Rural markets in Vietnam are now embracing banking applications at a remarkable pace. To support this rapid growth, innovations such as mobile payments, QR codes, and cloud-based services are transforming how individuals manage their finances. This shift provides not only convenience but also broader access to essential services. Consumers increasingly expect banks to deliver through online tools and applications rather than traditional branches. This transition signals the dawn of a new financial era, where convenience and accessibility through digital platforms are prioritized over physical infrastructure. Clearly, digital banking in Vietnam is no longer an option but a necessity in the financial landscape.
By the end of 2022, Vietnam’s banking sector had invested more than VND 15,000 billion in its modernization efforts. Today, nearly 90% of all banking transactions are processed through digital channels. Furthermore, around 87% of Vietnamese adults now hold bank accounts, while several credit institutions already conduct over 95% of their transactions digitally. These figures highlight how deeply digital banking in Vietnam has reshaped financial practices across the nation.
Digital Banking Vietnam: What’s Driving the Change
The adoption of mobile applications for banking rose significantly, showing a 20% year-on-year increase in Q4 2024. At the same time, non-cash payments surged by nearly 50%, and mobile payments grew by an impressive 61%. The National Payment Corporation of Vietnam (NAPAS) processed 9.56 billion transactions in 2024, a 30% increase compared to the previous year. Conversely, the use of ATMs declined by 19.5%, which demonstrates the growing preference for mobile and online platforms instead of physical cash withdrawals.
This evolution underlines a fundamental truth: digital banking in Vietnam is no longer just a tool but has become the standard method for saving, transferring, and spending money. These behavioral changes suggest that customers are increasingly confident in digital ecosystems, and financial institutions must continuously adapt to meet this demand. The momentum gained through the adoption of online solutions ensures that Vietnam’s financial services industry is rapidly aligning with global best practices.
The Role of Smart Banking in Vietnam’s Daily Life
With applications, QR codes, and other innovations, banking has become more seamless and user-friendly. Payments now easily integrate with utilities, transportation, and delivery services. Gone are the days of standing in queues or handling large amounts of cash. Users also gain access to tools for managing expenses, improving savings, and sharing funds with friends and family. These advancements show how deeply smart banking in Vietnam is embedded in the daily lives of citizens.
A key benefit of these solutions lies in their ability to foster financial inclusion. By March 2023, more than 3.7 million mobile-money accounts had been registered, and approximately 70% of those belonged to individuals in rural areas. These digital options extend opportunities to populations that were once excluded from formal financial systems. By offering simplified, affordable services, smart banking Vietnam bridges the gap between urban and rural communities.
In addition, shifting the majority of transactions online helps banks significantly reduce operational expenses. According to reports, digitalization allows financial institutions to lower their cost-to-income ratios by 30–40%. As a result, the industry can focus resources on innovation, customer service, and security rather than maintaining extensive physical networks. This structural change further cements Smart Banking Vietnam as a cornerstone of long-term economic growth.
What Technology Powers This Shift
Artificial intelligence, blockchain, biometrics, and open frameworks are at the heart of the current transformation. Banks use biometric identification methods—such as facial recognition and fingerprint scanning—to enhance security for high-value transactions. Nearly all banks in the country, approximately 96%, now provide internet or mobile services, demonstrating how far the industry has come. With over 154 fintech firms competing in the market, new products in payments, lending, and savings continue to emerge, enriching the ecosystem powered by banking technology conference innovations.
Investment trends underscore the importance of digitalization. In 2024, major banks collectively spent around VND 32,437 billion on new technology, an amount equal to nearly 15% of their operating budgets. These expenditures prove that innovation is no longer supplementary but central to banking strategies. The data speaks for itself: internet transactions grew by 35%, mobile payments increased by 33%, and QR code usage surged by 66% compared to the previous year. Such growth reflects how discussions at each banking technology conference translate into real-world adoption.
Digital Transformation in Vietnam Meets Policy Support
The government has taken an active role in steering modernization. Under Decision 810, the State Bank of Vietnam (SBV) set ambitious goals: by 2025, 50% of customer interactions should occur online, and 70% of transactions should pass through digital channels. Banks are adopting chip-based IDs and using the national VNeID database to verify identities digitally. Currently, more than 58 banks provide chip-based authentication, and 14 institutions are piloting electronic Know Your Customer (e-KYC) methods. These policies strengthen the backbone of digital transformation in Vietnam.
