Bank Accounts Face Shutdown: 86 Million Affected

In a decisive move to combat rampant fraud and bolster the integrity of the banking system, the State Bank of Vietnam has announced the mass deletion of over 86 million inactive bank accounts starting September 1. Amidst the listening ears of astonished citizens, a staggering 200 million accounts exist in the country—yet only a fraction, around 113 million, have successfully undergone the mandatory biometric authentication. This crackdown targets accounts that have either been abandoned or created by nefarious actors for criminal enterprises, including money laundering and identity theft. The SBV assures the public that this bold cleanup initiative is imperative to safeguarding financial security and restoring trust in Vietnam’s digital banking landscape. As commercial banks gear up to execute this historic purge, the urgent question lingers: how many unsuspecting victims may have unwittingly found themselves ensnared in a labyrinth of fraudulent activity?