SBV to take action against illegal transactions via int’l payment gateways
Deputy Prime Minister Truong Hoa Binh has assigned the State Bank of Vietnam (SBV) to devise measures to control illegal financial transactions and tax evasion via illicit international payment gateways.
Paypal is among the international payment gateways that haven't been licensed to provide services in Vietnam (Screenshot photo)
Hanoi (VNA) -Deputy Prime Minister Truong Hoa Binh has assigned the State Bank of Vietnam(SBV) to devise measures to control illegal financial transactions and taxevasion via illicit international payment gateways.
He made the decisionfollowing a series of articles in the Lao Dong (Labour) newspaper on the factthat many international payment gateways like Paypal and Payoneer, whichhaven’t been licensed to provide intermediary payment services by the SBV, havebecome tools for illegal financial transactions, money laundering, and taxevasion.
The Government Office saidBinh has tasked the SBV with coordinating with the Ministry of Public Securityand the Ministry of Information and Communications to examine the matter andquickly identify measures to control any illegalities.
Published in December, thearticles in Lao Dong described tactics used to avoid tax via internationalpayment gateways, showing a major loophole in the management of internationalpayments and cross-border transactions in Vietnam./.
The Ministry of Information and Communications (MIC) is proposing the amendment of some articles in the Law on Electronic Transactions No. 51/2005/QH11 in order to fix its shortcomings.
Cross-border transactions are in the crosshairs as Decree 126/2020/ND-CP - the latest regulation on tax administration - is to come into effect on December 5, said senior tax officials in a recent press conference.
The novel coronavirus outbreak has changed the payment habit in Vietnam, with non-cash transactions particularly surging in the public service, Director of the State Bank of Vietnam’s Payment Department Pham Tien Dung said on December 4.
All of the transactions in the transport sector will be cashless by 2030, as part of a programme on digital transformation recently approved by the Ministry of Transport.
The State Bank of Vietnam (SBV) has extended the credit growth limits for the second time this year to some commercial banks, of which the highest level is up to 30 percent.
Vietnamese Ambassador to Cambodia Nguyen Minh Vu led a delegation to Mondulkiri, Ratanakiri, and Kratie provinces from August 5-8, aiming to deepen economic ties and support Vietnamese businesses operating in Cambodia’s northeastern region.
Party General Secretary To Lam’s upcoming state visit to the Republic of Korea (RoK) is expected to mark a new milestone in the bilateral relationship, creating fresh momentum for trade and investment cooperation between the two countries.
In the context of the growing global digital economy, digital transformation and the promotion of e-commerce are key drivers helping Vietnam boost integration, enhance competitiveness, and expand export markets, according to the Vietnam E-commerce and Digital Economy Agency
Tilapia is considered highly competitive in export markets thanks to its affordability, ease of processing, and appeal across both high-end and mass-market segments.
In the first seven months of the year, Phu Tho attracted an impressive 651.7 million USD in foreign direct investment, including 35 newly licensed projects totaling 119 million USD in registered capital and 45 existing projects with an additional capital of 533 million USD.
Under the agreements, VinEnergo will invest in, install, and operate 43 MWp of rooftop solar power capacity and 45 MWh of BESS capacity across the three plants.
Under a draft to amend and supplement the Government's Decree 125/2020/ND-CP on administrative sanctions for violations of tax and invoice regulations, the Ministry of Finance has proposed classifying the failure to issue invoices into five different levels. Infraction levels will correspond to fines of 1 million VND to 80 million VND, depending on the nature and number of invoicing violations.
A new airline developed and invested by Sun Group — has officially announced a strategic partnership with Amadeus IT Group (Amadeus), one of the world’s leading travel technology companies. This agreement not only lays the foundation for a modern digital infrastructure but also marks a pivotal step in SPA’s global expansion strategy, enabling the airline to access international distribution networks and reach customers worldwide.
Of the total, 107,700 were new firms, with combined registered capital of 928.4 trillion VND (35.4 billion USD), up 10.6% in number and 5.5% in capital compared with the same period last year.
Experts agree that a combination of technology, enforcement, education and cross-border cooperation is essential to protect copyrighted content in Vietnam’s growing digital ecosystem.
Poland is Vietnam’s largest export market in Central and Eastern Europe, with key staples including seafood, textiles, footwear, coffee, and cashew nuts.
Cashless payments are growing at an impressive rate, averaging 30–40% annually. Vietnam’s per capita cashless transaction volume now trails only China, with total value of 295.2 quadrillion VND (11.26 trillion USD), or 26 times of its GDP.
A draft resolution on piloting a digital asset and cryptocurrency market is being developed, aiming to create a broad-enough regulatory sandbox that enables investor participation and provides practical grounds for policy refinement in areas such as risk management and anti-money laundering.
Viettel was ranked third for overall mobile performance with a score of 82.56 just behind UEA’s e& (88.05) and Quatar’s Ooredoo (87.05) and ahead of Singapore’s Singtel (82.53). Vinaphone took second in 5G speed with a score of 78.11, trailing only behind e&.
Paypal is among the international payment gateways that haven't been licensed to provide services in Vietnam (Screenshot photo) 
