Improve non cash payment in vietnamese commercial banks,graduation thesis

STATE BANK OF VIETNAM BANKING ACADEMY Foreign Language Faculty GRADUATION THESIS IMPROVE NON – CASH PAYMENT IN VIETNAMESE COMMERCIAL BANKS Lecturer: Nguyen Thi Hong Mai (M.A) Student: Nguyen Kim Dung Class: K15 – ATCB Student code: 15A7510033 20th May 2016 STATE BANK OF VIETNAM BANKING ACADEMY Foreign Language Faculty GRADUATION THESIS IMPROVE NON – CASH PAYMENT IN VIETNAMESE COMMERCIAL BANKS Lecturer: Nguyen Thi Hong Mai (M.A) Student: Nguyen Kim Dung Class: K15 – ATCB Student code: 15A7510033 20th May 2016 Graduation Thesis Banking Academy of Vietnam DECLARATION I declare that I have elaborated this thesis independently This thesis is my own product and has not been previous submitted for degree or examination at any university All the sources used have been indicated and acknowledged Signature: ……………………………………………………………………………… Date: ……………………………………………………………………………… Graduation Thesis Banking Academy of Vietnam DEDICATION This thesis is dedicated to my family, my friends as well as Banking Academy of Vietnam Graduation Thesis Banking Academy of Vietnam ACKNOWLEDGEMENT First of all, I would like to show my heartfelt gratitude to my enthusiastic instructor, Mrs Nguyen Thi Hong Mai for her full support, expert guidance, and encouragement I express my appreciation to her for sharing her pearls of wisdom with me during the course of this thesis I am also immensely grateful to my lecturers at Banking Academy for their assistance with knowledge throughout my years at university Last but not least, I owe my deepest thanks to my family and my numerous friends for their unconditional love and their comments that greatly improved my thesis I would not have been able to complete the thesis without their continuous spiritual support and encouragement In spite of all the help I have received, I am aware of errors and shortcomings that remain due to limited time and my limited capacity Therefore, I expect readers to put more ideas and contributions to my thesis Graduation Thesis Banking Academy of Vietnam ABSTRACT The purpose of this thesis is to reveal the role, characteristic, and importance of noncash payments in the worldwide economic life with an emphasis on the Vietnamese reality It clarifies the factors impacting development of national noncash payment system in accordance with the solutions improving its performance All of this was viewed through the prism of the banks as mediators for money and with regard to the ongoing economic crisis The study also presents the various forms of noncash payments and the current niche for Vietnamese commercial banks in the market for non-cash payments The methodology used was to first clarify the general terms and participants in the money market, then to narrow those down to the Vietnamse financial subjects, economic circumstances, legal supervision, and then focuses on the non-cash services at the point of sale Although the results have pointed out several achievements in developing noncash payment in Vietnam, limitations still remain, which urge to be addressed in the near future In consequence, the thesis is carried out in an attempt to provide valuable information to come up with the potential solutions to grow non-cash payment services With huge effort and enthusiasm, I put my heartfelt hope to deal with the issues in the graduation thesis: “Improve non-cash payments in Vietnamese commercial banks.” Graduation Thesis Banking Academy of Vietnam TABLE OF CONTENT DECLARATION DEDICATION ACKNOWLEDGEMENT ABSTRACT LIST OF TABLES AND FIGURES LIST OF ABBREVIATIONS CHAPTER I: INTRODUCTION 1.1 Research rationale 1.2 Significance of the research 1.3 Research objectives 1.4 Research methodology 1.5 Scope and Limitations 1.6 Research structure CHAPTER II LITERATURE REVIEW 2.1 Definition of commercial banks 2.2 Roles of commercial banks and their payment role 2.2.1 Roles of commercial bank 2.2.2 Payment role of commercial banks 2.3 Concept of non-cash payment 2.3.1 Definition of non-cash payment 2.3.2 Natures and characteristics of non-cash payment 2.3.3 Principles of non-cash payment 2.3.4 Factors affecting development of non-cash payment 2.4 Roles of non-cash payment 10 2.4.1 In term of users 10 2.4.2 In term of national economy 11 2.4.3 In term of commercial bank 11 2.5 Types of non-cash payments 12 2.5.1 Bank card 12 2.5.2 Cheque 14 2.5.3 Letter of Credit 16 Graduation Thesis Banking Academy of Vietnam 2.5.4 Payment order and Collection order 19 2.5.5 Other types of non-cash payments 19 CHAPTER III: CURRENT STATUS OF NON-CASH PAYMENT 21 3.1 Historical and current background of non-cash payment in Vietnam 21 3.1.1 Non-cash payment before economic reforms (Đổi Mới) 21 3.1.2 Non-cash payment after Doi Moi liberalization era until now 21 3.2 Current status of typical non-cash payment