payment transactions in Vietnam are at a low level of about 200,000 VND per transaction on average.

Can Van Luc, senior economist at the Bank for Investment and Development of Vietnam, said that if current transaction limits hinder the development of e-commerce, the personal limit should be increased to 150-200 million dong. did.

According to Luc, limits should be set based on per capita income and consumer demand. The percentage of young smartphone users in Vietnam is as high as 55%, and considering the rapidly growing field of electronic payments, we believe that electronic payments have great potential in Vietnam.

According to Nguyen Thanh Hung, Chairman of the Vietnam E-Commerce Association, Vietnam's e-commerce industry is growing rapidly and is expected to grow from $ 8 billion today to $ 33 billion by 2025. This rapid growth is due to the online business, and we believe that the upper limit of electronic payments will also hinder the growth of the online business.

Tran Quang Huy, head of the FinTech Club of the Vietnamese Bankers Association, also insists on removing restrictions on electronic payment transactions. The idea is that e-commerce payments should be applied in a wide range of fields, not just for small transactions.

The State Bank of Vietnam says that it will carefully consider measures and regulations in order to reduce the risks that may occur while promoting electronic payment transactions.

Vietnam goes cashless with tax breaks

Dao Minh Tuan, Deputy CEO of Vietcombank, one of Vietnam's largest banks, has claimed at the Vietnam Economic Forum to be cashless with tax incentives.

https://asia-prop.com/column/vietnam-tax-incentives-for-cashless/

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