The State Bank of Vietnam (SBV) has pledged to further strengthen security, safety and data protection across payment and banking activities, while directing service providers to actively implement solutions to improve the security of online and card-based transactions.

According to the SBV, as of May 22, 2026, the banking sector had completed biometric verification using chip-based citizen identification cards or the VNeID application for more than 161.2 million individual customer records and over 2.26 million organisational customers holding payment accounts.

The central bank has also deployed the SIMO platform, an information system designed to support management, supervision and fraud prevention in payment activities.

SIMO enables participating institutions to report suspicious accounts when detected and share information with other members across the network.

Using the system's centralised database, credit institutions can immediately block transactions or require additional account verification and authentication before online transactions are completed, helping reduce fraud and scams while safeguarding customer accounts.

As of May 31, 2026, SIMO had issued alerts to more than 4.4 million customers. Of those, more than 1.5 million customers chose to suspend or cancel transactions after receiving warnings, representing a total transaction value exceeding VND5 trillion (US$192 million).

Speaking at the "Smart Payments in the Digital Era" conference held in Ho Chi Minh City on June 6, Deputy Governor of the State Bank of Vietnam Pham Thanh Ha said the banking sector's achievements in promoting digital payments, digital transformation and digital ecosystem development reflected its commitment to pioneering a modern and intelligent digital ecosystem.

He said the sector was working to ensure seamless connectivity between banks and other industries, creating greater convenience for both individuals and businesses.

In this process, citizens and enterprises remain at the centre and are expected to benefit from simpler, faster, safer and more convenient digital financial services.

These efforts, he said, would contribute to Vietnam's broader goals of achieving average annual GDP growth of more than 10 per cent and increasing the value of cashless transactions to 30 times GDP by the end of 2030.

According to Deputy Governor Ha, the banking industry will continue reviewing, supplementing and refining legal frameworks, regulations and policy mechanisms to support digital payments, digital banking services and financial inclusion in the years ahead.

Tuan Nguyen