Deputy Prime Minister Ho Duc Phoc received in Hanoi on November 25 Carlos Felipe Jaramillo, the World Bank (WB)’s Vice President for the East Asia and Pacific (EAP) Region, during which he appreciated the WB’s support for Vietnam in recent years.

The Vietnamese banking sector must deepen innovation, accompany businesses and citizens, demonstrate flexibility, and contribute to rapid and sustainable development so that its benefits are widely shared, said PM Pham Minh Chinh.

Starting January 1, 2026, domestic banks will no longer accept passports as valid identification for Vietnamese citizens in any transactions, including payments, cash withdrawals, or card services, according to circulars issued by the State Bank of Vietnam.

The Joint Stock Commercial Bank for Foreign Trade of Vietnam (Vietcombank) has been honoured as the “Best Place to Work in Vietnam 2025,” retaining its No. 1 position in the banking sector and ranking second overall among large enterprises.

Nearly 18 billion cashless transactions were recorded in the first nine months of 2025, with total value surpassing VND260 quadrillion (nearly US$10 billion), according to the State Bank of Vietnam (SBV)’s Payment Department.

The State Bank of Vietnam (SBV) plans to raise the end-of-day gold position limit for credit institutions authorised to produce, export and import gold from 2% to 5% of their charter capital, a move expected to give banks more flexibility in supplying gold to the market.

Credit growth of 18-20% for 2025 appears achievable as banks’ outstanding loans continued to expand over the first nine months.

Digital payments in Vietnam have continued to expand rapidly, with QR code transactions soaring by more than 150% in value, according to a report released by the State Bank of Vietnam (SBV) on October 29.

Prime Minister Pham Minh Chinh had bilateral meetings with Lao Prime Minister Sonexay Siphandone and Japanese PM Sanae Takaichi as well as leaders of ASEAN, the World Bank, and the Fédération Internationale de Football Association (FIFA) on October 26 on the sidelines of the 47th ASEAN Summit in Malaysia.

Following a recent data breach at the National Credit Information Centre (CIC) and a surge in online scams, Vietnamese banks are stepping up cross-sector collaboration to protect financial data.