Log in
Business

Vietnam banks required to meet cash demand ahead of Tet

Relevant agencies are required to strengthen inspection, detect and strictly handle violations in foreign/cash exchange trading, according to the State Bank of Vietnam.

Vietnam’s banks are required to ensure enough cash for people as the demand for cash rising ahead of Tet holidays, causing many ATMs to be out of service.

 Vietnam banks are required to meet cash demand ahead of Tet holiday. Photo: Cong Hung

It is one of the requests made by the State Bank of Vietnam (SBV) to ensure the safety of banking operations during the Lunar New Year. 

According to Document No. 684, the SBV requested its branches in provinces and cities to be responsible for providing cash to credit institutions, foreign bank branches, and the local state treasury to ensure the smooth monetary circulation and absolutely prevent the shortage of cash.

The SBV has also required credit institutions and foreign bank branches to proactively build appropriate cash plans to timely meet cash needs of customers both in terms of value and denominations, closely monitor the progress of cash collection and spending at the branches to promptly meet the demand for cash before, during and after Tet.

The SBV’s branches are asked to conduct payment services for production, business, import and export activities; proactively meet the requirements about international payments for foreign-invested enterprises, importers and exporters during holidays; ensure the stability and safety of electronic payment services and card payments.

The concerned agencies are required to strengthen inspection, detect and strictly handle violations in foreign/cash exchange trading, according to the Document. 

Reactions:
Share:
Trending
Most Viewed
Related news
Gov’t prepares for Tet holidays

Gov’t prepares for Tet holidays

16 Jan, 11:14

PM Nguyen Tan Dung today has sent a telegram asking ministries, agencies and localities to prepare for the upcoming Lunar New Year festival, which is the country`s biggest holiday.

FTA Index facilitates Vietnam's 8% GDP target in 2025: Prime Minister

FTA Index facilitates Vietnam's 8% GDP target in 2025: Prime Minister

The FTA Index aims to provide transparent, objective data for central and local authorities to steer and monitor integration efforts

Q1 sees foreign investors posting $1 billion in net sales

Q1 sees foreign investors posting $1 billion in net sales

Similar outflows are seen across the region with Vietnam's foreign investor outflows remain moderate.

SSC launches Vietnam Governance Manual 2025

SSC launches Vietnam Governance Manual 2025

Vietnam targets 100% online processing of business-related procedures

Vietnam targets 100% online processing of business-related procedures

By 2026, corporate compliance costs must be halved compared to 2024, achieved through a 50% reduction in processing times.

Vietnam aims to create one million new businesses by 2030

Vietnam aims to create one million new businesses by 2030

Ministries and local governments are expected to cut at least 30% of processing times, compliance costs, and unnecessary business conditions this year.

Hanoi advances energy efficiency for businesses

Hanoi advances energy efficiency for businesses

Hanoi authorities, in collaboration with relevant agencies, are providing technical support to businesses in adopting advanced energy-saving technologies and developing energy efficiency indices.

Vietnamese spend US$13 million daily on coffee and tea

Vietnamese spend US$13 million daily on coffee and tea

Total revenue for the F&B industry is expected to reach VND755.4 trillion ($29.6 billion) this year.

Vietnam works to overcome US seafood export barriers

Vietnam works to overcome US seafood export barriers

Vietnam’s seafood industry is facing new trade barriers from the US under the Marine Mammal Protection Act (MMPA), which aims to reduce bycatch and promote sustainable fishing.