Viet Nam- Banking sector accelerates digital banking development

Banks have made significant technological breakthroughs, with strong investments in core banking technology to support digital transformation.

In recent years, the banking sector has made significant technological breakthroughs, with substantial investments in core banking technology to support digital transformation.

At the Vietnam Banking Innovation Summit 2024 held in Ho Chi Minh City recently, Director of the Training Center of the Vietnam Banks Association (VNBA) Nguyen Thanh Son emphasized: "The banking sector is leading the innovation trend, as demonstrated by the Banking Digital Transformation Plan through 2025, with orientations toward 2030.”

“Banks have made significant technological breakthroughs, with strong investments in core banking technology to support digital transformation. The speed of digital transformation in Vietnam over recent years has been not only rapid but also effective, receiving recognition from the international community," he noted.

According to Mr. Sơn, the digital transformation process of the Vietnamese banking sector has been implemented using four prominent technologies: blockchain technology, artificial intelligence (AI), biometrics (which has become common at Vietnamese banks), and data analytics.

Currently, BIDV leads in applying blockchain technology for issuing letters of credit to banks outside the system;

Meanwhile, MB, VPBank, and Vietcombank have applied blockchain in financial transaction processing.

Regarding AI applications, BIDV has launched smart banking technology using AI, while VIB has integrated AI with Big Data into its credit scoring and credit approval process.

Additionally, many other banks such as Sacombank, HDBank, ACB, Eximbank, Nam A Bank, OCB, and PVComBank are also actively pursuing digital transformation to enhance their competitiveness.