According to the article, Vietnam’s National Digital Transformation Programme by 2025 has accelerated the inclination towards fintech.

Illustrative photo.

Housing close to 200 fintech organizations, now 66% of adults have payment accounts as listed by the Ministry of Planning and Investment. Not to forget, the perfect medley of 91.3 million smartphone subscribers and an internet penetration rate of 73.2 percent have made the situation more conducive for the industry's growth.

“The success of these promising fintech organisations has been linked with their close ties with the banking sector that has created invaluable synergies,” said the article.

Vietnam Banks Association (VNBA) has always been upfront in bringing favourable changes to the country's financial services industry, be it for lowering SMS charges for banking services or urging Visa and Mastercard to reduce several types of fees on Vietnamese banks during the Covid-19 pandemic.

Recently, VNBA has officially become a supporting partner for World Financial Innovation Series (WFIS) that's shaping to be the country's premier fintech event.

According to the article, the World Bank Group has also been actively supporting Vietnam in becoming a high-income economy by 2045.

"For big players, investors and even newcomers, the current nascent stage and relatively small size of the country's fintech market is making it particularly attractive for investment, considering there are a plethora of opportunities to get involved and scaling big,” it said.

Vietnamese, Singaporean PMs hold talks in Singapore

Prime Minister Pham Minh Chinh, now on an official visit to Singapore, held talks with his host counterpart Lee Hsien Loong following an official welcome ceremony chaired by the latter on February 9.

Prime Minister meets Singaporean President

Prime Minister Pham Minh Chinh expressed his delight at visiting Singapore in his capacity as the Vietnamese Government leader for the first time, during a meeting with President of Singapore Halimah Yacob on February 9 morning.

PM meets with representatives of Vietnamese community in Singapore

Prime Minister Pham Minh Chinh and his spouse met with the Vietnamese Embassy's staff and representatives of the Vietnamese community in Singapore on February 8 evening (local time) right after arriving in the island state for a three-day official visit.

Vietnam - Singapore Strategic Partnership

Vietnam and Singapore share excellent bilateral relations, underpinned by the Strategic Partnership Agreement concluded in September 2013 during Prime Minister Lee Hsien Loong’s official visit to Vietnam.

Singaporean daily spotlights PM Chinh’s official visit

The Straits Times of Singapore, in an article published on February 7, highlighted the upcoming three-day official visit to the city state by Vietnamese Prime Minister Pham Minh Chinh.

Source: VNA