The strong growth in cashless payments, stable 24/7 operational infrastructure, and the continuous expansion of cross-border QR payments are prominent hallmarks of the banking industry's digital transformation journey. At the 2026 "Digital Transformation in the Banking Industry" competition, Mr. Pham Anh Tuan, Director of the Payment Department of the State Bank of Vietnam, stated that the new phase of digital transformation is geared towards restructuring the entire operating system, placing customers at the center, and prioritizing data security.
Vietcombank 's entry at the "Digital Transformation in the Banking Industry" competition in 2026.
Digital Payment Acceleration
This year's theme is "Digital Banking – Breaking Through to the Future." In your opinion, what is the biggest difference between the current digital transformation process in the banking industry and previous periods?
Mr. Pham Anh Tuan : It can be said that in recent times, the banking sector has aggressively implemented the Party and Government 's policies on digital transformation and achieved many clear results, as evidenced by specific figures.
In the first few months of 2026, cashless payments increased by approximately 38% compared to the same period the previous year. Specifically, internet transactions increased by about 66%, mobile transactions by about 33%, and notably, QR code payments increased by over 52%.
Mr. Pham Anh Tuan - Director of the Payment Department, State Bank of Vietnam
It is noteworthy that despite the very high growth rate, the industry's payment infrastructure continues to operate smoothly 24/7, fully meeting the transaction needs of individuals and businesses.
In addition, the State Bank of Vietnam is strongly promoting bilateral payments with many countries. Earlier this year, Vietnam launched bilateral QR payment with China and South Korea, initially recording positive results.
In the future, we will continue to expand our connections with Singapore, Taiwan (China), India, and many other markets in the Asian region.
Human resources & security
Human resources and digital culture were key themes emphasized at this year's event. In your opinion, does the biggest challenge to digital transformation lie in technology or people?
Mr. Pham Anh Tuan: Digital transformation naturally begins with technology, but the decisive factor remains people – those who apply and operate the technology and create products and services for customers.
Currently, human resources for digital transformation remain a very "hot" issue, not only for commercial banks but also for the State Bank of Vietnam. Although the Party and Government have implemented many policies to attract talent and support the development of digital resources, in reality, there is still a shortage of high-quality human resources at many levels.
We expect that in the future, with the collaboration of universities in developing training programs that closely match the practical needs of payment service providers and payment intermediaries, the bottlenecks in human resources will gradually be resolved.
Furthermore, digital culture cannot change overnight. In the past, many new organizations have mainly focused on digitizing existing processes. Meanwhile, digital transformation is essentially restructuring the entire operating system to provide seamless service, optimize costs, and enhance customer experience.
Is the biggest challenge currently in terms of security? How is the State Bank of Vietnam improving the legal framework to mitigate risks?
Mr. Pham Anh Tuan: This is a long-term issue. The more we develop fast and convenient payment methods, the more we will face the risk of fraud, scams, and security risks in payments.
The State Bank of Vietnam has proactively issued numerous mechanisms, policies, and legal documents to create a foundation for payment service providers to implement security solutions.
In particular, Circular 50 and the amended Circular 77 are important documents that require organizations to meet high standards of security and confidentiality.
Regulations related to opening accounts, issuing cards, and e-wallets have also been tightened, with enhanced biometric authentication through chip-embedded citizen ID cards or VNeID to ensure accurate customer identification.
In addition, Circular 25 amending Circular 17 on accounts and Circular 41 amending Circular 40 also add many biometric authentication requirements to prevent the misuse of organizational accounts for fraud.
We expect organizations to seriously comply with regulations, proactively invest in risk prevention systems, and always put customers at the center of all their activities.
Spectators watching the competition.
Promoting cross-border QR codes
What additional solutions will the State Bank of Vietnam implement to promote cross-border QR payments in the future?
Mr. Pham Anh Tuan: This year, we plan to launch bilateral QR payment between Vietnam and Singapore. Later in the year, we will continue to roll it out with Taiwan (China) and India.
At the same time, the State Bank of Vietnam has also directed a number of banks to implement bilateral payment connections with Japan.
I believe that 2026 will usher in an accelerated phase of cross-border payment projects between Vietnam and many countries in the region.
Tighten personal data protection
The Personal Data Protection Law will come into effect on July 1st. How has the banking sector prepared to meet the new requirements?
Mr. Pham Anh Tuan: The State Bank of Vietnam's regulatory system regarding personal data protection is now basically complete. The important thing now is compliance by organizations and enforcement monitoring.
The State Bank of Vietnam has continuously issued directives to credit institutions and payment service providers to strengthen customer data security.
We believe that all units will strictly comply with the Law on Personal Data Protection and related decrees and circulars to ensure information security and protect customer rights.
Thank you, sir!
Ms. Phung Nguyen Hai Yen - Deputy General Director of Vietcombank: "Digital transformation must be linked to customer experience."
Ms. Phung Nguyen Hai Yen
According to Ms. Phung Nguyen Hai Yen, digital transformation in banking is not just about investing in technology, but more importantly, about creating a seamless, secure, and convenient experience for customers.
A representative from Vietcombank stated that cashless payments in Vietnam are growing rapidly, especially on mobile platforms and QR code payments. This requires banks to continuously upgrade their technological infrastructure, increase transaction processing capacity, and protect customer data.
According to Ms. Yen, in the new phase, digital transformation needs to aim at building a comprehensive digital ecosystem, with customers at the center, rather than just digitizing internal processes. In this, data, artificial intelligence, and personalized services will be the factors that create a competitive advantage for banks.
Regarding security, Vietcombank's leadership emphasized the need for coordinated efforts between technology, risk management, and raising user awareness to limit fraud and scams in the digital environment.
Source: https://tienphong.vn/chuyen-doi-so-khong-chi-la-so-hoa-quy-trinh-cu-post1845474.tpo
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