The TFR project is a key initiative within the Government-level cooperation framework between Vietnam and the United Kingdom, underscoring both nations' commitment to the digitalization and transparency of trade finance operations.
The core mandate of the TFR platform is to resolve major systemic weaknesses, including fraudulent activities, duplicate financing applications across multiple banks, and the lack of data quality uniformity among Credit Institutions.
According to Mr. William Lawrenson, UK Deputy Consul General in Ho Chi Minh City, successful implementation of the TFR platform could potentially help Vietnam unlock an additional USD 100 billion in trade finance, alongside significant reductions in operational costs and fraud risks.
The State Bank of Vietnam (SBV) has tasked the VNBA with coordinating the advisory work on the legal framework and organizing the project rollout.
The initial phase focuses on a Proof of Concept (PoC), scheduled to commence in December 2025. The PoC will utilize simulated data (60-100 sophisticated transactions) to rigorously test the system's capability to detect invoice fraud and duplication.
The formally established Working Group—comprising representatives from the VNBA, major commercial banks (e.g., MB, Vietcombank, VietinBank, BIDV), and the consulting partner Boston Consulting Group (BCG)—is responsible for overall coordination, technology evaluation, providing expert input (operational, technological, and legal), and ensuring the project's practicality.
Dr. Nguyen Quoc Hung stressed that the TFR is a project dedicated to fraud prevention and trade finance transparency, not driven by profit motives, and called for high levels of responsibility and cooperation from all participating banks.
VNBA News