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Banks to facilitate trade and service development in digital era
Ngoc Thuy 10:16, 2017/12/07
This is one of the statement at the conference “Accelerating services sector growth in a digital world”, with the participation of technological experts and banks.
Vice Chairman of Central Economic Committee Ngo Van Tuan said, in the context of science-technology achievements from the fourth industrial revolution having big impact on the production methods and consumption, it requires the trade and service sector to innovate and make breakthroughs accordingly. As such, Vietnam has actively identified and taken opportunities from science-technology achievement for the purpose of socio-economic development. 


The application of science-technology achievements in recent years has been significant to transform the economy, including the trade and service sector toward modernization, improving productivity and competitiveness, with the average growth rate for period 2011 – 2015 at 6.3% per year. However, in order to really take advantages from the fourth industrial revolution, Vietnam has to clearly define the strategy and specific action plan in each sector, especially those getting early impact such as banking – finance, healthcare, education, e-commerce and tourism. 

In Vietnam, with population expected to reach 100 million by 2025 at the golden age, and the average income in 2020 around 3,200 – 3,500 USD, the rate of using smartphones connected to internet in 2017 is 55%, higher than the world average percentage of 44%. Vietnam is considered as a high potential market with abundant labor force for the development of service and trade. As such, this is the right time for customers and enterprises absorbing and taking advantages of the fourth industrial revolution in production and business activities. 

Vice Director of Vietcombank Pham Manh Thang said the bank always gives priority in improving customers’ satisfaction with digitalized experiences in smart phones. The boom of Information & Technology (IT) and growing trend of using smartphones along with the rapid advancement of internet have created favorable conditions for the development of digital banks, or banks in smart devices (laptop, tablet, smartphone) with other mobile payment methods applying the most modern technologies. 

In which, based on statistics, Vietnam is having a high share in internet development, the number of internet users, smart devices and related applications. Since 2001, Vietcombank has introduced banking services in internet, namely VCB-iB@nking. Recently in March, Vietcombank has introduced the service the latest version of VCB-MobileB@nking with modern design and multiple functions, applying new technologies with QR code payment and fingerprint security. On the development strategy, Thang said the company is developing the mobile ecosystem with expectation to bring new experiences to customers. 

However, along with the development of e-banking services, it is vital to prevent cyber attacks, increasing security measures, which requires banks to frequently invest, monitor and check. 

Administrative agencies should have consistent policies in managing the development of e-banking; there should be a connection between public online services, e-commerce portal of ministries and agencies with online payment portal of the State Bank of Vietnam (SBV) to support the development of e-commerce. For this to be efficiently implemented, it is necessary to improve promoting and cooperating with media agencies in implementing media campaign to raise awareness and building trust of citizens; enterprises with benefits and efficiency of limiting cash payment by using e-payment. 
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