On July 8, 2020, the State Bank of Vietnam (SBV) issued Decision No. 1238/QD-NHNN issuing the Action Plan of the banking sector to implement the Government's Resolution No. 50/NQ-CP dated April 17, 2020 (Resolution 50) on the Government’s action program to implement the Politburo’s Resolution No. 52-NQ/TW dated September 27, 2019 on a number of guidelines and policies for proactive participation in the Fourth industrial revolution (Industry 4.0).
This Plan specifies the solutions in Resolution 50 of the Government in order to renovate thinking and raise awareness about Industry 4.0; Promoting the research of technologies and achievements of Industry 4.0 to increase the management capacity and improve the quality and efficiency of the banking operations; Formulating mechanisms and policies to manage and transform the banking sector, creating favorable conditions for innovation; Developing digital payment infrastructure to meet the requirements of Industry 4.0; Improving the quality of human resources throughout the sector to adapt to the 4.0 context.
The Plan includes the following specific tasks and solutions:
Renovating thinking, unifying awareness, strengthening the role of State management; Improving the institutions to facilitate the proactive participation in Industry 4.0 and the digital transformation process of the Banking sector; Building and developing essential infrastructure, meeting the requirements of Industry 4.0; Enhancing the capacity of innovation; Developing human resources to meet the requirements of Industry 4.0; Researching and applying priority technologies; Implementing international integration policies; Promoting digital transformation within the SBV;
The SBV Governor also requested the heads of the entities under the SBV, the Chair-people of the Boards of Directors / Boards of Members and the General Directors (CEOs) of the credit institutions, the intermediary payment service providers to be responsible for arranging the implementation of the tasks assigned in the Plan; reporting on an annual basis on the implementation results to the SBV. In the course of implementation, if any difficulties or problems arise, the entities shall promptly report to the SBV for consideration and mitigation. In addition, the SBV Governor also assigned the Payment Department to monitor, supervise and summarize the implementation of the tasks in the Action Plan; and to advise the SBV Governor on an annual basis in order to produce a report to the Government on the results of the implementation of Resolution 50.
This Decision took effect from the date of signing.
VA