In Vietnam, according to the State Bank, currently, 94% of banks have initially implemented or are researching and building a digital transformation strategy, in which 59% of banks have started implementing digital transformation in reality.

According to Mr. Do Quy Vu, Deputy Director of Information and Communication Strategy (Ministry of Information and Communications), Vietnam is facing great opportunities in developing digital banking with more than 50% of the population owning smartphones, 130 million mobile subscribers, the population under 35 accounts for more than 50%, Internet subscribers about 67%, average time of using smart phones of Vietnamese people is 2 hours / day; e-commerce growth reached 30% / year.

Meanwhile, the adult population without access to banking services is approximately 50%; subjects are not eligible to access banking services about 10%. Therefore, becoming a leading digital bank is the main goal of many domestic commercial banks and many banks have considered digital banking as a development center over the past time.

Mr. Le Anh Dung, Deputy Director of Payment Department (State Bank), said that up to now, 95% of credit institutions (CIs) have been or are planning to develop a digital transformation strategy. Of which, 38% of credit institutions have approved the strategy of digital transformation or integration of digital transformation in its business development / information technology strategy; 42% are working on a digital transformation strategy; 15% plan to deploy.

Vietnam is facing a great opportunity in terms of market, resources and policy to promote non-cash payments and digital banking to new heights. However, in order to promote digital transformation in the banking sector, it is necessary to have solutions from both sides, which are regulators and banks - experts at the seminar emphasized.

However, this process is facing many great challenges. First of all is the incomplete legal framework, becoming the first bottleneck in the digital transformation process, specifically the problems in the law of electronic transactions, authentication of electronic signatures, digital signatures,  electronics contracts in banking transactions.

Besides, there are the limitations of infrastructure, related to the construction of synchronous, centralized digital infrastructure, technical connection standards, data standards, shared databases, security infrastructure security, confidentiality and etc.

In addition, the participation of financial technology companies (Fintech) in cooperation with banks raises issues, such as safety and security, information security. Technology crime is also a great danger, forcing banks to build security systems, ensure continuous operation, to meet the needs of consumers.