Prime Minister says Vietnam’s banking sector is ready for digital transformation.

In an event hosted by the State Bank of Vietnam (SBV) in Hà Nội, Prime Minister Phạm Minh Chính outlines the crucial role of Vietnam’s banking sector in propelling the nation’s digital transformation journey.

Emphasizing the sector’s prime 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 articulates the significance of leveraging technological advancements to enhance financial services accessibility, efficiency, and security.

He stressed the need for proactive measures to foster innovation, streamline processes, and facilitate seamless digital transactions. Additionally, he emphasized the importance of collaboration among stakeholders to ensure inclusivity and sustainability in the digital transformation journey.

This is off the back of the the issuance of digital ID cards for seamless interactions with public agencies complements the 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 to action, key stakeholders within the banking sector have pledged their commitment to spearheading the digital transformation agenda, including developing robust digital infrastructure, and enhancing cybersecurity measures to safeguard financial transactions and data.

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

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

Secondly, he highlights the need to streamline operational processes and optimize resource allocation to reduce operating costs within the sector.

The third objective is building a robust risk and safety control system to safeguard the integrity and stability of the financial sector.

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