Vietnam Announces E-finance System by 2025

Updated on Wednesday 30th May 2018

Vietnam is a very advanced country from a technological point of view and technology is about to make its way into the banking system, as the Ministry for Finance plans on creating a cloud banking infrastructure in the coming years. Moreover, the cloud system would be operational by 2025. Our company registration consultants in Vietnam can assist foreign enterprisers interested in starting a business in the financial sector in this country.

Innovation to be implemented in the Vietnam financial industry

At the moment, Vietnam is a great country for starting a business in the fintech sector, however the Ministry for Finance considers there are still many ways in which financial technology can be used and one of these ways implies implementing the solutions created by fintech companies in the current banking systems.

For this purpose, mobile services and cloud technology could be successfully used to create an e-financial system in Vietnam. In order to achieve that, the ministry wants to create a smart or better e-governance system which will include e-financial services.

Our Vietnam company formation advisors can help foreign investors who want to start their own companies in the fintech sector.

Vietnam to improve the information security system

In order to have a fully operational cloud banking system by 2025, Vietnam must first work on the improvement of the information security system and its governance. This is why all electronic means of communication will need to be harmonized with the international standards. These means will most likely refer to data sharing, mobile payment solutions, e-data and e-filing programs, blockchain technology, artificial intelligence, cloud computing, data analysis.

The ministry plans to enable a digital financial system which will create the right conditions for Vietnam companies, organizations, agencies and their customers to access information. The first step towards achieving this started with the creation of e-government structures. These structures will first enhance the management of public services.

If you plan on starting a company in the financial or information technology industries, please feel free to contact our company formation specialists in Vietnam.