Data is the heart of digital transformation
On May 29, 2025, the State Bank of Vietnam (SBV) organized the event "Digital transformation of the banking industry in 2025" in Hanoi with the theme "Smart digital ecosystem in the new era".
The event was attended by Prime Minister Pham Minh Chinh - Politburo member, Head of the Government Steering Committee on science and technology development, innovation, digital transformation and Project 06. On the side of the State Bank, there were Governor of the SBV Nguyen Thi Hong, along with leaders of the SBV Board of Directors, representatives of affiliated Departments, Departments and SBV Directors in the regions.
In her opening speech, Governor of the State Bank of Vietnam Nguyen Thi Hong emphasized: If digital transformation is a journey, data is the heart - the life force that operates the entire process. For the banking industry, data is the key to connecting an open ecosystem, turning banking into an integrated digital value platform - from healthcare, education to finance - bringing a seamless, seamless experience to customers".
According to the Governor, in 2023 was a milestone of digitizing the core process in the whole industry with the theme "Application of population data in banking activities - Dynamic motivation for digital transformation". By 2024, the banking industry expanded interdisciplinary connectivity, strengthened cooperation with other fields. In 2025, it continued to be a hinge year with a new strategic theme: "Smart ecosystem in the new era", reflecting the orientation of customer -centered, applying technology to enhance experience and meet diverse financial needs.
Pioneering digitalization, leading administrative reform
In recent years, the banking industry has achieved many outstanding results in digital transformation. Data and payment infrastructure is continuously invested and developed: the interbank electronic payment system processes an average of 820,000 billion VND per day; the financial switching and clearing system processes 26 million transactions/day.
To date, more than 113 million individual customer records and more than 711,000 institutional customer records have been biometrically compared. Many banking products and services have been 100% digitized such as savings deposits, opening accounts, e-wallets, money transfers, loans. The rate of digital transactions at many credit institutions reached over 95%. About 87% of adults in Vietnam have bank accounts. The value of non-cash transactions (TTKDTM) is 25 times higher than GDP. Vietnam is also a pioneer in connecting cross-border retail payments via QR codes with Thailand, Cambodia, Laos and is expanding in the region.
The Governor of the State Bank emphasized: The banking industry has continuously completed the legal corridor to promote banking digital transformation activities. Infrastructure for digital transformation is always focused on investment, upgrading and development".
In addition, the industry also deploys many solutions to ensure data security, develop a payment ecosystem integrated with fields such as electricity, water, education, healthcare, and e-commerce. The application of chip-embedded citizen identification cards, VNeID is widely deployed to help electronic identification, etc.
Mobilizing 500,000 billion VND in credit to invest in infrastructure and digital technology
An important highlight mentioned by the Governor is the implementation of the 500,000 billion VND Credit Program for infrastructure and digital technology investment loans. This is one of the specific actions to implement Resolution 57-NQ/TW. Accordingly, 21 commercial banks have prepared resources and will lend at interest rates at least 1%/year lower than the average long-term lending interest rate of each bank.
The Governor said: "In order for banks to be able to soon implement this Credit Program, the SBV will closely coordinate with ministries and branches to guide, support and create conditions for SBVs to organize implementation within their authority".
This event is not only an opportunity to summarize the achieved results but also affirms the accompanying role of the banking industry in developing the digital ecosystem, connecting multiple sectors, serving people and businesses and promoting the digital economy.
