On May 16, 2019 in Ho Chi Minh City, Deputy Governor Dao Minh Tu of the State Bank of Vietnam (SBV) chaired the annual Seminar on Administrative Reform of the Banking Sector with the theme: Making it convenient for enterprises and people in bank transactions. The Seminar was also attended by many representatives of commercial banks, credit institutions, enterprises and prestigious economists.
Over the past four years, the SBV has achieved the first rank out of the 19 central Government ministries and agencies in the Public Administration Reform (PAR) Index. In addition, Vietnam's Access to Credit index in 2018 was rated at 29th out of 190 economies by the World Bank, a jump of 3 ranks, and ranked fourth in the ASEAN.
The objective of the administrative reform of the banking sector has always focused on the businesses and the people, and therefore the reforms have to make it more convenient for enterprises and individuals to access capital and the banking services.
An overview of the Seminar
In his opening speech, Deputy Governor Dao Minh Tu said that over the recent years, the commercial banks have reformed their administrative procedures in the form of one-stop-shop for the deposit process, money transfer, remittance, card service, payment services, etc., in order to reduce costs, shorten the time required for the service, provide full information to customers, handle promptly with any complaints about the quality and services,... In the coming time, the Deputy Governor required the commercial banks to further promote the administrative reforms, enhance their creativity and be proactive in applying the modern technologies to provide more diversified products and services, and advise the SBV to create a positive business environment in the banking sector, better supporting the businesses and the people. The SBV will continue to reform more strongly the institutional mechanisms, making it possible to expand the powers and responsibilities of the credit institutions in making it more convenient for the businesses and people to access credit and banking services, while ensuring capital adequacy and operational risk control.
At the panel discussion session, the speakers, businesses and people made practical observations of the administrative reform situation of the banking sector in Vietnam, and gave good recommendations for the administrative reforms in banking sector; the role of e-banking and the application of advanced technology to the banking services in the era of the Industry 4.0; reforms with blockchain technology, etc.
Le Hang