Vietnam’s banking sector had invested more than VND15 trillion ($632 million) in digital transformation efforts by the end of 2022, according to the State Bank of Vietnam (SBV).

Digital payments have posted average growth of 40 per cent over the past four years and Vietnam has posted rapid growth in the application of digital banking.

Many banks report that over 90 per cent of their transactions are carried out via digital channels and around 74.63 per cent of adults in Vietnam use banking applications, SBV Governor Nguyen Thi Hong told the Digital Transformation Day for the banking sector in Hanoi on May 18.

As of the end of March, around 3.71 million mobile-money accounts had been opened, over 70 per cent of which were in rural and remote areas.

The number of non-cash payment transactions in the first quarter increased 53.51 per cent year-on-year.