Vietnam is planning to shut 86 million unverified financial institution accounts by the tip of the 12 months beneath biometric legal guidelines.
Vietnam is making ready to shut 86 million financial institution accounts that fail to fulfill biometric verification requirements. The State Financial institution of Vietnam (SBV) confirmed that the transfer will take impact by September.
The choice comes as a part of an effort to safe the nation’s monetary system, curb fraud and push towards a cashless financial system.
Why 86 Million Financial institution Accounts Will Be Closed
Vietnam had round 200 million financial institution accounts as of final 12 months. Nonetheless, after biometric checks, solely 113 million private and 711,000 organisational accounts have been discovered to have been legitimate.
Which means those that fail to replace data will probably be shut down completely.
Vietnam simply froze 86m financial institution accounts as a result of account holders did not adjust to new biometrics legal guidelines that require a face scan or fingerprint for account verification.
If customers do not comply by the thirtieth they will lose their cash. That is why we bitcoin. https://t.co/hIK30vn1XR
— Marty Bent (@MartyBent) September 18, 2025
The SBV mentioned accounts with out verified biometric information are extremely weak to scams. In different phrases, closing them is critical to guard customers and stop abuse by fraud rings. Current police stories confirmed instances the place AI-driven facial spoofing helped criminals launder cash by way of faux accounts.
Account holders are actually going through stricter necessities. They have to present facial biometric scans not solely to register accounts but in addition for on-line transfers above 10 million VND (about $379).
Transactions over 20 million VND (or $758) require further checks.
Vietnam’s Push Towards a Cashless Financial system
The closures are a part of Vietnam’s plan to advertise digital funds. The SBV mentioned non-cash transactions hit $11.57 trillion final 12 months, which is greater than 26 instances the nationwide GDP.
Cell banking and QR code funds noticed progress as properly, with QR utilization rising over 80% early this 12 months alone.
Authorities are actually investing in infrastructure to assist this progress. Authorities Undertaking 06 has already verified biometric information for greater than 111 million residents. Banks, regulators, and expertise corporations are additionally working collectively to enhance safety requirements.
The SBV believes these efforts will construct belief in digital transactions. The final word purpose is to cut back money use (which continues to be frequent in rural areas) and transfer Vietnam nearer to a completely digital financial system.
How Crypto Matches Into Vietnam’s New Monetary Guidelines
Vietnam’s digital overhaul shouldn’t be restricted to conventional banking. A brand new Legislation on Digital Know-how Trade, which takes impact in January, offers crypto belongings authorized recognition.
The legislation makes a transparent distinction between digital belongings and crypto belongings. It additionally requires compliance with anti-money laundering and cybersecurity measures. This step units up Vietnam with worldwide monetary requirements and supplies a framework for companies and buyers.
Crypto advocates proceed to see the legislation and the checking account closures as linked.
They argue that strict biometric guidelines, like what Vietnam is doing, present the significance of self-custody choices like Bitcoin. Some level to previous instances in Lebanon, Turkey, and Nigeria the place folks misplaced entry to funds beneath sudden banking restrictions.
Notably, Thailand froze 3 million financial institution accounts in a single day solely final week, in what seems to be a continental transfer towards banking fraud throughout Asia.
Public Reactions to the Financial institution Account Closures
The SBV insists that the method primarily impacts inactive or unverified accounts. Native media stories point out that almost all Vietnamese residents have already up to date their information.
Nonetheless, foreigners with accounts in Vietnam have reported difficulties.
Vietnam’s central financial institution simply initiated closure of >86 million financial institution accounts beginning Sept 1
All of the accounts shut lack the consumer biometric info which provides the central financial institution next-gen monetary surveillance potential
The official purpose for closures: “to forestall fraud” 🤔 pic.twitter.com/YwKxTsRyJ6
— Daniel Batten (@DSBatten) September 17, 2025
One Reddit consumer mentioned he needed to fly again to Vietnam simply to replace his HSBC account particulars. With out biometric checks, his account risked being shut down. Others famous that banks require in-person verification, which left them with no distant resolution.
Total, Vietnam’s banking reforms are transferring rapidly. The SBV expects all energetic accounts to fulfill biometric requirements earlier than the deadline in September.
This may go away the nation with fewer however safer accounts. In the meantime, the requires crypto as an answer to points like these proceed to accentuate.