Prime Minister Phạm Minh Chính chairs the second meeting of the Steering Committee on Financial Inclusion on Wednesday morning in Hà Nội.—VNA/VNS Photo Dương Giang

HÀ NỘI — Prime Minister Phạm Minh Chính has emphasised that financial inclusion must be achieved through digital platforms and financial technologies.

Key technologies such as blockchain, artificial intelligence and big data play a crucial role in creating new and accessible financial products and services, optimising processes, reducing costs and expanding access, ultimately enhancing the quality of financial services.

PM Chính, who also heads the National Steering Committee on Financial Inclusion, made the statement on Wednesday morning in Hà Nội when he chaired the second meeting of the committee to evaluate the implementation of the National Financial Inclusion Strategy for 2025, with a vision towards 2030.

The meeting also reviewed the results achieved since the first Steering Committee session and discussed ongoing tasks and solutions for advancing the financial inclusion strategy.

He also stressed the importance of mobilising all available resources for the initiative. In addition to domestic resources, support from international organisations and experiences from leading nations must be leveraged.

Proactive integration and participation in international frameworks for financial inclusion are necessary to enhance implementation capabilities, adopting best practices and supporting the realisation of the National Financial Inclusion Strategy.

The implementation of the strategy at ministries, sectors and local departments should be practical, cost-effective and efficient, with regular reviews of goals, targets and necessary adjustments to tasks and solutions for the 2026-30 period to align with new trends and circumstances.

He tasked the State Bank of Vietnam with further improving the legal framework, developing mechanisms and formulating policies to facilitate digital transformation in banking operations and promote cashless payments.

It should also work with the Ministry of Finance, local authorities and relevant agencies to accelerate the adoption of cashless transactions across the economy.

The ministry was instructed to encourage insurance companies to develop new products and improve the credit guarantee mechanism. The ministry has to focus on enhancing the effectiveness of State financial funds, particularly those with lending and credit guarantee functions.

Additionally, it will promote cashless transactions for the payment of government budgetary expenditures, as well as taxes, fees and fines by individuals and businesses.

The Ministry of Public Security was assigned to coordinate with relevant ministries, agencies and financial institutions to clean and align data with the National Population Database to support operational activities.

The Ministry of Education and Training was required to implement programmes and forums that foster financial literacy and entrepreneurial skills among students.

The Ministry of Agriculture and Environment was told to continue to integrate financial inclusion goals into the National Target Programme for building new-style rural areas. It was ordered to work on enhancing the financial and accounting capacity of cooperatives.

Meanwhile, Vietnam Social Security was directed to expand the cashless payment of pensions, social insurance benefits and unemployment allowances via banking systems.

The Ministry of Foreign Affairs should play a proactive role in strengthening financial cooperation within international programmes and forums, contributing to the advancement of financial inclusion in Việt Nam.

He urged the Vietnam News Agency, Vietnam Television and Voice of Vietnam to proactively implement public education and awareness campaigns on financial inclusion.

Essential strategy for national development

Also at the meeting, Chính reiterated that the National Financial Inclusion Strategy is of critical importance to the country’s socio-economic development, particularly in the era of the nation's rise.

It ensures that all citizens and businesses have access to necessary financial resources and services, improving living standards, fostering savings and investment, and promoting overall economic growth, he said.

In turn, the efforts contribute to reducing inequality, ensuring financial stability and supporting sustainable development, in line with the Party and State's policies on social equity and progress.

He added: "The core principle of Government policies is rapid development, but with sustainability and inclusivity."

This encompasses macroeconomic stability, inflation control, balanced economic frameworks, public debt management, ensuring social equity, and maintaining a clean, green environment.

He also praised the Steering Committee and relevant ministries, agencies and local authorities for their diligent efforts in implementing five key strategic tasks of the strategy to improve access to financial services for the public and businesses.

Special emphasis has been placed on ensuring equal financial access for disadvantaged groups, particularly those in remote areas, as well as vulnerable individuals, despite the global economic and financial challenges, including natural disasters and pandemics.

The Steering Committee’s report revealed that after five years, significant progress has been made in implementing the strategy.

The legal framework has been continually strengthened with the issuance of eight laws, 11 decrees and 10 decisions.

The distribution network for financial services 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.

Basic financial products and services, aimed at key target groups for financial inclusion, have been significantly boosted.

Cashless transaction volumes have increased by over 34 per cent, with many public sector payments now fully cashless.

Financial infrastructure, particularly in information technology and customer data, has also been upgraded.— VNS