methods 28 3.2.1 Current status of bank card 28 3.2.2 Current status of mobile banking 31 3.2.3 Current status of E-wallet 32 3.3 Achievements 33 3.4 Limitations 34 CHAPTER IV RECOMMENDATIONS 38 4.1 Solutions for government 38 4.1.1 Perfecting the legal framework for non-cash payment activities of the economy 38 4.1.2 Developing non-cash payment in the government sector 38 4.1.3 Paying salaries via accounts in state-owned enterprises 39 4.1.4 Paying social preferential treatment allowances and social allowances via accounts 39 4.1.5 Enhancing people’s level of awareness 40 4.1.6 Implementing tightly the tax policy 40 4.2 For commercial banks 40 4.2.1 Increasing human resources for developing non-cash payment 40 4.2.2 Investing in infrastructure and technology 41 4.2.3 Seeking for assistance to serve development of non-cash payment 41 4.2.4 Promoting marketing and advertising activities 42 4.2.5 Paying attention to internal controlling 42 4.3 For individuals and business 42 CONCLUSION 44 LIST OF REFERENCES 45 Graduation Thesis Banking Academy of Vietnam LIST OF TABLE AND FIGURES LIST OF FIGURES FIGURE NAME PAGE Figure Cheque payment operation process 15 Figure Basic Letter of credit transaction 17 Figure The ratio of cash to the total of payment instruments from 2003 to 2006 23 Figure Payment method in 2012 24 Figure Ratio of cash to the total means of payment 26 Figure The number of stated-own enterprises paying salary via account in 2013 27 Figure The number of officials receiving salary via account in 2013 28 Figure Number of bank cards 29 Figure The number of ATMs and POSs from 2013 to 2015 30 Figure 10 Penetration of Payment Instrument in 2015 36 LIST OF TABLE TABLE NAME PAGE Table Domestic payment transactions by non-cash payment instruments 25 Table Personal current account at end of 4th quarter, 2015 27 Table Transactions via ATM, POS/EFTPOS/EDC from 2013 to 2015 30 Table Southeast Asia country comparison 35 Graduation Thesis Banking Academy of Vietnam LIST OF ABBREVIATIONS ABBREVIATIONS EXPLANATION ATMs Automatic Teller Machine B/E Bill of Exchange BTA Bilateral Trade Agreement CA Current Account EDC Electronic Draft Capture EFTPOS Electronic Funds Transfer At Point Of Sale E-money Electronic Money IT Information Technology JSC Joint-Stock Company L/C Letter of Credit MA Master of Arts MB Military Commercial Joint Stock Bank ODA Official Development Assistance PIN Personal Identification Number POS Point of Sale RFID Radio Frequency Identification SBV State Bank of Vietnam SIM Subscriber Identity Module SMS Short Message Services VAT Value Added Tax VECITA Vietnam e-Commerce and Information Technology Agency VND Vietnamese Dong WTO World Trade Organization Graduation Thesis Banking Academy of Vietnam about 20-30% per month The exact cause of this growth is that the percentage of people using smart phones is increasing and payment methods via mobile phones getting popular Mobile Banking includes two products: Mobile App and Mobile Web Mobile App - Banking services through the application installed on the mobile phone, running iOS (iPhone) and Android Mobile Web - Banking services through the internet browser on a mobile device does not require line of machines or operating systems only phone that supports internet connectivity Nowadays, payment via mobile in Vietnamese limited in some areas such as ecommerce, mobile applications serving social life, and content service But in fact, 90% of mobile payment activities in Vietnam by implementing network (Telco payment), is mainly for digital content products It is predicted that in the next or years, most banks will offer mobile banking services to customers and services coverage in Vietnam will reach about 20% of the Vietnamese population Thus, competition in this service market is also increasingly harsh, with the participation of foreign financial institutions, even of the non-bank institutions such as the e-commerce company, intermediary payment, e-wallet or the internet banking Recently, Saigon Commercial Joint Stock Bank (Sacombank) in collaboration with Vietnam mPOS Technology JSC introduced the service to accept card payments on mobile devices mPOS.vn Some commercial banks such as Industrial and Commercial Bank of Vietnam (VietinBank), Military Commercial Joint Stock Bank (MB) has launched this service This also opens the new developing orientation for this payment service 3.2.3 Current status of E-wallet According to 2015’s report Vietnam e-Commerce and Information Technology Agency (VECITA), users of the e-wallet payment method accounted for 6% in total non-cash payment users Counted by the end of 2015, there were non-banking operators to provide trial of payment intermediaries services with almost 2.4 million e-wallet issued, rose by 84% compared with 2012 In 2015, the transaction via e-wallet got 29.4 million 32 