This year, the demand for cash transactions at the end of this year did not arise much mainly due to the growing development of non-cash payments. However, the banking industry has carefully developed plans to ensure the smooth operation of ATMs.

Transactions at Joint Stock Commercial Bank for Foreign Trade of Viet Nam (Vietcombank)- Da Nang branch. Photo: M.QUE

Despite the fact that people do not withdraw as much cash at ATMs as they did in the previous years, banks have implemented a plan to ensure safety and the amount of cash at ATMs in order to avoid incidents and serve people’ transaction demands.

At the beginning of January, the Da Nang branch of the Bank for Agriculture and Rural Development (Agribank) has maintained more than 40 ATMs in tandem with assigning shifts so that ATMs can operate smoothly and efficiently during the Lunar New Year 2022.

In the same vein, the Joint Stock Commercial Bank for Foreign Trade of Viet Nam (Vietcombank) and Joint Stock Commercial Bank for Investment and Development of Viet Nam (BIDV) prepared backup plans such as installing automatic devices messaging for the fund replenishment department when the machine is almost out of money, phone number of the customer support department at the ATM locations for customers to contact when necessary.

According to the Da Nang branch of the State Bank of Viet Nam, the number of cash transactions at the end of this year compared to the previous year decreased by 20-30%, so there was almost no shortage of cash. Currently, the city houses more than 550 ATMs distributed throughout the districts.

Moreover, in an effort to avoid disruptions causing people to wait in long lines to withdraw money at industrial parks and export processing zones having a large number of officials and workers, commercial banks have actively worked with businesses to adjust reasonable salary payment time, build a backup plan for salary and bonus payment as well as strengthen propaganda of non-cash payment especially in the increasing trend of online shopping.

Commonly, the Lunar New Year is an occasion when people have a need to change old money to receive a new one. According to Mr Vo Minh, Director of the Da Nang Branch of the State Bank of Viet Nam, the bank always ensures the collection and exchange of banknotes that is no longer able to circulate and issues new as well as old banknotes with full denominations to the market.

Since 2013, the State Bank of Viet Nam has implemented the policy of not issuing new banknotes with denominations lower than VND10,000 for the Tet holiday. On the occasion of the 2022 Lunar New Year, the State Bank of Viet Nam - Da Nang Branch requires local commercial banks to issue money with  denominations of VND10,000 or less into circulation for the correct payment purpose.

According to Clause 5, Article 30 of Decree No. 88/2019/ND-CP dated November 14, 2019, providing for penalties for administrative violations in the monetary and banking sectors, a fine of VND 20-40 million will be imposed for the implementation of money change is not in accordance with the law for individuals, and double for organizations depending on the specific violation.

“Besides, citizens need to be careful in exchanging new money, especially via online transactions. There are tricks such as changing fake change, missing banknotes in the money pile to trick the gullible. We will strengthen inspection to promptly detect and handle the illegal purchase and sale of foreign currency, gold and money exchange services," said Mr Vo Minh.

Similarly, the gold market at gold, silver, and gem stores citywide has also witnessed a drop by 30-40% in selling than the previous years.

As shared by Ms Le Xuan Thuy Linh, Deputy Director of the Da Nang Branch of Vietinbank Gold & Jewelry, the unit has recorded mainly buying transactions, while selling transactions decreased by 40-50% over the same period last year mainly due to the impact of the pandemic on people's income.

Reporting by MAI QUE- Translating by T.VY