Commercial banks invest nearly 630 million USD in digital transformation: SBV
Commercial banks in Vietnam have invested a total of 15 trillion VND (629.7 million USD) in digital transformation, heard an online seminar on ensuring security and safety for e-payments in the digital era held on August 21.
Hanoi (VNA) – Commercial banks in Vietnam have invested a total of15 trillion VND (629.7 million USD) in digital transformation, heard an onlineseminar on ensuring security and safety for e-payments in the digital era held onAugust 21.
Pham Anh Tuan, Director General of the State Bank of Vietnam(SBV)’s Payment Department, said that digital transformation contributes topromoting non-cash payments, and all forms of digital payment are towards thegoals of the Cashless Payment Development Project for the 2021-2025 periodwhich targets around 85% of Vietnamese people aged 15 and over have bankaccounts by 2025.
In addition, promoting the use of digital services helpspeople avoid illegal money transfer services and loan sharks, he added.
Nguyen Quoc Hung, Vice President and Secretary General ofthe Vietnam Banks’ Association, said that during the digital transformation process,the Government and the central bank always order that safety must come first. Therefore, commercial banks and credit institutions, when deployingtechnology software systems, give the top priority to ensuring maximum safety.
Cashless payments are booming in Vietnam. (Photo: VNA)
The central bank's point of view is that digital transformation mustgo hand in hand with information safety, security and confidentiality in orderto create people's trust in digital banking products and services, said Tuan.
According to the expert, the central bank regularly reviews,amends and supplements, and coordinates with relevant ministries and sectors toissue documents related to enhancing security, especially in protectingcustomers’ information.
It has also cooperated closely with the Ministry of PublicSecurity and competent agencies to promptly review and detect any forms of scamand payment fraud, he added./.
Cashless payments are developing rapidly in Vietnam, especially after the COVID-19 pandemic, with transactions via banks averaging 40 billion USD per day, according to Pham Anh Tuan, Director of the State Bank of Vietnam (SBV)’s Payment Department.
With emerging technologies such as AI and blockchain, Việt Nam has the ability to leverage data connectivity to create ‘an integrated payment ecosystem’ to promote cashless payments, experts said at a meeting last Friday in HCM City.
Cashless payments are developing rapidly in Vietnam, especially after the COVID-19 pandemic, with transactions via banks averaging 40 billion USD per day, said the State Bank of Vietnam.
The National Payment Corporation of Vietnam (NAPAS) in coordination with the Vietnam Bank for Social Policies (VBSP) launched NAPAS 247 Quick Transfer and NAPAS 247 Quick Transfer via VietQR Code on the bank’s mobile banking app (VBSP Smartbanking) on July 31.
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.
Speakers attend the online seminar (Photo: VNA) 
Cashless payments are booming in Vietnam. (Photo: VNA) 
