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Retail banking services fail to catch on

07-Jan-2007 Intellasia | 27-FEB-2003 Tuoi Tre Page 11 | 2:11 PM

HCM City branch of the State Bank of Vietnam (SBV) said that more and more people are opening personal bank accounts to utilise card services and bank-based salary payments. However, people generally use personal bank accounts to keep their money in a safe place rather than making use of bank services for transfer or buying commodities or services.

According to the local SBV explanation, this is because of the non-synchronous technical infrastructure of local commercial banks, a lack of transparency in regulations on authorised transactions via personal accounts, and the lack of interest in bank-based payments by retailers and service providers.

Reportedly, commercial banks in the city have 150,000 personal accounts with a total balance of just three trillion dong.


Category: Finance

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