Deputy Governor of the State Bank of Vietnam Pham Tien Dung speaks at the Workshop - Photo: VGP/HT
On July 1, in Hanoi, the State Bank of Vietnam (SBV) organized a seminar on "Implementation of Decree 94/2025/ND-CP" on the controlled testing mechanism in the banking sector. The program is part of a technical assistance project funded by the Swiss State Secretariat for Economic Affairs (SECO) and managed by the Asian Development Bank (ADB).
Creating a legal corridor for innovation
Decree 94/2025/ND-CP, issued by the Government on April 29, 2025, is the first legal document in Vietnam to stipulate a controlled testing mechanism in the banking sector. This mechanism creates an environment for organizations to test new financial products, models, and technologies in real conditions but with close supervision from the management agency.
Speaking at the seminar, Deputy Governor of the State Bank of Vietnam Pham Tien Dung said that the Party and the State have had many policies to promote the application and development of science and technology; promote innovation and digital transformation; proactively and actively participate in the Fourth Industrial Revolution (Industry 4.0), including issuing a controlled testing institutional framework for new technologies, products, services, and business models.
In recent times, faced with the opportunities and challenges brought about by the 4th Industrial Revolution, the Party and the State have had many policies and strategies, including the "Strategic Quad", including: Breakthrough, development of science , technology, innovation and national digital transformation (Resolution No. 57-NQ/TW); international integration in the new situation (Resolution 59-NQ/TW); building and enforcing laws (Resolution No. 66-NQ/TW); developing the private economy (Resolution 68-NQ/TW) to bring the country to rapid and sustainable development in the new era.
As the lifeblood of the economy, developing science and technology, promoting innovation and digital transformation are always key driving forces to help the banking industry accelerate sustainably and improve service quality. In recent times, the banking industry has been active and proactive in implementing the policies of the Party and the State and has achieved many outstanding achievements in digital transformation, contributing to the overall development of the economy, reflected in all aspects from institutions, infrastructure to products, services... To date, nearly 87% of Vietnamese adults have bank accounts; the value of non-cash payments in 2024 is 25 times higher than GDP.
According to statistics, the interbank electronic payment system currently processes an average of VND820 trillion per day; the financial switching and electronic clearing system processes more than 26 million transactions per day. The national credit information database has also been strongly upgraded, with the rate of successful data updates from credit institutions reaching over 98%.
In particular, more than 117 million individual customer records (nearly 100% of individual accounts have digital transactions) and more than 927 thousand institutional customer records (over 75% of institutional payment accounts have digital transactions) have been authenticated by biometrics.
Many banking services have been completely digitized, convenient, friendly and well meet the diverse needs of users.
According to the leader of the State Bank, this result will be further expanded in the coming time when Decree 94 is officially issued and takes effect.
"Perhaps this is Vietnam's first Sandbox (Controlled Testing Mechanism). According to Decree 94, there are 3 solutions considered to participate in the Testing Mechanism including: Credit scoring, Data sharing via open application programming interface (Open API), Peer-to-peer lending (P2P Lending). During the implementation of the Decree, the SBV will continue to review and update new products, services, and business models in the banking sector to evaluate and propose expanding solutions to participate in the Testing Mechanism," the Deputy Governor emphasized.
In particular, the Deputy Governor said that the National Assembly recently passed a Resolution on the International Financial Center in Vietnam. The Resolution clearly states that the International Financial Center is an area with defined geographical boundaries established by the Government in Ho Chi Minh City and Da Nang City, focusing on a diverse ecosystem of financial services and support services.
On that basis, Deputy Governor Pham Tien Dung suggested that the specialized units of the State Bank need to clearly define the spirit of the Decree, identify the services, nature, conditions, procedures and time... for Fintech units and enterprises to participate. The units of the State Bank, ministries and branches continue to coordinate with the State Bank to implement the Decree so that participating enterprises can have their documents quickly reviewed, creating favorable conditions for enterprises to participate, contributing to providing convenient financial services to customers.
Mr. Ron H. Slangen, ADB Deputy Country Director in Vietnam, shared information at the workshop - Photo: VGP/HT
International partners support and expect
Mr. Ron H. Slangen - Deputy Country Director of ADB in Vietnam said: The financial system in Vietnam is transforming strongly under the impact of technologies such as cloud computing, big data, open API, Blockchain and artificial intelligence. ADB strongly supports Decree 94 because it believes that this is a tool to promote inclusive finance, is climate-friendly and creates a favorable environment for financial technology innovation.
Swiss Ambassador to Vietnam Thomas Gass affirmed that Switzerland has been a steadfast and reliable partner of Vietnam in developing the financial sector for many years. With this fintech initiative, Switzerland reaffirms and deepens that partnership. Our common goal is to help Vietnam build a resilient, innovative and accessible financial system for all. This is necessary not only for economic stability but also to promote opportunity and prosperity throughout society, not just for large companies.
“Switzerland remains committed to supporting Vietnam on this journey and will continue to advocate for best practices, promote innovation and invest in partnerships that deliver lasting impact,” Mr. Thomas Gass affirmed.
Swiss Ambassador to Vietnam Thomas Gass - Photo: VGP/HT
According to the SBV leader, in the coming period, the implementation of the controlled testing mechanism will continue to be updated and adjusted to suit reality, while closely linking with the national digital economic development goals and financial inclusion goals.
Under the impact of the 4th Industrial Revolution, the banking industry not only faces the pressure of change but also the opportunity to reshape the entire financial ecosystem. Creating conditions for controlled testing of financial technology is a timely step, helping Vietnam not to fall behind in the global digitalization trend.
Following the event in Hanoi, the Discussion on the Implementation of Decree 94 will continue to be held in Ho Chi Minh City on July 2 and in Da Nang on July 3. The dissemination of information nationwide is not only to raise awareness but also to ensure that organizations consistently apply the new regulations, build a transparent testing environment, and create a solid foundation for financial technology development.
Mr. Minh
Source: https://baochinhphu.vn/thu-nghiem-co-kiem-soat-linh-vuc-ngan-hang-mo-duong-phap-ly-huong-den-kinh-te-so-102250701200355404.htm
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