February 28, 2024

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State Bank of Vietnam Releases Plan for Digital Transformation of Banking Sector

The country’s central bank, the State Bank of Vietnam (SBV) has released the banking sector’s plan to implement the national strategy for developing a digital economy and society by 2025, with a vision to 2030.

This plan aims to effectively implement tasks assigned to the banking sector in the national strategy, approved by the Prime Minister earlier in March. The bank will promote cashless payments toward comprehensive financial universalisation. Focal tasks include overhauling regulations and policies on finance, fees, and charges to remove barriers to digital payment method adoption. The government will also develop payment systems and propose mechanisms and policies on issues related to a national digital currency. Furthermore, SBV will:

  • Adapt policies in the banking sector to boost the digital economy and society development
  • Devise policies to raise the rate of the sector’s online operations to at least 50%
  • Issue and fine-tune the sector’s technical standards to serve the development of a digital economy and society, especially the standards of digital service quality
  • Make and implement plans to promote the use of national digital platforms, the application of digital platforms, big data, and enhanced cybersecurity measures.
  • Support the development of digital enterprises
  • Enhance cooperation with international partners to develop a digital society

Last month, OpenGov Asia reported that nearly 80% of the population in Vietnam are digital consumers. And about 58% of digital consumers use digital banking solutions, e-wallets, and online money transfer applications. So far, this year, 7 out of 10 digital consumers used cryptocurrencies, augmented reality, virtual reality, and NFTs. The country also has the highest rate of VR applications among Southeast Asian countries, with 29%.

Over the past year, the average contribution of e-commerce to total retail has continued to grow at 15%. This figure is higher than the growth rate in India (10%) and China (4%), with an online-to-total retail share of 6%. As per data from a report on digital consumers in Southeast Asia, regional consumers are at a new stage of development, post-pandemic. Consumers prioritise an integrated shopping experience, combining online and in-person services.

After the pandemic, 10% of Vietnamese surveyed moved at least one of their shopping categories from online to direct channels. However, consumers still prefer to choose to shop online for several categories. Furthermore, during the ‘discovery’ phase of their shopping, 84% of Vietnamese shoppers use the Internet to browse and find items. According to the report, this is a period when they use more platforms than ever before, with the dominance of the e-commerce market accounting for 51% of online spending.

Experts predict that by 2025, Vietnam’s e-commerce value will reach US$ 39 billion. The total revenue of Vietnam’s Internet economy is forecast to reach US$ 57 billion by the same year. Vietnam has the second highest percentage of consumers shopping online in the region, after Singapore.

PARTNER

Qlik’s vision is a data-literate world, where everyone can use data and analytics to improve decision-making and solve their most challenging problems. A private company, Qlik offers real-time data integration and analytics solutions, powered by Qlik Cloud, to close the gaps between data, insights and action. By transforming data into Active Intelligence, businesses can drive better decisions, improve revenue and profitability, and optimize customer relationships. Qlik serves more than 38,000 active customers in over 100 countries.

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CTC Global Singapore, a premier end-to-end IT solutions provider, is a fully owned subsidiary of ITOCHU Techno-Solutions Corporation (CTC) and ITOCHU Corporation.

Since 1972, CTC has established itself as one of the country’s top IT solutions providers. With 50 years of experience, headed by an experienced management team and staffed by over 200 qualified IT professionals, we support organizations with integrated IT solutions expertise in Autonomous IT, Cyber Security, Digital Transformation, Enterprise Cloud Infrastructure, Workplace Modernization and Professional Services.

Well-known for our strengths in system integration and consultation, CTC Global proves to be the preferred IT outsourcing destination for organizations all over Singapore today.

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Planview has one mission: to build the future of connected work. Our solutions enable organizations to connect the business from ideas to impact, empowering companies to accelerate the achievement of what matters most. Planview’s full spectrum of Portfolio Management and Work Management solutions creates an organizational focus on the strategic outcomes that matter and empowers teams to deliver their best work, no matter how they work. The comprehensive Planview platform and enterprise success model enables customers to deliver innovative, competitive products, services, and customer experiences. Headquartered in Austin, Texas, with locations around the world, Planview has more than 1,300 employees supporting 4,500 customers and 2.6 million users worldwide. For more information, visit www.planview.com.

SUPPORTING ORGANISATION

SIRIM is a premier industrial research and technology organisation in Malaysia, wholly-owned by the Minister​ of Finance Incorporated. With over forty years of experience and expertise, SIRIM is mandated as the machinery for research and technology development, and the national champion of quality. SIRIM has always played a major role in the development of the country’s private sector. By tapping into our expertise and knowledge base, we focus on developing new technologies and improvements in the manufacturing, technology and services sectors. We nurture Small Medium Enterprises (SME) growth with solutions for technology penetration and upgrading, making it an ideal technology partner for SMEs.

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HashiCorp provides infrastructure automation software for multi-cloud environments, enabling enterprises to unlock a common cloud operating model to provision, secure, connect, and run any application on any infrastructure. HashiCorp tools allow organizations to deliver applications faster by helping enterprises transition from manual processes and ITIL practices to self-service automation and DevOps practices. 

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IBM is a leading global hybrid cloud and AI, and business services provider. We help clients in more than 175 countries capitalize on insights from their data, streamline business processes, reduce costs and gain the competitive edge in their industries. Nearly 3,000 government and corporate entities in critical infrastructure areas such as financial services, telecommunications and healthcare rely on IBM’s hybrid cloud platform and Red Hat OpenShift to affect their digital transformations quickly, efficiently and securely. IBM’s breakthrough innovations in AI, quantum computing, industry-specific cloud solutions and business services deliver open and flexible options to our clients. All of this is backed by IBM’s legendary commitment to trust, transparency, responsibility, inclusivity and service.

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