Ensuring cash supply during the 2017 Lunar New Year.

The State Bank of Vietnam requires the completion of cash transfers to branches in provinces and cities before January 20, 2017.

During the Lunar New Year holiday each year, due to a surge in demand for cash withdrawals, many automated teller machines (ATMs) experience localized congestion and frequently run out of cash. To alleviate this situation, the State Bank of Vietnam (SBV) is implementing a series of coordinated measures and is committed to ensuring sufficient cash for the public during the 2017 Lunar New Year.

Many commercial banks have been proactively securing cash reserves to supply the market.

According to many workers in industrial zones, companies only pay salaries and bonuses close to Tet (Lunar New Year). At that time, people have to queue for a long time at ATMs to withdraw money for Tet shopping. Sometimes, after queuing for a long time, the ATMs run out of cash, causing frustration for the workers.

Ms. Nguyen Thi Hue, from Canon Vietnam Co., Ltd., Thang Long Industrial Park, shared: "We withdraw money every month, but during Tet (Lunar New Year), the number of people withdrawing money increases dramatically. Therefore, at the end of the year in the industrial park, people often want to withdraw a lot of money to go home for Tet, so the demand surges. Sometimes, when it's my turn, we run out of money. This situation happens every year."

In industrial zones, during the period leading up to Tet (Lunar New Year), people have to wait in long lines to withdraw money.

In response to this situation, many commercial banks nationwide have been proactively securing cash reserves to supply the market and ensure the safety of their funds during the year-end and Lunar New Year holidays.

Ms. Le Nhu Hoa, Deputy General Director of Vietnam Industrial and Commercial Bank (Vietinbank), said that the bank is focusing on directing its branches and cash management centers to proactively regulate cash flow to the market. At the same time, it is preparing sufficient Vietnamese Dong and foreign currency to meet the increased demand of customers during the Lunar New Year holiday.

The State Bank of Vietnam has been transferring cash from the central bank to provincial and city branches to increase reserves and ensure readiness to meet the cash needs of the economy. Priority should be given to transferring cash to key economic provinces and cities with high cash inflows and outflows and a high concentration of ATMs, such as Ho Chi Minh City, Hanoi, and Da Nang.

To achieve high efficiency, the State Bank of Vietnam requires: local branches to strengthen guidance, inspection, and supervision of credit institutions in their areas, ensuring sufficient cash disbursement of various denominations to customers; inspect and handle violations in ensuring the quality, service, security, and safety of ATM operations in their areas, and improve ATM service quality...

Deputy Governor of the State Bank of Vietnam, Dao Minh Tu, stated: "The State Bank of Vietnam has issued 4-5 documents recently regarding ATMs, and commercial banks have also been very proactive. Recently, they even formed a joint inter-ministerial and State Bank delegation to inspect ATMs and numerous banks to assess security, safety, and service quality."

Deputy Governor of the State Bank of Vietnam

"We urge commercial banks, especially during this Tet holiday season when there is a high demand for salary and bonus payments, particularly in industrial zones and export processing zones, to implement various payment methods such as mobile payment services or direct visits to businesses to ensure timely salary and bonus payments for workers during the Tet holiday," Mr. Tu emphasized.

The State Bank of Vietnam (SBV) requires that the transfer of cash to branches in provinces and cities be carried out urgently, ensuring absolute safety, and completed before January 20, 2017. In addition, due to the long Tet holiday, banks also need to support businesses, especially import-export businesses, to avoid capital shortages during the holiday period.

According to VOV