Graduation Thesis Banking Academy of Vietnam valued of VND 10,672 billion By now, there are more than 45 commercial domestic banks had linked with e-wallet of service providers Besides, recently, Government has approved some new services of payment intermediaries such as Fast Money Transfer of Petrolimex Bank based on consignation of subsidiaries of Petrolimex Group; Small money transfer via the e-wallet of Momo via the collaboration of Vietcombank and M-service Co., Ltd 3.3 ACHIEVEMENTS Significant results in non-cash payment system are stem from various factors, such as a more appropriate legal environment for banking payment, expanding networks of customer service counters of banks, effective interbank electronic payment There are some other major direct reasons for the increasing number of personal accounts in the past time, namely: Commercial banks have make considerable efforts to develop technical infrastructure to facilitate customer payment; have attached importance to modern banking services, especially retail banking services involving advanced information technology applications; have paid initial attention to marketing, advertising and sales promotion of their services provided on the market Some banks have taken the initiative in contacting enterprises with large numbers of employees having stable incomes to provide the service of paying salaries via bank accounts Application of technology and investment in infrastructure facilities and equipment in service of banking payment services has seen vigorous developments since 2002 The numbers of ATMs, POS devices and bank card-accepting units have quickly increased The trend of association and partnership has been formed among banks, helping many small commercial banks overcome their limitations in investments in technologies and equipment required for the payment systems Association and partnership in card issuance and payment has become an important factor contributing to the increasing number of cards recently issued Quality of ATM card service has improved far more than the previous years Along with benefits of using card-based method in settling a payment, transferring money, receiving salaries, withdrawing money, overdrafting, customer care 33 Graduation Thesis Banking Academy of Vietnam services of commercial banks have advanced in order to fully meet demand of card users Compared to the previous days when population had habits of withdrawing cash, this practice has now improved steeply, when customers have increasingly used more popular means of non-cash payment, for money transference, goods purchase, and money saving on account 3.4 LIMITATIONS Vietnam has a population of roughly 92 million, making it the 3rd largest country in Southeast Asia In a recent survey by the Boston Consulting Group, Vietnam was found to have the fastest growing middle class in Southeast Asia However, the development of non-cash payment method in recently reveals an uncorrespondence with national economy status and with other countries’ in religion 3.4.1 In term of cash payments at retail It is undeniable that cash is still the most popular payment method used in the public sector and by the ordinary person During the online exchange hold by the Saigon Economic Times on June 8, 2009, Dr Duong Hong Phuong, Deputy Director of Payments Department of the State Bank of Vietnam (SBV) said, according to statistics, about 80% of transactions through ATM to withdraw cash Neilsen Global Saving and Investment Strategy, which polled more than 30,000 Internet respondents in 60 countries, indicated that by the year 2014, 82% of the Vietnamese population use cash as the preferred method of payment This preference was far higher than one in religious countries namely the Philippines (74%), Thailand (68%) and Malaysia (60%) There are several reasons for this, but the primary one is that the habit of using cash in daily life is so deep-rooted, the public feels reluctant to adopt any alternative payment methods Inadequate information technology (IT) infrastructure is also a major factor restricting customer from accessing to banking services in general, and to non-cash payment services in particular According to people reflected, purchase transactions through POS is very limited because there were not enough scanners for various types of bank cards Moreover, POS systems 34 Graduation Thesis Banking Academy of Vietnam installed in shops, supermarket of one bank are not currently connected to the system of other banks, leading to less utilities of the ATM cards in Vietnamese commercial banks The percentage of non-cash payments is also a measurement of effective IT application in banking services In addition, a rudimentary tax management system has allowed numerous individuals and businesses to exploit tax loopholes They prefer using cash payments to non-cash