The announcement by the State Bank of Vietnam (SBV) that nearly 86 million bank accounts will be closed as of September 2025 has drawn significant attention. These accounts are inactive or lack biometric verification, which, according to the regulator, makes them a fertile ground for fraud and money laundering. While the measure appears reasonable at first glance, it raises questions about its effectiveness, proportionality, and potential far-reaching consequences for both citizens and the financial sector.
The rationale behind the measure
The closure is part of a broader strategy to digitize and secure the Vietnamese banking system. By introducing biometric verification (such as fingerprints and facial recognition), the SBV aims to prevent accounts from being misused by fraudsters or functioning as “ghost accounts.” In a country where more than 200 million bank accounts circulate…..
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