Strengthening the digital foundation
According to representatives of the State Bank of Viet Nam, after many years of promoting digital transformation, the banking sector has achieved notable results across its strategic pillars. One of the most important achievements has been the development and completion of the regulatory framework for digital banking and cashless payment activities. At the same time, the State Bank of Viet Nam has intensified its direction and guidance for digital transformation across the entire sector.
Pham Duc An, Governor of the State Bank of Viet Nam, has directed the restructuring of the sector’s Steering Committee and supporting group, focusing on five key pillars: science and technology development, innovation, digital transformation, data, and Project 06. The State Bank of Viet Nam has also issued an action plan to implement Resolution No. 57-NQ/TW and Directive No. 02/CT-NHNN on accelerating digital transformation and ensuring information security and safety in banking activities in 2026.
Built upon this institutional foundation, digital payments and digital banking services have continued to grow rapidly. According to Pham Anh Tuan, Head of the Payment Department under the State Bank of Viet Nam, most basic banking services have now been fully digitalised, with many credit institutions recording digital transaction rates exceeding 95%.
During the first five months of 2026, internet banking transactions increased by approximately 66%, mobile banking transactions rose by 33%, while QR code payments grew by more than 50.
Digital payments are not only expanding domestically but also across the region. Since the beginning of 2026, Viet Nam has implemented bilateral QR code payment systems with China and the Republic of Korea (RoK). By the end of the year, Viet Nam is expected to launch similar bilateral QR payment systems with Singapore, Taiwan (China), and India, along with several other Asian countries.
Alongside digital payments, the banking sector has strongly promoted administrative reform linked to comprehensive digitalisation. In 2025, the sector abolished 33 administrative procedures and amended 227 others, achieving a reduction rate of 87%. At the same time, 202 business conditions were removed and another 30 simplified to reduce the burden on enterprises.
The sector’s digitalisation rate for administrative records reached 44.36%, while 52.01% of results were issued electronically. The rate of reusing digitised data reached 61.83%. Public and business satisfaction with the handling of feedback and recommendations reached 100%.
Putting customers at the centre
One area receiving particular attention from the banking sector is data management and information security. The sector is adhering closely to the principle that data must be “accurate, complete, clean, and up-to-date.”
Successful biometric verification of more than 163.39 million customer records through chip-based citizen identity cards and VNeID has helped eliminate fraudulent accounts and improve transparency within the financial system. In addition, all 154 million accounts and 36 million records in the anti-money laundering database have been cleaned. The Viet Nam National Credit Information Centre has also completed the cleansing of nearly 44.5 million customer records.
The State Bank of Viet Nam has launched the information system for management, supervision and prevention of fraud risks in payment operations (SIMO). As of May 17, more than four million customer alerts had been issued. Of these, over 1.3 million customers suspended or cancelled transactions after receiving risk warnings, with the total involved transaction value exceeding 4,400 billion VND.
From the perspective of commercial banks, digital transformation is not merely about investing in technology but also about comprehensively restructuring customer service methods.
Phung Nguyen Hai Yen, Deputy Chief Executive Officer of Vietcombank, emphasised that digital transformation must be closely linked to customer experience.
“Digital transformation is not only about technology investment but also about creating a seamless, secure, and convenient experience. In the new phase, digital transformation should focus on building a comprehensive digital ecosystem centred on customers rather than simply digitising internal processes. Data, artificial intelligence (AI), and personalised services will become the key competitive advantages for banks,” she said.
Tu Thi Kim Thanh, a member of the Agribank Members’ Council, believes that the goal of digital transformation is to increase service usage and revenue while building long-term relationships between banks and customers based on technological platforms, data platforms, and a deep understanding of user needs.
From another perspective, Nguyen Viet Anh, Deputy Chief Executive Officer in charge of strategy and governance of TPBank, noted that the banking sector’s current task is no longer simply digital transformation but rather “digital innovation” and “digital creativity.”
“In the past, digital transformation mainly focused on digitising processes and optimising internal operations. At present, the objective is higher: creating the smoothest possible customer experience, accurately predicting customer needs, and delivering the most suitable services,” he said.
He added that the greatest challenge in digital transformation is overcoming self-imposed limitations. Technology that is cutting-edge today may become outdated within one or two years, requiring banks to continuously innovate and constantly surpass their previous achievements.
At the same time, cybersecurity and information security remain top priorities. Alongside the rapid growth of digital payments comes an increasing risk of fraud and cybercrime in the digital environment. Therefore, the State Bank of Viet Nam has introduced a range of stricter security regulations and strengthened biometric authentication through chip-based citizen identity cards and VNeID to ensure accurate user identification.
