Digital technologies have had a strong impact on the country’s economy and nowhere that impact has been more strongly felt like in the banking and finance sector. Technologies helped improve business models and processes as well as created new products and services to serve the need of customers. According to a PwC survey this year, Vietnam was among the countries with the fastest growth rate in mobile payments. The number of users had seen a sharp increase to 61 percent from just 37 percent the year before. In the first eight months of 2019, total value of mobile payments in Vietnam increased by 150 percent as the number of mobile transactions doubled from the same period last year, according to a report by the State Bank of Vietnam (SBV). A report by Google in April showed the size of Vietnam’s digital economy could reach USD 12 billion by the end of 2019 and USD 43 billion by 2025. Vietnam and Indonesia are the fastest-growing digital economies in ASEAN, with over 40 percent annual growth. The SBV projected the digital economy would account for up to 20 percent of the country’s GDP in 2025. Technologies, especially digital technologies, would be an… Read full this story
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