This is the third consecutive year that the event will be organized to further promote digital transformation in the banking and finance sector in Vietnam, as well as encourage cooperation, creating a tight, effective, and sustainable digital ecosystem. The event is participated by State Bank of Vietnam representaitve, VNBA's leader, numbers of CEO, managers from more than one hundred of financial institutions, over 40 industry speakers and 25 solution providers...
The two-day conference presents the top inspiring names from the industry at the main stage to share crucial intelligence on the most pressing topics, which gets further enriched by a Q&A session. It showcases thought leadership and cutting-edge knowledge for the growth of the entire business community. A perfect platform that projects the pulse of the industry.
Dr. Nguyen Quoc Hung - VNBA's Vice Chairman cum Secretary General
Speaking at the opening of the event, Dr. Nguyen Quoc Hung said that in Vietnam, the Government has issued the "National Digital Transformation Program to 2025, with a vision to 2030" according to which the State Bank of Vietnam has issued the Digital Transformation Plan for the Banking Industry to 2025, with a vision to 2030, so most commercial banks have built a digital transformation strategy and developed application services in the electronic environment, increasing the experience of banking products and services to consumers, contributing significantly to the achievements of national digital transformation in general and the banking industry in particular in a number of aspects:
First, promoting non-cash payments (TTKDTM) to increase both in quantity and value while contributing to the implementation of the national comprehensive financial strategy, specifically: the proportion of adults with payment accounts has reached 87%, exceeding the target of 80% by 2025, with an average annual growth rate of non-cash payments reached more than 50%. E-commerce transactions reached 7.83 billion transactions, with a value of 134.9 million billion VND (up 58.23% in quantity and 35.01% in value), of which: via the Internet channel increased 51.15% in quantity and 33.94% in value; via mobile channels increased by 55.54% in quantity and 34.91% in value, transactions via QR Code increased by 106.91% in quantity and 109.67% in value...
Second, through digital transformation, banks provide many practical products and services, increase the experience for people and businesses, contributing to the successful implementation of the Government's Project on developing applications of population data, identification and electronic authentication to serve national digital transformation in the period of 2022 - 2025, with a vision to 2030 (Project 06). Modern technologies such as biometric authentication and one-touch payment via QR code have been applied. In addition, Big Data and Virtual Reality technologies are also applied in lending and credit granting activities for individuals and businesses, helping to connect online payments for many types of fees, taxes and services.
In addition, banks are actively applying AI in two main areas: (i) data management and analysis for forecasting and business operations and (ii) Detecting fraud and money laundering risks for risk management and compliance.
Thirdly, promoting the exploitation and development of online public services, effectively integrating them into the National Public Service Portal. To date, more than 90% of work records have been processed and stored online, with nearly 14.6 million accounts and 46.2 million records submitted via the National Public Service Portal, carrying out nearly 26.8 million online payment transactions, with a total amount of more than 12.9 trillion VND.
Speaking at the Conference, Mr. Le Anh Dung, Deputy Director of the Payment Department, State Bank of Vietnam (SBV) said that Vietnam is entering a new development phase, with the aspiration to become a developed country by 2045, as directed in Resolution 57-NQ/TW of the Politburo on breakthroughs in science, technology, innovation and national digital transformation. In this era, digital transformation is not only an inevitable trend but also a core driving force to promote sustainable economic growth, enhance national competitiveness and improve people's quality of life. According to Mr. Le Anh Dung, the banking industry is the lifeblood of the economy, playing a pioneering role in the digital transformation journey, not only meeting the increasing needs of customers but also contributing to the goal of national digital transformation. In recent years, the Vietnamese banking industry has made rapid and strong progress in digital transformation, in line with the Banking Industry Digital Transformation Plan to 2025, with a vision to 2030 (Decision No. 810/QD-NHNN). Credit institutions have invested heavily in applying advanced technologies such as artificial intelligence (AI), machine learning, big data, cloud computing, robotic process automation (RPA) ... to improve operational efficiency, enhance customer experience and manage risks more effectively. In particular, the hyper-personalization trend is becoming a highlight, allowing the offering and provision of tailor-made products and services for each customer associated with the transaction context based on real-time data analysis.
These efforts have yielded impressive results. By early 2025, at many credit institutions, more than 90% of financial transactions were conducted via digital channels, reflecting the great efforts and success of the entire industry in the motto of focusing on customers, providing superior experiences and providing practical benefits to service users. Most banks have connected and effectively exploited the National Population Database, implementing customer identification via chip-embedded citizen identification cards (CCCD).
