As of September 1, 2025, Vietnam’s State Bank has mandated biometric verification for financial transactions, leading to the closure of millions of bank accounts. The requirement is part of a broader ‘cashless’ strategy aimed at combating fraud, identity theft, and deepfake scams. The central bank has introduced stricter thresholds for transactions, including the mandatory use of facial authentication for transfers exceeding 10 million VND (approximately $379) and biometric approval for cumulative daily transfers over 20 million VND ($758). Authorities estimate that over 86 million accounts out of 200 million are at risk of closure by September 30, 2025, if users fail to update their biometric data. This move has raised concerns among expatriates and foreign residents who may face difficulties in updating their information or accessing local branches. Additionally, dormant accounts left inactive for years are particularly affected, as they may be deleted without any prior notice. While many Vietnamese citizens have updated their biometric data without issue, the stringent deadline has sparked worries about financial loss for those unable to comply by the specified time. The policy underscores Vietnam’s efforts to modernize its financial system and enhance security within the digital economy. However, the impact on vulnerable populations has drawn criticism, highlighting the need for a more inclusive approach to digital governance.