The Governor of the State Bank of Vietnam, Pham Duc An, has emphasized the importance of data utilization in the banking sector during the Digital Transformation in Banking event held on August 18, 2026, in Ho Chi Minh City. He called on credit institutions to innovate their customer assessment methods and credit management practices to better support small and medium-sized enterprises (SMEs), household businesses, and individuals.

This initiative is designed to provide feasible financial solutions and ensure transparent cash flows, allowing these entities to access capital more conveniently and at reasonable costs. The Governor's remarks highlight the growing need for banks to adapt to the evolving digital landscape and enhance their services through data-driven approaches.

By leveraging data effectively, banks can improve their risk assessment capabilities, which will enable them to offer tailored financial products that meet the specific needs of their clients. This move is expected to boost economic growth by empowering smaller businesses and individuals, who often face challenges in securing funding.

The event also showcased various technological solutions and products developed by banks to support this digital transformation. The emphasis on data utilization reflects a broader trend in the banking industry towards adopting innovative technologies to enhance customer experiences and operational efficiency.

As the banking sector continues to evolve, the Governor's call to action serves as a crucial step towards fostering a more inclusive financial environment in Vietnam.