Published on 27.07.2011

Vietnam: Second Payment System and Bank Modernization Project

The Second Payment System and Bank Modernization Project (PSBM2), which closed in June 2011, significantly improved the speed and reliability of interbank payments in Vietnam from two weeks in 2005 to within the day, with exponential growth (646 percent) of financial transactions nationwide (2005-June 2011). The participating banks settled customer fund transfers within minutes as compared to days in 2004-05. Centralized funds and customer management strengthened project entities’ risk management capacity. Several banks can offer eBanking services to customers now (159,000 eBanking customers and 412,360 instant messaging customers).
Full report at Worldbank.org