Hanoi, March 13, 2025 – The Europe Today: Prime Minister Phạm Minh Chính has emphasised the importance of financial inclusion, stating that it must be achieved through digital platforms and financial technologies. He underscored that key technologies such as blockchain, artificial intelligence, and big data play a crucial role in developing new and accessible financial products and services, optimising processes, reducing costs, and expanding financial access to enhance service quality.
PM Chính, who also leads the National Steering Committee on Financial Inclusion, made the statement on Wednesday morning in Hanoi while chairing the committee’s second meeting. The session reviewed the implementation of the National Financial Inclusion Strategy for 2025, with a vision towards 2030, evaluating achievements since the first committee meeting and discussing future strategies.
He stressed the necessity of mobilising all available resources for this initiative, urging the integration of international experiences and frameworks to strengthen implementation capabilities. He also called for proactive engagement in global financial inclusion programmes to adopt best practices and facilitate the realisation of Vietnam’s national strategy.
Strengthening Policy and Legal Frameworks
To ensure the strategy’s success, PM Chính tasked the State Bank of Vietnam with improving the legal framework, developing mechanisms, and formulating policies to promote digital banking transformation and cashless payments. The central bank was instructed to collaborate with the Ministry of Finance, local authorities, and relevant agencies to accelerate cashless transactions across the economy.
The Ministry of Finance was directed to enhance insurance products and improve credit guarantee mechanisms, with a focus on boosting the effectiveness of State financial funds, particularly those with lending and credit guarantee functions. Additionally, the ministry was tasked with promoting cashless transactions for government-related payments, including taxes, fees, and fines.
The Ministry of Public Security was assigned to coordinate with financial institutions to align and clean data with the National Population Database to support digital financial operations.
Enhancing Financial Literacy and Rural Development
Recognising the importance of financial literacy, the Ministry of Education and Training was urged to integrate financial education into school programmes to equip students with essential entrepreneurial skills. Meanwhile, the Ministry of Agriculture and Environment was instructed to incorporate financial inclusion goals into national rural development programmes and enhance the financial capabilities of cooperatives.
Vietnam Social Security was directed to expand cashless payment options for pensions, social insurance benefits, and unemployment allowances through banking systems, while the Ministry of Foreign Affairs was asked to foster international cooperation in financial inclusion initiatives.
PM Chính also called upon Vietnam News Agency, Vietnam Television, and Voice of Vietnam to actively promote public awareness campaigns on financial inclusion.
A Key Pillar for Sustainable Development
During the meeting, PM Chính reiterated that the National Financial Inclusion Strategy is essential to Vietnam’s socio-economic development, particularly as the country progresses towards global integration. He noted that ensuring access to financial services for all citizens and businesses will improve living standards, foster investment and savings, and contribute to economic growth.
He highlighted the strategy’s role in reducing inequality, ensuring financial stability, and promoting sustainable development, aligning with the Party and State’s policies on social equity and progress. He emphasised: “The core principle of Government policies is rapid development, but with sustainability and inclusivity,” covering macroeconomic stability, inflation control, balanced economic frameworks, and environmental sustainability.
Progress in Financial Inclusion
The Steering Committee reported significant progress in financial inclusion over the past five years. The legal framework has been continuously strengthened with the issuance of eight laws, 11 decrees, and 10 decisions. The financial service distribution network has expanded, with over 15 bank branches or transaction offices per 100,000 people and more than 32 per cent of communes and towns now offering financial services.
Additionally, cashless transactions have surged by over 34 per cent, with increasing adoption in public sector payments. Investments in financial infrastructure, particularly in information technology and customer data management, have been enhanced to support these developments.
PM Chính commended the Steering Committee, ministries, agencies, and local authorities for their dedicated efforts in implementing the strategy and ensuring financial inclusion for all, particularly for disadvantaged and remote communities, despite economic challenges and global uncertainties. The government remains committed to adapting its policies to new trends and circumstances, ensuring a sustainable and inclusive financial future for Vietnam.
