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Access and Resilience: PM Chinh’s Vision for Vietnam’s Digital Banking

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Vietnam’s Prime Minister Pham Minh Chinh has unveiled a comprehensive roadmap for the digital metamorphosis of Vietnam’s banking sector, outlining three pivotal objectives aimed at fostering inclusive access to banking services while fortifying the sector against emerging challenges.

Image credits: Vietnam Plus

Addressing a high-profile digital transformation event convened by the State Bank of Vietnam (SBV) in the capital city of Hanoi, PM Chinh articulated a strategic vision that focuses on leveraging technological advancements to streamline processes, enhance efficiency, and mitigate risks in the banking ecosystem.

At the core of PM Chinh’s vision is a commitment to creating an environment that enables seamless access to banking services for individuals, businesses, and government agencies alike. By harnessing digitalisation, the Prime Minister envisions a banking landscape where cumbersome administrative barriers are dismantled, and financial services become more readily available and affordable for all stakeholders.

Recognising the transformative potential of digital technologies in reducing time and compliance costs, PM Chinh underscored the imperative of modernising banking operations to align with international standards. This includes an emphasis on strengthening institutional frameworks, fostering innovation, and diversifying service offerings to meet the evolving needs of Vietnam’s dynamic economy.

Central to the digital revolution in banking is the development of a robust digital banking ecosystem capable of facilitating secure, convenient, and efficient transactions. PM Chinh stressed the pivotal role of electronic payment infrastructure in laying the groundwork for a cashless society, advocating for the expansion and diversification of banking products and services to underpin the growth of the digital economy.

Furthermore, PM Chinh stressed the importance of accelerating digital transformation efforts to bolster banking supervision and inspection, thereby enhancing transparency, accountability, and trust in the financial system. By embracing cutting-edge technologies and adhering to stringent security standards, Vietnam aims to ensure the integrity and safety of financial transactions, safeguarding against emerging threats such as fraud and cybercrime.

In tandem with structural reforms, PM Chinh underscored the critical need to cultivate a skilled workforce equipped with the digital acumen necessary to drive innovation within the banking sector. This entails investing in training and development programmes to nurture a cadre of high-quality professionals capable of harnessing the power of technology to propel the industry forward.

PM Chinh acknowledged the importance of aligning digital transformation initiatives with key strategic directives, including the national digital transformation agenda and the banking sector’s development strategy. Initiatives such as Directive 18, which focuses on enhancing data connectivity and sharing to support e-commerce growth and ensure fiscal security, will play a pivotal role in shaping the future trajectory of Vietnam’s banking landscape.

Reflecting on the progress made thus far, the SBV reported significant advancements in the banking sector’s digital journey, with widespread adoption of digital channels for transactions and a marked increase in mobile and QR code-based payments. Cross-border payment connections with neighbouring countries have been successfully established, underscoring Vietnam’s commitment to regional integration and collaboration in the digital sphere.

Moreover, collaborative efforts between the banking sector and law enforcement agencies have yielded positive outcomes in crime prevention and customer data authentication, bolstering confidence in the reliability and security of financial transactions.

As Vietnam embarks on the next phase of its digital transformation journey, PM Chinh’s ambitious targets underscore the country’s unwavering commitment to harnessing the power of technology to drive economic growth, foster financial inclusion, and ensure the resilience and integrity of its banking sector in an increasingly digitalised world.

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