More than 86% of adults have a bank checking account

Deputy Governor of the State Bank of Vietnam Pham Thanh Ha speaks. *Photo: Nguyen Le*

The workshop was attended by representatives of the State Bank of Vietnam; Australian Consulate General in Ho Chi Minh City; Singapore Consulate General in Ho Chi Minh City; Development Cooperation Department, Embassy of Switzerland in Vietnam.

Speaking at the workshop, Deputy Governor of the State Bank of Vietnam Pham Thanh Ha said that Vietnam has identified digital transformation as one of three strategic breakthroughs, along with institutional improvement and human resource development. The Vietnamese Government has always paid special attention to and identified comprehensive financial development as one of its strategic priorities, closely linked to the goal of sustainable and inclusive growth.

The Government has issued National Digital Transformation Programs with the goal of developing a digital government, digital economy and digital society. In the banking sector, the State Bank of Vietnam has proactively developed and implemented a project to develop non-cash payments, a plan to digitally transform the banking sector, and issued a favorable legal framework for testing financial technology initiatives.

Thanks to those specific directions and actions, Vietnam has achieved many positive results in the implementation of the National Financial Inclusion Strategy. Digital infrastructure in the payment sector has been expanded, products and services have become increasingly diverse, non-cash payments have grown strongly, and digital transformation has taken place extensively throughout the banking system.

To date, the proportion of adults with bank payment accounts has reached 86.97%, a significant increase compared to 68.44% in 2020. The target for growth rate of cashless payment transactions has met and exceeded the set target, with the value of transactions via mobile phones and e-wallets increasing by an average of over 25% per year.

Along with that, the dynamic Fintech ecosystem with more than 150 businesses operating in fields such as payment, peer-to-peer lending, asset management and financial data has actively contributed to promoting innovation and expanding access to financial services, especially in rural and remote areas. These results have been creating a solid foundation for the strong development of digital financial inclusion in Vietnam.

Deputy Governor of the State Bank of Vietnam Pham Thanh Ha emphasized that Vietnam wishes to continue receiving contributions, cooperation and support from international organizations, including IFC and regional partners through forms such as capital funding, policy advice, experience sharing, technical assistance and technology transfer, together building a safe, sustainable and inclusive digital financial ecosystem, contributing to promoting comprehensive financial development and enhancing economic and financial connectivity in the region.

Mr. Thomas James Jacobs, Country Director, IFC Vietnam, Laos and Cambodia, said that digital finance is not only a great driver of innovation but also a key factor for comprehensive economic transformation. The combination of technology, legal framework and effective investment will help Vietnam develop a dynamic fintech sector, enhance competitiveness, support small and medium enterprises, encourage start-up projects, create quality jobs and bring financial services closer to all people.

According to the World Bank Group’s Global Findex 2025 Report, more than 70% of Vietnamese adults aged 15 and over have a financial account and 62% of them use digital payment services, thanks to an internet coverage rate of 80% of the population. These figures represent a significant step forward as well as the potential to expand digital finance to underserved groups in Vietnam.

At the workshop, experts said that the two international financial centers planned in Ho Chi Minh City and Da Nang are expected to put Vietnam on the global financial services map, continuing to open the door to investment from international capital markets.

It is expected that from 2026, Ho Chi Minh City will deploy a sandbox for new areas such as digital assets, peer-to-peer lending (P2P lending), carbon credit markets and fintech. Also in the 2026-2027 period, the city plans to build an international standard data center and connect financial infrastructure with ASEAN and major markets.

The workshop takes place until October 30.

Source: https://hanoimoi.vn/hon-86-nguoi-truong-thanh-co-tai-khoan-thanh-toan-tai-ngan-hang-721411.html