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ECONOMYBANKING & FINANCE

VISA prepares smart financial management for Vietnamese students

Updated at Saturday, 27 Apr 2019, 20:03
The Hanoitimes - Preparing financial management skills for students is part of efforts to contribute to Vietnam’s increasingly diverse commerce scenarios.
Visa Inc. (VISA) has pursued a program that provides smart financial management skills to students across Vietnam over the past eight years. 
 
VISA's program prepares smart financial management skills for Vietnamese students. Photo: Ogilvy
In cooperation with the Central Committee of Vietnam Students’ Association (CCVSA), VISA launched earlier this week the 2019 “Practical Money Skills” program which focuses on the key subjects – students and other beneficiaries in a broader scope. 

With this year’s program under the theme “Cháy túi” (literally, “wallet on fire”, similar to the English phrase “money burns a hole in my pocket”), VISA will specifically focus on addressing frivolous spending and economic challenges faced by young people. 

In addition to the core areas of responsible budgeting, saving, and spending, this year’s program will also address some emerging areas of concern, like ensuring security while online shopping, what to be aware of when signing contracts, and managing credit to avoid unsustainable debt.

By providing smart financial management skills to students, VISA both offers well-prepared toolkit for the future of the youth and designates the core customers in the Vietnamese market, said Dang Tuyet Dung, VISA's country manager for Vietnam and Laos. 

“While many of the fundamentals of financial management don’t change, new challenges are always emerging that can trip up even the most financially savvy consumers. With so many young people going online to do their shopping, that’s why, this year, we’ve added some new subjects to the program, like staying safe when shopping online and navigating contracts,” Dung said at the launching ceremony of the 2019 program.   

 
Dang Tuyet Dung, VISA's country manager for Vietnam and Laos. Photo: Ogilvy
Dang Tuyet Dung, VISA's country manager for Vietnam and Laos. Photo: Ogilvy
She noted that it’s important that they have the skills to manage their finances and spending in all of Vietnam’s increasingly diverse commerce scenarios. 

The format of the program this year will see teams of three students across the country develop plans to help promote financial literacy among their peers. Teams are encouraged to engage the help of advisors, such as lecturers, business people, or student leaders, in the development and execution of their program. 

Standing Vice President of CCVSA Nguyen Minh Triet said “Following the Resolution of the 10th National Congress of the Vietnam Students’ Association, this year’s program is organized with the aim of cementing student counseling and supporting activities.”

With a creative organizational format, we believe the students will have opportunities to experience and familiarize themselves with many aspects of personal financial management, he emphasized. 

Bui Minh Tuan, deputy head of CCVSA, highlighted the importance of the program, saying that VISA’s initiatives have helped students aware of financial management right before their graduation as Vietnamese students are not equipped with practical money management skills before they face reality. 

VISA in Vietnam 

Being the world’s leader in digital payments, VISA is working to enable consumers, businesses, banks and governments to use digital currency helping the Vietnamese government obtain its goal for cashless payment until 2045. 

In partnering with the State Bank of Vietnam (SBV) and National Payment Corporation of Vietnam (NAPAS), VISA is expected to become a credible partner for the Vietnamese government in facilitating e-payment transactions in Vietnam, CEO of VISA Alfred Kelly said at a meeting with Vietnamese Prime Minister Nguyen Xuan Phuc in his first visit to the country in March 2019, according to the government’s website.

Visa has a long standing commitment to Vietnam with the first VISA card payments being accepted by retailers back in 1995 and the first VISA credit card launched in the country two years later.

VISA will soon be launching its Future of Security Roadmap for Vietnam, working closely with the State Bank of Vietnam to design a robust approach for strengthening payments security in the country.

Vietnamese consumers are embracing digital payments as a faster and more convenient way to pay, with consumers using their credit and debit cards more often for in store and online purchases, according to figures released by VISA. 

Indeed, the figures indicate a number of positive trends in the growth of digital payments in Vietnam. The total value of purchases made by Vietnamese consumers on their Visa credit and debit cards was up 37% year-on-year in 2018, while the number of transactions rose 25%. 
Linh Pham
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