Deputy Prime Minister Ho Duc Phoc
In his opening remarks, Deputy Prime Minister Ho Duc Phoc expressed his joy at attending the Wave Festival: “I feel the pulse of a Vietnam that strives daily to achieve its goals of strength and prosperity in the new era. This event is not just a vibrant festival for the youth but also a platform for leaders, managers, and the public to witness the significant achievements of the banking and finance sectors in the national digital transformation journey.”
The impressive statistics speak volumes: hundreds of thousands of cashless transactions experienced at the Wave Festival and tens of millions of social media engagements highlight the tangible benefits of cashless payments. “This is the consumer trend of the era, reflecting society’s trust in card and digital payments,” the Deputy Prime Minister emphasized.
The event coincides with the 5-year review period (2021-2025) for the development of cashless payments, making it even more meaningful. The success of Vietnam Card Day has contributed to the implementation of the National Financial Inclusion Strategy by the Government, aiming for 2025 and beyond. The goal is to ensure that at least 80% of adults have non-cash transaction accounts, with a growth rate of 20-25% per year.
Deputy Prime Minister Ho Duc Phoc affirmed, “Cashless payments are an irreversible trend, a mainstream flow that Vietnam has quickly embraced.”
The Government applauds and encourages the Vietnam Card Day program organized by Tien Phong Newspaper and Napas. This initiative is a practical implementation of Resolution No. 57-NQ/TW on science and technology development and Resolution No. 68-NQ/TW on private economic development.
The Deputy Prime Minister expressed confidence: “With the unity of the people, businesses, and the pioneering spirit of the youth, we will soon realize the vision of a digital economy, a modern, safe, prosperous, and sustainable green economy in this new era of national advancement.”
Concluding his speech, the Deputy Prime Minister outlined five key tasks:
First, the banking and finance sectors, along with relevant units, should focus on investing in technology and digital infrastructure, rapidly expanding cashless payment points nationwide across all business sectors.
Second, enhance security and privacy measures to maximize the benefits and rights of customers using cashless payment technologies.
Third, broaden international connections and integration.
Fourth, intensify training and development of digital human resources.
Fifth, strengthen awareness campaigns, knowledge dissemination, and training on modern payment methods.
On behalf of the banking and finance sectors, Mr. Pham Tien Dung, Deputy Governor of the State Bank of Vietnam, fully acknowledged the five directives from Deputy Prime Minister Ho Duc Phoc for implementation across the banking sector. He particularly emphasized the widespread adoption of cashless payments in all aspects of life and the protection of consumers’ legal rights and interests.
Mr. Pham Tien Dung – Deputy Governor of the State Bank of Vietnam
He added that Vietnam’s banking sector has achieved remarkable results in digital transformation and innovation. With the close guidance of the Party, Government, and the State Bank, along with the relentless efforts of credit institutions and technology enterprises, we have built a modern, secure, and efficient payment infrastructure.
Advanced technologies such as QR codes, mobile payments, and biometrics have been widely applied to enhance service quality, optimize processes, and create new value for customers. In recent years, the rate of cashless payments has grown significantly, contributing to transaction transparency, reducing social costs, and driving digital economic growth.
Vietnam Card Day has played a significant role in this success by raising awareness, providing hands-on experiences, and offering attractive incentives, fostering a modern payment culture among the public.
The Deputy Governor stated, “The journey ahead is filled with important tasks. Vietnam’s banking sector will collaborate with the finance sector to build on our achievements, overcome challenges, and contribute further to the national digital transformation, creating a sustainable and prosperous digital economy.”
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