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.