Deputy Governor of the State Bank of Vietnam Pham Tien Dung shared with Lao Dong Newspaper about the outstanding achievements, challenges and solutions of the banking industry on the digitalization journey.
Sir, what outstanding results has digital transformation in the banking industry achieved in the past year?
- 2024 is an important milestone for the digital transformation journey of the banking industry. We have achieved many encouraging results. To date, there are 84 organizations providing payment services via the Internet and 50 organizations implementing via Mobile. The percentage of adults owning bank accounts has exceeded 87%, while many banks process up to 95% of transactions via digital channels.
In the first 9 months of 2024, the number of non-cash payment transactions reached 12.4 billion with a total value of VND 209.54 quadrillion, an increase of 58.52% in quantity and 34.22% in value over the same period in 2023. Internet transactions alone reached 2.27 billion, with a total value of VND 55.34 quadrillion. Transactions via mobile phones continued to be the main trend with 8.64 billion transactions, worth VND 52.94 quadrillion, up 57.93% and 35.54% respectively.
Most notable is payment via QR Code - a simple but increasingly popular technology. In the first 9 months of the year, the number of transactions via QR Code reached 208.5 million, worth 114.99 trillion VND, double that of the same period last year. This reflects a strong change in people's payment habits and the effectiveness of digital payment promotion programs implemented by the banking industry.
This rapid growth also comes with major challenges. What do you think are the main risks facing the banking industry and customers?
- Yes, the rapid development of digital technology brings many opportunities but also poses many great challenges. In the banking industry, we see 4 main risk groups:
Legal difficulties and challenges for credit institutions: Rapid advances in high technology lead to challenges requiring rapid changes in legal regulations to avoid causing problems and create conditions for banks to develop and apply new technologies.

Cybersecurity risks: High-tech crimes and cybercrimes in payment activities are increasingly sophisticated with complex and constantly changing methods, making it difficult to identify behaviors, methods and implement prevention and control measures.
Technology Dependency Risk: System failures, software errors, or network issues can cause service disruptions and affect the bank's service delivery.
Risks from shortage of human resources and technology experts: To maintain and protect digital banking systems, banks need a team of highly specialized personnel in the field of information technology. However, a shortage of experts or inadequate training can create security vulnerabilities or operational problems.
For customers, the biggest risks are cyber attacks and financial fraud. Cyber attacks such as identity theft, fake app installation, or asset misappropriation through online transactions are on the rise. Some customers lack technological knowledge and are therefore vulnerable to these tricks.
So how effective has Decision 2345/QD-NHNN been in enhancing security and minimizing risks in online transactions, sir?
- Decision 2345/QD-NHNN, issued in 2024, has created a turning point in improving the security of banking transactions. One of the most important goals of this decision is to apply biometric authentication to online transactions. As of November 2024, nearly 60 million customer records have been collected and authenticated.
Thanks to the implementation of biometric authentication, the number of customers losing money due to fraud decreased by 68% after only 5 months of implementation. The number of accounts receiving fraudulent money also decreased by 64% during the same period. This not only helps to clean up account information but also ensures that online transactions are made by the right person, minimizing the risk of fraud.
Biometric authentication is one of the key solutions, but not the only one. We also combine other security methods such as OTP, device recognition to optimize user safety.

With increasingly sophisticated cybercrime, what solutions has the State Bank implemented to protect users and what direction will it take in the future?
- Cybercriminals are constantly improving their methods to circumvent the law and commit fraud. One of the most common methods recently is to create fake applications that ask users to provide biometric information and then appropriate assets through money transfers.
In response, the State Bank has asked credit institutions to upgrade their security systems with Liveness Detection technology - detecting signs of forgery such as 3D masks, deepfake videos or fake images. At the same time, we also recommend that banks communicate more strongly so that customers know how to identify official applications and avoid installing from unknown sources.
In 2025, the State Bank will implement regulations requiring biometric authentication before making large withdrawals or payments. In addition, the Suspected Fraud Account Monitoring System (SIMO) will also be expanded. This system allows detecting and preventing unusual transactions from the moment they occur.
We also work closely with the Ministry of Public Security to eliminate unregistered accounts. The goal is to create a more transparent, safe and trustworthy financial system in the eyes of the people.
Thank you Deputy Governor Pham Tien Dung for sharing. Wishing you and the entire banking industry a new year of good health, success and continued great achievements!
(Posted on the special edition of Lao Dong Xuan At Ty)