Deputy Governor of the State Bank of Vietnam Nguyen Kim Anh speaks at a workshop discussing the digital transformation of Vietnam's banking and finance sector in Hanoi (Photo: VNA) Hanoi (VNA) - Vietnam's banks and financial institutions must be ready for adigital transformation, said policymakers and experts at a workshop held in Hanoion October 25.
Digital technologies have had a strong impact on thecountry's economy and nowhere that impact has been more strongly felt like inthe banking and finance sector. Technologies helped improve business models andprocesses as well as created new products and services to serve the need ofcustomers.
According to a PwC surveythis year, Vietnam was among the countries with the fastest growth rate inmobile payments. The number of users had seen a sharp increase to 61 percentfrom just 37 percent the year before.
In the first eight months of 2019, total value of mobilepayments in Vietnam increased by 150 percent as the number of mobiletransactions doubled from the same period last year, according to a report bythe State Bank of Vietnam (SBV).
A report by Google in April showed the size of Vietnam'sdigital economy could reach 12 billion USD by the end of 2019 and 43 billionUSD by 2025. Vietnam and Indonesia are the fastest-growing digital economies inASEAN, with over 40 percent annual growth.
The SBV projected the digital economy would account for up to20 percent of the country's GDP in 2025. Technologies, especially digitaltechnologies, would be an important driver for economic growth and increasedproductivity to help develop the nation.
The digital transformation is inevitable and Vietnam'sbanking and finance sector is well-prepared to embrace it, SBV Deputy Governor NguyenKim Anh said at the workshop.
Anh said the sector was among the country's leaders inadopting new technologies and innovations, and in reworking its regulatory andlegal framework to make use of their advantages.
Dr Sebastian Paust, First Counsellor, Head of DevelopmentCooperation at the German Embassy in Hanoi, discussed Germany’s developmentcooperation strategy in supporting digital transformation.
He said Germany would continue its support forthe Vietnamese banking and finance system for the implementation of digitaltransformation programmes.
Digitalisation in the context of the Fourth Industrial Revolutionand rapid changes in technologies has great potential to help achieve theobjectives of green economic growth and sustainable development, said DrMichael Krakowski, Director and Chief Technical Advisor of the MacroeconomicReforms/ Green Growth Programme.
The workshop was a part of the Macroeconomic Reforms/GreenGrowth Programme implemented by GIZ Vietnam, and was co-organised by SBV andGIZ Vietnam, which operate on behalf of the German Federal Ministry of EconomicCooperation and Development (BMZ)./.
Digital technologies have had a strong impact on thecountry's economy and nowhere that impact has been more strongly felt like inthe banking and finance sector. Technologies helped improve business models andprocesses as well as created new products and services to serve the need ofcustomers.
According to a PwC surveythis year, Vietnam was among the countries with the fastest growth rate inmobile payments. The number of users had seen a sharp increase to 61 percentfrom just 37 percent the year before.
In the first eight months of 2019, total value of mobilepayments in Vietnam increased by 150 percent as the number of mobiletransactions doubled from the same period last year, according to a report bythe State Bank of Vietnam (SBV).
A report by Google in April showed the size of Vietnam'sdigital economy could reach 12 billion USD by the end of 2019 and 43 billionUSD by 2025. Vietnam and Indonesia are the fastest-growing digital economies inASEAN, with over 40 percent annual growth.
The SBV projected the digital economy would account for up to20 percent of the country's GDP in 2025. Technologies, especially digitaltechnologies, would be an important driver for economic growth and increasedproductivity to help develop the nation.
The digital transformation is inevitable and Vietnam'sbanking and finance sector is well-prepared to embrace it, SBV Deputy Governor NguyenKim Anh said at the workshop.
Anh said the sector was among the country's leaders inadopting new technologies and innovations, and in reworking its regulatory andlegal framework to make use of their advantages.
Dr Sebastian Paust, First Counsellor, Head of DevelopmentCooperation at the German Embassy in Hanoi, discussed Germany’s developmentcooperation strategy in supporting digital transformation.
He said Germany would continue its support forthe Vietnamese banking and finance system for the implementation of digitaltransformation programmes.
Digitalisation in the context of the Fourth Industrial Revolutionand rapid changes in technologies has great potential to help achieve theobjectives of green economic growth and sustainable development, said DrMichael Krakowski, Director and Chief Technical Advisor of the MacroeconomicReforms/ Green Growth Programme.
The workshop was a part of the Macroeconomic Reforms/GreenGrowth Programme implemented by GIZ Vietnam, and was co-organised by SBV andGIZ Vietnam, which operate on behalf of the German Federal Ministry of EconomicCooperation and Development (BMZ)./.
VNA