instruments in order to evade taxes and gain personal benefits 3.4.2 In term of payment card In 2014, only 1.9% of Vietnamese adolescent citizens reported having a credit card, up only slightly from 1.2% in 2011 This made Vietnam become the country with lowest credit card penetration in Southeast Asia 26.5% of the adult population reported having a debit card in 2014 However, according to Mr Nguyen Phat Vinh Loi, head of Banknet.vn’s Hanoi office, only 50% of the ATM cards in circulation are being used, and, only about million ATM cards of these were registered for online banking transactions Inspite of having a large population, Vietnam is one of countries having the lowest percentage compared to Southeast Asia countries in both bank account penetration index and credit card penetration index which is 30.8% and 1.9% respectively The following table and graph will illustrate the sentence: Table 4: Southeast Asia country comparison Indonesia Malaysia Philippines Singapore Thailand Vietnam Population (in mm) 252.8 30.2 100.1 5.5 62.2 92.5 Bank account penetration 36.0% 81.0% 28.0% 96.3% 78.0% 30.8% Credit card penetration 1.6% 20.2% 3.2% 35.4% 5.5% 1.9% (Source: Newzoo report, January 2015) 35 Graduation Thesis Banking Academy of Vietnam Figure 10: Penetration of Payment Instrument in 2015 100% 100.00% 90.00% 80.00% 70.00% 60.00% 50.00% 30.80% 40.00% 30.00% 20.00% 10.00% 1.90% 0.00% Credit Card Bank Account Mobile Phone Account (Source: https://www.codapay.com) The systems for electronic payment and e-commerce remained risky and made consumers feel insecure was perhaps the primary cause of this situation In addition, Mr Pham Tien Dung, chairman of Banknet.vn, said that numerous cards, including ATM cards, are currently not widely accepted In addition, when problems occur during the payment process, customers find it difficult to find someone who can solve their problems 3.4.3 In term of cheque payment Although cheque is one of means of payment has been used for a long time in developing countries basing on the World cheque law conventions in 1933, in our country, payment by check has been operational since the 1960s, but until now, this means of payment is declining Cheque payments are more convenient and faster than other ones in transactions as the buyer only need to give the seller a cheque and the seller just take the cheque and ID to bank to get settlement; however, the rate of cheque payments just accounted for about 2% of the total noncash payments Mr Vu Huy Toan - Deputy Director of the Ho Chi Minh City branch of SBV said the main cause of this situation is that there are no mandatory regulations on the limit having to pay by check Cheque payment is now merely encouraged to use Another reason is seller's fear of buyer’s account having no money, counterfeit cheque, which easily lead to risks 36 Graduation Thesis Banking Academy of Vietnam In addition, the payment of the cheque will face complication if buyers and sellers not have accounts at a same bank, forcing the banks to go through clearing systems which are now not available at the central bank 37 Graduation Thesis Banking Academy of Vietnam CHAPTER IV: RECOMMENDATIONS 4.1 SOLUTIONS FOR GOVERNMENT 4.1.1 Perfecting the legal framework for non-cash payment activities of the economy Legal framework for non-cash payment consists of laws and regulations which govern participants directly involving in non-cash payment transactions National laws should define clearly rights and responsibility of every non-cash payment participant in order to control legal risks as well as to protect customers from settling disputes A guarantee by laws is a crucial condition for customers when deciding to use non-cash payment method or not In addition, laws and sub-law documents of the Government and the State Bank of Vietnam on non-cash payment activities should be in a coordinated, consistent and comprehensive manner in order to create favorable conditions for developing noncash payment services and instruments, especially modern payment services and instruments based on application of information technologies It is essential to amend a number of provisions of the Law on the State Bank and the Law on Credit Institutions concerning non-cash payment, opening of accounts at the SBV, organization and participation of payment service-providing organizations in order to create a common legal framework for developing non-cash payment Furthermore, Vietnamese legal framework for non-cash payment should be in compliance with international standards and international commitments such as Vietnam - US Bilateral Trade Agreement (BTA), or WTO commitments On this basis, Vietnamese non-cash payment participants will be available with market and services accessibility all over the world and have equal right to parties with the similar functions in international