The Vietnam Banks Association (VNBA) has urged international card organisations Visa and Mastercard to reduce several types of fees on Vietnamese banks amid the fourth wave of COVID-19 pandemic in Viet Nam.
The State Bank of Vietnam (SBV) has directed credit institutions to reduce some transaction fees from August 1 this year to support customers amid the outbreak of the latest COVID-19 pandemic.
Recent surges in transactions and withdrawl fees at a number of commercial banks had seemingly gone against the State Bank of Vietnam’s (SBV) initial policy roadmap for a seamlessly cashless society.
Despite being allowed to charge on-net fees for automatic telling machine (ATM) transactions, some commercial banks have recently applied the exemption to on-net money withdrawal and account transfer to attract new customers and develop the retail banking segment.
