Prime Minister Pham Minh Chinh visits the exhibition of products, services and digital transformation applications in banking activities. (Photo: VNA)

In his address, the Prime Minister praised the State Bank of Vietnam’s announcement of 20 billion USD credit package with the participation of 21 commercial banks which provides lending to strategic infrastructure projects such as transportation, energy, and digital infrastructure with preferential interest rates at least 1% lower than current medium- and long-term lending rates.

The Prime Minister proposed that the preferential interest rate should be reduced at least 1.5% to create significant momentum for strategic infrastructure development, strengthen the private sector, generate more employment opportunities, and contribute to national economic growth.

Prime Minister Pham Minh Chinh chairs the event of the Digital Transformation Day of the banking sector (Photo: VNA)

Regarding the broader goal of digital transformation in the banking sector, the Prime Minister said: “The most important and overarching objective of digital transformation in the banking sector is to improve connectivity, especially linking commercial banks more closely with individuals, businesses, and the State. This will contribute to rapid and sustainable national development, supports the building of a digital government, digital society, and digital citizens, while maintaining macroeconomic stability and ensuring the major economic balances.”

The Prime Minister urged the entire banking sector to further accelerate the adoption of modern technologies and innovation, closely linked with the development of high-quality human resources,

He said it's important to diversify banking products and services, promote inclusive electronic payment infrastructure, and strengthen cybersecurity and data protection while ensuring transparency, and preventing corruption, misconduct, and waste across the system.