Building a solid foundation to grow together with the nation.

The key tasks of the banking sector to implement Resolution No. 57 of the Politburo and Resolution No. 03 of the Government include: (i) Raising awareness and reforming thinking; (ii) Improving institutions; (iii) Strengthening investment and improving infrastructure; (iv) Strongly promoting science and technology activities, implementing breakthrough tasks and innovations; (v) Strengthening international cooperation.

It's not just now, with Resolution No. 57-NQ/TW, that this is happening.

Following the issuance of the Politburo 's Resolution 57 on breakthroughs in national science, technology, innovation, and digital transformation, the banking sector has begun to actively promote innovation and digital transformation. Governor of the State Bank of Vietnam, Nguyen Thi Hong, stated: “The Standing Committee and the leadership of the State Bank of Vietnam are very aware that the development of science, technology, innovation, and digital transformation is a fundamental and core element for promoting high economic growth. Therefore, the State Bank of Vietnam has implemented many solutions and is one of the ministries and sectors recognized by the Government for its achievements in implementing digital transformation and promoting innovation.”

In particular, Decision No. 1364/QD-NHNN issued on March 5, 2025, implementing Resolution 57, is not only an administrative order but also a call to action, igniting aspirations in every official and employee of the banking sector, contributing to the development of a prosperous and powerful nation in the new era - the era of national progress.

When innovation becomes deeply ingrained in our way of thinking.

Visiting the mountainous district of Nam Nhun, Lai Chau province, and meeting Ms. Lu Thi Dung, Head of the Accounting Department of the Nam Nhun District Branch of the Vietnam Bank for Social Policies, we further understood that innovation and creativity know no geographical boundaries. Having joined the banking sector in 2008 and currently working in this poor, mountainous border district, Ms. Dung faces numerous difficulties due to her remote home, challenging working conditions, and the low educational level of the local population. However, none of this has deterred this dedicated bank employee from pursuing her passion for "understanding the people and serving them wholeheartedly." Instead, it has driven her to continuously innovate, participate in, and implement initiatives and solutions in carrying out her duties. One notable initiative, "Solutions to improve the quality of inspection and supervision before, during, and after lending for social housing at the Nậm Nhùn District Branch of the Vietnam Bank for Social Policies," has contributed to preventing errors in determining loan amounts exceeding borrowing needs and determining the percentage of completed work exceeding the percentage of purchased materials/total.

The project's volume of budget estimates reduces loan disbursement time and improves the quality and efficiency of loan capital. For example, the "Solutions to improve the quality of delegated activities of Savings and Loan Groups at the Nậm Nhùn District Branch of the Vietnam Bank for Social Policies" project, in which she participated, has boosted the stable operation of Savings and Loan Groups by scoring and evaluating the quality of delegated activities. Notably, in the last five years, she has contributed at least one initiative to the unit every year.

Here's another story. As the Deputy Director of the Vietnam Foreign Trade Commercial Bank – Thang Long Branch, her "Affiliate Marketing 2022" initiative helped Vietnamese banks easily increase their user base by sharing affiliate marketing links for banking products and services on social media platforms like Facebook, Instagram, and TikTok. Program partners act as intermediaries, advertising the bank's products and services to potential customers. This initiative helped expand sales and contributed to boosting sales of services for retail customers.

There have been many such examples in recent times. In the "1 Million Initiatives - Overcoming Difficulties, Innovating, and Determination to Win Against the Covid-19 Pandemic" program launched by the Vietnam General Confederation of Labor in 2021, the banking sector had 17,478 initiatives from its staff and employees registered, achieving 106% of the assigned target. These initiatives have yielded practical results at their respective agencies and units, been recognized by competent authorities, and have been implemented, generating significant economic benefits and contributing to the excellent performance of their businesses, amounting to trillions of dong. Deputy Governor of the State Bank of Vietnam, Dao Minh Tu, acknowledged: “These initiatives demonstrate the creativity and intelligence of banking sector employees, promptly adapting to living and working conditions in the context of the complex pandemic and in the new normal period, making an important contribution to stabilizing and restoring the production and business activities of enterprises and fulfilling the political tasks of agencies and units.” At the same time, they implement the important policies of the Politburo, the Secretariat, the Government, and the Prime Minister on pandemic prevention and control with the spirit of “Safe adaptation, flexible and effective control of the Covid-19 pandemic, gradually bringing the whole country to a new normal state ; restoring and developing socio-economic activities.”

This is just a glimpse into the broader picture of scientific, technological, and innovative development within the banking sector over its long history. Particularly since the country entered the Doi Moi (Renovation) period, the banking sector has pioneered the implementation of scientific, technological, and innovative development with specific criteria and quantifiable targets, outlined in the Sector Development Strategies, administrative reform plans, digital transformation plans, and green transformation plans. Each year, these orientations are concretized and flexibly adjusted according to the development progress of the economy, the banking sector, and the directives and guidance of the Party and the State.

