Vietnam Bank Account Closed: SBV Cleanup Deleted 86 million profiles

Vietnam will close more than 86 million bank accounts from September 2025 because these accounts do not comply with biometric verification regulations or are idle for a long time, leaving only 113 million fully verified personal accounts. The move by the National Bank of Vietnam is aimed at preventing fraud and money laundering, but may lead to financial exclusion, especially for rural and low-income people. As banking services access tightens, analysts believe that while cryptocurrencies are not fiat currencies, citizens may turn to Bitcoin and stablecoins in search of borderless, autonomous and controllable financial alternatives. Vietnam will also promote cryptocurrency regulation and the Digital Technology Industry Law, which will come into effect in January 2026.