The Strategy sets a key goal: "All individuals and businesses will have access to and be able to use appropriate financial products and services safely and conveniently, at reasonable costs, provided responsibly and sustainably by licensed institutions."

To implement the tasks and solutions in alignment with the Prime Minister’s directives, in July 2020, the State Bank of Vietnam (SBV) issued the banking sector’s Action Plan to execute the National Financial Inclusion Strategy until 2025, with a vision to 2030, focusing on three main solution groups.

Mr. Le Ngoc Lam, Chief Executive Officer of BIDV talks with BIDV Review on the bank’s progress in implementing each of these solution groups.

Member of the Board of Directors, Chief Executive Officer Le Ngoc Lam

 

Regarding the solution of “diversifying distribution channels to enable individuals and businesses to access and use basic financial products and services conveniently and at reasonable costs,” how has BIDV implemented this over the past years?

As Vietnam’s leading financial institution, BIDV has actively deployed comprehensive solutions to contribute to the national financial inclusion objectives. Recognizing that a widely accessible and cost-effective distribution network is a key factor in enabling individuals and businesses to access essential financial services, BIDV has taken concrete actions in the following areas:

First, BIDV focuses on expanding network in rural and remote areas where financial accessibility remains limited. Over the years, BIDV has been Vietnam’s leading bank in terms of distribution channels, with more than 1,100 transaction points covering all 63 provinces and cities nationwide. Between 2020 and 2024, BIDV established 57 new transaction points in communes and towns, increasing the total number of rural transaction points to 358, accounting for 32 percent of BIDV’s total branches and transaction offices. This has significantly improved access to banking products and services for local residents. In addition, BIDV has installed over 2,000 ATMs and more than 90,000 payment acceptance points, demonstrating its commitment to bringing financial services to people across the country. These services range from basic functions such as deposits, withdrawals, and bill payments to advanced services like biometric transactions, interbank QR withdrawals, contactless payments, and transactions using chip-based citizen ID cards.

Second, BIDV has made substantial investments in developing modern distribution channels based on digital technology. The bank has launched BIDV SmartBanking and BIDV Home – the digital banking applications with user-friendly features that allow individual customers to perform most financial transactions without visiting a branch. BIDV also developed the Omni iBank digital banking platform for corporate customers. In addition to standard features, BIDV continuously upgrades its digital banking applications with cutting-edge technology to enhance the customer experience. These applications integrate functions that support financial inclusion, such as public service payments, payroll, social insurance, and welfare payments.

Third, BIDV has strengthened partnerships with fintech companies and telecommunications firms to expand its distribution channels and develop new payment solutions, ensuring the availability of low-cost, convenient financial products for a diverse customer base. To date, BIDV has integrated with more than 30 e-wallets, including Momo, ZaloPay, and ShopeePay. The bank has also completed connections with Vietnam’s three largest telecom providers to roll out Mobile Money services. This is a crucial initiative to expand financial services across Vietnam, particularly in rural and remote areas where banking infrastructure and internet access remain underdeveloped.

Thanks to these efforts, BIDV is now serving 21.8 million individual customers and nearly 500,000 businesses, significantly increasing service coverage for priority areas and target groups in alignment with the Government’s direction. This contribution reinforces the national financial inclusion goals.

“Diversifying basic financial products and services, targeting at key groups in financial inclusion” is the second group of solutions in the implementation plan of the Strategy. Could you share the notable achievements BIDV has made so far?

With the strategic goal of ensuring that all individuals can access suitable financial products and services, BIDV has focused on several key areas.

First, the bank has strongly promoted cashless payments. Since early 2022, BIDV has proactively removed barriers related to service fees, offering fee waiver for money transfers, digital card issuance, and account management linked to SmartBanking. Additionally, BIDV has waived or reduced issuance and transaction fees for various card types to encourage customers to switch to digital channels and shape cashless payment habits within the community. The bank has also expanded electronic payment solutions such as e-wallets, Mobile Money, and QR Code payments at thousands of retail locations, allowing even those in remote areas to access modern payment methods. As a result, BIDV's online transactions now account for over 87 percent of total transactions, with transaction value on digital platforms growing at an average rate of 30 percent per year.

Second, BIDV has introduced various flexible savings products tailored to low-income individuals. A notable example is the "Accumulated Savings" product, which enables customers to deposit small amounts regularly based on their financial capacity. This initiative supports individuals in building finance for long-term goals such as buying home, education, or business startup.

