Hanoi (VNA) – Prime Minister Pham MinhChinh on August 4 commended efforts by the banking sector in digitaltransformation with diverse products and services for people and businesses.

Addressing “Digital transformation day of thebanking sector” in Hanoi, Chinh, who is also head of the NationalCommittee on Digital Transformation, stressed that the sector has played a significantrole in national digital transformation.

He urged the sector to further reform its managementmethods towards modernity and transparency, and diversify and improve thequality of its products and services, contributing to fighting moneylaundering.

The sector should work to understand more about thedemand of people, businesses and credit institutions to devise suitable legaldocuments, facilitating the application of digital technologies in bankingservices, the PM went on.

He asked the State Bank of Vietnam (SBV) to continueits close coordination with ministries and agencies to quickly perfect thedecree on cashless payment to be submitted to the Government.

Common infrastructure such as payment and creditinformation infrastructure should be promoted, he said, suggesting strongerconnectivity between banks and credit organisations and other sectors.

The PM also requested the sector to ensure securityand safety in digital transformation given the rise of high-tech crime, step upthe communication work to raise public awareness of benefits brought about bydigital transformation, give more heed to personnel training, and enhanceinternational cooperation in digital transformation.

According to SBV Governor Nguyen Thi Hong, manydomestic banks have 90% of their transactions conducted on digital platforms,surpassing the target of 70% set for 2025.

Half of the banking services are expected to bedigitalised and 70% of transactions will be carried out online by 2025, Hongnoted.

Prior the event, the PM visited an exhibitionshowcasing outstanding products and services in digital transformation of thebanking sector.

On this occasion, Chinh had a working session with representativesfrom the SBV and commercial banks, during which he congratulated the sector onits effective operations amid a host of difficulties, especially those causedby the COVID-19 and soaring goods prices.

He suggested the sector further cut interest ratesto support businesses and actively engage in the State’s policies, particularlyhousing credit for workers and low-income earners.

Participants attributed outstandingdevelopments of banks to sound policies adopted by the Party and the State, themanagement of the Government, and stability in the country.

The banks also pledged to respond to the PM’s appealto support businesses and people./.