Vietnam has completed cross-border QR code payment connections with Thailand and Cambodia, and is currently deploying these with Laos, with plans to further expand into countries within and outside the ASEAN region.

This morning (May 8), the State Bank of Vietnam organized the Digital Transformation Day event for the banking industry in 2024.

At the event, Mr. Pham Anh Tuan, Director of the Payment Department (SBV), announced that 100% of eligible administrative procedures are provided as public services and integrated on the National Public Service Portal. Over 90% of work records are processed and stored in the network environment (excluding state secrets).

Governor of SBV Nguyen Thi Hong spoke at the Banking Sector Digital Transformation Day event in 2024.

Representatives from SBV stated that credit institutions (CIs) are actively collaborating with enterprises licensed by the Ministry of Public Security to provide user authentication solutions using chip-based citizen identification cards (CICIDs) for customer authentication…

Governor Nguyen Thi Hong emphasized that SBV has chosen the theme “Expanding Connectivity and Developing the Digital Ecosystem” for the Banking Sector Digital Transformation Day event in 2024, in line with the government’s directive placing people and businesses at the center and focusing on digital transformation with customer experience as the measure.

The banking industry has made continuous efforts and close coordination with relevant ministries and sectors in the digital transformation effort, achieving significant results in key areas.

To date, over 87% of adults have payment accounts at banks, and many banks have processed over 95% of transactions through digital channels. Mobile and QR code payment transactions have grown by over 100% annually on average from 2017 to 2023.

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

Enhancing digital transformation, strengthening anti-corruption and anti-money laundering efforts

Governor Nguyen Thi Hong noted that Vietnam has completed cross-border QR code payment connections with Thailand and Cambodia, and is currently deploying these with Laos, with plans to further expand into countries within and outside the ASEAN region.

Prime Minister Pham Minh Chinh acknowledged the achievements of the State Bank and agreed with SBV’s chosen theme for the Banking Sector Digital Transformation Day event in 2024, “Expanding Connectivity and Developing the Digital Ecosystem.”

The Prime Minister also outlined tasks for SBV in the coming period, such as accelerating institutional and policy framework completion, creating a full legal framework to promote the development and diversification of modern banking products and services, complying with international standards, promoting the development of the digital banking ecosystem to meet the increasing demands of the economy;

Strengthening the development of electronic payment infrastructure, diversifying banking products and services to create an important foundation for the development of the digital banking ecosystem, digital banking workforce development, especially high-quality human resources to meet the banking industry’s development needs;

Enhancing security and safety in payments, protecting personal data, applying new security standards, ensuring fast, safe, convenient, and cost-effective payments…

At the same time, the Prime Minister also requested SBV to promptly submit to the Government for issuance a Decree on controlled experimentation mechanisms in the banking sector and a new Decree on non-cash payments (to be completed in Q2/2024); Reviewing and perfecting existing legal regulations to consider issuance, revision, and supplementation to ensure consistency and compatibility with provisions in the Law on Citizen Identification Cards, the Law on Electronic Transactions… and banking activities, transactions on digital platforms…