ATM withdrawals in Vietnam were down in both quantity and value by 13.5 percent and 17.8 percent, respectively, in the second quarter of this year compared to the second quarter of 2022, Tuoi Tre is reporting. Over the same period transfers between domestic accounts were up 65 percent in volume and 12 percent in value.

This could mean a few different things. Obviously there has been a rise in non-cash payments, a trend that has been ongoing for a while. That said, it could also suggest that people don’t have the cash to withdraw which would fit with the broader economic challenges the economy has been facing this year including a reduced appetite for borrowing and a weakening local currency.

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