Digital Transformation in Vietnam's Banking Sector in the New Context

This study examines digital transformation in Vietnam's banking sector amid rapidly changing institutional, technological, and market conditions from the post-pandemic period to 2026. Drawing on digital transformation theory, the resource-based view, dynamic capabilities, and the technology-organization-environment framework, the paper proposes a six-pillar analytical model covering institutions and governance; technology infrastructure and architecture; data and artificial intelligence; products, processes, and business models; cybersecurity and operational resilience; and customers, human capital, and financial inclusion. The study employs document analysis, policy analysis, and the synthesis of secondary data from the State Bank of Vietnam, the Government, the National Assembly, the Bank for International Settlements, the World Bank, and relevant empirical studies. The findings indicate that the sector has moved beyond channel digitization toward data-driven operational restructuring and open digital ecosystems. More than 87% of Vietnamese adults have a bank account; many core banking services have been fully digitized; numerous credit institutions conduct over 90% of customer transactions through digital channels; and non-cash payments, especially QR-based payments, continue to grow rapidly. Nevertheless, progress remains uneven and does not automatically generate sustainable competitive advantage because of legacy systems, fragmented data, weak technology governance, shortages of digital talent, compliance costs, online fraud, and persistent access gaps among vulnerable groups. The paper argues for a strategic shift from maximizing digital transaction volumes to creating responsible digital value. It proposes a 2026-2030 roadmap focusing on core modernization, data and AI governance, Open API and regulatory sandbox development, technology-enabled supervision, consumer protection, hybrid talent development, and outcome-based measurement of the economic and social value of banking digital transformation.