Beginning March 3, 2018, persons who are between 15 and 18 years old can open debit cards, credit cards and prepaid cards without the need to provide proof of income’s sources, according to the State Bank of Vietnam.
Beginning March 3, 2018, persons who are between 15 and 18 years old can open debit cards, credit cards and prepaid cards without the need to provide proof of income’s sources, according to the State Bank of Vietnam.(Source: antd.vn)
Hanoi (VNA) - Beginning March 3, 2018, persons who are between 15 and 18years old can open debit cards, credit cards and prepaid cards without the needto provide proof of income’s sources, according to the State Bank of Vietnam.
Moreover, persons who are from 6 to 15 years old can create debit cardsassociated with their parents’ and guardians’ accounts.
The new decree left some parents confused about how they would control theirchildren’s spending.
Ngoc Mai in Ba Trieu district told Lao dong (Labour) newspaper that shefound the policy infeasible.
“I will never let my children open credit cards with overdraft lines when theyare under 18 years old as I do not know what they’ll spend,” she said.
Sharing the same concern, Nguyen Son in the downtown district of Hoan Kiem inHanoi said that persons between 15 and 18 were not able to manage theirpersonal spending.
“At that age, the management and supervision from parents and schools areimportant to their full development. Therefore, my children are not allowed tohave their own credit cards,” he said.
However, according to the newspaper, it is not easy for persons aged 15 to 18to register credit cards at commercial banks with high overdraft lines as it isdifficult for them to repay the debt. An officer of the State Bank of Vietnam,moreover, stressed that the decree was a solution to reduce cash payments.
“Vietnam will promote payment without cash in the near future, therefore,rather than preventing their children from using credit cards, parents can setspending limits by transferring a fixed amount of money to their accounts toeasily control their expenditures,” he said.
Hanoi authorities in March 2018 set a plan to set up cashless payment systems atall supermarkets, restaurants and department stores by 2020. Also, it isexpected that 60 percent of households will use cashless payment platforms fortheir daily needs and 70 percent of citizens over age 15 to have bankaccounts.-VNA
Vietnamese commercial banks are striving to expand and improve Vietnam’s credit card market, which has huge potentials, the Thanh Nien Online reported.
Credit cardholders will not be allowed to withdraw cash worth more than 5 million VND for domestic transactions and no more than 30 million VND for foreign currency.
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The strategic product, managed and operated by the Vietnam News Agency Digital Media Centre (VNA Media), is an official channel for popularising the Party and State’s information and documents as well as delivering mainstream and trustworthy news to both domestic and international audiences through various kinds of multimedia formats.
Since President Ho Chi Minh founded Thanh Nien (Young People) newspaper in 1925, the Vietnamese revolutionary press has become the voice of the people. During the resistance war against the colonialists, journalists took great personal risks to inspire patriotism and the will of rising up against foreign invaders.
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Throughout its 80-year history, the VNA has remained at the forefront of information dissemination. It has consistently delivered timely, accurate, and objective reports on both domestic and international events, serving the Party’s leadership, the State’s management, and the public’s demand for official news.
Beginning March 3, 2018, persons who are between 15 and 18 years old can open debit cards, credit cards and prepaid cards without the need to provide proof of income’s sources, according to the State Bank of Vietnam.(Source: antd.vn) 
