The meeting, held on October 16, 2025, was chaired by Dr. Nguyen Quoc Hung, VNBA’s Vice Chairman cum Secretary General. Representing the ICC DSI Team were Ms. Pamela Mar, Managing Director and Ms. Hannah Nguyen, Director of the Digital Ecosystem.
The core objective of the discussion was to study the potential for adopting global digital standards within Vietnam’s banking and finance sector. By embracing standardized digital frameworks, both parties anticipate significant improvements in risk management, speed, and cost reduction for trade transactions, helping to move the country closer to a paperless trade environment.
Meeting point at VNBA Headquarters
ICC DSI representatives introduced their global mission to accelerate the shift from analog (paper-based) to digital trade by establishing a universally accepted set of standards and legal certainty for digital documents. The initiative is a collaborative effort, strategically supported by multilateral organizations including the Asian Development Bank (ADB), the World Trade Organization (WTO), and the World Customs Organization (WCO).
As the presentation of Ms Hannah Nguyen, the ICC Digital Standards Initiative (DSI), headquartered in Singapore, serves as the specialized implementation arm of the International Chamber of Commerce (ICC), the world’s largest business organization. DSI operates through two key advisory boards to achieve its mandate: (i) Legal Reform Advisory Board (LRAB): Dedicated to engaging governments to promote the adoption of legal frameworks that recognize electronic trade documents, most notably the UNCITRAL Model Law on Electronic Transferable Records (MLETR). This is crucial for giving documents like electronic Bills of Lading the same legal weight as their paper counterparts; and (ii) Industry Advisory Board (IAB): Focuses on the private sector, developing and promoting the technical standards and taxonomies required for seamless data exchange and interoperability between banks, logistics providers, and corporate platforms.
By working through these structures, DSI aims to ensure that trade digitalization is not only technically possible but also legally secure across jurisdictions. ICC is also very interested in cooperating in programs such as the Global Financial Support Initiative (GFA) and TFR, considering these as important platforms to promote a safe and effective digital financial ecosystem in Vietnam. She also expressed hope that the meeting will open up opportunities for long-term cooperation between ICC and VNBA, to develop digital finance in Vietnam, especially in projects related to digital transformation and digital assets.
Ms Hannah Nguyen và Ms Pamela Mar at meeting point in Singapore
Dr. Hung affirmed VNBA’s commitment to digital transformation, detailing the Association’s proactive steps. He highlighted recent efforts, including the issuance of a Code of Professional Ethics, guidelines for handling fraud and scams, and ongoing collaboration with the International Finance Corporation (IFC) to finalize a handbook on out-of-court debt restructuring. These initiatives demonstrate the Vietnamese banking sector's readiness to adapt to new, digitally-driven international frameworks.
Both VNBA and ICC DSI expressed enthusiasm for the immense potential for cooperation. They agreed to continue their exchanges and detailed discussions in the near future to identify specific, concrete, and effective collaborative activities.
This partnership is set to play a pivotal role in strengthening Vietnam’s position within global supply chains, enabling local banks and businesses, especially Small and Medium-sized Enterprises (SMEs), to engage in international trade more efficiently, securely, and sustainably through the power of digital technology.
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