In the context of rapid technological advancement, digital transformation is no longer an option but an inevitable path. In Vietnam, on December 22, 2024, General Secretary Tô Lâm signed Resolution No. 57-NQ/TW issued by the Politburo on breakthrough development of science, technology, innovation, and national digital transformation. This is regarded as one of the “four strategic pillars” driving Vietnam’s progress in the coming years.

Banking sector at the forefront of national digital transformation

In this journey, the banking sector is expected to take the lead in digital transformation, setting the example for other industries. In alignment with the Politburo’s resolutions and directives from the Prime Minister, the banking sector has made relentless efforts and closely coordinated with relevant ministries and agencies to drive digital adoption. As a result, it has achieved substantial progress across critical pillars: raising awareness, improving regulations, upgrading infrastructure, leveraging data, developing digital banking models, and ensuring security and safety.

Digital transactions surpass 90% at many credit institutions

According to Phạm Anh Tuấn, Director General of the Payment Department of the State Bank of Vietnam (SBV), following the implementation of Decision No. 810/QĐ-NHNN dated May 11, 2021 on the Digital Transformation Plan for the Banking Sector through 2025 with orientations toward 2030, many credit institutions have reported that over 90% of transactions are now conducted via digital channels. This figure is not only remarkable but also underscores the effectiveness of strategic planning and execution in digital transformation.

Currently, nearly 87% of Vietnamese adults have bank accounts, while the value of non-cash payments has reached 25 times the nation’s GDP.

Credit institutions have recognized digital transformation as an essential, survival-critical path and a key competitive advantage in the race to attract customers. Estimates indicate that 94% of banks in Vietnam have begun implementing or are developing digital transformation strategies, investing hundreds of trillions of VND into these initiatives.

LPBank, SHB roll out advanced core banking systems

Recently, LPBank announced the successful deployment of the T24 Core Banking System – one of the most advanced platforms today. This system not only enhances the bank’s operational capacity but also provides a foundation to deliver flexible, rapid, secure, and personalized digital financial services.

Similarly, SHB has declared strong momentum in its digital transformation. Implementing a cloud-based core banking platform will be a critical springboard, enabling SHB to accelerate through 2025–2028 and pursue its goal of becoming a leading modern retail bank in ASEAN by 2035.

Despite the increasingly complex risks facing the banking sector, SHB has maintained robust financial safety indicators, with its non-performing loan ratio controlled at 2.4%, demonstrating effective governance built on digital foundations.

MB attracts millions of new customers thanks to digital transformation

Sharing insights on successful digital adoption, MB Chairman Luu Trung Thai stated that over the past five years, MB has attracted an additional 5–7 million new customers each year. The bank’s revenue generated from digital services has tripled compared to previous periods. This clearly demonstrates that digital banking not only enhances customer experience but also optimizes operations and contributes to sustainable growth.

Banks pioneer AI adoption and digital ecosystem development

Pioneering banks such as Techcombank, TPBank, and ACB are also making remarkable strides through strategic investments in technology infrastructure. Notably, applying artificial intelligence (AI) in processes such as credit approval, electronic know-your-customer (eKYC), and workflow automation has reduced loan processing times from several days to just a few hours.

Banks are also working to build digital ecosystems for enterprises—enabling tax payments and other transactions via digital banking platforms or APIs integrated with accounting software. This allows businesses to monitor and manage cash flows across the system, improving efficiency and reducing operating costs.

Creating a space for digital banking innovation

As digital transformation deepens, the Government recently issued Decree No. 94/2025/NĐ-CP regulating the sandbox in the banking sector. The goal is to promote innovation and modernization of banking services, thereby realizing the objective of broad financial inclusion for citizens and businesses in a transparent, convenient, secure, efficient, and low-cost manner.

According to experts, this marks an important step in establishing an environment conducive to innovative, safer, and more convenient financial and banking services. In the near future, with the continued improvement of the legal framework, the digital transformation of Vietnam’s banking sector is expected to gain further momentum and contribute significantly to the country’s overall digital transformation agenda.

Source: Hạ Chi (Thời báo ngân hàng)