Income per capita of Vietnamese people is increasing. Income of a large proportion of citizens in other ASEAN member states are also rising. These have created opportunities for retail banking to explore, said Ha Huy Tuan, Vice President of the National Financial Supervisory Commission.

“Retail banking offers huge opportunities for banks in Viet Nam which is a populous country with rising personal incomes”, said Godfrey Swain, Head of Retail Banking and Wealth Management of HSBC.

According to updated news from the State Bank of Viet Nam, the percentage of cash transactions in the total means of payment declined gradually to around 12%.

So far, up to 33 million Vietnamese people used electronic commerce. Over 70% of them applied electronic transactions.

However, obstacles are still lying ahead including massive investment in technology, poor services, and weak connectivity with customers./