To date, the number of personal payment accounts has reached more than 200 million, with transaction growth via the Internet, mobile devices and QR codes reaching 35%, 33% and 66% respectively compared to the same period in 2024. Many banks have reduced their cost-to-income ratio (CIR) below the threshold of 30%, demonstrating efficiency thanks to comprehensive digital transformation, approaching the leading financial institutions in the region.
These figures not only demonstrate the speed of digital transformation but also demonstrate financial inclusion, helping tens of millions of people, especially in rural and remote areas, access convenient and modern financial services.
Despite achieving positive results in the digital transformation process, Mr. Le Anh Dung also pointed out the challenges that the banking industry is facing in the digital transformation process, such as: challenges in network security and data security when high-tech attacks such as deepfake or identity fraud are becoming more sophisticated and widespread; investment in modern technology infrastructure and development of human resources with digital skills are still big problems that need to be solved, requiring synchronous coordination between management agencies, credit institutions and technology partners; Policy mechanisms need to continue to be improved to keep up with the pace of technological development and new business models while still ensuring the safety and stability of the system, protecting consumers and maintaining a fair and healthy competitive environment...
To overcome challenges and continue to promote digital transformation of banks in the direction of innovation and strong application of technology, the State Bank has been implementing many important policies and strategies. The digital transformation plan of the banking sector according to Decision 810/QD-NHNN sets a target that by 2025, at least 50% of banking operations will be completely digitized, and 70% of customer transactions will be conducted on digital channels.
Mr. Le Anh Dung, Deputy Director of the Payment Department, State Bank of Vietnam
In the coming time, Mr. Le Anh Dung said that the State Bank will focus on the following major orientations:
Completing the legal framework: Developing and updating regulations to support digital banking transformation according to Decision 810 on digital banking transformation, Decision 1364 dated March 5, 2025 of the Governor of the State Bank of Vietnam on the Banking Industry Plan to implement Resolution 57 NQ/TW of the Politburo, notably policies and regulations on implementing a controlled testing mechanism in the banking sector, promoting open banking, enhancing technology deployment, data analysis in business operations, providing banking services, and expanding biometric authentication.
Investing in technology infrastructure: Upgrading national payment systems, credit information systems and inter-sectoral data platforms, ensuring continuous, safe and efficient operations.
Strengthening cybersecurity: Promote or deploy financial fraud prevention solutions with industry-wide platforms, real-time risk monitoring, AI applications in fraud detection and compliance with new cybersecurity regulations such as Circular 50/2024/TT-NHNN of the State Bank on safety and security in providing online services in the banking sector.
Developing digital human resources in the banking sector: Promote digital skills training for banking officials, and coordinate with educational institutions to build a workforce that is ready and adaptable to the digital era.
Promoting financial inclusion: Leveraging technology and digital channels to popularize digital financial knowledge and skills, expand access to banking and financial services for underserved communities, contributing to the implementation of the Vietnamese Government's vision of financial inclusion and sustainable economic development.
At the conference, Dr. Can Van Luc - Chief Economist of BIDV shared the following contents: Vietnam's economic prospects for the period 2025-2026; Digital transformation in Vietnam and economic growth from 2025 to 2030; Challenges and solutions; Implications for Financial Institutions.
According to Dr. Can Van Luc, Vietnam is maintaining a stable GDP growth rate, averaging 6.36%/year. However, to reach new heights, the country needs to effectively utilize the new driving force - digital transformation, in which digital financial services play a key role thanks to their strong spread to other sectors.
Dr. Can Van Luc - Chief Economist of BIDV
He emphasized that the Finance - Banking sector is leading the digital transformation in Vietnam with outstanding results: 95% of banks have built and deployed digital strategies; e-KYC technology, mobile money and cashless payments are developing strongly with an impressive growth of nearly 57% in the number of transactions in 2024; Ho Chi Minh City Stock Exchange is preparing to deploy the new KRX trading system in May 2025; Insurance companies and Fintech are constantly innovating, bringing a completely digital experience to users. From there, digital finance not only improves operational efficiency, but also creates a foundation for digital economic activities to develop more strongly.
Key solutions, specifically: (i) Completing the legal corridor such as promulgating the Law on Digital Transformation, the Law on Digital Industry and the Sandbox framework for new business models such as Fintech); (ii) Strengthening training and investment in R&D, with special attention to developing high-quality human resources; (iii) Promoting international cooperation in the fields of technology transfer, cybersecurity, and cross-border digital trade; (iv) Building a digital culture and raising public awareness.
To provide a direct gateway to the country’s booming financial sector, "The world financial innovation series 2025" (WFIS) is coming to Meliá Hotel, Hanoi again on 15 – 16 April 2025. The event will host over 500 technology and business heads from the leading Banks, Insurance & Micro-Finance institutions across the country.
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