Information and technology (IT) firms will lead the country’s digital transformation in all sectors, said Phan Tam, Deputy Minister of Information and Communications (MIC).

It's clear that digitalization is a prerequisite for local banks to survive and develop in the new era.

Deputy Prime Minister Vu Duc Dam has called for stronger efforts from the domestic IT enterprise community to promote digital transformation in Vietnams.

Much is being done to take Vietnam's banking and finance sector into the digital age, according to industry insiders.

Digital is fundamentally changing banking in Vietnam and transforming the industry's competitive landscape.

Businesses understand that digitalization is a must in the digital technology era. However, for many reasons, the modernization of financial information remains unsuccessful in the country.

Digital transformation will open up opportunities for Vietnam, mainly technology enterprises, Minister of Information and Communications Nguyen Manh Hung said at a meeting on July 15.

Commercial banks now are pouring money into digitalization in order to satisfy clients’ requirements amid financial technology breakthroughs.

The Ministry of Industry and Trade (MoIT)’s key task is to evaluate the building and adjustment of policies to support the development of the digital economy, according to Deputy Minister Cao Quoc Hung.

Citing information that the productivity of a Singaporean worker is 14 times higher than one Vietnamese, Hoang Nam Tien, president of FPT Software, explained why Vietnam is still poor.

“FPT cannot manufacture cars, which requires precision mechanics, but it can turn cars into self-propelled vehicles,” FPT Software chair Hoang Nam Tien has said.

VietNamNet Bridge - The cost for applying high technologies is becoming more affordable, which gives more opportunities to businesses to speed up digitalization of their production and business.

VietNamNet Bridge - Vietnam is developing digital banking, but vulnerabilities in cybersecurity remain a barrier to growth.

VietNamNet Bridge - Many Vietnamese want to modernize their factories to prepare for the 4.0 industry revolution, but they don’t know where to start.

Digital transformation is making waves worldwide. Taking advantage of the digital age to grow, to be able to protect companies and gain an edge over competitors is what businesses strive for.