“Tailor-made” Digital Transformation Solutions for Vietnamese Small Businesses

In their journey towards digitalization, Techcombank has been a trusted partner to Vietnam’s small businesses, offering tailored financial solutions to each merchant, from small grocery stores to modern chains, as shared by Mr. Hoang Trong Hieu, Senior Director of Solution Development at Techcombank.

Interviewer (INT): Mr. Hoang Trong Hieu, in the context of the strong digital transformation and the momentum from Decree 70/2025/ND-CP, how has Techcombank accompanied small businesses to help them adapt to the new era?

Mr. Hoang Trong Hieu: Small businesses are the backbone of Vietnam’s economy, with over 6 million households contributing approximately 33% of GDP. According to the National Statistics Office, in 2024, the service sector grew by 7.38% compared to the previous year, contributing 49.46% to the country’s GDP. Some service sectors where small businesses are active have also made important contributions to the overall economic growth: wholesale and retail trade increased by 7.96%, contributing 0.80 percentage points; accommodation and catering services increased by 9.76%, contributing 0.26 percentage points.

In recent years, small businesses have been a priority in Techcombank’s mission to lead the digitalization journey. With Decree 70 – an opportunity to comprehensively modernize and transparentize the economy – we continue to support small businesses in overcoming initial obstacles and keeping pace with the country’s development.

By deeply engaging with each business household, listening, and understanding our customers, we realized that no two small businesses are alike. Therefore, Techcombank has combined practical experience with AI and big data analysis to identify issues down to the smallest detail. Based on this, the bank has categorized small businesses into different segments and developed personalized, simple, and user-friendly solutions to help each group optimize their business operations and costs.

INT: How has Techcombank segmented small businesses, and what are the specific solutions offered?

Mr. Hoang Trong Hieu: We divide small businesses into three main categories: traditional, advanced, and online, each with its unique characteristics and challenges.

For traditional small businesses, such as small grocery stores or eateries, they are used to manual bookkeeping, cash transactions, and may feel hesitant when it comes to terms like “digitalization” or “electronic.” We jokingly say that Techcombank brings solutions to their doorstep, bringing technology to their neighborhood. Our staff guide them through opening an account, providing a QR code for cashless payments, and offering Soundbox or Voice OTT services to help them manage their finances while still being able to move around during sales.

For advanced small businesses, such as restaurant chains or fashion boutiques, technology is not a barrier, but the challenge lies in operational aspects like cash flow management, inventory control, and accessing capital for expansion. We offer state-of-the-art collection solutions, such as ‘Tap to Pay,’ which allows for easy and secure transactions with just a tap of the phone, and SoftPOS, which accepts various payment methods (debit cards, contactless payments like Apple Pay, etc.) with ultra-low transaction fees of just 0.6%. Moreover, we provide super-fast credit solutions with just one tap on ShopCash, entirely online through the Techcombank Mobile app.

For online businesses, they are tech-savvy and quickly adapt to digital platforms, but their challenge lies in managing cash flow interruptions due to dependence on third-party platforms. Here, ShopCash has been a breakthrough solution, as per feedback from small businesses. It offers an overdraft limit of up to VND 500 million without collateral and an interest rate of just VND 326/million/day. Small businesses can register and disburse funds instantly through the app, easing their burden of quick capital turnover for inventory or expansion.

Moreover, considering that these businesses often have excess cash at the end of the day, we advise them to activate Techcombank’s Auto Savings feature to optimize their finances and earn additional monthly profits. It’s like making money while they sleep, ensuring that every penny counts and every day brings returns.

In the context of Resolution 68, Techcombank also partners with free software providers for small businesses wishing to transition to small enterprises, offering packages that include sales software, e-invoices, and e-contracts, helping them navigate the new operational and accounting requirements with ease.

INT: Why does Techcombank choose a personalized approach instead of a one-size-fits-all solution?

Mr. Hoang Trong Hieu: In reality, a vegetable shop is very different from a cosmetics store or a café. Each small business varies in industry, scale, and familiarity with technology. When our officers meet with customers, they listen to understand their challenges and then structure solutions tailored to each business. This empathetic approach enables us not just to provide tools but also to transform our customers’ business mindset.

INT: How are Vietnamese small businesses adapting to these changes, in your opinion?

Mr. Hoang Trong Hieu: Vietnamese small businesses have always shown a willingness to embrace innovation and compliance. Despite being accustomed to traditional operations for many years, they are open to change when provided with dedicated support. They are gradually transitioning to managing transactions through applications and even accepting orders through digital platforms, demonstrating their growing mastery of technology.

INT: What is Techcombank’s vision and plan for supporting small businesses in the future?

Mr. Hoang Trong Hieu: Digital transformation is not just about technology; it’s about transforming mindsets. With our vision of “Transforming Finance, Elevating Life,” Techcombank is committed to accompanying Vietnam’s 6 million small businesses, from small alleyway shops to large chains, helping them comply with regulations and enhance their competitiveness.

For us, the development of small businesses is fundamental. In the future, we aim not just to provide time-saving and cost-optimizing solutions but also to collaborate with software developers to bring more customers to small businesses. We believe that when small businesses thrive, Vietnam’s economy will flourish even more robustly.