Vietnam expands QR Code payment options internationally.

Việt Nam•08/05/2024

Vietnam has completed cross-border payment connectivity via QR code with Thailand and Cambodia, and is currently implementing it with Laos, with plans to further expand to other countries within and outside the ASEAN region.

Over 90% of work files are processed and stored online.

This morning (May 8th), the State Bank of Vietnam held the 2024 Digital Transformation Day for the banking sector.

At the event, Mr. Pham Anh Tuan, Director of the Payment Department (State Bank of Vietnam), stated that 100% of eligible administrative procedures are provided as full-process public services and integrated on the National Public Service Portal. Over 90% of work files are processed and stored online (except for work files classified as state secrets).

Governor of the State Bank of Vietnam, Nguyen Thi Hong, speaks at the 2024 Digital Transformation Day for the banking sector.

A representative from the State Bank of Vietnam stated that credit institutions are actively coordinating with businesses licensed by the Ministry of Public Security to provide user authentication solutions using chip-embedded citizen identity cards to implement customer authentication solutions...

Governor of the State Bank of Vietnam, Nguyen Thi Hong, emphasized that the State Bank of Vietnam has chosen the theme "Expanding connectivity and developing the digital ecosystem" for the 2024 Digital Transformation Day for the banking industry, aiming to realize the Prime Minister 's directive with the overarching perspective of putting people and businesses at the center and orienting the digital transformation of the banking industry, using customer experience as a benchmark.

The banking sector has made continuous efforts and closely coordinated with relevant ministries and agencies in the digital transformation process, achieving many successes across key pillars.

To date, over 87% of adults have bank payment accounts, and many banks have processed over 95% of their transactions digitally. The average annual growth rate of mobile and QR code payment transactions from 2017-2023 exceeded 100%.

Banking technology infrastructure is regularly invested in, upgraded, and developed to ensure continuous, smooth, and secure operation; the interbank electronic payment system processes an average of 830 trillion VND/day (equivalent to 40 billion USD). The financial switching and electronic clearing system processes an average of 20-25 million transactions/day.

Promoting digital transformation and strengthening the fight against corruption and money laundering.

Notably, Governor of the State Bank of Vietnam, Nguyen Thi Hong, stated that Vietnam has completed cross-border payment connectivity via QR code with Thailand and Cambodia, and is currently implementing it with Laos, with plans to further expand to other countries within and outside the ASEAN region.

Attending the event, Prime Minister Pham Minh Chinh acknowledged the achievements of the State Bank of Vietnam and expressed strong agreement with the theme chosen by the State Bank of Vietnam for the 2024 Digital Transformation Day of the banking sector: "Expanding connectivity and developing the digital ecosystem".

The Governor of the State Bank of Vietnam commended several credit institutions for their outstanding performance in digital transformation.

At the same time, the Prime Minister also pointed out the tasks that the State Bank of Vietnam needs to accelerate in the coming period, such as: Strengthening the improvement of institutions, mechanisms and policies, creating a complete legal framework to promote the development, expansion and diversification of modern banking products and services, complying with international standards, promoting the development of the digital banking ecosystem, and meeting the increasing needs of the economy;

Promoting the development of electronic payment infrastructure and diversifying banking products and services creates an important foundation for the development of the digital banking ecosystem and the digital economy;

Promoting digital transformation in supporting banking inspection and supervision work aims to enhance transparency, prevent and combat corruption and money laundering;

Promote the development of digital human resources in the banking sector, especially high-quality human resources, to meet the development needs of the banking industry;

Enhancing security and safety in payments, protecting personal data, applying new security standards, and ensuring fast, safe, convenient, and affordable payments...

At the same time, the Prime Minister also requested the State Bank of Vietnam to promptly submit to the Government a Decree on controlled testing mechanisms in the banking sector and a new Decree on non-cash payments (aiming to complete this in the second quarter of 2024); review and improve current legal regulations to consider issuing, amending, and supplementing them to ensure consistency and conformity with the provisions of the Law on Identity Cards, the Law on Electronic Transactions... and banking activities and operations on digital platforms...

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