State Bank of Vietnam issues banking-sector action plan to implement science, technology and innovation strategy through 2030

The State Bank of Vietnam has issued an action plan for the banking sector to implement Vietnam’s science, technology and innovation development strategy through 2030, setting out measures intended to increase technological autonomy and accelerate adoption of new technologies across the central bank’s management activities and the business operations of regulated entities. The plan targets at least 80% of credit institutions, foreign bank branches and other organisations and enterprises managed by the State Bank of Vietnam having innovation activities by 2030. It sets out nine workstreams, including reforming governance and processes for science and technology tasks, digitising data, building a sector-wide innovation system, and completing the legal framework for new digital banking products and services alongside pilots of digital banking and fintech models. It also calls for ensuring legally compliant contributions to science and technology development investment funds and sufficient annual financing, developing two universities as strong banking-sector research institutions, upgrading skills and curricula (including innovation, entrepreneurship and intellectual property), improving infrastructure such as internationally indexed journals and sector databases, promoting innovation within institutions, expanding international cooperation and technical transfer, and strengthening communications and recognition activities.