market It then creates a fair competitive environment, promoting Vietnamese monetary and banking sectors in international integration process 4.1.2 Developing non-cash payment in the government sector Government should manage its spending by non-cash payment instruments to restrict cash payments made by state budget fund users in order to increase controllability of the use of state budgets Accordingly, non-cash payment mode 38 Graduation Thesis Banking Academy of Vietnam should be required for all kinds of government expenditures regarding both regular spending and capital construction expenditures Hence, there will be an expansion of the implementation of non-cash payment to ministries, ministerial-level agencies, provincial-level People’s Committees, and big localities…with the participation of payment service-providers This wide implementation of cardbased management will bring about cost-benefit for financial expenditures management in government sector In order to reach a nationwide implementation of non-cash payment in state-owned sector, agreements among the counterpart banks on technical infrastructure facilities and networks of card-accepting points are required all over the country 4.1.3 Paying salaries via accounts in state-owned enterprises According to this solution, it is required to make payment of salaries into accounts of cadres, public employees and servants working in the state-owned enterprises, in order to encourage laborers in enterprises to receive wages and make expenditures via accounts The State Bank should coordinate with the ministries, branches and provincial People’s Committees in implementing and, at the same time, coordinate with commercial banks in enhancing their capabilities of meeting laborers demands in receiving salaries and making individual payments via bank accounts Paying salaries via accounts should be soon applied in all 63 provinces 4.1.4 Paying social preferential treatment allowances and social allowances via accounts This solution should assist people with low educational levels, in rural, and remote areas to approach banking and payment services through paying social preferential treatment allowances and social allowances via accounts However, this solution requires a strong development of banking infrastructure For example, branches of banks should be located every corners in rural, and mountainous areas so that local people can travel to the banks conveniently Moreover, long process of instruction and training has to be carried out to create the most favorable conditions for these people before they can be skillful in withdrawing, transferring money, as well as paying for bills (telephone, electricity, 39 Graduation Thesis Banking Academy of Vietnam water, …) and purchasing goods Moreover, for old and weak people who are with travel difficulties, the payment service providing organizations should pay them cash at their homes Specially, no charge will be collected from these people when implementing this payment mode 4.1.5 Enhancing people’s level of awareness The authorities should also raise public awareness about the advantages of using non-cash payment services through propaganda project which should be received due attention Besides, the mass media should carry useful information on advantages, or positive factors of non-cash payment to encourage consumers’ confidence on a card-based payment instruments Strategic goals, orientations and major policies for developing payment activities should be publicized Therefore, not only the populations but also many enterprises have adequate understanding of non-cash payment services and instruments In addition, government should strengthen co-operation between relevant agencies working towards the common goals of reducing the amount of cash in circulation and increasing the proportion of non-cash payments 4.1.6 Implementing tightly the tax policy Government can encourage people to use non-cash payment through value added tax policy, or income tax policy For example, according to the income tax policy, for expenses for purchase of goods or services with invoices valued at VND 20 million or more (VAT-inclusive prices) each, there must be evidences of non- cash payment If not, these expenses are non-deductible expenses and enterprises must not deduct these expenses for determining taxable income Once government control tightly non-cash payment condition in calculating income tax or VAT, there will be fewer enterprises making their payment by cash because of their concerns about paying more tax and being even heavily fined 4.2 SOLUTIONS FOR COMMERCIAL BANKS 4.2.1 Increasing human resources for developing non-cash payment Because human element plays a key role in processing services in general and noncash payment services in particular, commercial banks should pay more attention 40 