The development of digital banking in Vietnam in the context of the country's digital transformation process

The development of digital banking is a great opportunity and also a big challenge for the commercial banking system in Vietnam as the country is still in the initial stage of digital transformation. Vietnam is a promising digital banking market, driven as it is by its large population, high internet penetration, and rising smartphone penetration. Up to 96% of commercial banks in Vietnam have built development strategies based on 4.0 technologies and 92% of banks have developed mobile banking apps and websites. This paper points out the current development and potential of digital banking in Vietnam. The paper also makes some recommendations to facilitate the development of digital banking in Vietnam.