Mobile Payments, Internet Banking See Rapid Growth in Vietnam

Vietnam has been experiencing a digital wave in its financial and banking industry, with payments through mobile banking services surging by a whopping 144% per year over the past five years, experts said at a conference last week.

Vietnam has been experiencing a digital wave in its financial and banking industry, with payments through mobile banking services surging by a whopping 144% per year over the past five years, experts said at a conference last week.

During the conference on digitalizing the banking industry, held in Hanoi last week, Pham Tien Dung, director of the State Bank of Vietnam (SBV)’s payment department, cited data from an SBV survey released earlier this year, noting that banks have been heavily investing into digitalizing their services and operations.

By the end of April this year, 94% of local banks had invested in digitalization, of which 42% considered digital banking to be the top priority in their business strategy. Over the past three years, Internet banking services in Vietnam have accelerated by 6.3 times.

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