E-Vietnam: The aspiration for digitalization and the journey to overcome digital transformation

(Chinhphu.vn) - On September 9, at the seminar "Opportunities to rise from digital transformation: Pioneering stories from VNeID application and the Banking and Finance industry" organized by the CafeF economic and financial information channel (under VCCORP), many experts, bank leaders and businesses shared their perspectives on the E-Vietnam aspiration.

Discussion "Opportunities to rise from digital transformation: Pioneering stories from VNeID application and the Banking and Finance industry" - Photo: VGP/HT

Starting with a gift of 100,000 VND and the desire to develop

In recent days, one of the most widely spread stories is the gift of 100,000 VND that the State sends to each citizen on the occasion of National Day, September 2, through the VNeID application. Not only does it have material value, it is considered a "push" to bring tens of millions of people into the national digital ecosystem.

In that ecosystem, each citizen's electronic identity is authenticated, and all transactions become transparent, fast and reliable. According to experts, this is just a small step in a long journey: the journey to create an "E-Vietnam" - a prosperous digital nation.

To put the story in an international context, Estonia – a small European country with only 1.3 million people – has demonstrated the power of digital transformation. In 2000, their GDP per capita was $3,000. Thanks to an aggressive digital strategy called E-Estonia, that number has skyrocketed to $30,100 by 2023. That change raises a big question: Can Vietnam do the same?

Dr. Tran Dinh Thien: "The private economy is recognized as the main force for development, closely linked to the scientific and technological revolution" - Photo: VGP/HT

Dr. Tran Dinh Thien - former Director of the Vietnam Economic Institute and member of the Prime Minister 's Policy Advisory Council, said that Vietnam has the full capacity to rise strongly.

Mr. Thien emphasized that the capacity of a country that has experienced many wars, is poor but still resilient, is very special and extraordinary. However, that capacity has not been fully exploited. "It is not that we do not have the capacity. Vietnam has the capacity to handle the most severe problems, it is just that it has not been exploited properly," he said.

Looking back at history, he pointed out three major stages of development efforts. First, after the liberation of the South, the country identified the scientific and technological revolution as a key factor, but its implementation had limited effectiveness. Second, when it opened up, Vietnam shifted to a market economy and quickly adopted the concept of knowledge-based business, but still encountered institutional "bottlenecks".

Currently, according to Mr. Thien, the third phase is opening: the private economy is recognized as the main force for development, associated with the scientific and technological revolution. "Vietnam has momentum and confidence. There is no reason not to move forward, the important thing is to create capacity suitable for the times," he affirmed.

Mr. Hoang Trung Hai: "VNeID has strong influence" Photo: VGP/HT

VNeID – the foundation for digital nation

From a business perspective, Mr. Hoang Trung Hai, Deputy General Director of Banking and Financial Services Consulting at EY Vietnam, cited Resolution 263 on giving gifts to people on the occasion of the 80th anniversary of the August Revolution and National Day on September 2. Immediately after linking his bank account with VNeID, he and many others received money very quickly.

According to Mr. Hai, this shows that a platform application like VNeID has strong influence, bringing benefits to people, businesses and management agencies.

From the perspective of a bank that invests heavily in technology, Mr. Nguyen Hung, General Director of TPBank, also affirmed: E-Vietnam can completely become a reality, not in the distant future, but within this decade, even though our population is 100 times that of Estonia.

According to Mr. Hung, the Party and Government's determination to reform has created an important foundation for the country to make a breakthrough. A clear example is VNeID. By connecting population data, almost all of TPBank's customer records are 100% authenticated. This not only reduces fraud and scams but also paves the way for the bank to deploy many new services.

Mr. Nguyen Hung: "E-Vietnam can completely become a reality" - Photo: VGP/HT

Mr. Hung shared that from being at the bottom of the 42 banks ranking, TPBank has risen to the top 10-12 banks today thanks to its steadfast digitalization strategy. Pioneering the 24/7 automated branch model, investing in data and applying artificial intelligence (AI) has helped the bank optimize costs and improve customer experience.

From his consulting experience, Mr. Hoang Trung Hai emphasized 4 factors of digital transformation: leadership perspective, methodology, people - corporate culture, and investment costs. In which, the leader must be the one to inspire the entire organization to participate, not just the technology department.

Mr. Hai also noted that technology changes rapidly, so businesses need to periodically review and rearrange their strategies every 2-3 years, instead of making a 5-year plan and then updating. "Digital transformation is a continuous process, there is no concept of stopping," he said.

Dr. Tran Dinh Thien added that the recent event of giving out 100,000 VND gifts via VNeID was an important test, showing that Vietnamese people are very willing to accept international standards. However, Mr. Thien emphasized the need to prepare the infrastructure carefully, otherwise small problems can be amplified into major incidents.

"The financial and banking sector needs to be organized and spread more effectively, because this is the "blood system" of the economy," Mr. Thien noted.

TPBank General Director shared: The bank does not aim to make direct business from giving gifts through VNeID, but wants to support customers. Mr. Hung said that currently 86% of the Vietnamese population has a bank account - a very high number compared to before. In particular, Vietnam also maintains a free payment system for the entire population, which is rare in the world.

At the same time, challenges in bandwidth and technology infrastructure are always present. Banks must carefully calculate to meet the increased transaction volume, especially during the holidays, to avoid network congestion and loss of customers. Recent successes show that the Vietnamese financial and banking system has a solid foundation to enter a new phase.

Experts agree that, to move towards E-Vietnam, Vietnam needs to continue to fully prepare infrastructure, policies, and knowledge for its people, while ensuring safety and avoiding risks during digital transformation. "This is a long but promising journey."

Mr. Minh

Source: https://baochinhphu.vn/e-vietnam-khat-vong-so-hoa-va-hanh-trinh-vuot-len-tu-chuyen-doi-so-102250909183215789.htm