Prime Minister commend digital banking transformation

Addressing the "Digital Transformation Day of the Banking Sector" in Hanoi, PM Chinh, who is also the head of the National Committee on Digital Transformation, emphasized the sector's importance in national digital transformation.

He urged the sector to further modernize and increase the transparency of its management practices, diversify and enhance the quality of its products and services, and contribute to the fight against money laundering.

The sector should work to better understand the needs of people, businesses, and credit institutions in order to create appropriate legal documents that facilitate the use of digital technologies in banking services, according to the PM.

PM Pham Minh Chinh at the event.

He requested that the State Bank of Viet Nam (SBV) continue its close coordination with ministries and agencies to expeditiously finalize and submit to the Government the decree on cashless payment.

Common infrastructure, such as payment and credit information infrastructure, should be promoted, he noted, recommending stronger connectivity between banks, credit organizations, and other industries.

The PM also requested that the sector ensure security and safety in digital transformation in light of the rise of high-tech crime, increase communication efforts to increase public awareness of the benefits of digital transformation, pay more attention to personnel training, and boost international cooperation in digital transformation.

According to SBV Governor Nguyen Thi Hong, many domestic banks conduct 90 percent of their transactions on digital platforms, exceeding the 2025 goal of 70 percent.

Hong predicted that by 2025, 50 percent of banking services will be digitalized and 70 percent of transactions will be conducted online. Prior to the event, the prime minister attended an exhibition showcasing exceptional digital banking transformation products and services.

PM Chinh held a working session with representatives from the SBV and commercial banks on this occasion, during which he congratulated the sector on its effective operations despite a slew of challenges, particularly those caused by the COVID-19 and soaring goods prices.

He recommended that the industry further reduce interest rates to aid businesses and actively participate in state policies, particularly housing loans for employees and people with low incomes. Participants attributed the outstanding growth of banks to the sound policies adopted by the Party and the State, the management of the Government, and the country's stability. The banks also pledged to respond to PM call to assist businesses and individuals.