The conference "Accelerating digital transformation in banking" in Hanoi on October 2, 2022. (photo: egov.chinhphu.vn)

Vietnamese banks have poured capital, technology, and human resources into digital transformation to offer convenient services to clients. During the COVID-19 social distancing period, online transactions and shopping increased.

Nguyen Phuc Duong, Deputy Director of the Information Technology and E-Banking Division of HDBank, said: “HDBank has concentrated on cashless payment service. We have promoted card programs and coordinated with partners such as Petrolimex and Vietjet Air to deploy co-branded cards and 4-in-1 national cards for all people. We have deployed more than 5,000 POS at Petrolimex's petro stations to encourage cashless payment for buying petroleum. HDBank also focuses on online payment platforms to gradually shift from traditional counter transactions to digital transactions.”

Nguyen Quoc Hung, Secretary General of the Banking Association, said nearly 90% of deposit-related payment services can be operated digitally. Other services such as lending and other services that are also related to other ministries and sectors have not been digitalized. The Law on E-Transactions should be amended and supplemented to solve the problem.

Hung said: “Leaders and the staff of the banking sector should change the mindset to pay more attention to clients to make them feel safe and convenient with their services. Commercial banks should train their staff to serve digital transformation, not only technology transformation. They should prepare for risks at the highest level.”

The State Bank of Vietnam will coordinate with ministries, agencies, and sectors to gear up national digital transformation. The banking system always puts businesses and people at its center and ensures their benefits in the digital transformation process.