Vietnam’s leadership emphasizes the critical role of banks in creating a digital economy and society. Policies prioritize not only access and convenience but also security. Key initiatives include promoting open banking, implementing real-time payment systems, and connecting public services with private financial platforms. By supporting infrastructure and regulatory reforms, digital transformation in Vietnam continues to move forward with both speed and stability. The state’s commitment ensures that innovation aligns with national goals while maintaining trust and inclusivity across all communities.
Banking Technology Conference: Bringing Ideas Together
Vietnam hosts pivotal events to bring banks, regulators, and technology experts under one roof. Each banking technology conference plays a crucial role in showcasing how innovations such as QR codes, artificial intelligence, and open APIs are reshaping financial services. These forums highlight successes while identifying gaps and potential risks in the journey toward digital adoption.
At these gatherings, financial institutions demonstrate real-world applications of advanced tools. Speakers often compare mobile usage statistics, transaction growth rates, and strategies for expanding services to rural populations. Such discussions foster collaboration between policymakers and industry leaders, ensuring that digital transformation progresses responsibly. A well-structured banking technology conference not only shares knowledge but also sparks partnerships that push the industry forward.
Ultimately, these exchanges are essential in building public trust. By presenting transparent data, discussing regulatory frameworks, and sharing best practices, conferences create a space for safe innovation. They accelerate the pace at which digital solutions reach more people while aligning with Vietnam’s long-term financial vision.
Smart Banking Vietnam: What Businesses and Citizens Should Note
For companies and individuals alike, the advantages of digital tools are substantial. Businesses can streamline operations, reduce costs, and access broader markets, while individuals enjoy more efficient and secure services. However, the widespread adoption of smart banking in Vietnam requires continuous vigilance. Security remains a top concern, prompting firms to invest heavily in fraud detection systems and enhanced Know Your Customer (KYC) processes.
As financial technology evolves, institutions must adapt quickly. Regulatory compliance, consumer protection, and financial inclusion are priorities that require ongoing attention. The rise of smart banking in Vietnam demonstrates that success lies not only in providing convenience but also in ensuring that underserved communities gain equal access. Balancing rapid innovation with strong governance ensures a resilient and sustainable system.
Moreover, trust will remain the foundation of progress. As users become more reliant on mobile apps and online transactions, institutions must continue investing in security and transparency. By doing so, businesses and citizens can fully embrace the opportunities provided by smart banking in Vietnam, confident that their interests are safeguarded.
World Financial Innovation Series (WFIS) – Vietnam
The World Financial Innovation Series (WFIS) serves as a leading platform for collaboration. By bringing together leaders from banking, fintech, and regulatory sectors, the forum provides a space for discussing ideas that shape the future of finance. A central theme of this event is the ongoing success of digital banking in Vietnam, supported by data such as 87% account penetration and more than 95% of transactions completed digitally.
At WFIS, participants explore tools ranging from biometric verification to artificial intelligence for risk management. Sessions also address topics like open banking frameworks and digital identity systems, all aligned with the State Bank of Vietnam’s roadmap. This alignment ensures that private initiatives complement national strategies for financial inclusion and security. Through shared experiences, digital banking in Vietnam is presented not as a distant goal but as a present reality that continues to evolve.
The event also emphasizes real-world outcomes. Stories of rural outreach, improved savings habits, and greater business efficiency demonstrate how financial innovation translates into daily life. WFIS illustrates that with the right mix of technology and policy, the benefits of modernization can reach every corner of society.
Conclusion
Vietnam’s financial sector has entered a transformative stage where technology is no longer supplementary but central. With most transactions now conducted digitally, billions processed through QR codes, and mobile accounts extending services to remote areas, digital transformation in Vietnam illustrates how trust and technology together can rapidly improve lives. This progress is a testament to the combined efforts of regulators, banks, and fintech firms, all working toward a shared vision.The future looks even brighter. As conferences foster collaboration, smart solutions reach rural areas, and national policies strengthen the ecosystem, Vietnam is set to become a model for emerging economies worldwide. Digital transformation in Vietnam proves that with commitment, investment, and innovation, the financial landscape can be reshaped to serve everyone effectively.