The establishment of Viettel Digital Services Corporation (VDS) in 2019 is considered a key unit in Viettel's transformation strategy from a traditional telecommunications operator to a digital service provider. Currently, Viettel Money has nearly 25 million customers, and Mobile Money has reached...
"We are gradually building Viettel Money into a comprehensive digital financial ecosystem in Vietnam, built by Vietnamese engineers," said Mr. Le Van Dai, CEO of Viettel.
Four years of the digital financial ecosystem serving the Vietnamese people.
Looking back at the four-year development journey of Viettel Digital Services Corporation, what are the most important milestones and achievements in your opinion?
- Viettel Money is gradually becoming a comprehensive digital financial ecosystem in Vietnam with over 300 personalized features ranging from money transfers and payments to loan and savings services.
- Developing Mobile Money – a solution to address digital payment and digital finance issues for people in remote areas, border regions, and islands.
- VDS, in collaboration with numerous local authorities, has been pioneering the development of the Market 4.0 model across all 63 provinces and cities, encompassing 500 markets and involving over 30,000 small traders.
- The pilot project "Commune 4.0 - Digital Transformation Commune" with the goal of popularizing digital finance in Quang Minh commune, Bac Giang province, has been successful and has yielded positive results.
As a unit
In any locality, the market is a place where people gather to buy and sell goods. It's where we can reach rural customers and promote cashless payments. With just a mobile phone, they can easily pay for groceries by scanning a QR code or dialing *998#.
The field VDS is in has many competitors engaged in a "money-burning" race to increase user numbers. With Viettel Money, VDS must also be facing considerable difficulties, right?
For us, promotions or discounts are not the core value that retains customers. We must provide real value to our customers; otherwise, if they come to us because of promotions, they will leave when the promotions end.
Viettel's sustainable deployment of digital financial services poses a challenge in changing customer behavior, buying habits, and payment patterns. How can customers understand and trust these cashless payment options, fundamentally changing their habits and directly benefiting from the digital financial ecosystem? How can the market be educated, how can people understand the products and services, the benefits Viettel Money offers, and ultimately trust, maintain, and develop a habit of using the service?
Grand goal
What is the reason for setting the goal in 2023 to achieve the same level of progress in one year as in the previous ten years?
This year is a crucial one, as we have matured in terms of technology, solutions, and business models. Therefore, if we focus our resources and act decisively, we have the opportunity to achieve even greater goals in the coming years.
"We hope that every Vietnamese citizen will have a Viettel Money account and enjoy the convenience of cashless payments and the most advanced digital financial services," said Mr. Le Van Dai, CEO of Viettel.
To achieve that goal, what specific action plan will VDS implement in the near future?
We will leverage Viettel's leading technology to continue developing products that deliver the best customer experience, expanding and building a comprehensive ecosystem across all sectors, prioritizing essential basic services and developing diverse financial solutions (loans, savings, etc.).
The Market 4.0 and Village 4.0 models will continue to be replicated in many provinces and cities nationwide. Finally, comprehensive cooperation with numerous domestic and international partners will be strengthened, and services will be diversified.
Regarding VDS, I hope all employees share the same spirit and goals, fostering camaraderie, setting ambitious targets, and fighting together to achieve breakthroughs. VDS has also faced some temporary difficulties, which we have overcome together. Based on market opportunities, we will be flexible in finding the right model for development.
"The Viettel DNA is reflected in VDS, where every employee has a burning desire to conquer challenges, contribute to society, and elevate digital financial products for Vietnamese people, by Vietnamese people, and serving Vietnamese people," said Mr. Le Van Dai, CEO of Viettel.
On the occasion of VDS's 4th anniversary, what would you like to say?
On the occasion of Viettel's anniversary, I would like to express my sincere gratitude to the Government, ministries, and the State Bank of Vietnam for their enthusiastic support. I would also like to thank all Viettel Group employees, and all generations of leaders and employees of Viettel who have worked so hard. I sincerely thank our customers for their trust in using Viettel Money's services.
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