The Political Economy of Vietnam’s Economic Policy
Social Impacts of Digital Transformation in the Financial and Banking Sectors
Keywords:
Digital Economy, Digital Transformation, Financial and Banking Sector, Fin Tech , Vietnam’s Economic PolicyAbstract
This study examines digital transformation policies in Vietnam’s financial and banking sectors and analyzes their social impacts. A qualitative methodology is employed, combining fieldwork through in-depth interviews with documentary research. The findings reveal that the Vietnamese government plays a critical role in fostering an enabling ecosystem for the growth of the financial technology (FinTech) industry, particularly through improvements in the payment system and the development of relevant laws and regulations. Widespread internet accessibility has further stimulated both domestic and foreign investment in the FinTech sector. Digital payment methods, such as QR codes and e-wallets, have gained rapid popularity among consumers. At the same time, competitive interest rates and the expansion of financial products targeting low-income groups have created broader opportunities for individuals to access financial loans through both formal and informal channels. However, legislative gaps continue to pose risks for both borrowers and lenders. Employment structures are also transforming. Although workforce reductions in the financial and banking sectors remain limited, employees are increasingly required to possess advanced technological skills and to adapt to rapid digital changes. Overall, the study’s analysis of Vietnam’s digital transformation policies highlights critical lessons for other countries seeking to align financial and banking reforms with broader state development goals. These transformations not only reshape the institutional landscape but also influence people’s behaviors and everyday lives in profound ways.
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