Vietnam in digital transformation: VND 500,000 billion for new technologies!

Vietnam in digital transformation: VND 500,000 billion for new technologies!

On May 29, 2025, the State Bank of Vietnam (SBV) held the “Digital Transformation of Banking to 2025” conference in Hanoi. The central theme of the event was the “Intelligent Digital Ecosystem in the New Age”. Prime Minister Pham Minh Chinh actively participated in the conference, which underlined the progressive transformation in the banking sector in the context of political resolutions and action programs. Loud Vietnam.vn The latest data shows that over 87% of Vietnamese adults have a bank account. The banking industry already has more than 113 million individual customer records and 711,000 corporate customer records that are biometrically verified.

A noticeable trend in the industry is the increase in digital transactions. For example, more than 66% of business payment accounts now have digital payments. In recent years, the value of cashless payments has grown astonishingly to 25 times the gross domestic product (GDP). Further details show that cashless payment transactions in 2024 grew by 56.68% in volume and 32.79% in value compared to the previous year. QR code transactions in particular saw an increase of 104.65% in number and 97.14% in value over the same period.

Digital innovations in the banking sector

SBV Governor Nguyen Thi Hong reiterated the commitment of her institution and the banking industry to implement Resolution 57 and the National Digital Transformation Program by 2025. A significant credit program was launched to boost investment in infrastructure and digital technologies. In total, 21 commercial banks have allocated a resource of VND500,000 billion for loans with preferential interest rates at least 1% lower than standard medium and long-term loan interest rates.

In addition to the developments in the banking world already mentioned, Vietnam has taken measures to increase security in digital payments. As of early July 2023, online money transfers require over VND 10 million to undergo biometric facial scans, marking another step towards reducing online fraud. Banks like Techcombank and Vietcombank have already had millions of customers update their biometric information, showing how seriously the industry takes security. Loud Vir.com.vn Companies like VNPAY and Cake by VPBank are leaders in integrating these technologies.

Digital Payments Growth Sectors

The digital payments landscape in Vietnam is also showing impressive progress. Payments via QR codes are rapidly gaining popularity; According to the latest figures, 62% of consumers use QR codes, an increase of 35% compared to 2021. Partnerships between major companies like Visa and digital payment providers like MoMo and ZaloPay have helped boost the use of QR payments. Buy Now, Pay Later (BNPL) services are also gaining momentum, with a forecast growth rate of almost 42% by 2024.

In summary, with these developments, Vietnam is demonstrating a dynamic shift towards a cashless society. The combination of technological progress, regulatory framework and banks' commitment will further advance digital payments and strengthen security measures. Given these trends, the future of digital payments in Vietnam will become even more exciting and innovative.