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70% of adults in Vietnam have a bank account

05/08/2022

To date, the average annual growth rate of mobile payment transactions has reached more than 90%. Many Vietnam banks have over 90% of transactions on digital channels. Nearly 70% of adults have a checking account. To put it simply, for every 10 adults, about 7 have a checking account.

These are the results of non-cash payments achieved over the past years, shared by Governor of the State Bank (SBV) Nguyen Thi Hong at the seminar themed "Digital transformation towards a cashless society" held by the State Bank of Vietnam. The seminar is within the framework of Cashless Day 2022, organized by the Payment Department (SBV) and Tuoi Tre Newspaper.

The SBV has identified a number of major perspectives in the industry's digital transformation. Mr. Le Anh Dung, Deputy General Director in charge of Payment Department (SBV), said that the SBV has set a specific target, from now to 2030, 50%-70% of banking operations will allow customers to perform completely on digital channels. 50-80% of adults using the service have a bank account, etc.

At banks, the percentage of transactions made online is also high. The increase in payment transactions via mobile devices has contributed to boosting online transactions in many banks by up to 90%.

However, the challenges posed in digital transformation are issues related to leadership, human resources, technology, and competition. With related recommendations such as how the industry can develop data and better develop services other than payment services, Mr. Pham Tien Dung, Deputy Governor of the SBV, said that the SBV will focus on removing legal issues and handling small loans on the basis of technology.

Mr. Dung suggested, along with the rapid growth of number and transactions (up to 80-90%), banks must build infrastructure, have a combination and integration between the banking system and other industries of the economy. Safety issues also need to be taken care of.

In the past years, the State Bank has issued many plans, mechanisms and policies on digital transformation and promotion of the CBA such as: Plan for digital transformation of banking industry; Instructions for opening a payment account, eKYC online banking card, chip card technical standards, QR; Mobile money pilot licensing, regulatory sandbox framework, etc.

 

Kylie Nguyen

© 2019 Vietnam Bank for Agriculture and Rural Development No. 2 Lang Ha street, Ba Dinh district, Hanoi, Vietnam
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