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Digital Transformation in Vietnam’s Banking Sector

Several domestic banks in Vietnam have 90% of their transactions conducted on digital platforms, surpassing the target of 70% set for 2025. Half of the country’s banking services are expected to be digitalised and 70% of transactions will be carried out online by 2025.

The Vietnamese Prime Minister, Pham Minh Chinh, recently stated that the banking sector has played a significant role in national digital transformation by deploying products and services for people and businesses. He urged the sector to further reform its management methods towards modernity and transparency and diversify and improve the quality of its products and services to curb money laundering.

Addressing an event called, “Digital Transformation Day of the Banking Sector” Chinh explained that the sector should work to understand more about the demands of people, businesses, and credit institutions to devise suitable legal documents, facilitating the application of digital technologies in banking services.

He asked the State Bank of Vietnam (SBV) to continue its close coordination with ministries and agencies to formulate a decree on cashless payments and submit it to the government. Common infrastructure such as payment and credit information infrastructure should be promoted. He said suggested stronger connectivity between banks and credit organisations.

Chinh also requested the sector ensure cybersecurity and safety in digital transformation, given the rise of high-tech crime. The sector should raise public awareness about the benefits of digital transformation, enhance personnel training capabilities, and boost international cooperation in digital transformation.

The Prime Minister also attended an exhibition showcasing products and services that promote the digital transformation of the banking sector. Chinh had a working session with representatives from the SBV and commercial banks. He congratulated the sector on its effective operations amid a host of difficulties, especially those caused by the COVID-19 pandemic. He suggested the sector further cut interest rates to support businesses and actively engage in the state’s policies, particularly housing credit for workers and low-income earners. Participants attributed the developments of banks to supportive policies adopted by the state, the management of the government, and stability in the country.

Vietnam’s financial technology market could grow to US$ 18 billion by 2024. The country is a leader among ASEAN members in terms of the volume of financing for fintech, second only to Singapore. Over 93% of all venture investments in the country are directed at e-wallets and the e-money segment. The total number of fintech companies has grown to 97 since 2016, an 84.5% increase. However, the number of newly-launched start-ups each year decreased from 11 to 2.

As OpenGov Asia reported, the market features high competitiveness and a high entry bar. Transaction volume has seen a 152.8% growth since 2016, with 29.5 million new fintech users. As a result, every second Vietnamese citizen uses at least one fintech service. Demand for digital services (transactions, payments, and wallets) in the country is high. According to industry analysts, Vietnam’s fintech sector is young and promising. The market valuation has increased from US$ 0.7 billion to US$ 4.5 billion since 2016.


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