Vietnam Tightens Financial Fraud Measures by Closing Dormant Bank Accounts

The State Bank of Vietnam (SBV) will proceed with closing dormant bank accounts to curb financial fraud and enhance financial system transparency. This move is part of a broader monetary policy aimed at supporting digital payments and economic growth. The SBV stated that the monetary policy will remain proactive and flexible, closely coordinated with an appropriately expansionary fiscal policy to prioritize inflation control while supporting sustainable growth. The new circular is expected to provide credit institutions with more room to provide capital to businesses and investment projects, thereby supporting high economic growth in the coming years and increasing flexibility in the SBV’s monetary policy management. Non-cash payments in Vietnam have recorded strong growth, with transactions rising 37.98% in volume and 14.22% in value in the first quarter of 2026 compared to the same period last year, reflecting a clear shift toward digital payments. According to HSBC, the success of foreign investment will increasingly be measured by whether it brings technology, develops local talent, establishes research and development (R&D) capability, and integrates Vietnamese enterprises more deeply into global value chains. Domestically, the economy shows resilience. Total retail sales of goods and consumer service revenue in July were estimated at VND 669.1 trillion (over USD 25.45 billion), up 0.9% from June and 14.5% year-on-year. Industrial production has also expanded steadily as newly commissioned production facilities came into operation and businesses continued to scale up manufacturing. Vietnam is pursuing a renewed development model with the goal of becoming a developed, high-income country by 2045. This model goes beyond rapid and sustainable economic growth, aiming to unlock new growth space, mobilize resources more effectively, and strengthen national competitiveness. Inflation remains under control, with the consumer price index (CPI) edging down 0.1% in July from the previous month. The average CPI in the January–July period rose an estimated 4.39% year-on-year, staying within the yearly target. In the first seven months of the year, the country's total exports of agro-forestry-aquatic products reached nearly USD 42.8 billion, up 7.5% from the same period last year. Vietnam's total import-export turnover reached USD 659.58 billion in the first seven months of 2026, a significant increase of 28.1% year-on-year. Foreign direct investment (FDI) also shows robust performance, with realized FDI reaching an estimated USD 15.2 billion during the January-July period, an increase of 11.8% from a year earlier and the highest seven-month disbursement recorded over the past five years. Under its one-party system, Vietnam prioritizes economic growth and actively seeks foreign investment, with a growing emphasis on technology transfer and high-value-added industries. Relations with China, a key export market for fruits and vegetables, will continue to be a critical factor to monitor. Source: VietnamPlus English