Graduation Thesis Banking Academy of Vietnam to increasing staffs who have professional qualifications and experience on payment activities by conducting basic training programs in the country or organizing specialized training overseas to learn experience Training scheme should be available for bank staff to provide them with soft skills in dealing with customer’s queries, and complaints Therefore, it creates customer’s satisfactory and confidence when using any of that bank’s services and products Banks consider train personnel engaged in payment activities in information technology in general and technologies applied to payment activities in particular by coordinating with international organizations and inviting experts to teach and train in IT aspect of non-cash payment activities Programs and conferences at commercial banks should be hold periodically for bank staff in order to update latest financial and monetary policy of the State Bank of Vietnam 4.2.2 Investing in infrastructure and technology It is essential for commercial banks to continuously expand and advance in infrastructure for non-cash payment activities basing on installing modern technologies which are appropriated with the current development status of our country Another recommendation for banks to develop non-cash payment sector is diversifying and improving payment services and products quantity, applying new modern means of payment, developing electronic payment, online payment, and giving priority to innovative fields 4.2.3 Seeking for assistance to serve development of non-cash payment Commercial banks should coordinate with the Ministry of Finance and the Ministry of Planning and Investment to mobilize domestic capital sources combined with ODA capital and commercial loans on the international capital market for investing in upgrading and developing payment systems and non-cash payment activities in the banks Moreover, banks should ask for using the State’s preferential development investment credits for investing in machines, technologies and equipment to serve their non-cash payment systems In line with that, commercial banks should actively cooperate with some international financial and monetary institutions to seek for their technical supports, consultancy as well as experiences in developing non-cash payment method Therefore, banks can call them for assistance in sponsoring fund sources for development projects 41 Graduation Thesis Banking Academy of Vietnam 4.2.4 Promoting marketing and advertising activities Commercial banks can think of carrying out propaganda and dissemination campaign of the knowledge of non-cash payment to instruct customers the use of non-cash payment services Mass media such as social networks, televisions, newspapers should be involved to popularize non-cash payment services banks are offering In term of radio and television stations, banks are suggested to select appropriate programs and time slots to disseminate necessary information and knowledge to as many people as possible In Vietnam, the number of Internet users is quickly increasing in cities and towns so the Internet is also a very effective channel of dissemination Therefore, in term of dissemination on the Internet, necessary information should be posted on websites that are most frequently visited by largest number of people Furthermore, commercial banks may offer customers specific discounts, or gifts to attract clients to using banks’ non-cash payment services and products 4.2.5 Paying attention to internal controlling Commercial banks need to increase internal control to guarantee the discipline in implementing non-cash payment regulations, and secure a safe payment system Banks should arrange qualified, knowledgeable and capable personnel in sections responsible for formulating policies and proposing strategies and orientations on development of payment activities in bank 4.3 SOLUTIONS FOR INDIVIDUALS AND BUSINESS In line with efforts from the authorities, and payment service proving organizations, the public and enterprises are required to contribute to the developing of using non-cash payment Citizens and enterprises are encouraged to carry out cash-based payment and replace them with card-based payments in their everyday lives as well as in commercial transactions 4.3.1 In term of individuals Citizens should be active in finding information about non-cash payment through local commercial banks Each household should have at least one bank account to carry out card-base transactions for their family 42 Graduation Thesis Banking Academy of Vietnam For students who study far from their hometown, they and their parents should be opened bank accounts to receive and sending financial support conveniently and timely 4.3.2 In term of business Vietnamese enterprises should apply paying salaries to their labors via