Vietnam goes cashless with tax breaks

Vietnam goes cashless with tax breaks

Vietcombank Deputy CEO Dao Minh Tuan announced at the Vietnam Economic Forum that Vietnam tax incentives will promote cashlessness.

Mr Dao said:

“Currently, many companies are reluctant to install POS systems and bank electronic payment systems. Tax incentives are attractive to more companies. tax evasion will decrease.”

Cash transactions are now preferred not only by corporations, but also by Vietnamese citizens. 60% of Vietnam's population have bank accounts, of which 80% of Vietnamese citizens tend to use cash for their daily transactions.

E-payment transactions are growing at a rate of 25-30% annually, yet 80% of account holders use cash on delivery for their online purchases.

Le Xuan Vu, an officer of the Armed Forces Bank, also said:

“In order to increase cashless payments not only for companies but also for the general public, tax incentives and other incentives are necessary. As a result, cashless payments are unpopular, and if, for example, banks can guarantee against fraud or counterfeit goods, they will go cashless.”

A government resolution released in January 2019 announced the prospects for mobile and credit card payments to be put in place quickly and cashless transactions to be feasible in all urban areas by the end of the year. .

Risk consideration to abolish the transaction limit of Vietnam electronic payment

 

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