Prime Minister: Must ensure absolute safety for people when conducting digital transactions

According to the Prime Minister, digital transformation must put people at the center but people are also the subjects. The Prime Minister requested the banking industry to have solutions so that people can use services in the safest way.

The value of non-cash payments is 25 times GDP.

Speaking at the event Digital Transformation of the Banking Industry by 2025 held on May 29 in Hanoi , Prime Minister Pham Minh Chinh highly appreciated the State Bank of Vietnam (SBV) for its drastic direction of digital transformation to convert most state management activities and credit services into a digital environment, increasingly serving people and businesses better.

According to the Prime Minister , digital transformation must put people at the center but people are also the subjects. The Prime Minister requested the banking industry to come up with solutions to ensure maximum safety for people when using services.

According to the report of State Bank Governor Nguyen Thi Hong, the interbank electronic payment system processes an average of VND820 trillion per day; the financial switching and electronic clearing system processes 26 million transactions per day.

The national credit information infrastructure collects and updates data inside and outside the industry with a high rate of successful data updates from credit institutions (CIs), over 98%.

The Prime Minister speaks at the event Digital Transformation of Banking Industry 2025. Photo: Hoang Giap.

More than 113 million individual customer records and more than 711 thousand institutional customer records have been biometrically matched (reaching more than 66%).

Many basic operations have been 100% digitized (savings deposits, term deposits, opening and using payment accounts, opening bank cards, e-wallets, money transfers, loans, etc.). Many credit institutions in Vietnam have achieved a digital transaction rate of over 95%.

“To date, nearly 87% of Vietnamese adults have bank accounts; the value of non-cash payments is 25 times the GDP,” Governor Nguyen Thi Hong informed.

Vietnam also pioneered cross-border retail payment connections via QR codes with Thailand, Laos and Cambodia, aiming to expand in the Asian region.

At the conference, Mr. Vu Hong Phu, Member of the Executive Board of MB Bank, said that banks cannot just be a place to store money, but must become a smart, instant, barrier-free, unlimited financial platform, based on 3 factors: Speed, safety, unlimited connection.

At MB, Mr. Phu said that the bank's AI system for monitoring unusual transactions detected 312,000 unusual transactions in 2024, with a risk prevention rate of 47% higher than the traditional model.

MB also considers data to be even more valuable than a "red book". "Through data, a business with a good cash flow history, regular salary payment, and full tax payment will be given priority for credit without collateral", said Mr. Vu Hong Phu.

In 2024 alone, over 4,000 businesses received loans from MB through "red books" as data without mortgage.

According to Mr. Phu, the benefit that the business has achieved is that it has shortened the processing time for each loan by 80%. There have been 14,500 disbursement orders that have been fully automated in just a few minutes. Each disbursement order - instead of the traditional 2 hours of processing, now only takes from 5 to 15 minutes. The total time saved in 2024 is 36,000 labor hours, equivalent to 4,500 working days.

Similarly, at Orient Commercial Bank (OCB), a representative of this bank shared that granting credit limits to customers is done through the application of a credit decision-making process based on machine learning and big data, not depending on traditional data.

Prime Minister Pham Minh Chinh visited the booths of banks on the sidelines of the event.

6 key tasks and solutions

Directing at the conference on key tasks and solutions in the coming time, the Prime Minister pointed out 6 key tasks and solutions:

Firstly , perfect the legal framework and mechanisms and policies in line with reality. Urgently organize the implementation of the Controlled Testing Mechanism in the banking sector; promptly submit to the Government for promulgation of the Decree on Mobile Money.

Second, develop digital infrastructure, modern digital platforms, ensure system security and safety, and have high interoperability.

Third, develop diverse, convenient and personalized digital banking products and services. Comprehensively digitize traditional banking processes and products; develop new and innovative digital financial products and services; expand access to financial services for disadvantaged groups, remote areas, border areas and islands.

Fourth , develop digital data, combined with Project 06 to create momentum to promote digital transformation in the banking industry. Coordinate with the Ministry of Public Security and relevant agencies and enterprises to deploy a campaign to review bank accounts to strengthen state management, prevent online fraud crimes; detect and strictly handle violations.

Fifth, prioritize human resource development to meet the transformation requirements of the banking industry.

Sixth, promote propaganda about the benefits of digital transformation in the banking sector to every citizen and business; help them understand the benefits and effectiveness.

Strengthen communication and guidance to improve financial and technological knowledge for people and businesses to limit the risk of criminals taking advantage of banking services for fraud and scam purposes.

Proposal to further reduce interest rates of 500,000 billion VND package

Regarding the VND500,000 billion credit package for businesses investing in infrastructure and digital technology to implement key and important national projects in the fields of transportation, electricity and digital technology, Governor Nguyen Thi Hong said that up to now, 21 commercial banks have prepared resources, with preferential lending interest rates at least 1% lower per year than the average lending interest rate.

Prime Minister Pham Minh Chinh highly appreciated the banking sector's implementation of the above credit package.

“The State Bank of Vietnam must urgently organize and implement the VND500 trillion credit program to ensure feasibility, efficiency, timeliness, and appropriate targets and subjects to encourage businesses to invest in promoting economic growth; proactively monitor, inspect and supervise the implementation, promptly handle and remove difficulties and obstacles,” the Prime Minister requested.

However, the Prime Minister hopes that banks will cut spending and save on operations to have interest rates lower by at least 1.5% per year.

“This 500 trillion is not a small amount, showing the contribution of the banking industry, the heart of the banking industry,” said the Prime Minister.

The Prime Minister expressed his hope that banks and the State Bank of Vietnam would find a way to appropriately manage this credit package, most importantly encouraging businesses to boldly borrow capital and avoiding making requirements that businesses cannot meet.

“I am really touched by this loan package, but the announced figure and the disbursed figure are different. How can we quickly disburse the full 500,000 billion VND, support each other to develop together, for the sake of comradeship and compatriots,” said the Prime Minister.

Source: https://vietnamnet.vn/thu-tuong-phai-dam-bao-an-toan-tuyet-doi-cho-nguoi-dan-khi-giao-dich-so-2406138.html