The Great Reset in Motion: Vietnam’s Banking Overhaul as a Warning to the World
Updated
While not reported here in the United States, the current actions being taken in Vietnam are unusually sweeping and are indeed among the most aggressive in recent memory. What exactly is happening? As the nation surrenders to the deep state’s Great Reset, Vietnam has erased and/or frozen 86 million unverified bank accounts. Specifically, following orders issued by Vietnam’s State Bank in late December 2024, bank accounts—both individual and corporate/legal representatives—whose holders have not provided biometric identification with valid, updated ID documents on file will be suspended. In other words, anyone wishing to operate on a daily basis in Vietnam must relinquish their biometric data in order to possess a working bank account.
Starting January 1, 2025, unverified bank accounts in Vietnam faced restrictions on transactions (online, QR-based, and so on) if the biometric ID information for that account is not updated. More recently, beginning July 1, 2025, for corporate accounts, legal representatives must undergo biometric/ID verification; otherwise, those accounts will have their electronic, digital banking, and payment services suspended. Pham Anh Tuan, Director of the Payment Department at the State Bank of Vietnam (SBV), noted that, after recent cleansing and biometric verification, of the 200 million bank accounts registered in 2023, only 113 million personal and over 711,000 organizational accounts are now deemed active. He explained:
“This is a data-cleansing revolution. While the total number of bank accounts remains 200 million, by September 2025, once the legal framework is complete, all accounts without biometric data will be closed to prevent scams and fraud. After seven years of promoting non-cash payments, we are moving toward real efficiency.”
According to the General Statistics Office (now part of the Ministry of Finance), as of December 31, 2024, Vietnam had over 69 million adults aged 15 and above. More than 68 million of them had bank accounts, highlighting, according to the SBV, the substantial progress made in the adoption of cashless payments. With legal backing from the SBV and actions in place to ensure a cashless payment infrastructure, non-cash payments in the nation have increased significantly. In 2024, Vietnam Net reported that the total value of cashless transactions reached over 295.2 quadrillion VDN (roughly $11.57 trillion USD), which was 26 times the GDP. Indeed, by the end of 2024, almost 90 percent of Vietnamese citizens age 15 and older had bank accounts.
Speaking of his nation’s rapid dash towards a cashless society, Tuan remarked that the 2025 “Cashless Day,” now in its seventh year, holds the theme “Non-cash payments driving digital economic development.” The annual event emphasizes that digital payments are more than just a transaction method – they are a strategic foundation connecting all sectors of the digital economy. According to Tuan, cashless payments “form the core of a seamless and evolving digital ecosystem, helping Vietnam move toward a modern, transparent, and inclusive economy.”
To achieve its goal of a cashless, controlled society, in 2022, the Vietnamese government approved the features and goals outlined in its “Project on Developing Data Applications on Population, Identification, and Electronic Authentication to Serve National Digital Transformation 2022-2025, with a Vision to 2030,” also known as Project 06. To achieve its strategic objectives, the overriding prerequisite is the successful construction of a highly interconnected core database on population. Vietnam’s National Database on Population (Population Database) serves the most critical role, operating as the ‘heart’ of the digital government, linking and transferring information with other cashless-geared databases.
What exactly did Vietnam implement in order to reach a cashless society status by 2030? Following the implementation of Project 06, the Vietnam Social Security (VSS) stepped in and declared that the Population Database would serve as the foundation for referencing all other databases. With that in mind, the VSS then united with the Ministry of Public Security to connect and transfer personal information related to social, health, and unemployment insurance of its citizens with the Population Database, which further enriched this data source. Next, the VSS implemented biometric authentication technology based on biometric information integrated into the chip-embedded Citizen Identity Card, along with data from the national Population Database, which was also used to support people during the COVID-19 pandemic. Tying it all together, the VSS supported the Ministry of Health in implementing an Electronic Health Record for each citizen. Thus, health and medical data are rapidly integrated into each Vietnamese citizen’s Vietnam Electronic Identification (VNeID).
The VNeID is now mandatory in Vietnam and serves as the exclusive gateway for accessing all online administrative procedures, such as tax declarations, social insurance, and residence management. This mandatory adherence opens the door for the government to install and provide internet access in those areas where accessibility might be an issue. When fully synchronized, VSS will be fully integrated into local and national databases for Birth Registration, Permanent Residence Registration, Health Insurance Card Issuance for Children under 6 years old, Death Registration, Removal of Permanent Residence Registration, and Funeral Allowances. In other words, Vietnam will then be able to track every movement of each of its citizens from birth to death.
Up to this point, it is uncertain if Vietnam has actually permanently seized the funds of bank accounts that are not verified, or if they’ve been suspended from transactions until verification occurs. Still, one thing is sure: Vietnam has implemented strong “Know‑Your‑Customer” (KYC) biometric identity verification and has linked banking access (or transaction capability) to identity verification. And, considering its comprehensiveness and urgency, the explicit legal deadline for all existing accounts to verify biometrics or lose full access is more all-encompassing than many other nations marching towards this tyrannical cashless regime.
Vietnam’s National Digital Transformation Project is framed as a modernization effort for its people, linking population data, digital ID, and e-authentication to streamline governance and access to banking. Many believe that is the plan behind Real ID in the United States. Regardless, when you look at this scenario in relation to privacy and human consciousness, a definite tension arises, and the deep state scheme is clear. For privacy, centralized ID systems mean the state can suspend, restrict, or monitor every citizen’s access to a myriad of services and their bank accounts, even if they are verified. Besides being unworkable during situations such as power outages or cyberattacks, this scenario focuses control externally, in often corrupt institutions, rather than internally, in the sovereignty of the individual. From a human consciousness perspective, this invasion reflects fear-based systems built on surveillance and control rather than what we aspire towards, which is trust and individual autonomy.