In the process of modernization and the application of science and technology, the banking sector has also become a driving force supporting ministries, sectors, and the economy in modernization, digital transformation, enhancing national competitiveness, and international economic integration.

Put people and businesses at the center.

And in all those plans, the story of developing science, technology, innovation, and digital transformation has always been a central focus, with the Governor of the State Bank of Vietnam urging credit institutions to participate and clearly stating the overarching principle of putting people and businesses at the center, and using customer experience as the benchmark. As a result, the State Bank of Vietnam consistently ranks highly among ministries and sectors in the index of creating institutions for digital transformation. Credit institutions are continuously growing stronger, with many banks appearing in rankings and receiving accolades from domestic and international organizations, from their scale and brand to their modern products and services that benefit the community, businesses, and sustainable development.

Particularly in the modernization process and the application of science and technology, the banking sector has become a driving force supporting ministries, sectors, and the economy in modernization, digital transformation, enhancing national competitiveness, and international economic integration. Behind the achievements and advancements in e-customs, e-taxation, comprehensive public services, and cashless payments lies the unwavering support of the banking sector. With the spirit of connecting to serve socio-economic development, the State Bank of Vietnam (SBV) has directed credit institutions and payment intermediaries to implement the Banking Sector's Project 06 and the Coordination Plan between the Ministry of Public Security and the SBV.

During the Covid-19 pandemic, banking services and credit activities quickly and effectively adapted to the trend of contactless payments, ensuring uninterrupted 24/7 banking operations and meeting the needs of businesses and individuals. This also served as a foundation for the State Bank of Vietnam to implement Resolution No. 18-NQ/TW.

(October 25, 2017) on “Some issues regarding the continued reform and restructuring of the political system's organizational apparatus to be streamlined, effective, and efficient.” Despite numerous payment connection systems and the need to restructure 63 provincial branches of the State Bank of Vietnam into 15 regions in less than three months, the entire system operated smoothly from the very first day of the transition, without affecting transactions for businesses and individuals.

The effectiveness and efficiency of the State Bank of Vietnam (SBV) have therefore been steadily improving, vividly reflected in its seven-year top ranking in the administrative reform index (PAR index) assessment system for ministries and agencies. In 2024, although no ranking of ministries and agencies was conducted, the results showed that the SBV's PAR index was the highest ever, reaching 93.66, with all six component indicators of the SBV's administrative reform having average values ​​above 90%.

To date, the State Bank of Vietnam (SBV) and credit institutions have achieved several outstanding results in implementing the plan outlined in Decision No. 1364/QD-NHNN, such as: the SBV has researched, finalized, and submitted to the Government a draft Decree on controlled testing mechanisms; issued the SBV's Circular Drafting Program for 2025 with a total of 21 planned circulars; issued legal documents to promptly address bottlenecks serving the development of science, technology, innovation, and digital transformation; and has been implementing training and professional development programs for officials and employees, especially in the fields of payment and digital banking, according to approved programs to develop high-quality human resources. Credit institutions have adjusted their decisions to align with the trends in scientific and technological development, while simultaneously increasing investment and improving infrastructure for the development and application of science, technology, innovation, and digital transformation to enhance service quality, improve customer experience, and ensure security, safety, and increased customer satisfaction.

For a prosperous Vietnam

General Secretary To Lam noted that the great achievements made after 40 years of Doi Moi (Renovation) under the Party's leadership have helped Vietnam accumulate sufficient strength and momentum for breakthrough development in the next phase. The world is in a period of epochal change, and the period from now until 2030 is the most important period, a special opportunity, a crucial stage to achieve the strategic goals for the 100 years under the Party's leadership, creating a solid foundation to achieve the goals for the 100th anniversary of the nation's founding. Pointing out that the Fourth Industrial Revolution, especially artificial intelligence and digital technology, brings opportunities that developing and underdeveloped countries can seize to get ahead and achieve outstanding development, the General Secretary requested a stronger breakthrough in institutions for development, removing bottlenecks and barriers, putting people and businesses at the center, mobilizing and unlocking all internal and external resources, and resources from the people; The development of science and technology should be synchronized and seamless, all for the economic, cultural, and social development of the country and to improve the material and spiritual lives of the people.

In that spirit, and in accordance with the content of Resolution 57 of the Politburo and Resolution No. 03/NQ-CP (Resolution 03) dated January 9, 2025, of the Government promulgating the Government's Action Program to implement Resolution 57, the State Bank of Vietnam has thoroughly researched and reviewed the viewpoints, objectives, and tasks assigned to the banking sector to issue the implementation plan for the banking sector in Decision No. 1364/QD-NHNN dated March 5, 2025.

