33% of Vietnamese adults have bank savings as financial inclusion expands: c.bank

Prime Minister Pham Minh Chinh, head of the National Steering Committee on Financial Inclusion, chaired the committee’s third meeting to review implementation of the 2020-25 strategy and discuss a draft strategy for 2026-30.

According to the central bank, 86.97 percent of adults now have a payment account at a bank, surpassing the target of at least 80 percent for the 2020-25 period.

The proportion of adults with savings deposits at banks in the past year reached 33 percent, exceeding the goal of 25-30 percent.

The average annual growth rate of non-cash payment transactions was 58.86 percent, above the target range of 20-25 percent, the central bank said.

About 290,000 small- and medium-sized enterprises had outstanding loans at credit institutions, surpassing the target of at least 250,000 enterprises.

Some 71 percent of adults had credit history information recorded in the banking system’s credit information database, exceeding the target of at least 70 percent.

Outstanding loans for agriculture and rural development accounted for around 24 percent of total credit to the economy on average during the 2020-25 period, slightly below the 25-percent target.

The central bank said some targets were not fully met due in part to the rapid digital transformation of the banking system, as lenders shifted from traditional distribution channels to modern ones to reduce costs and improve efficiency, as well as unfavorable developments in financial markets.

Higher targets set for 2026-30 period

The State Bank of Vietnam has drafted a financial inclusion strategy through 2030 and circulated it for comment to ministries, local authorities, banking sector units, and international organizations.

At the meeting, the prime minister set a goal of building a modern, safe, and inclusive financial ecosystem to improve living standards and ensure equal access to financial products and services, particularly for priority groups.

Specific targets for the 2026-30 period include 95 percent of people aged 15 and above having a transaction account at a bank or other authorized institution; the value of non-cash payments reaching 30 times gross domestic product; at least 30 percent of adults having savings deposits at credit institutions; and at least 300,000 small- and medium-sized enterprises having outstanding loans at credit institutions.

The government will focus on improving the legal framework, diversifying providers of financial products and services, and expanding modern distribution channels to improve access at reasonable cost.

Other priorities include developing digital financial infrastructure, implementing national financial education and digital citizenship programs, strengthening consumer protection, and promoting sustainable and climate finance, the meeting heard.