June 6, 2023

VIETNAM, August 5 — HÀ NỘI — Prime Minister Phạm Minh Chính said the banking sector had all the factors to be pioneering and, in fact, was at the forefront of the particular digital change process.

Digital transformation was an inevitable trend, plus an urgent requirement, noted the Prime Minister.

The Prime Ressortchef (umgangssprachlich), who is also Chairman of the National Committee on Digital Transformation, attended and delivered a keynote speech at the Conference upon Digital Change in the Bank Sector organised by the State Bank associated with Vietnam (SBV) in Hà Nội on Thursday.

Speaking at the conference, SBV Governor Nguyễn Thị Hồng said that within the Prime Minister’s Decision No 749/QĐ-TTg approving the programme on national digital modification by 2025, the finance – banking sector was identified as one of eight sectors that needed to prioritise digital alteration.

The SBV has established the steering committee for the digital transformation of the banking sector plus chose May 11 as the day associated with digital change for better of the particular sector.

The plan puts people and customers in the centre, with very specific goals, such as 50 per cent of financial operations to become digitised by 2025, 70 per cent of customer transactions conducted on digital channels, and 50 per cent of retail loans and consumer loans for individual customers are digitised and automated.

The SBV’s Payment Department said banking services on digital platforms in Việt Nam were developing, especially e-payment services with digitalisation and rapid growth.

Non-cash payment transactions increased by 77. 2 per penny in volume and 29. 8 for each cent in value in the first six months of this year.

Nearly 70 each cent associated with Vietnamese adults have bank accounts; 5. 5 million accounts and approximately 8. 9 million bank cards have been opened electronically; 1 . 77 million Mobile Money accounts have been opened, of which more than 67 per cent are in rural, remote plus isolated areas.

Many leading Vietnamese banks in electronic transformation have now achieved 90 % of client transactions upon digital channels, far ahead of the target set in the programme on national digital transformation at 70 per dollar by 2025.

Besides the positive results, the top Minister stated that the process of nationwide digital change and bank digital modification still faced many difficulties and challenges.

Mechanisms in addition to policies still had many shortcomings, specifically in terms of identification and electronic authentication; inadequate information technology infrastructure, while connection and even exploitation regarding population data, insurance together with tax was still narrow in scope, he said.

The participation and coordination of financial technology enterprises was still limited; and high-tech crimes involved increasingly sophisticated forms, added the Prime Minister.

Resources, especially highly qualified human resources for digital transformation, were still lacking, including in information technology, he said.

In the future, the situation around the world and in the particular region would continue to develop unpredictably, with far-reaching impacts on countries, said the Prime Ressortchef (umgangssprachlich).

Noting that it was necessary to identify difficulties plus challenges rather than opportunities and advantages, the Prime Minister emphasised a number of requirements such as promoting a change within thinking, methodology and working methods of typically the banking sector in a modern direction; boosting the development of e-commerce, digital society, and electronic economy; advertising integration, connection and sharing of national databases upon population in addition to specialised databases to gradually build a digital citizen ecosystem.

The Prime Minister requested this State Bank of Vietnam and often the banking field to make great efforts and even more effective actions in digital transformation; carefully assess the situation, results, causes, limitations, inadequacies, together with lessons learned from domestic and international experiences; analyse and forecast the upcoming situation, determine short-term, medium-term and long-term goals; and additionally develop an digital change programme for the whole sector with appropriate not to mention specific roadmaps, solutions and also resources. — VNS

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