The Impact of the Banking Sector’s Digitalization on Vietnam’s Economic Growth (80221)

Session Information: Economic Management
Session Chair: Shengmao Cao

Saturday, 25 May 2024 14:50
Session: Session 4
Room: Room 607
Presentation Type: Oral Presentation

All presentation times are UTC + 9 (Asia/Tokyo)

In the development of technologies, digital transformation is one of the essential factors of the fourth industrial revolution, leading to digitizing all aspects of society. While many developed countries have made significant progress in digitalization, Vietnam is still in the early stages of its digital transformation journey. After more than two years of being affected by the COVID-19 pandemic, the way that Vietnamese people pay has drastically altered. Many digital payment systems, including chip cards, QR codes, e-wallets, etc., and mobile banking applications, have emerged and are currently used along with people's movement. The study focuses on the advantages of digitalization in the banking sector and its broader implications for economic growth in Vietnam. The paper investigates the relationship between some fintech's value and economic development by analyzing secondary data from various sources, including the Ministry of Information and Communications of Vietnam, commercial banks' annual reports, and the State Bank of Vietnam’s reports. The research aims to provide insights into the necessity and efficiency of digitalization in the banking sector and its contribution to Vietnam's economic development. The findings of this study can inform the State Bank in Vietnam’s policymakers and banking institutions about the role of digital transformation in shaping the future of the Vietnamese economy. On that basis, the study offers recommendations for the development of digital payments in order to improve the efficiency and competitiveness of the Vietnamese financial system and strengthen the role of the State Bank of Vietnam in promoting non-cash payments.

Ha Le, International Christian University, Japan

About the Presenter(s)
Ms. Ha is a graduate student at International Christian University in Tokyo, Japan. Her research aims to evaluate the efficiency of digital transformation in the Vietnamese banking sector, which is significant strategies that helps economic growth.

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Posted by Clive Staples Lewis

Last updated: 2023-02-23 23:45:00