PM APPROVES NATIONAL FINANCIAL INCLUSION STRATEGY UNTIL 2025

Prime Minister Nguyen Xuan Phuc has approved a national financial inclusion strategy until 2025 with a vision to 2030, targeting at least 80% of adults in the country to have bank accounts by 2025.

The strategy is aimed to ensure individuals and enterprises, particularly low-income and vulnerable people, medium-, small- and micro-sized enterprises, to have access to basic financial products and services, such as payment, money transfer, saving, credit and insurance, in a convenient way and at affordable prices.

Accordingly, the strategy targeted that by the end of 2025, at least 50% of communes nationwide have offices to provide financial services and at least 25-30% of adults have saving accounts at credit institutions.

The number of non-cash transactions is also expected to increase by 20-25% annually and insurance premium income to reach around 3.5% of GDP by 2025.

At least 250,000 small- and medium-sized enterprises can have access to bank loans and the ratio of outstanding loans for the agricultural sector to the country’s total outstanding loans will be 25% by 2025.

To achieve the targets, the strategy provides a number of solutions, including streamlining the legal framework to ease the implementation of financial inclusion; diversifying financial services providers and supporting channels to ensure greater coverage of financial services and products; upgrading financial infrastructures and reducing transaction fees.

Source: VCCI