From July 1, banks tighten transaction accounts of unverified enterprises

Smart digital ecosystem in the new era

On May 26, 2025, in Hanoi, the State Bank of Vietnam (SBV) held a press conference to announce the event "Digital transformation of the banking industry in 2025".

This year's event marks five key points to summarize the implementation of Decision 810/QD-NHNN dated May 11, 2021 on the Digital Transformation Plan for the banking sector to 2025, with a vision to 2030 (Decision 810). The event also took place in the context of major resolutions on innovation and digital transformation being issued, especially Resolution 57-NQ/TW of the Politburo.

Speaking at the press conference, Ms. Le Thi Thuy Sen - Editor-in-Chief of Banking Times, said that the banking industry is always one of the pioneering fields in the national digital transformation process. Organizing this year's event with the theme: "Smart digital ecosystem in the new era" is proof of that determination.

The event "Converting the banking industry in 2025" was held at 2:00 p.m. on May 29, 2025 at Government Office No. 01 Hoang Hoa Tham - Ba Dinh District - Hanoi.

Banking completely digitizes 100% of core operations

According to Mr. Pham Anh Tuan - Director of the Payment Department (PHA), after 4 years of implementing Decision 810, digital transformation activities in the banking sector have achieved encouraging results, contributing to the overall development of the economy.

Many basic operations have been completely digitized 100% ( Savings deposits, term deposits, opening and using payment accounts, opening bank cards, e-wallets, money transfers, lending...). Many credit institutions in Vietnam have a rate of over 90% of transactions conducted on digital channels. To date, more than 87% of Vietnamese adults with bank accounts and non-cash payments (TTKDTM) have grown positively.

In 2024 in the same period in the same period in 2023, the trading of TTKTTM increased by 56.68% in quantity and 32.79% in value; Through the Internet channel, up 49.73% in quantity and 33.12% in value; Through mobile phone channels, up 54.08% in quantity and 34.03% in value, transactions via QR code increased by 104.65% in quantity and 97.14% in value.

Trade-in-commerce transactions by March 2025 reached more than 5.2 billion transactions with a value of more than 80 million billion VND, an increase of 44.43% in quantity and an increase of 24.34% in value compared to the same period in 2024.

Transactions with accounts of businesses and organizations that have not yet authenticated biometrics will be temporarily suspended

Ensuring security and safety has always been a priority. The State Bank also regularly coordinates with ministries, branches and agencies to deploy measures to ensure the security and safety of banking operations.

According to the Director of the Payment Department, technology crimes are becoming increasingly complex and unpredictable. When banks apply high technology, criminals also quickly adapt. Therefore, the banking industry needs to regularly review and improve legal regulations.

In legal documents on payment safety, the SBV has issued many strict regulations. In particular, the Circular stipulates payment procedures that require customers to provide biometric data, compare it with a national database on population or previously stored data.

Mr. Tuan said that from July 1, 2025, Circular 17/2024/TT-NHNN dated June 28, 2024 of the State Bank of Vietnam stipulates that opening and using payment accounts at payment service providers, institutional customers can only withdraw money and make payment transactions by electronic means after completing the comparison to match the correct identification documents and biometric information of the legal representative.

After that time, if the customer has not updated, the bank must temporarily suspend the transaction of transferring money and withdrawing money on the electronic banking service of the customer.

For customers transacting at the counter, authentication will be done through a trader, with supervision.

The SBV plans to continue to supplement and amend regulations on monitoring and comparing biometric information for accounts of newly established organizations within 6 to 9 months. Accordingly, when making online transactions, these accounts will have to compare biometric information similar to that of their personal accounts. This regulation focuses on accounts in the name of an organization but are actually personal accounts, or small-scale operations such as individual business households. This regulation is being further organized by the State Bank to collect opinions.

Mr. Tuan said that as of May 25, it is estimated that over 55% of organizing accounts have had biometric information compared. The Director of the Payment Department said that after this period, a "ghost" account may arise - that is, opened without comparing biometric information with the legal representative of the business.

Mr. Tuan further affirmed: "The banking industry ensures that if there are businesses that cannot be authenticated, they can transact at the counter. Transactions and payments in the coming time will still be guaranteed, without interruption.

Can ban accounts from using nicknames and improve fraud warning mechanisms

In the new regulations in the coming time that the SBV is seeking opinions on, it will not allow the use of nickname (alias - a service of giving separate names to payment accounts) but will require the use of identification accounts.

The representative of the SBV added that previously, a number of criminal accounts were arrested and handled but were still on the list of blocked, causing difficulties for legal transactions. To overcome this, the SBV will amend mechanisms and policies to continuously update account lists, minimize fake warnings and ensure customers' rights.