The State Bank of Vietnam published an update from the 2025 Banking Sector Digital Transformation Event, positioning digital identity as the prerequisite for building a smart financial ecosystem that combines modern payment platforms with cross-sector data connectivity. The release also summarises industry implementation and infrastructure performance as cashless payments and digital banking expand. The update points to the State Bank of Vietnam’s banking sector digital transformation plan to 2025 with an orientation to 2030 and the establishment of a sector-wide digital transformation steering committee chaired by Governor Nguyen Thi Hong, alongside work to refine the legal framework for technology-enabled banking. It reports that over 70% of credit institutions have delivered specialised digital transformation training and 40% have applied technology to capture, cleanse, reconcile and verify biometric information, covering 113,000 individual and 710,000 organisational customer records; a suspicious account alert system has assisted more than 40,000 customers and prevented transactions exceeding VND 160 billion. Core payment infrastructures are described as operating continuously, with the interbank electronic payment system processing an average of more than VND 820 trillion per day and the national switching and electronic clearing system running 24/7 and processing over 26,000 transactions per day; banks also showcased VNeID integrations, including a 22 May 2025 pilot by Vietcombank and two other banks of remote digital signing via VNeID and Agribank’s use of VNeID, which is reported to have nearly 63 million users, to support paperless onboarding and welfare-payment processes. Vietcombank indicated it plans to extend VNeID-enabled remote signing beyond online disbursements to online guarantees, foreign-exchange transactions and investments. Agribank described ongoing work to build end-to-end automated, paperless social security benefit disbursements based on digital identity, automated verification and transparent controls.
State Bank of Vietnam 2025-05-30
State Bank of Vietnam highlights digital identity and VNeID-linked remote e-signature pilots as banking sector scales cashless payments
The State Bank of Vietnam emphasized digital identity as crucial for a smart financial ecosystem at the 2025 Banking Sector Digital Transformation Event. Over 70% of credit institutions have implemented digital transformation training, and 40% have adopted technology for biometric data management. Core payment infrastructures are robust, with significant transaction volumes, and banks are advancing VNeID integrations for remote digital signing and paperless processes.