In a significant step towards enhancing financial inclusion, the Prime Minister issued Decision No. 149/QD-TTg, officially approving the National Financial Inclusion Strategy until 2025, with a vision extending to 2030.
The strategy’s primary goal is to ensure that all individuals and businesses have safe and convenient access to financial products and services that meet their specific needs. These services should be provided by licensed institutions in a responsible and sustainable manner, and at a reasonable cost. Effective implementation is expected to improve living standards, foster saving and investment habits, and contribute to broader economic benefits, including growth, reduced inequality, financial stability, and the promotion of social justice — in line with the policies of the Party and the State.
Following the directives laid out by the government, the State Bank of Vietnam, acting as the standing agency of the National Steering Committee on Financial Inclusion, has partnered with various ministries and branches to propose numerous initiatives supporting the strategy’s objectives. As a result, Vietnam has made notable progress. According to the 2024 Global Financial Inclusion Index published by the Principal Financial Group, Vietnam ranks third among ASEAN countries — behind only Singapore and Thailand — and holds the 14th position globally. Data from the State Bank of Vietnam reveals that around 87% of adults now hold payment accounts, nearly triple the rate of 31% recorded between 2015 and 2017.
Thanks to ongoing efforts within the banking sector, the network of organisations offering financial services has become significantly more diverse and widespread. These institutions are now present across most provinces and cities, with a strong focus on rural and remote areas. The average number of commercial bank branches and transaction offices per 100,000 adults has reached 15.69, while financial service access points are now available in approximately 32.98% of communes and municipalities nationwide.
Particularly notable is the digital transformation undertaken by financial institutions. Many have integrated digital banking products and services into their operations, aiming to enhance customer convenience and improve user experience. These efforts also include strengthening links with other industries and sectors, making it easier and safer for people in remote regions to access essential services.
Moreover, the shift towards cashless payments continues to gain momentum. Government bodies, local authorities, and relevant agencies have introduced a variety of bold initiatives to promote this trend. E-commerce transaction values have risen by 34.54%, internet-based transactions by 33%, and mobile phone transactions by 34.34%. QR code payments saw an even more dramatic increase of 84.77% in November 2023 compared to the same period the previous year.
Thanks to these developments, Vietnam is on track to meet five out of the nine key targets outlined in the National Financial Inclusion Strategy. These include: the proportion of adults with accounts at banks or licensed financial institutions; the growth rate of e-commerce transaction volumes; the number of SMEs with outstanding loans from credit institutions; the proportion of loans for agricultural and rural development within the total credit structure; and the percentage of adults with credit history data in the State Bank’s credit information system.
Integrating financial education into school curriculums is now seen as both a strategic necessity and an urgent priority.
Pham Thanh Ha, Deputy Governor of the State Bank of Vietnam, emphasised that financial education is among the most crucial pillars for successfully implementing the National Financial Inclusion Strategy. In today’s rapidly expanding digital economy, financial literacy is becoming an essential skill for modern citizens. However, in practice, many Vietnamese people still lack basic knowledge of financial concepts.
Bringing financial education into the classroom from an early age could lay a strong foundation for responsible financial behaviour in the future, empowering individuals to make informed decisions and participate more fully in the country’s economic growth.
