21 banks set aside 500,000 billion VND credit package for infrastructure and digital technology

At the event "Banking Industry Digital Transformation Day 2025" on May 29, the State Bank announced a credit program of 500,000 billion VND for science , technology, innovation, digital transformation and strategic infrastructure (transportation, electricity, digital infrastructure...).

According to State Bank Governor Nguyen Thi Hong, 21 banks have prepared a resource of VND500,000 billion to lend under the Program with preferential interest rates, at least 1% lower per year than the average medium and long-term loans.

"To soon implement this credit program, the State Bank will closely coordinate with ministries and branches to guide and create conditions for banks to implement it," said Ms. Hong.

Speaking at the event, Prime Minister Pham Minh Chinh highly appreciated the preparation and announcement of the VND500,000 billion credit program. He said that this program contributes to the implementation of Resolution 57 of the Politburo , is the "heart" and contribution of the banking industry, and a great effort of the State Bank.

The Prime Minister requested the State Bank and banks to soon implement the credit package with the spirit of "saying is doing, committing must be done, producing specific products, and measurable effectiveness". He also noted that the banking industry needs to have appropriate management methods, design regulations with "output" and be able to do it.

"The most important thing is to encourage people and businesses to borrow capital from here, bring the program into life, and capital into the economy," he said, adding that banks must work with people and businesses to promote the spirit of "working together, winning together."

Prime Minister Pham Minh Chinh speaks at the event "Banking Industry Digital Transformation Day 2025", May 29.

However, regarding interest rates, the Prime Minister hopes that banks will continue to cut costs and "open up a little more" so that the interest rates of this program are at least 1.5% lower than medium- and long-term interest rates.

In addition, the Government leader also expressed concern for small, medium and micro enterprises and the 5 million existing business households. According to him, agencies need to research and calculate appropriate support to help them transform digitally, develop and contribute fairly to the budget.

In addition to promoting digital transformation and innovation for people and businesses, the Governor said the State Bank is also constantly improving the legal corridor and investing in infrastructure to promote digital transformation of banking.

According to the agency's report, the interbank electronic payment system processes an average of VND820,000 billion per day, while the financial switching and electronic clearing system processes 26 million transactions per day. More than 113 million individual customer records and more than 711,000 corporate customer records have been cross-checked with biometric information. This number accounts for more than 66% of the total number of corporate payment accounts generating transactions on digital channels.

Many basic banking operations are 100% digitized, such as savings deposits, term deposits, opening and using payment accounts, opening bank cards, e-wallets, money transfers, loans, etc.

Many credit institutions in Vietnam have achieved a digital transaction rate of over 95%. To date, nearly 87% of Vietnamese adults have bank accounts. The value of non-cash payments is 25 times the GDP. Vietnam is also a pioneer in connecting cross-border retail payments via QR codes with Thailand, Cambodia and Laos, aiming to expand in the Asian region. The State Bank is also the agency that has led the administrative reform rankings of ministries and branches for 7 consecutive years.

Prime Minister Pham Minh Chinh said that the goal of digital transformation is to help connect and facilitate transactions between commercial banks with people, businesses and the state, contributing to the country's rapid and sustainable development, reducing costs and inconveniences for people and businesses.

He stated that digital transformation of banks must adhere to the guidelines, seize opportunities, and take the lead in technology. He also required the banking industry to pioneer in technology, take the lead in innovation with diverse products and services, and ensure security.

Assigning specific tasks, he requested the banking sector to perfect the legal system and mechanisms and policies in line with reality, promptly deploy the Controlled Testing Mechanism in the banking sector, submit to the Government for promulgation of the Decree on Mobile Money... This agency must also review regulations to ensure consistency and conformity between the Laws on Credit Institutions, Data, Electronic Transactions... and the practical operations and banking operations on digital platforms.

He said the banking industry needs to step up upgrading and developing payment infrastructure to ensure continuous, smooth, and safe operations, and to meet the diverse and rapidly increasing payment needs of people and businesses. Operators need to promote the application of key technologies such as artificial intelligence (AI), big data, cloud computing, and blockchain in banking operations.

Along with that, the core banking system develops in a flexible, easy-to-integrate direction, invests heavily in network security, data security, and builds a monitoring center. Digital banking products and services must be diverse, convenient, and personalized, meeting the increasingly high and diverse needs of customers.

In addition, at the request of the Prime Minister, the banking sector coordinates with the Ministry of Public Security to effectively implement Project 06, focusing on providing banking services and utilities to people and businesses through the VNeID platform. Online public services of the banking sector must be promoted, striving to complete the upgrade of 100% of eligible administrative procedures to full-process online public services by 2025.

(According to VnExpress)

Source: https://baoyenbai.com.vn/12/350994/21-ngan-hang-danh-goi-tin-dung-500000-ty-cho-ha-tang-cong-nghe-so.aspx