DIGITALIZATION IN VIETNAMESE COMMERCIAL BANKS: SITUATION AND SOLUTION

Abstract

Digitalization in the period of 4.0 revolution is unavoidable trend of economy
in general and the area of banking and finance in particular. In Vietnam, it will have been one
of the top priorities listed in the program of National digitalization by the year 2025 and toward
the year 2030. Recently, digitalization in commercial banks (CBs) has carried out strongly
with investing into advanced technology, cooperating with Fintech companies for automatic
procedures, providing clients with new the products and services. Moreover, digitalization also
brings several benefits of competition for the banks. However, digitalization in commercial
banks has been experiencing some particular challenges and obstacles. In this article, some
basic conditions of digitalization and analyses of digitalization recent operations in Vietnamese
CBs as well as obstacles facing by VCBs will be mentioned, aiming at suggesting some possible
resolutions to improve and boost operations of digitalization in Vietnam Commercial banks.