accounts Moreover, firms should hold training classes to instruct their employees how to use non-cash for receiving salaries or wages, as well as making ordinary expenditure through their bank accounts As advisor for business sector, author firmly suggest to increase shopping online market Accordingly, customers can order goods and services through internet, then make payment via popular e-wallet namely Nganluong.vn or Paypal.vn channels This method of payment should be charge less fees than direct purchases in order to encourage customers to use non-cash payment 43 Graduation Thesis Banking Academy of Vietnam CONCLUSION It is absolutely undeniable that non-cash payment has played an extremely important role in the economy A banking system which provides quick, accurate, and safe payment services will create favorable conditions to promote economic development Therefore, innovating service system provided by the commercial banks has great significance to the economic reform in Vietnam In recent years, non-cash payment market in Vietnam has achieved a variety of progress, especially in advancing service quality and developing infrastructure for non-cash payment system However, cash-based payment is still accounting for a large proportion of the business sector and the majority of the payment transactions among residential areas In an effort to handle this situation, this thesis pointed out numerous solutions and recommendations to improve the payment operations; enhance adaptability of noncash payment to the pace of economic development; achieve requirements for fast, accurate, and safe payments; portray the payment role of commercial banks in the national economy In additional, those solutions require comprehensive coordination among government, commercial banks, as well as community 44 Graduation Thesis Banking Academy of Vietnam LIST OF REFERENCES Books and documents Decision no 101/NHQD Promulgated by The State Bank of Vietnam on July 30, 1991 Decision No 291/2006/QD-TTg Promulgated by the Prime Minister of government on December 29, 2006 Decree 15/SL on establishment of National Bank of Vietnam Signed by President Ho Chi Minh on May 06, 1951 Decree No 101/2012/ND-CP on non-cash payment Promulgated by the State Bank of Vietnam on November 22, 2012 European Central Bank 2010 “The Payment System: Payments, Securities and Derivatives, and the Role of the Eurosystem” Gary Schneider 2014 “Electronic Commerce, 11th Edition” California State University Monterey Bay International Payment Department, Banking Academy 2014 “International payments and export-import financing” Law on Credit Institution, No 47/2010/QH12 Promulgated by The National Assembly, taking effected on January 01, 2011 Martin Peitz & Joel Waldfogel 2012 “The Oxford handbook of the digital economy: modernization of payment systems” Oxford University Press 10 Master Nguyen Minh Phuong 2015 “Bank Accounting 1E” Banking Academy 11 Ordinance on the State Bank of Vietnam dated 23 May, 1990 12 Outstanding Teacher, Doctor To Ngoc Hung “Ngan hang thuong mai” Banking Academy” 13 Steven M Bragg 2010 “Treasury Management: The Practitioner's Guide” John Wiley & Sons Publisher Newspaper articles 14 “Control of the Money Supply” (July 21, 2015) (Boundless Business) Available: https://www.boundless.com/business/textbooks/boundlessbusiness-textbook/the-functions-of-money-and-banking-21/money-as-atool-123/control-of-the-money-supply-571-3193/ 45 Graduation Thesis Banking Academy of Vietnam 15 “Đẩy mạnh toán không dùng tiền mặt” (January 16, 2014) (VnExpress) Available: http://kinhdoanh.vnexpress.net/tintuc/ebank/thanh-toan-dien-tu/day-manh-thanh-toan-khong-dung-tien-mat2939948.html 16 “Hội nghị thường niên - Hội Thẻ Ngân hàng Việt Nam 2015” (April 13, 2015) (Vietnam Banks Association) Available: http://vnba.org.vn/index.php?option=com_content&view=article&id=1931 1:hi-ngh-thng-nien-hi-th-ngan-hang-vit-nam-2015&catid=34:tin-hip-hingan-hang&Itemid=56 17 “Promoting non-cash payment in Vietnam” (March 14, 2014) (Nhan Dan Newspaper) Available: http://en.nhandan.org.vn/business/item/512102.html 18 “Quy định tốn khơng dùng tiền mặt” (June 27, 2014) (Chungkhoantanviet) Available: http://finance.tvsi.com.vn/News/2014627/283728/quy-dinh-moi-ve-thanhtoan-khong-dung-tien-mat.aspx 19 “Regional Promising Products” (October 30, 2014) (Trade Doctor) Available: http://tradedoctor.kotra.or.kr/bp/cn/gw/BPCNGW011M.html?BBS_ID=19 &ARTICLE_ID=5035654&MENU_CD=M00001&UPPER_MENU_CD= M00002&MENU_CD2=M00005 20 “SBV to enhance domestic banking landscape through non-cash payment reform” (Jun 05, 2013) (Theasianbanker) Available: http://www.theasianbanker.com/updates-and-articles/sbv-to-enhancedomestic-banking-landscape-through-non-cash-payment-reform Websites 21 http://ec.europa.eu 22 www.mof.gov.vn 23 www.nhandan.org.vn 24 www.sbv.gov.vn 25 www.vnba.org.vn 46