Vietnam’s banks are among the earliest in the world to embrace digital transformation, revealed at the Financial Services – Retail Banking Forum in Ho Chi Minh City.
Vu Viet Ngoan, former chairman of the National Financial Supervisory Commission, underlined that over 30% of Vietnamese are utilising banking apps, ranking the nation second globally after China.
The country’s digital payments have grown at an impressive rate of 40% annually for the last four years, making it one of the world’s fastest digital transformations.
An investment of over VND 15 trillion (approximately USD 639 million) was pumped into digital transformation by the end of last year.
However, experts warn of an inadequate legal framework and a shortage of skilled human resources as potential challenges to this digital revolution.
The event aimed to highlight the advancements needed for the financial industry’s digital transformation.
