The achievements not only promote cashless payments but also contribute to enhancing transparency, system security, and expanding access to finance for people and businesses.
Creating a legal framework for innovation.
Digital transformation in the banking sector has been implemented comprehensively and systematically in recent years, with clear direction from regulatory authorities. The primary focus has been on building and perfecting the institutional framework to create a favorable legal environment for innovation. The State Bank of Vietnam has proactively researched and advised on the issuance of numerous legal documents, as well as issuing relevant circulars and regulations to ensure security and safety in banking operations. These regulations not only remove legal bottlenecks but also pave the way for the application of new technologies, especially electronic authentication via VNeID and the standardization of information system security.
In its operational work, the State Bank of Vietnam has also strengthened the Steering Committee for Digital Transformation of the banking sector, focusing on five pillars: science and technology, innovation, digital transformation, data, and Project 06. Simultaneously, it has issued an Action Plan to implement Resolution No. 57-NQ/TW with 105 key tasks, creating a comprehensive framework for the entire sector in implementing digital transformation tasks.
Alongside institutional improvements, the technological infrastructure serving digital transformation continues to be invested in and upgraded. The interbank electronic payment system operates smoothly and securely, ensuring efficient transaction processing. The electronic switching and clearing system operated by the Vietnam National Payment Corporation (NAPAS) has been expanded to connect with many sectors and fields, contributing to the deployment of online public services through the National Public Service Portal, especially in the fields of healthcare, education , and transportation.
Notably, cross-border retail payment cooperation via QR codes between Vietnam and countries in the region and international partners has been implemented, expanding the digital payment space and facilitating trade and tourism.
Building upon that infrastructure, the ecosystem of digital banking products and services is thriving. Many basic operations have been fully digitized; many credit institutions have a digital transaction rate exceeding 90%. By the end of 2025, nearly 89% of adults will have bank accounts, reflecting the increasingly high level of financial service accessibility.
Promoting cashless payments
Cashless payments continue to grow impressively. By 2025, the value of cashless payments is projected to be approximately 28 times GDP. In the first quarter of 2026, the number of transactions increased by nearly 38%, and the value increased by more than 14% compared to the same period. Notably, payments via the internet and mobile phones increased sharply, while ATM transactions decreased, indicating a clear shift from cash to digital payment methods.
Mobile money services have also seen positive results, especially in rural and remote areas. By the end of March 2026, more than 11.45 million accounts had been registered and in use, contributing to expanding access to inclusive finance.
Payment for public services through banks continues to be promoted. 100% of higher education institutions in urban areas accept tuition fee payments via banks; most primary and secondary education institutions have ready digital payment infrastructure. Approximately 82% of pensioners and social insurance beneficiaries in urban areas receive their payments through cashless methods.
Another crucial pillar is data development and connectivity. The banking sector has invested in upgrading its data infrastructure, ensuring the principles of "accuracy, completeness, cleanliness, viability, consistency, and shared use." The exploitation of the national population database and the application of VNeID has helped verify and clean customer data on a large scale.
As of April 2026, over 156.6 million customer records had been biometrically verified; the National Credit Information Center had processed approximately 57 million records and cleaned nearly 44.5 million records. Simultaneously, dozens of credit institutions and payment intermediaries had integrated biometric authentication and VNeID into their digital banking services.
The State Bank of Vietnam has also completed the synchronization of four specialized databases to the National Data Center, and simultaneously built APIs for data sharing with the Government Office and the State Audit Office, contributing to the formation of an interconnected data ecosystem throughout the entire system.
In the context of increasing digital transformation, ensuring security and safety is given special attention. The SIMO system, which supports risk monitoring and prevention, has been widely deployed, allowing organizations to share information about suspicious accounts and promptly alert customers.
By the end of April 2026, this system had supported alerts for over 3.8 million customers; more than 1.2 million transactions were suspended or canceled, corresponding to an amount exceeding 4.3 trillion VND. This shows that digital transformation not only enhances convenience but also plays a role in protecting the assets and rights of citizens.
Administrative reforms linked to the complete digitalization of processes have also yielded many tangible results. The State Bank of Vietnam has reduced over 90% of administrative procedures and provided 57 complete public services. The rate of digitized documents reached nearly 74%, the rate of electronic issuance of results reached nearly 79%, and the satisfaction level of citizens and businesses remained above 90%.
Notably, the "Digital Literacy Movement" has been widely implemented throughout the sector, contributing to raising digital awareness and skills among staff. The entire sector has recorded 1,484 initiatives, including 37 digital initiatives, along with a network of more than 2,600 "digital ambassadors" and "digital cores" in various units.
It is clear that digital transformation in banking is no longer just a trend but has become a core driving force for development. From improving institutions and developing infrastructure to innovating services and data management, the entire industry is gradually building a solid digital foundation, contributing to economic growth, enhancing competitiveness, and better serving people and businesses in the digital age.
Source: https://nhandan.vn/chuyen-doi-so-ngan-hang-but-toc-toan-dien-post960124.html
Comment (0)