Banks urged to lead national digital transformation

May 9, 2024 | 08:50 am GMT+7

Prime Minister Pham Minh Chinh on Wednesday urged the banking sector to promote their pioneering role in digital transformation and innovation.

Banks urged to lead national digital transformation- Ảnh 1.

Prime Minister Pham Minh Chinh addresses the digital transformation day of the banking system, Ha Noi, May 8, 2024. Photo: VGP

Over the past time, non-cash payment transactions achieved positive outcomes. Especially, 87 percent of adults in Viet Nam owned bank accounts, surpassing the preset goal of 80 percent in 2025. Non-cash payment transactions increased by over 49 percent. The value of non-cash payments was estimated at 23 times higher than GDP.

The explosive growth of mobile and internet banking channels illustrates the profound changes underway. Mobile payment transaction volumes have skyrocketed by over 100 percent annually, while internet banking has expanded at a blistering 50 percent clip.

Nearly half of all bank customers now use non-cash payment methods regularly. Most strikingly, the combined value of non-cash payments in 2023 was a towering 23 times greater than Viet Nam's entire GDP for the year.

Building on the above positive developments, the Prime Minister tasked the banking sector to create favorable ways for people and enterprises to get access to banking services; cut time costs and compliance costs for people and enterprises and contribute to controlling and preventing corruption and harassment.

Especially, the Government chief underlined the importance of perfecting the legal system including documents on detailed implementation of the New Law on Credit Institutions.

He urged commercial banks to promote electronic payment infrastructure, diversify banking products and services./.