Dr. Nguyen Quoc Hung: Digital Banking Transformation Shifts Focus to “Quality” Over Mere “Speed”

On November 27, 2025, the Policy Committee of the Vietnam Banking Association, in collaboration with Vietcombank, hosted a seminar titled “Accelerating the Development of the Digital Banking Ecosystem.” The event aimed to create an in-depth forum where regulatory bodies and domestic and international commercial banks operating in Vietnam could gather, share practical experiences, and gain clearer insights into the opportunities and challenges of this new phase. This would provide a multifaceted perspective on how banks are expanding their cooperative networks and integrating services with partners both within and outside the industry.

In his opening remarks, Mr. Đỗ Việt Hùng, a member of the Vietnam Banking Association’s Policy Committee and the Board of Directors of Vietcombank, stated: “As the government intensifies its national digital transformation program, the banking sector is identified as a leading field, serving as the ‘financial infrastructure’ for the digital economy and online public services.”

“Building and accelerating the development of the digital banking ecosystem is, therefore, not only an internal need for each credit institution but also an urgent requirement to better serve citizens and businesses, promote economic growth, expand financial inclusion, and enhance state management efficiency,” Mr. Đỗ Việt Hùng observed.

Echoing this sentiment, Dr. Nguyễn Quốc Hùng, Vice Chairman and Secretary-General of the Vietnam Banking Association, noted that digital banking transformation is shifting toward a focus on “quality” rather than just “speed.” Amidst increasingly stringent regulations on personal data protection and electronic transactions, developing the digital banking ecosystem should not be confined to internal business activities. Instead, it should be developed with a regional linkage approach, facilitating customers while contributing to the prevention of cross-border fraud and scams—a pressing issue at ASEAN forums.

In Vietnam, the banking system is recognized as one of the fastest in digital transformation in the region, with impressive results that increasingly meet public demand. However, Dr. Nguyễn Quốc Hùng also highlighted challenges in technical connectivity and international payment standardization.

“There are instances where technical infrastructure is ready, but implementation still encounters obstacles. While QR payment channels with Laos and Cambodia have improved through active coordination, the cost and benefit-sharing mechanisms for expanding into international markets still require thorough discussion,” the Association leader cited, emphasizing that digital transformation is not a solo endeavor but requires a spirit of cooperation, tight linkage, and harmonized interests to build a unified, secure, and efficient ecosystem.

According to Dr. Hùng, the new legal framework on personal data protection, electronic transactions, digital identification, and national data infrastructure sharing is creating conditions for a new-generation digital banking architecture—more open yet more secure. To achieve this, each bank must shift from a single-system mindset to an ecosystem mindset, from internal optimization to linkage optimization, and from infrastructure competition to service competition.

Dr. Nguyễn Quốc Hùng stressed, “Digital transformation is not a solo endeavor but requires a spirit of cooperation, tight linkage, and harmonized interests to build a unified, secure, and efficient ecosystem.”

To address bottlenecks and accelerate the development of the digital banking ecosystem, Dr. Nguyễn Quốc Hùng proposed five key issues for immediate discussion and action:

First, standardization: Develop a shared digital platform to reduce connection costs and enhance customer experience.

Second, data mechanisms: Establish data-sharing and privacy protection mechanisms aligned with the Personal Data Protection Law.

Third, cybersecurity: Ensure safety and security as a prerequisite in every implementation step.

Fourth, financial mechanisms: Create a transparent fee framework and reasonable benefit-sharing mechanisms for cross-border services.

Fifth, international cooperation: Strengthen inter-sectoral collaboration, particularly in trade finance digitization and fraud prevention projects, with close coordination between the State Bank of Vietnam, commercial banks, and the Banking Association.

Mr. Hùng believes that unifying perspectives and sharing reasonable benefits will be key to Vietnamese banks expanding their services internationally and enhancing the competitiveness of the entire economy.