On May 18, 2023, the State Bank of Vietnam (SBV) organized the event Digital Transformation Day of the Banking Industry 2023. Attending the event were leaders of the Government, leaders of the SBV, representatives of leaders of ministries and branches. In addition, the event was attended by representatives of leaders of a number of departments and agencies under the SBV, SBV branches in some provinces and cities, commercial banks, payment intermediary companies, international organizations, economic experts, etc.
Data from the State Bank of Vietnam shows that in 2022, payment growth via mobile channels and QR Code methods will increase by over 100% compared to 2021 (Mobile channels will increase by 139.3% in quantity and 106.5% in value; QR code methods will increase by 225.4% in quantity and 243.9% in value); 74.63% of Vietnamese adults have payment accounts at banks; about 18.6 million cards and 8.7 million bank accounts opened electronically (eKYC) are in operation; More than 2.8 million Mobile Money accounts have been opened, with about 70.4% opened in rural, remote and isolated areas... with more than 8,800 business locations and more than 15,000 payment acceptance units, the number of Mobile Money account transactions reached more than 19 million items with a value of about 1,268 billion VND.
In 2022, payment methods via QR codes will increase by 225.4% in quantity and 243.9% in value. Illustrative photo
At the event, Governor of the State Bank of Vietnam Nguyen Thi Hong said that the State Bank of Vietnam has connected with the National Population Database to clean up 25 million customers' credit information and serve many other business activities.
Credit institutions have continuously researched and widely applied advanced digital technologies such as big data, data analysis, artificial intelligence/machine learning... to optimize and simplify business processes, providing highly personalized products and services, suitable to customer needs and journeys.
Many credit institutions have deployed solutions that allow customers to open payment accounts based on population data authentication; allow identification and verification of customer information using chip-embedded CCCD cards or VNeID applications; clean customer information with the National Population Database; optimize the lending process with credit scoring solutions, multidimensional information authentication using population data;...
These results have been demonstrated through outstanding information such as: many banks have more than 90% of customer transactions conducted on digital channels; many credit institutions have good operational efficiency thanks to active digital transformation, reducing the cost-to-income ratio (CIR) to the threshold of 30%, approaching the ratio that many regional and international banks are striving towards in digital transformation;...
In addition, a number of indicators have reached and exceeded the targets set in the Banking Industry Digital Transformation Plan, such as the rate of adults using electronic payment services, the rate of public services of the State Bank eligible to be upgraded to level 4, etc.
Recently, the State Bank of Vietnam is one of the ministries and branches that have been highly appreciated and commended by the Prime Minister for their active and determined spirit in implementing Project 06.
The Governor of the State Bank of Vietnam has established a Working Group of the Banking sector to implement Project 06 and issued the Plan of the Banking sector to implement Project 06 for the period 2022-2025 and detailed task plans for each year.
On April 24, 2023, the Governor of the State Bank of Vietnam and the leaders of the Ministry of Public Security signed a Plan to coordinate the implementation of tasks in Project 06. It specifically stated the tasks, assigned focal units with specific output products and completion deadlines. This is an important basis for the units to agree on implementation.
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