Banking sector’s digital transformation day to take place next week
The digital transformation day of the banking sector will be held on May 18, the State Bank of Vietnam (SBV) announced at a press conference in Hanoi on May 11.
Hanoi (VNA) – The digital transformation day of the banking sector will be held on May 18, the State Bank of Vietnam (SBV) announced at a press conference in Hanoi on May 11.
Hoang Thanh Nhan, Editor-in-chief of Thoi bao Ngan hang (Banking Times) newspaper, said the event aims to review outcomes achieved by the banking industry after two years of implementation of its digital transformation plan until 2025, with a vision for 2030.
It is expected to promote a national digital transformation programme and change the awareness of organisations and individuals about its role in the operation of the industry, she added.
Within the framework of the event, there will be a thematic conference on the application of population data in banking activities - the driving force for digital transformation - and an exhibition displaying outstanding services and products in digital transformation of banks and payment intermediaries.
Pham Anh Tuan, head of the Payment Department under the SBV, said that positive results have been recorded in digital transformation activities of the banking sector.
According to the Ministry of Information and Communications, in 2021, the State Bank of Vietnam ranked first in cyber security readiness and fourth in terms of digital transformation activities. Up to 95% of credit institutions have been carrying out digital transformation strategies at their units.
ꦫ In the first three months of this year, non-cash payment transactions increased by 53.51% in quantity compared to the same period of last year while ATM transactions decreased by 2.37% in volume and 4.02% in value, reflecting a shift to electronic payment, Tuan said./.
The local banking sector, currently undergoing drastic restructuring, will have more opportunities to improve its financial capacity as well as learn modern business models and management from UK partners after the UK-Vietnam Free Trade Agreement (UKEVFTA) takes effect, according to banking insiders.
The banking sector was expecting amendments to the Law on Electronic Transactions would help remove bottlenecks and speed up the sector’s digital transformation progress.
The State Bank of Vietnam (SBV) has released the banking sector’s plan to implement the national strategy on developing a digital economy and digital society by 2025, with a vision to 2030.
Prime Minister Pham Minh Chinh expressed his hope that the banking sector will be more proactive, creative and responsive to policies in 2023 at a meeting on January 27 or the sixth day of the Lunar New Year.
In the context of the growing global digital economy, digital transformation and the promotion of e-commerce are key drivers helping Vietnam boost integration, enhance competitiveness, and expand export markets, according to the Vietnam E-commerce and Digital Economy Agency
Tilapia is considered highly competitive in export markets thanks to its affordability, ease of processing, and appeal across both high-end and mass-market segments.
In the first seven months of the year, Phu Tho attracted an impressive 651.7 million USD in foreign direct investment, including 35 newly licensed projects totaling 119 million USD in registered capital and 45 existing projects with an additional capital of 533 million USD.
Under the agreements, VinEnergo will invest in, install, and operate 43 MWp of rooftop solar power capacity and 45 MWh of BESS capacity across the three plants.
Under a draft to amend and supplement the Government's Decree 125/2020/ND-CP on administrative sanctions for violations of tax and invoice regulations, the Ministry of Finance has proposed classifying the failure to issue invoices into five different levels. Infraction levels will correspond to fines of 1 million VND to 80 million VND, depending on the nature and number of invoicing violations.
A new airline developed and invested by Sun Group — has officially announced a strategic partnership with Amadeus IT Group (Amadeus), one of the world’s leading travel technology companies. This agreement not only lays the foundation for a modern digital infrastructure but also marks a pivotal step in SPA’s global expansion strategy, enabling the airline to access international distribution networks and reach customers worldwide.
Of the total, 107,700 were new firms, with combined registered capital of 928.4 trillion VND (35.4 billion USD), up 10.6% in number and 5.5% in capital compared with the same period last year.
Experts agree that a combination of technology, enforcement, education and cross-border cooperation is essential to protect copyrighted content in Vietnam’s growing digital ecosystem.
Poland is Vietnam’s largest export market in Central and Eastern Europe, with key staples including seafood, textiles, footwear, coffee, and cashew nuts.
Cashless payments are growing at an impressive rate, averaging 30–40% annually. Vietnam’s per capita cashless transaction volume now trails only China, with total value of 295.2 quadrillion VND (11.26 trillion USD), or 26 times of its GDP.
A draft resolution on piloting a digital asset and cryptocurrency market is being developed, aiming to create a broad-enough regulatory sandbox that enables investor participation and provides practical grounds for policy refinement in areas such as risk management and anti-money laundering.
Viettel was ranked third for overall mobile performance with a score of 82.56 just behind UEA’s e& (88.05) and Quatar’s Ooredoo (87.05) and ahead of Singapore’s Singtel (82.53). Vinaphone took second in 5G speed with a score of 78.11, trailing only behind e&.
PM Chinh proposed MUFG work closely with the Ministry of Finance to improve legal frameworks and support the establishment and operation of the international financial centre in Da Nang and Ho Chi Minh City.
The Prime Minister emphasised the significance of maintaining macroeconomic stability, controlling inflation, promoting growth, and improving the harmony between monetary and fiscal policies.
An overview of the press conference. (Photo: VNA) 
