State Bank of Vietnam approves banking sector digital transformation strategy to 2030 with cashless payments target of 30 times GDP

The State Bank of Vietnam has approved a banking sector digital transformation strategy through 2030, replacing its previous information technology development strategy and earlier digital transformation plan for the sector. The strategy frames households and businesses as the centre of digitisation, with the State Bank of Vietnam positioned to steer standards and enable adoption across the industry. Key priorities include upgrading the legal and policy framework to support digitalisation, modernising the central bank’s management and the conduct of monetary policy and financial supervision through digital technologies, and building a “digital State Bank of Vietnam”, including processing eligible public services fully online via the National Public Service Portal. For credit institutions, the strategy calls for data-driven digital banking models that are transparent and secure, strengthened sector-wide digital infrastructure, data and cybersecurity capabilities, and wider use of technologies such as artificial intelligence, big data, blockchain, cloud, open APIs and robotic process automation. Quantitative targets include 95% of the population aged 15 and above having a transaction account with a bank or other permitted organisations, non-cash payment value reaching 30 times GDP by 2030, and 100% of staff in relevant units receiving digital skills training. The strategy assigns responsibilities, key measures and an implementation roadmap to specific units to support delivery of these objectives.