Continuously growing and contributing to the development of the industry.
In his summary report on the establishment and development process at the ceremony, Mr. Pham Anh Tuan, Director of the Payment Department, stated that exactly 20 years ago, the Payment Department, then known as the Payment Board, was established according to Decision No. 1210/QD-NHNN dated August 15, 2005, of the Governor of the State Bank of Vietnam. Starting as a small unit with a leadership team of only 3 people, 3 departments, and a staff of just over a dozen people, the Payment Department has now perfected its organizational structure with a leadership team of 4 people, 4 specialized departments, and a staff of nearly 50 civil servants. Its functions include advising, implementing management, and supervising in the field of payment and digital banking activities.
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| Governor of the State Bank of Vietnam, Nguyen Thi Hong, delivered a speech at the ceremony. |
Over the past 20 years of its formation and development, under the leadership and guidance of the Governor, the Party Committee, and the Board of Directors of the State Bank of Vietnam through various periods, with the support and coordination of units inside and outside the State Bank of Vietnam, and with the contributions, persistent efforts, and unity of generations of officials and employees, the Payment Department has continuously grown and matured, achieving a number of noteworthy results and achievements, contributing to the rapid and strong development of the industry in recent years.
The Ministry has completed the legal framework for cashless payments, digital transformation, and innovation mechanisms in the banking sector; contributing to building the foundation for the national payment system, managing and supervising important payment systems, ensuring smooth, safe, stable operation, and widespread connectivity.
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| On behalf of the President of Vietnam , Governor of the State Bank of Vietnam Nguyen Thi Hong presented the Second Class Labor Order to the Payment Department. |
The Payment Department has pioneered digital transformation, leading the healthy, cohesive, and innovative development of the payment ecosystem, bringing immense benefits to the people and society; it has also been a pioneer in innovation – Fintech, Mobile Money, Fintech Sandbox, and cross-border payments. The Payment Department also contributes to ensuring security and safety, maintaining trust, and protecting customer rights through SIMO – an information system supporting the management, monitoring, and prevention of fraud risks in payment operations, which the Payment Department advised on and implemented, and which will be operational from mid-2025, marking a significant milestone in ensuring security and safety in the payment sector...
Continue to improve institutions and develop payment infrastructure.
Speaking at the ceremony, Governor of the State Bank of Vietnam, Nguyen Thi Hong, emphasized that the Payment Department is one of the core units of the State Bank of Vietnam, making very important contributions to the overall development of the banking industry and the country. On behalf of the Standing Committee of the Party Committee and the Leadership Board of the State Bank of Vietnam, the Governor warmly commended and congratulated the Payment Department on its outstanding achievements over the past two decades.
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| Deputy Governor of the State Bank of Vietnam, Pham Tien Dung, presented the Governor's Certificate of Commendation to outstanding collectives and individuals of the Payment Department. |
"From the early days of laying the foundation to the period of strong breakthroughs in innovation, the Payment Department has always affirmed its pioneering role in shaping policies, developing infrastructure, and promoting modern payment methods, making a significant contribution to the digital transformation of the banking sector as well as the socio-economic development of the country," the State Bank of Vietnam leader assessed.
According to the Governor, over the past 20 years of construction and development, the Payment Department has consistently affirmed its pioneering role in shaping policies, developing infrastructure, and promoting modern means and methods, making a significant contribution to the digital transformation of the banking sector as well as the innovation, integration, and socio-economic development of the country.
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| Director of the Payment Department Pham Anh Tuan at the commemoration ceremony. |
The Governor also acknowledged that, in its early years of operation, despite limited technical infrastructure and an incomplete legal framework, the Payment Department made efforts to overcome difficulties and gradually affirmed its role as a strategic advisory unit in modernizing payment operations. The leadership and staff of the Department have consistently maintained their integrity, enhanced their professional capabilities, and innovated in research, consultation, and policy implementation, thereby contributing to the improvement of the legal system, the development of modern payment models, and the strong promotion of digital transformation.
With a spirit of unity, persistent effort, and high determination, the Payment Department has achieved very positive results, such as the national payment system making remarkable progress and becoming increasingly modern; cashless payments growing rapidly; and digital transformation taking place strongly.
