Governor Nguyen Thi Hong: "Data is the key to connecting the financial ecosystem"

The Governor said that digital transformation in the banking industry is receiving a positive response, currently 87% of Vietnamese adults have bank accounts, and the value of non-cash payments is 25 times the GDP.

Speaking at the event of Banking Digital Transformation Day 2025 with the theme "Smart Digital Ecosystem in the New Era" on the afternoon of May 29, Governor of the State Bank Nguyen Thi Hong emphasized that if digital transformation is a journey, data is the heart - the life force that operates the entire process. For the banking industry, data is the key to connecting open ecosystems, turning banks into platforms that integrate digital values ​​- from healthcare,education to commerce - bringing a seamless, continuous experience to customers. Data is also an input factor in the decision-making process, improving operational efficiency, helping to forecast risks, prevent fraud and protect the national financial system.

Cashless payments are 25 times GDP

According to State Bank Governor Nguyen Thi Hong, this is an important annual event, demonstrating the high political determination and strong commitment of the entire industry in implementing Resolution 57-NQ/TW on breakthroughs in science, technology, innovation and national digital transformation and the National Digital Transformation Program to 2025, with a vision to 2030.

According to the Governor, this event marks an important turning point with the theme “Smart digital ecosystem in the new era,” reflecting a customer-centric orientation, applying technology to enhance experience and meet diverse financial needs.

The Governor said that the infrastructure serving the digital transformation of the banking sector has always been focused on investment, upgrading and development. The interbank electronic payment system processes an average of VND 820,000 billion per day while the financial switching and electronic clearing system processes 26 million transactions per day. The national credit information infrastructure has been upgraded to increase the ability to process and update data automatically, while expanding the collection and updating of data inside and outside the sector with a high rate of successful data updates from credit institutions reaching over 98%. Ensuring security and safety has always been a priority.

According to the Governor, the construction and expansion of the digital financial ecosystem is increasingly complete, better meeting the needs of people and businesses and contributing to the development of the digital economy . Many friendly banking products and services with rich utilities, bringing practical values ​​to meet the diverse needs of customers. Many basic operations have been 100% digitized (savings deposits, term deposits, opening and using payment accounts, opening bank cards, e-wallets, money transfers, loans...). Many credit institutions in Vietnam have a rate of over 90% of transactions conducted on digital channels.

To date, more than 87% of Vietnamese adults have bank accounts. The value of non-cash payments is 25 times the GDP. Non-cash payments are growing positively. Vietnam is also a pioneer in connecting cross-border retail payments via QR codes with Thailand, Cambodia and Laos, aiming to expand in the Asian region.

Banks display booths at the event. (Photo: Vietnam+)

The Governor added that implementing Resolution 57-NQ/TW and the direction of the Government and the Prime Minister, in the spirit of accompanying other sectors and fields in implementing Resolution 57-NQ/TW, the State Bank has developed and directed commercial banks to implement the VND 500,000 billion credit program for lending to invest in infrastructure and digital technology.

To date, 21 commercial banks have prepared a resource of VND 500,000 billion for lending under the Program with preferential lending interest rates in VND, at least 1%/year lower than the average medium and long-term lending interest rates applied by the lending banks themselves in each period.

“In order for banks to be able to soon implement this Credit Program, the State Bank will closely coordinate with ministries and branches to guide, support, and create conditions for commercial banks to organize implementation within their authority,” said the Governor.

Breakthrough with modern digital payment technology

At the event, many banks demonstrated the latest technologies to bring the banking industry firmly into the digital age.

Mr. Phung Duy Khuong - Permanent Deputy General Director of Vietnam Prosperity Joint Stock Commercial Bank (VPBank) said that this unit has deployed the Tap & Pay contactless payment solution. This is one of the most convenient, innovative and creative payment solutions and is a trend of modern lifestyle.

Accordingly, users only need to integrate their cards and accounts into their phones or smart watches, encrypted with Tokenization technology. Then make payments by close contact with the payment device - authenticated via facial recognition, without having to carry a card.

Mr. Phung Duy Khuong - Permanent Deputy General Director of VPBank shared at the event. (Photo: Vietnam+)

Also according to Mr. Khuong, from the fourth quarter of 2024, with the Tap & Pay solution and the entry of Apple Pay, 60% of transactions will take place in contactless form, a significant step forward in digital payment behavior and global trends.

With Tap & Pay, VPBank has provided a complete solution on all phone operating systems: Samsung Pay, Google Pay, Apple Pay, Garmin Pay, VPBank wallet. Contactless transaction sales via credit cards increased by 70%.

Mr. Khuong said that in addition to the solution for individual customers, the Tap to Phone solution is for business customers and business households. These subjects do not need to invest in expensive POS card readers (VND 10 million/machine), businesses/store owners can accept payments on their own phones or those of their employees. Electronic invoices will be sent to customers' emails. VPBank's Tap to Phone solution is not only a payment tool, but also a mobile financial platform for small and medium-sized enterprise customers, business owners, and retail stores.

Mr. Do Quang Vinh - Vice Chairman of the Board of Directors and Deputy General Director of SHB shared at the event. (Photo: Vietnam+)

Also at the event, Mr. Do Quang Vinh - Vice Chairman of the Board of Directors and Deputy General Director of Saigon - Hanoi Commercial Joint Stock Bank (SHB) shared: “With a comprehensive transformation strategy and the resonance from leading technology corporations, SHB aims to build a future bank that truly understands and develops for customers. With the impact of the digital revolution, banks today not only have the task of providing financial solutions but also contribute to redefining customer experiences in the digital age”./.

The event Digital Transformation of Banking Industry 2025 has the participation of commercial banks such as: Vietcombank, VietinBank, Agribank, MB, Techcombank, VPBank, BIDV, Nam A Bank, SHB, TPBank, Kienlongbank, HDBank, OCB, LPBank, Vikki Digital Bank, MSB, ACB, PVcomBank, Eximbank; Vietnam National Payment Joint Stock Company (NAPAS), Vietnam Payment Solutions Joint Stock Company (VNPay), MISA Joint Stock Company, FPT Group.

(Vietnam+)

Source: https://www.vietnamplus.vn/thong-doc-nguyen-thi-hong-du-lieu-la-chia-khoa-ket-noi-he-sinh-thai-tai-chinh-post1041462.vnp