PM approves national financial inclusion strategy until 2025

03.02.2020

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

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

Accordingly, the strategytargeted that by the end of 2025, at least 50 percent of communes nationwidehave offices to provide financial services and at least 25-30 percentof adults have saving accounts at credit institutions.

The number of non-cashtransactions is also expected to increase by 20-25 percent annually andinsurance premium income to reach around 3.5 percent of GDP by 2025.

At least 250,000 small- andmedium-sized enterprises can have access to bank loans and the ratio ofoutstanding loans for the agricultural sector to the country’s totaloutstanding loans will be 25 percent by 2025.

To achieve the targets, thestrategy provides a number of solutions, including streamlining the legalframework to ease the implementation of financial inclusion; diversifyingfinancial services providers and supporting channels to ensure greater coverageof financial services and products; upgrading financial infrastructures andreducing transaction fees.

Source: VNA
Photo: File