Digital transformation is taking place strongly in the financial sector.

On May 26, International Data Group in Vietnam (IDG Vietnam) organized the 2023 Banking - Financial Services Conference.

The digital transformation wave continues to take place strongly in the field of banking and finance, figure 1 — Mr. Vu Viet Ngoan, former Chairman of the National Financial Supervision Committee - Source: Ky Hoa

Mr. Vu Viet Ngoan, former Chairman of the National Financial Supervision Committee, said that to evaluate the capacity of enterprises today depends on the index assessing the speed and adaptability of enterprises to the outside, especially to technology. The ability to adapt to receive and apply technology is the decisive factor for the success of enterprises.

In our country, the finance and banking industry is considered one of the industries with the fastest digital transformation and innovation speed. Currently, over 30% of the population uses apps for banking transactions, second only to China (over 41%).

To achieve this result, according to Mr. Ngoan, there are 3 important pillars. First is the technology - telecommunications infrastructure, the digital infrastructure of our country has been invested and given great importance in recent times. This is a great effort, demonstrating the Government 's sensitivity to digital transformation and innovation.

Second, the legal and policy framework has been continuously improved and innovated over the years. Along with that, our country's data platform, although having a slower start, has created a great premise for development.

The former Chairman of the National Financial Supervisory Commission predicted that in the coming time, the digital transformation wave will continue to take place strongly in the financial and banking sector. Most banks are implementing programs focusing on digital transformation.

In addition, the sharing economy model will become increasingly clear and profound, meaning that the connection between economic entities will be greater, creating many new types of services for consumers. Fintech continues to have a lot of room for development in the coming time.

The digital transformation wave continues to take place strongly in the field of banking and finance, picture 2 — Mr. Lam Dinh Thang, Director of the Department of Information and Communications of Ho Chi Minh City - Source: Ky Hoa

In Ho Chi Minh City alone, Mr. Lam Dinh Thang, Director of the Department of Information and Communications of Ho Chi Minh City, said that the city is currently researching the formation of an international financial center, including the proposed idea of forming a Fintech street, similar to New York's Wall Street. Departments and agencies are researching this idea.

According to Mr. Lam Dinh Thang, Resolution 31 of the Politburo has assigned the task to Ho Chi Minh City to become a locomotive of digital economy and digital society by 2030. By 2030, Ho Chi Minh City's digital economy must account for 40% of the city's GRDP.

To achieve that goal, Ho Chi Minh City has issued many policies, focusing on the fields of science, technology development and innovation, identifying these as two driving forces and key points to help Ho Chi Minh City develop and excel in the coming time.

Ho Chi Minh City has issued many policies for businesses to develop and operate. The city also focuses on researching and developing key industries, investing in effectively developing science and technology incubation centers at universities, high-tech zones, high-tech agricultural zones, and the Quan Trung Software Park to form a sustainable startup ecosystem.

Along with that, Ho Chi Minh City has also issued many important projects and programs, such as: Ho Chi Minh City Digital Transformation Program, Project to build Ho Chi Minh City into a smart city, Program to support and develop enterprises, IT and communication products in the period 2020-2030...

Regarding the theme of 2023, Ho Chi Minh City chose digital data as the theme of digital transformation. Ho Chi Minh City has coordinated with the World Bank to build a strategy for developing Ho Chi Minh City's digital data and a strategy for managing Ho Chi Minh City's digital data, focusing on 3 large data groups: Land and urban data; people's information data; and corporate financial development data.

Mr. Lam Dinh Thang affirmed that with the efforts of Ho Chi Minh City in recent times, the results of digital transformation and innovation of the city are very remarkable. Ho Chi Minh City is currently in the top 200 most dynamic innovation ecosystems globally. In 2022, Ho Chi Minh City ranked 111th, up 68 places compared to 2021. Ho Chi Minh City currently ranks 3rd nationwide in digital transformation. 2022 is also the first year that Ho Chi Minh City assessed the contribution of the digital economy and GRDP at 15.3%, exceeding the City's target of 15%.

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