Currently, according to the World Bank, Vietnam is among low average income countries with 71.3 million adults (over 15 years old) and per capita income of $2,062 in 2018. However, the development of comprehensive finance in the early stages has gained limited outstanding achievements. In particular, the proportion of people with low bank accounts concentrate in rural areas, especially low-income people and women. The number of people who have access to financial and banking services (own a bank account and access to at least 1 financial service) is now 45.8 million out of 92.6 million, accounting for 63% of the population. Regarding cashless payment activities, Vietnam has 30 licensed payment intermediaries, most of which are e-wallet organizations (27), electronic payment gateways (26), and collection and payment support (26), electronic money transfer (9). Besides, payment activities of commercial banks have been upgraded with the implementation of advanced technology. QR code payment has also been developed by a number of commercial banks, with a total of 24 banks in process and 50,000 points accepting this payment method. Yet the shortcomings regarding non-cash payment activities are not rare due to the lack and uneven distribution of infrastructure that has not reached rural and remote areas. Despite the relatively high borrowing rate through official financial organizations, the borrowing rate under unofficial forms remains high. In fact, digital finance is undeveloped and the number of people using digital financial services is quite humble. Fintech growth has been witnessed, nevertheless, it mainly focuses on retail activities rather than cover high-ranking payment services. Although the introduction of the Internet has made great contributions to improving payment solutions in Vietnam, where most transactions are in cash, the utility rate of accounts for payment is still lower than other countries within the region and in the world.
In this context, the event of Vietnam Retail Banking Forum 2019 will focus on the theme: “DEVELOPMENT OF DIGITAL BANKING CONTRIBUTES TO THE PROMOTION OF COMPREHENSIVE FINANCE”. The forum, as a common ground for leaders and experts in banking industry to exchange orientations; propose technology solutions; share the experience in digital banking development. Therefore, the main goal of Vietnam Retail Banking Forum this year is to assists banks in enhancing their financial services and simultaneously provide them with experience in how to attract customers. Banking specialists and info-tech experts will also be open to any question and willing to share their knowledge and operational experience regarding payment services. The forum is expected to bring updated information regarding the situation of non- cash payment activities in 5 ASEAN countries and recommendations for banks, fintech Vietnam and fintech companies from the United States under the support of the US Embassy ... Besides, IDG Vietnam and Vietnam Banking Association will also announce the results of the Vietnam Outstanding Banking Award 2019 (VOBA 2019) with the participation of the top 20 banks’ representatives in Vietnam.