On July 1, 2025, in Hanoi, within the framework of the technical assistance project funded by the Swiss State Secretariat for Economic Affairs (SECO), and administered by the Asian Development Bank (ADB), the State Bank of Vietnam (SBV) organized a Workshop themed “Implementing the Decree 94/2025/ND-CP on the Regulatory Sandbox in the Banking Sector” (Decree 94) under the chairmanship of SBV Deputy Governor Pham Tien Dzung.
The Workshop was also attended by Mr. Thomas Gass, Swiss Ambassador to Vietnam, and Mr. Ron H. Slangen, ADB Deputy Country Director. On the SBV’s side, there were representatives from several SBV entities. Besides, there were also representatives of several relevant Ministries and agencies, international organizations, credit institutions, Fintech companies, etc.
Decree 94/2025/ND-CP is an important legal document, creating a sandbox mechanism for Fintech, assisting the authorities in supervising and assessing risks, improving the legal frameworks, promoting the digital transformation of the banking sector, and developing a digital economy.
Acting as the lifeblood of the economy, the banking sector considers innovation and digital transformation as the key growth drivers. The SBV has been continuing to improve the legal frameworks to support the digital transformation and invest in upgrading the banking infrastructure. The national credit information infrastructure has been upgraded to enhance the data processing capacity and enable automated data updates, with the success rate of data submissions from the credit institutions exceeding 98%. Over 117 million individual bank accounts and more than 927,000 institutional bank accounts have been verified with biometric data, accounting for over 75% of the total number of institutional payment accounts that have conducted transactions via the digital channels. Many banking services have been fully digitized, with nearly 87% of Vietnamese adults owning bank accounts. In 2024, the value of non-cash payments was equivalent to 25 times of the national GDP.
Speaking at the Workshop, Deputy Governor Pham Tien Dzung said that, over the past time, the banking sector has proactively implemented the policies and directions of the Party and the Government. Many positive results in the digital transformation have been recorded, contributing to the overall development of the economy. “Perhaps, this is the first regulatory sandbox in Vietnam,” the Deputy Governor emphasized.
According to Decree 94/2025/ND-CP, there are 3 operations permitted to be in the regulatory sandbox, which are: Credit scoring, data sharing using Open API, and P2P Lending. During the implementation of Decree 94/2025/ND-CP, the SBV will continue to review and update new products, services, and business models in the banking sector to evaluate and propose to expand the regulatory sandbox to cover more operations.
The SBV Deputy Governor requested the SBV entities to clarify the regulations on the conditions, procedures, timeframes,... in Decree 94/2025/ND-CP for Fintech companies to participate. Also, the relevant Ministries and agencies need to further collaborate with the SBV in implementing Decree 94/2025/ND-CP, creating favorable conditions for the companies’ participation, contributing to providing convenient financial services to customers.
According to Deputy Governor Pham Tien Dzung, 87% of Vietnamese adults now own at least one bank account. “This serves as a foundation for developing financial services, particularly inclusive finance, with the support of Fintech. Fintech plays a significant role in the banking operations. Fintech and the banking sector can grow together, support each other," the Deputy Governor affirmed. Deputy Governor Dzung also hoped that with this Sandbox, Fintech companies would continue to contribute to the development of the financial sector in Vietnam, especially the development of comprehensive and inclusive finance.
Mr. Thomas Gass, Swiss Ambassador to Vietnam, speaks at the Workshop
Speaking at the Workshop, Mr. Thomas Gass, Swiss Ambassador to Vietnam, affirmed that this Decree not only encourages innovation from the existing providers but also lowers the entry barriers for start-ups and new market players. Ambassador Gass also committed to continuing to support and share international best practices with Vietnam, foster innovation, leverage Swiss expertise, and invest in partnerships that deliver long-term impact. “Our shared goal is to help Vietnam build a financial system that is resilient, innovative, and accessible to all. This helps Vietnam to realize its aspiration to become a high-income country by 2045 and achieve net-zero carbon emissions by 2050”, stated the Ambassador.
Mr. Ron H. Slangen, ADB Deputy Country Director for Vietnam, speaks at the Workshop
At the Workshop, Mr. Ron H. Slangen, ADB Deputy Country Director for Vietnam, shared that the financial system in Vietnam is undergoing a significant transformation process driven by technologies, including cloud computing, big data analytics, open API, Blockchain and AI. This shift is reshaping traditional banking operations and promoting the rise of financial technology companies. In response, the ADB supports the Decree on the Regulatory Sandbox, with the goals of promoting inclusive and climate-friendly finance, and providing an enabling environment for financial technology innovation.
An overview of the Workshop
Policy dialogues on the implementation of Decree 94/2025/ND-CP are planned to take place in Ho Chi Minh City on July 2, 2025 and in Da Nang on July 3, 2025 to disseminate widely the substances of Decree 94/2025/ND-CP to the subjects of application and the interested parties. The events will contribute significantly to promoting financial technology innovation for the goal of developing the national digital economy, improving access to financial services, and modernizing the banking system in alignment with the policies and orientations of the Party and the Government.
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