Banks racing to catch digitisation

Vietnam has seen a digital wave in the finance-banking industry, with many lenders investing significantly in digitisation, experts have said.
Banks racing to catch digitisation ảnh 1Illustrative image (Photo: Internet)
HCM City (VNS/VNA) - Vietnam has seen a digital wave in the finance-bankingindustry, with many lenders investing significantly in digitisation, expertshave said.

The COVID-19 pandemic might have had a severe effect on the economy, but it hashelped accelerate banks’ digitisation, they told.

With many people looking for new options to deal with their financial affairs,digitisation of services and e-payments are becoming crucial, and banks,seizing the trend, have been embarking on the use of technology 4.0 andmodernising their business models.

Digital technologies come with lower costs but offer wider coverage thantraditional models.

The development of internet banking, mobile banking, payment solutions using QRcodes, near-field communication technology (NFC), and advances in biometrictechnology using fingerprints and iris scanning has enabled banks to offer newand convenient products and services to customers, helping them achievesustainable growth thanks to an increase in revenues from services andgradually reduction in dependence on lending.

The Joint Stock Commercial Bank for Foreign Trade Vietnam (Vietcombank)launched its new digital bank service, VCB Digibank, last month integrating itsonline trading platforms.

Dao Minh Tuan, the lender’s general director, said digital transformation hasbeen identified as a key growth driver, and the bank is hastening the digitaltransformation process.

“We hope VCB Digibank will bring a new experience to and help millions of ourcustomers enjoy convenience in every transaction with Vietcombank.”

The service has been developed based on a combination of internet and mobilebanking platforms to provide a unified experience for customers.

The Vietnam Joint Stock Commercial Bank for Industry and Trade (VietinBank) andHousing Development Bank (HDBank) are also investing a lot of money intodigitisation.

According to a survey last year by auditing firm PwC Vietnam, Vietnam was amongthe countries with the fastest rate of growth in mobile payments. The number ofusers had seen a sharp increase to 61 percent from just 37 percent the yearbefore.

The country now has 70 credit institutions and payment intermediaries likee-wallets providing payment services online and through phone apps.

But there are still obstacles like the Vietnamese habit of using cash.

This is biggest barrier to digital banking development and there is a need tochange people's mindsets, according to Pham Tien Dung, director of the StateBank of Vietnam’s payment department.

The central bank recently announced the electronic Know Your Customer, or eKYC,for opening accounts online.

Banks must improve the customer experience to make them satisfied with theirproducts and services, Dung said./. 
VNA

See more

An article published by Cuba’s Inter Press Service (IPS) spotlights the promising results of a unique rice cooperation model with Vietnam, as Cuba ramps up efforts to improve national food security. (Photo: Screenshot)

Vietnam–Cuba rice partnership sets new model for sustainable food security: media

The article by Cuba’s Inter Press Service detailed how Vietnamese private enterprise Agri VMA leased 1,000 ha of land in Los Palacios district, Cuba’s westernmost province of Pinar del Río, for rice cultivation over a three-year period. The project’s first harvest in 2025 recorded an impressive yield of 7.2 tonnes per hectare, far exceeding the local average of 1.6 tonnes.

Algerian delegates explore Vietnamese products showcased at the event (Photo: VNA)

Vietnam seeks to expand trade ties with Algeria

During the visit, office representatives held a working session with the Tipaza Chamber of Commerce and Industry and met with several prominent local businesses operating in key sectors including industry, agriculture, fisheries, food processing, chemicals, pharmaceuticals and plastics.

A H&M store (Photo: Reuters)

Vietnamese firms eye new opportunities with Nordic partners

A Nordic delegation to Vietnam International Sourcing 2025 in September will feature leading names in retail, consumer goods, logistics, and sustainable manufacturing, including global fashion giant H&M, offering fresh prospects for partnerships in fashion, textiles, and green supply chains.

The Lao Bao (Vietnam) – Densavan (Laos) international border gate (Photo: VNA)

'Single-Stop' procedure at Lao Bao–Densavan border gate halted

Effective from the date of signing on June 18, the decision halts procedures outlined in the 2005 Memorandum of Understanding (MoU) between the governments of Vietnam and Laos on the initial implementation of the Greater Mekong Subregion (GMS) Cross-Border Transport Facilitation Agreement at the Lao Bao–Densavan border gate.

Wind energy is expected to be a source of clean power. (Photo: VNA)

Germany invests 50 million USD in renewable energy workforce training in Vietnam

The renewable energy workforce training and development centre, invested by Germany's GEO Group, is expected to be a cornerstone in shaping Binh Dinh as a renewable energy and innovation hub in central Vietnam, meeting the growing demand for skilled technical personnel in offshore wind, solar farms, and green hydrogen projects.

ITM Semiconductor Vietnam Co., Ltd. in VSIP Industrial Park, Tu Son, Bac Ninh has always been given favorable conditions by the locality for production and business. (Photo: VNA)

Bac Ninh exerts efforts to ensure businesses thrive

To further strengthen private-sector innovation, Bac Ninh plans to accelerate administrative reforms, build a digital, service-oriented government, and develop an integrated innovation ecosystem that connects businesses with domestic and international institutions, universities, and experts.

Vietnamese Ambassador to Sweden (second, from left) Tran Van Tuan meets with representatives of H&M. (Photo: moit.gov.vn)

H&M, Nordic businesses seek suppliers in Vietnam

The participation of H&M, one of the world's largest fashion corporations, in Vietnam International Sourcing 2025 in Ho Chi Minh City in early September is considered a special highlight, opening up many cooperation opportunities for Vietnamese businesses in the fashion, textiles and sustainable supply chains.

Minister of Industry and Trade Nguyen Hong Dien at the 15th National Assembly’s 9th session on June 17 (Photo: VNA)

Vietnam ramps up efforts against counterfeit goods amidst challenges: Minister

Minister of Industry and Trade Nguyen Hong Dien acknowledged that despite concerted efforts by ministries and local authorities in combating fake and substandard goods, the situation remains highly complicated, attributing the persistent challenges to high profits luring numerous participants, increasingly sophisticated violations, limited resources within enforcement agencies.