Hanoi, October 14, 2026 – Deputy Governor Pham Tien Dzung of the State Bank of Vietnam (SBV) attended and delivered remarks at a workshop entitled “Smart Connectivity – Creating a Digital Ecosystem.” The workshop was part of Vietnam Digital Payment Day 2026, organized by Tien Phong Newspaper in collaboration with the National Payment Corporation of Vietnam (NAPAS).
At the workshop, Deputy Governor Pham Tien Dzung emphasized that digital transformation must be people-centered, with people as its primary beneficiaries. Convenience and security should serve as key benchmarks for development, alongside the protection of customers' legitimate rights and interests.
Deputy Governor Pham Tien Dzung delivers remarks at the workshop
The workshop brought together representatives from the SBV’s Payment Department and Information Technology Department, commercial banks, payment intermediary service providers, and experts from the finance, banking, and technology sectors. Discussions focused on policy orientations and solutions to improve the connectivity of payment infrastructure and services, develop an interconnected and secure digital ecosystem, and enhance user experience.
Over recent years, the banking sector has actively implemented digital transformation initiatives and modernized its payment infrastructure. These efforts have helped make non-cash payments increasingly prevalent across socio-economic activities, bringing significant benefits to individuals and businesses.
Emphasizing the important of putting people at the center of digital transformation, Deputy Governor Pham Tien Dzung noted that its effectiveness should be measured by the tangible benefits it brings to people’s daily lives. He stressed that no organization can succeed in isolation, and that banking services can only deliver their full value when integrated into the broader ecosystem of goods and services, with user experience as a key consideration. This requires stronger integration between the banking sector and other service providers.
Regarding future orientations, the Deputy Governor said that the SBV would continue to improve the legal framework to create favorable conditions for digital payment development. Meanwhile, banks and payment intermediary service providers should continue to innovate, upgrade their technological infrastructure, and develop integrated product and service ecosystems to improve customer experience and better meet users’ needs.
He also emphasized that digital payment development must strike a balance between convenience and the interests of all stakeholders. Improving user experience should go hand in hand with saving time and costs, increasing labor productivity, and enhancing overall economic efficiency.
The Deputy Governor called on payment service providers and payment intermediary service providers to prioritize the protection of users' legitimate rights and interests. Banking applications must comply with the standards prescribed by the SBV, while the adoption of advanced international security standards is encouraged. He also urged service providers to work together to build an interconnected, seamless, and inclusive digital ecosystem, ensuring that no one is left behind in accessing banking services.
The banking sector is also working with the Department of Cybersecurity and High-Tech Crime Prevention and Control (A05) under the Ministry of Public Security to prevent, deter, and combat online fraud in banking sector, thereby safeguarding customers’ legitimate interests.
“To ensure that tourists and other users can effectively use different payment methods, payment service providers and payment intermediary service providers must develop a genuine merchant acceptance network. Only then can interoperability be achieved in practice,” the Deputy Governor stated.
Speaking at the workshop, Mr. Pham Anh Tuan, Director General of the SBV’s Payment Department, noted that in the digital era, payments serve as a vital link connecting activities across Vietnam’s digital economy. To integrate digital payments more deeply into socio-economic life and foster a secure and convenient digital ecosystem, the banking sector is implementing a comprehensive range of solutions built around three key pillars: infrastructure connectivity, service integration, and security and safety through smart connectivity and data.
Mr. Pham Anh Tuan, Director General of the SBV’s Payment Department, delivers remarks at the workshop
Payment infrastructure has been continuously upgraded and modernized, providing a solid foundation for the expansion of non-cash payments. Since 2021, non-cash payment transactions have recorded average annual growth of more than 60% in volume and more than 24% in value. The total value of non-cash payment transactions is estimated at approximately 28 times Vietnam’s GDP.
The proportion of people aged 15 and above holding transaction accounts at banks or other authorized institutions increased from 74.63% in 2021 to 88.96% by the end of 2025, significantly exceeding the Government’s target of 80%.
Regarding service connectivity, Mr. Pham Anh Tuan emphasized that the goal is to embed payment services more deeply into all aspects of socio-economic life, enabling seamless, convenient, and transparent transactions that meet the practical needs of individuals and businesses.
The effectiveness of service integration should be assessed based on transaction processing times, the extent to which procedures are simplified, service costs, and customer satisfaction.
Regarding security and safety, a representative of the Payment Department reported that, as of September 25, 2026, the banking sector had verified biometric information against chip-based citizen ID cards or VNeID for more than 174.5 million individual customer records and over 2.92 million corporate customer records associated with payment accounts.
The SBV has also implemented the Information System for Supporting Management, Supervision and Fraud Risk Prevention (SIMO) to facilitate information sharing on suspected fraudulent accounts and e-wallets. The system is currently connected to 21 institutions, including 16 banks and five payment intermediary service providers.
As of September 28, 2026, more than 5.6 million customer alerts had been issued through the system. Following these alerts, customers had proactively suspended or cancelled more than 1.9 million transactions, helping prevent suspected fraudulent funds totaling over VND 6.3 trillion from being transferred.
Alongside technological solutions, raising public awareness and strengthening people’s ability to use digital financial services safely have also been identified as essential to building trust and promoting cashless payments.
At the workshop, delegates, experts, and representatives of service providers discussed solutions to improve infrastructure interoperability, expand connectivity across the payment ecosystem, protect data, and strengthen transaction security.
Minh Khang