Digital finance is emerging as a key driver of Vietnam’s economic transformation as the country strives to achieve high-income status by 2045, create millions of new jobs, and expand access to finance for all, experts said at a conference in HCM City on October 29.

Deputy Prime Minister Nguyen Hoa Binh has underscored the Vietnamese Government’s commitment to deepening cooperation with the Society for Worldwide Interbank and Financial Telecommunication (SWIFT) and other international financial institutions.

The Ministry of Industry and Trade (MoIT) has raised its annual e-commerce growth target for the business-to-consumer (B2C) model to 25.5%, up from the earlier projection of 20–22%, in light of the sector’s stronger-than-expected performance.

The financial sector has been ardently advocating for digital transformation, as this endeavour will be a pivotal element in the national digital shift and will also bolster digital transformation across other sectors, according to officials.

The Vietnam Digital Finance Conference and Expo 2022 took place in Hanoi on November 17, under the theme of “Embracing IT modernisation to accelerate digital transformation in the financial sector”.

Digital economy, including digital finance and digital banking, will be an effective solution to recover the economy of the world and Vietnam in particular, heard a seminar held by the National Assembly’s Foreign Affairs Committee on September 28.

World Bank (WB) Lead Economist and Programme Leader for Vietnam Jaques Morriset has pointed out solutions to turn the Southeast Asian nation into a digital powerhouse.