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Dear readers,
Industry 4.0 will eventually lead to the digital transformation of manufacturing and production
and other industries as well as value creation. The process is therefore underway in almost all
countries and territories around the world, including in Vietnam, which has mapped out an
ambitious plan for digitalization in the context of the Covid-19 pandemic.
The National Digital Transformation Program to 2025 and vision towards 2030, approved by the
Prime Minister in Decision No. 749/QD-TTg dated June 3, 2020, sets out targets for turning
Vietnam into a digitalized country, piloting cutting-edge technologies and models and reforming
the government’s management and administrative tasks as well as the production and business
activities of enterprises and the daily activities of individuals, to develop a safe and extensive
digital environment. By 2025, 80 per cent of public services are to be provided online at Level 4
via different means, including mobile devices, while the digital economy is to account for 20 per
cent of GDP.
Money flows are considered akin to the national economy’s cardiovascular system, with banks
serving as arteries. The banking sector is therefore required to be one of the leaders in the process
of digital transformation.
In this digital era, embracing transformation is the only way for any sector to guarantee it is not
left behind. Moreover, with the rapid evolution of technologies, the boundaries between various
industries are starting to blur. This means that each and every industry has new competitors
joining the old, and banking is no exception.
Digital transformation has become an inexorable journey for industries of all stripes to survive
and develop in a fiercely competitive environment.
In May this year, the Governor of the State Bank of Vietnam issued Decision No. 810/Q-NHNN
on a digital transformation plan to 2025 and vision towards 2030, as a guideline for the banking
sector to implement digital transformation as a priority task.
Digital transformation in banking requires the integration of data, advanced analytics, and digital
technology into a synchronized banking system where a digital workforce plays a decisive role.
Our Cover Story in this November issue focuses on digital transformation in the country’s banking
sector, reflecting on the opportunities as well as the challenges for banks during the process, while
looking at different models of successful transformation as well as other key topics of interest.
Enjoy your reading.
DR. CHU VAN LAM
Editor-in-Chief