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| Scenes from the ceremony |
“The comprehensive and synchronized digital payment ecosystem helps businesses and people access banking services quickly, conveniently, and transparently, making a significant contribution to improving the effectiveness of monetary policy management, enhancing the business environment, developing a financial and banking system in line with international practices and standards, and promoting innovation, integration, and socio-economic development of the country,” the Governor emphasized, highlighting the proud achievements that the Payment Department has attained over its 20 years of development.
With these outstanding results and achievements, the Payment Department was honored to receive the Second Class Labor Medal from the President of Vietnam - a prestigious award from the Party and the State.
The country is entering a new era of development with the need for strong innovation, deep international integration, and rapid, sustainable economic development. The Politburo has issued many strategically significant resolutions, including Resolution No. 57-NQ/TW dated December 22, 2024, on breakthroughs in the development of science, technology, innovation, and national digital transformation, aiming to make Vietnam a developed, high-income country by 2045. In this process, the digital payment and banking sector continues to play a crucial role, acting as a driving force for the digital economy and the modernization of banking operations.
In light of new demands, the Standing Committee of the Party Committee and the Leadership Board of the State Bank of Vietnam requested the Payment Department to continue to maximize its achievements, affirming its core role in advising, formulating policies, managing, and effectively implementing tasks related to payment and digital banking activities; while proactively innovating, improving research and advisory capabilities, contributing to the successful fulfillment of the banking sector's tasks and meeting the requirements of building a strong and prosperous nation in the next stages of development.
In that spirit, the Governor requested that the Payment Department focus on effectively carrying out several key tasks in the coming period.
Firstly, we must continue to thoroughly understand and seriously implement the Party and State's guidelines and policies, and the Sector's Directives and Action Plans on payment work, especially Resolution No. 57, to promote digital transformation and develop modern payment infrastructure, thereby affirming the pioneering role of the banking sector in promoting national digital transformation.
Secondly, continue to review, supplement, and improve the institutional framework and policies on payment activities, cashless payments, and digital banking in a way that is both modern, synchronized, and groundbreaking, while also closely aligned with reality, creating favorable conditions for people and businesses to access advanced, safe, and secure payment products and services.
Thirdly, continue to improve, upgrade, and develop payment infrastructure and the digital ecosystem towards a modern, seamless, secure, and efficient direction, ensuring stable operation, convenience, high security, and effectively serving the needs of people and businesses.
Fourth, coordinate with relevant units to strengthen supervision and inspection of credit institutions and businesses operating in the payment sector, ensuring compliance with legal regulations, especially regarding security, safety, and confidentiality. At the same time, continue to improve supervisory capacity over key payment systems in the economy, payment service provision activities, and cross-border payment connections, ensuring safety and efficiency.
Fifth, continue to research and promote innovation, develop new products, services, and payment methods, and build a smart digital ecosystem and appropriate cross-border payment solutions to meet the development requirements of the economy; at the same time, advise and propose solutions to ensure security and prevent high-tech crimes, contributing to strengthening the firm trust of society in the banking sector.
Sixth, continue researching and expanding the payment network and popularizing new services to all segments of the population, especially in mountainous, rural, and remote areas, so that people everywhere and from all walks of life can access safe and convenient payment services, contributing to the effective achievement of the national financial inclusion goal and promoting sustainable socio-economic development.
Seventh, focus on training, developing, and improving the professional qualifications, skills, and political qualities of payment staff to build a team of leaders and civil servants with strong political convictions, sharp thinking, high professional qualifications, and practical knowledge in the field of payments and digital banking operations to meet the increasing demands of the banking industry and the national digital transformation orientation in the new era.
The Governor of the State Bank of Vietnam also expressed confidence that, with its strong capabilities, intelligence, and innovative spirit, the Payment Department will continue to excellently fulfill all assigned tasks.
Source: https://thoibaonganhang.vn/vu-thanh-toan-tien-phong-dinh-hinh-chinh-sach-va-thuc-day-thanh-toan-hien-dai-175065.html
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