Third, BIDV has launched numerous preferential credit programs targeting the core groups of financial inclusion.

For retail customers, in 2024, BIDV has implemented several credit packages with a total value of VND780 trillion, catering to a wide range of needs, from household business operations and small-scale traders to rural agriculture, affordable home loans, and personal instalment loans. Interest rate reductions of up to 2 percent per annum have been offered to support individuals. Notably, in response to the severe impact of Typhoon Yagi, BIDV swiftly introduced a VND50 trillion credit package to help affected individuals stabilize their livelihoods and restore business activities.

For corporate customers, BIDV has developed credit programs for small and medium enterprises (SMEs), micro-enterprises, newly established businesses, women-led enterprises, and green/sustainable financing. Beyond offering preferential interest rates, the bank also provides technical support, advisory services, and capacity-building assistance in areas such as business management, cash flow optimization, human resources, product development, and technological innovation.

These efforts have earned BIDV widespread recognition, reflected in numerous prestigious awards. The bank has been named "Best Retail Bank in Vietnam" for 10th year by The Asian Banker, received awards from the United Nations Entity for Gender Equality and the Empowerment of Women, and was recognized as the "Best SME Bank in Southeast Asia 2024" by Global Banking and Finance.

Additionally, BIDV has been at the forefront of supporting the government’s digital transformation agenda by integrating its banking products and services with the national citizen database. This includes utilizing chip-based ID cards for biometric authentication, customer data verification, and risk assessment. BIDV has also collaborated on initiatives such as relief programs and charitable activities via the VNeID platform, automated customer credit scoring, and one of the first four banks to integrate bank accounts with VNeID for social welfare payments. By implementing a comprehensive distribution channel strategy and diversifying product offerings, BIDV has achieved significant milestones in executing the National Financial Inclusion Strategy through 2025, with a vision toward 2030. Moving forward, BIDV remains committed to working alongside the government and the State Bank of Vietnam to further promote financial inclusion, contributing to sustainable and inclusive socio-economic development.

 

Financial education communication has been a key priority for BIDV in recent years. Could you share more about the implementation of BIDV’s financial literacy programs and their impact on customers and the community?

In recent years, BIDV has actively promoted financial literacy through initiatives such as the "Smart Money" and "Wise Spending" programs, along with the publication of financial education materials like "Managing Money Wisely, Avoiding Financial Pitfalls."

Since June 2024, BIDV’s Board of Directors and Executive Management have chosen to strategically partner with the Moneyverse program - a unique and innovative financial education initiative aimed at young people. With extensive experience as a leading financial institution in lending, project appraisal, and investment, BIDV has contributed to the program in three key areas.

First, BIDV has provided expert advisory support, with its experienced specialists serving as judges, mentors, and content advisors. This program has also allowed BIDV’s brand, products, and corporate culture to directly engage with 24 major universities across Vietnam. More than 20 senior executives from BIDV’s headquarters and branches have participated as "Financial Doctors," offering guidance, answering student inquiries on financial topics, and inspiring the younger generation.

Beyond sharing financial knowledge, BIDV has embedded ESG (Environmental, Social, and Governance) principles into the program, ensuring that financial education goes beyond intellectual engagement to promote social responsibility. This integration has transformed the initiative into a pioneering financial education platform in Vietnam.

Second, with a nationwide network of over 1,100 branches and transaction offices, as well as a diverse ecosystem of retail banking and digital banking products, BIDV offers students hands-on experiences to apply their financial knowledge in real-world scenarios.

Third, BIDV supports outstanding students participating in the Moneyverse journey by offering scholarships, internship opportunities, and future career opportunities. During the program’s preliminary rounds across 24 universities, BIDV awarded 120 scholarships with a total value of VND360 million to talented students.

At the grand finale held on 11 January 2025, BIDV’s leadership extended official job offers to the top six finalists as a testament to the bank’s commitment to empowering Vietnam’s younger generation.

As part of this collaboration, BIDV launched the BIDV Mastercard Moneyverse, Vietnam’s first international debit card exclusively designed for students. This product was recognized by Mastercard as the "Most Inspiring Youth-Oriented Card Product of 2024."

Looking ahead, BIDV will continue to develop and implement innovative financial literacy programs while ensuring compliance with consumer protection regulations. By engaging in strategic partnerships and pioneering creative approaches, BIDV aims to deliver financial education initiatives that range from basic to advanced financial knowledge, including fraud prevention in the digital space.

Thank you!