Information on the State Bank of Vietnam Electronic Information Portal said that one of the outstanding steps of the banking industry in recent times is the application of biometric authentication - considered a "steel shield" to help ensure transaction safety in the digital age.
To implement biometric authentication, the State Bank of Vietnam (SBV) issued Decision No. 2345/QD-NHNN dated December 18, 2023, requiring the application of biometric authentication for online transactions with a value of VND10 million/transaction or over VND20 million/day. This regulation has been effective since July 1, 2024.
From January 1, 2025, according to Circulars 17 and 18/2024/TT-NHNN, customers who have not updated their biometrics will be completely restricted from online transactions and at ATMs, and will only be able to transact directly at the counter.
This is part of new regulations such as Decree 52/2024 and Circulars related to opening and using payment accounts, e-wallets, and bank cards. These regulations tighten the process of identifying customers, and at the same time aim to prevent impersonation and illegal use of accounts.
Also according to information from the State Bank, as of the beginning of 2025 alone, more than 63.6 million customer files have been biometrically compared with the National Population Database through chip-embedded citizen identification cards and the VNeID application. The authentication completion rate has exceeded 90%. Many banks even work all week to achieve the goal of authenticating 100% of customers ahead of schedule.
In addition, the 2023 Law on Identification stipulates that the ID card with 9 and 12 numbers will expire from December 31, 2024, forcing people to switch to using chip-embedded citizen identification cards. This further promotes the need to update accurate identification information in the banking system.
Along with promoting communication work, instructing customers to perform biometric authentication and update chip-embedded citizen identification cards, the banking industry is also continuing to deploy a solution to connect VNeID with the Ministry of Public Security to support users, even with phones without NFC.
Technically, the State Bank will continue to add biometric testing measures when opening accounts, changing personal information or transaction devices. Accounts that are not owners and have false information will be eliminated.
The synchronous measures being implemented not only enhance the security of payment systems but also provide a solid foundation for building digital trust and protecting the legitimate rights of people in the era of electronic transactions.