The tasks outlined in the Plan have been specifically assigned to units under the State Bank of Vietnam, credit institutions, branches of foreign banks, and payment intermediary service providers to organize and implement the goal of making the development of science, technology, innovation, and digital transformation a top priority breakthrough, the main driving force for the rapid, sustainable, and safe development of the banking sector, contributing to the breakthrough development and prosperity of the country in the new era.

In order to raise awareness and foster new thinking breakthroughs within the banking sector, the State Bank of Vietnam will develop programs and plans to launch a digital learning movement, aiming to make it a regular "digital learning" campaign.

The Governor directed the "urgent and decisive completion of institutional reforms; the elimination of all ideas, concepts, and barriers hindering development." Specifically, he requested the Legal Department and other relevant departments and bureaus to review relevant regulations issued by the State Bank of Vietnam to promptly remove bottlenecks serving the development of science, technology, innovation, and digital transformation in the banking sector. He also called for the development and improvement of a legal framework for banking operations in the digital environment; the development of flexible, innovative, and effective solutions to allow the use of electronic documents integrated into electronic identification accounts as a replacement for paper documents in administrative procedures; and the early development of plans to reduce the number of required documents once data has been digitized.

Infrastructure for science, technology, innovation, and digital transformation in the banking sector will continue to be strengthened and improved through increased investment. This includes developing a Decree regulating controlled testing mechanisms in the banking sector; deploying artificial intelligence applications in the document management and archiving system; replacing the State Bank of Vietnam's reporting system with Big Data-AI technology to support the State Bank of Vietnam's policy-making and state management; applying AI based on big data to provide personalized services and enhance customer experience; and implementing the State Bank of Vietnam's digital transformation plan to deploy core banking services, ensuring connectivity with Project 06.

To support the national digital transformation and promote economic development, the State Bank of Vietnam (SBV) aims to accelerate digital transformation, the application of science and technology, and innovation in the operations of agencies within the political system. This includes developing a plan to promote the development of mobile banking and mobile banking services. The Governor has instructed credit institutions to proactively research, develop, and implement banking products and services to support and promote digital transformation in businesses, especially small and medium-sized enterprises (SMEs), household businesses, and cooperatives. A list of major challenges in science and technology, innovation, and digital transformation in the banking sector will be published for Vietnamese digital technology companies to address. Simultaneously, a program will be developed to promote the use of digital banking products and services; equip people with the skills to use digital banking products and services for transactions in the digital environment, and build digital trust.

The Governor of the State Bank of Vietnam also assigned units within the State Bank of Vietnam to implement groundbreaking and innovative tasks for credit institutions. These include promoting electronic lending, aiming for full automation of the process to shorten loan processing times, utilizing data from the national database to increase the value and quantity of electronic loans; accelerating the deployment of Open Banking and Open APIs to create more innovative products and services to meet the growing needs of customers; and researching and implementing a modern digital core banking platform that allows banks to operate faster, smarter, and more cost-effectively, easily scalable and with more products.

The State Bank of Vietnam (SBV) has established a Steering Committee for the development of science, technology, innovation, digital transformation, and Project 06, chaired personally by Governor Nguyen Thi Hong. This committee was formed by merging the SBV's Administrative Reform Steering Committee, the Digital Transformation Steering Committee, and the Banking Sector's Project 06 Implementation Task Force. Simultaneously, a support team for the development of science, technology, innovation, digital transformation, and Project 06 has also been established within the banking sector.

In addition, the banking sector has also achieved positive results in implementing Project 06. The State Bank of Vietnam has closely followed the directives of the Government, the Prime Minister, the Ministry of Public Security, etc., issuing many documents to implement and promote the tasks of Project 06 and regularly directing the entire sector on the implementation of solutions for applying citizen data, chip-embedded citizen identification cards, VNeID accounts, etc., to serve banking operations.

These breakthroughs form the foundation for building an effective and efficient State Bank of Vietnam, a modern, self-reliant, and strong credit institution system, which will serve as the basis for promoting the national economy to develop into a prosperous and powerful nation, enabling Vietnam to reach higher and further, towards the goals chosen by the Party and President Ho Chi Minh: "Building a peaceful, unified, independent, democratic, and prosperous Vietnam, making a worthy contribution to the world revolutionary cause."

As of April 11, 2025, the entire banking sector had over 108.1 million individual customer profiles (CIFs) verified biometrically via chip-embedded citizen identification cards (CCCDs) or the VNeID application, including: 60 credit institutions that have deployed chip-embedded CCCD cards via counter devices; 56 credit institutions and 39 payment service organizations that have deployed chip-embedded CCCD cards via mobile applications; and 32 credit institutions and 15 payment service organizations that are currently deploying the VNeID application, of which 18 units have implemented it in practice.

Source: https://thoibaonganhang.vn/tao-the-vung-ben-vuon-minh-cung-dat-nuoc-163614.html