One major “side effect” of the COVID-19 pandemic, amidst the unprecedented toll that it has exacted, is that it has catalysed digital transformation across all sectors, particularly in financial services.

Remittances to Ho Chi Minh City reached around US$6.6 billion in 2021, up 9% from the previous year, according to Nguyen Hoang Minh, head of the Vietnam Banks Association’s Office in HCM City.

Many businesses suggested more detailed policies should be issued to help them access bank loans as there remain difficulties in lending.

The Vietnam Banks Association (VNBA) has urged international card organisations Visa and Mastercard to reduce several types of fees on Vietnamese banks as the fourth wave of COVID-19 pandemic in Vietnam has seriously affected the lives and production of people and businesses.

Deputy Governor of the State Bank of Vietnam (SBV) Dao Minh Tu has asked the Vietnam Banks Association (VNBA) to campaign lenders to slash interest rates immediately this month.

The COVID-19 pandemic has speeded up the banking sector’s awareness of digitisation by three to five years and forced lenders to accelerate the process to survive and grow.

The Vietnam Banks Association is urging international credit and debit card companies to reduce a number of fees, as the country continues to battle the COVID-19 pandemic.