Mr. Nguyen Hung, CEO of TPBank
The past few days have seen lively discussions surrounding the 100,000 VND gift from the government to citizens via the VNeID app in celebration of National Day on September 2nd. This event is not only a significant social welfare activity but also a catalyst for bringing tens of millions of people into the national digital ecosystem, marking the beginning of a grand journey towards E-Vietnam.
This is the first time Vietnam has implemented a nationwide welfare policy on a digital platform. Tens of millions of people linked their accounts and received the money within minutes, creating a social phenomenon. Many experts compare this to a “stress test” for the country’s digital infrastructure and banking system.
This event also brings to mind Estonia – a country with only 1.3 million people. In 2000, Estonia had a GDP per capita of just $3,000, but thanks to its E-Estonia strategy, this figure surged to $30,100 by 2023. This raises an important question: Can Vietnam achieve similar success?
At the seminar “Opportunities for Leapfrogging through Digital Transformation: Pioneering Stories from VNeID and the Finance-Banking Sector,” Mr. Nguyen Hung, CEO of TPBank, asserted that E-Vietnam can become a reality, not in some distant future but within this decade, despite our population being a hundred times larger than Estonia’s.
Over the years, we have witnessed significant changes in our country. There were even times when businesses struggled to keep up with the government’s pace in streamlining its apparatus. The determination of the Party and the government to reform has laid the foundation for the nation’s breakthrough.
A clear example is VNeID. This tool brings tremendous benefits by integrating a range of life conveniences, financial services, and public services onto a single platform, thus providing a solid foundation for the successful implementation of E-Vietnam.
Mr. Hung also pointed out that the 100,000 VND gift is a vivid illustration of a fundamental principle: Digital transformation must originate from the genuine needs of the people. When presented with specific and tangible benefits, citizens will be more inclined to embrace digital experiences, thereby forming digital habits.
The speakers at the seminar
Mr. Nguyen Hung also shared TPBank’s journey, a classic example of transformation through digitization.
Back in 2011, TPBank was one of nine weak banks that had to undergo restructuring. Climbing out of that position to become one of the top 10–12 banks today has been a long and challenging process. “If we had competed using traditional methods with banks that had a head start, our chances of success would have been slim, especially with the government restricting the expansion of physical branch networks,” he said.
Therefore, even during the restructuring process, TPBank identified the digital channel as the only way to expand its customer base without being limited by space and time. This strategic direction proved to be a wise choice.
“You could say that ‘necessity is the mother of invention,’ and in our challenging circumstances, we chose the right path,” shared the CEO of TPBank.
The bank also considers data a critical factor. Along with this, artificial intelligence (AI) technology is applied to optimize resources, reduce operating costs, and accelerate the deployment of products and services. As a result, TPBank can focus more on human factors and enhance customer experience.
Consequently, 98% of transactions at TPBank are now conducted digitally. “Now that money transfers only take a few seconds, why would customers need to bring cash to the bank?” Mr. Hung remarked. “These tangible benefits will drive the success of digital transformation and lay an important foundation for the implementation of E-Vietnam.”
TPBank, which once had to undergo restructuring, has now become a symbol of digitalization in the financial industry. This journey demonstrates that when we place the needs of the people at the center, digital transformation can not only help a business change its position but also pave the way for a nation’s journey towards a prosperous E-Vietnam.
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“As the nation celebrated its National Day on September 2nd, the talk of the town, from social media forums to coffee shop chatter, revolved around the thoughtful 100,000 VND gift from the Government to each citizen. People shared their experiences of receiving the money, but more importantly, they delved into its profound significance. Though a modest sum, this gesture held a strategic policy move that captured the nation’s attention.”
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“Many individuals are still awaiting their National Day gift of 100,000 VND, despite having integrated their VNeID. They plan to wait until September 15th for their gift. Meanwhile, several localities are proceeding with additional rounds of direct cash distributions.”
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