PM says Vietnam banking sector ready for digital transformation

At an event organized by the State Bank of Vietnam (SBV) in Hà Nội, Prime Minister Phạm Minh Chính highlights the crucial role of Vietnam’s banking sector in promoting the country’s digital transformation. Highlighting the sector’s privileged position, the Prime Minister hails its potential to lead the charge towards a digitally empowered economy, according to Việt Nam News.

In his speech, the Prime Minister also highlights the importance of leveraging technological advancements to improve the accessibility, efficiency and security of financial services. He highlighted the need for proactive measures to drive innovation, streamline processes and facilitate seamless digital transactions. Furthermore, he highlighted the importance of collaboration among stakeholders to ensure inclusiveness and sustainability in the digital transformation journey.

This is part of ongoing efforts to revolutionize the country’s banking sector. In February 2024, the country added facial recognition for online immigration.

In response to Prime Minister Phạm Minh Chính’s call for action, key stakeholders in the banking sector committed to leading the digital transformation agenda, including developing robust digital infrastructure and strengthening cybersecurity measures to protect financial transactions and data.

The Prime Minister also commends the central bank for its proactive leadership in the digital transformation landscape within the banking sector, highlighting its indispensable contribution to realizing Vietnam’s overall vision of transitioning to a digital society.

In articulating his vision for the future trajectory of the banking sector, he sets out three strategic objectives aimed at driving sustainable growth. The first being to prioritize customer-centric initiatives.

Secondly, it highlights the need to streamline operational processes and optimize resource allocation to reduce operating costs within the sector. The third objective is to establish a robust risk and security control system to safeguard the integrity and stability of the financial sector.

Article topics

bank | biometrics | digital economy | digital identification | financial inclusion | Vietnam