Prime Minister Pham Minh Chinh addresses the Digital Transformation Day of the banking sector in 2025 and attends the launching ceremony of a VND 500 trillion (US$19.23 billion) credit program for science, technology, innovation, digital transformation, and strategic infrastructure development, Ha Noi, May 29, 2025 - Photo: VGP

The event saw the participation of Prime Minister Pham Minh Chinh and Governor of the State Bank of Viet Nam Nguyen Thi Hong.

The program aims to support businesses and people in carrying out projects in the fields of science, technology, innovation, digital transformation, and strategic infrastructure.

Speaking at the event, the Prime Minister expressed his hope that the interest rate of this program would be at least 1.5 percent lower than the medium- and long-term interest rates.

It is vital to encourage people and businesses to acquire loans from this program, bringing it into real life and ensuring that the capital flows into the economy, told Pham.

For small, medium, micro enterprises and the existing 5 million household businesses, Pham urged relevant agencies need to study and consider appropriate support measures, such as support through public-private partnerships, to enable the use of e-invoices generated from point-of-sale systems. This would promote digital transformation, help businesses and household enterprises grow, contribute fairly to the state budget, and prevent tax losses, especially in sectors like food and beverage, and services, emphasized the Prime Minister.

At the Digital Transformation Day of the banking sector in 2025, Prime Minister Pham underlined the need to improve the legal framework, mechanisms, and policies to align with practical realities.

It is necessary to develop modern digital infrastructure and platforms that ensure system security, safety, and high interoperability, he noted, adding that the banking sector should diversify and personalize digital banking products and services to enhance convenience and user experience.

Pham called for developing digital data resources, integrating with Project 06 to create momentum for digital transformation in the banking sector while prioritizing the development of human resources to meet the transformation needs of the banking industry.

He also stressed the necessity of intensifying widespread communication efforts to raise public and business awareness about the benefits of digital transformation in the banking sector.

Cashless payment activities have been widely implemented and have made remarkable progress. The percentage of adults with a payment account has reached 87 percent, surpassing the 2025 target of 80 percent. In 2024, the total value of cashless payments exceeded VND295 quadrillion (or US$11.35 trillion), equivalent to 25 times the GDP.

Around 80 percent of retirees and recipients of social insurance and unemployment benefits in urban areas receive payments through bank accounts.

The payment infrastructure has been consistently maintained to ensure smooth, continuous, and secure operations, with no incidents or disruptions. Cross-border retail payment connections have been established with Thailand, Cambodia, and Laos, and are currently being developed with China and South Korea.