Hanoi (VNA) ꦗ– Prime Minister Pham Minh Chinh has called on the banking sector to spearhead a digital transformation, fostering seamless connections among banks, people, businesses, and the state to advance a vision of a digital government, society, and citizenship.

PM Chinh, who is also head of the Government’s Steering Committee on the development of sci-tech, innovation, digital transformation and Project 06, made the call while attending the fourth digital transformation event in the banking sector 2025 themed “Smart digital ecosystem in the new era” in Hanoi on May 29. The event aimed to realise the Poliburo’s Resolution 57, which calls for breakthroughs in sci-tech development, innovation, and digital transformation while advancing the national digital transformation goals for 2025. He toured displays of cutting-edge banking products, services, and applications, expressing delight at the sector’s progress.

Lauding the State Bank of Vietnam (SBV) and commercial banks for allocating a 500 trillion VND credit package to support infrastructure development and Resolution 57’s goals, he urged the sector to further expand this funding and offer lower interest rates to bolster national development. Banks must align closely with the Party’s policies and guidelines, the State's laws on digital transformation, while also acting decisively and efficiently, seizing opportunities, staying ahead of technological trends, he said. The PM called for completing legal and policy frameworks to build a robust digital banking ecosystem, with a focus on electronic payments, end-to-end online public services, and digital access for all, particularly those in remote and disadvantaged areas. He proposed a controlled regulatory sandbox to test new banking innovations and urged updates to laws to keep pace with change. He underscored the need for modern, secure, and interoperable digital infrastructure, pushing for the use of artificial intelligence (AI), big data, cloud computing, and blockchain in banking operations. He also called for diverse, personalised digital banking products and innovative financial offerings, particularly through the VNeID platform. Better data sharing between national databases and the National Public Service Portal is key, he said, to streamline online payments and digitise all eligible administrative processes this year. Expressing concern for small and medium-sized enterprises, especially microenterprises and five million household businesses nationwide, he noted challenges in tax collection through e-invoices from point-of-sale systems. Describing banks as the economy’s lifeblood and digital transformation as their heart, he urged the sector to lead with bold innovation. The SBV reported that over 90% of transactions at many financial institutions are now digital, with 87% of Vietnamese adults holding bank accounts and cashless payments booming. Vietnam has also linked QR payment systems with Thailand and Cambodia and is working to include Laos./.