Voters in Lai Chau province have proposed that the State Bank of Vietnam (SBV) consider exempting annual bank card fees for poor households, near-poor households, policy families and social protection beneficiaries. According to voters, this will help the above group access financial services more conveniently, while encouraging cashless payments.
Responding to this proposal, the SBV said that according to the Law on Credit Institutions, credit institutions (CIs) have the right to self-determin and publicly post service fees. However, in order to promote cashless payments and implement a Comprehensive Financial Strategy, the SBV has directed commercial banks to study and apply fee exemption and reduction policies for groups of subjects subject to social security policies when opening and using bank accounts.
There are currently no mandatory regulations on annual fee exemption, but the SBV affirms that it will continue to monitor and direct credit institutions to have reasonable support policies, helping people access financial services conveniently, reducing the cost burden.
