Banks across Vietnam are rapidly embracing digital transformation, streamlining lending processes by offering customers the ability to apply for and receive loans entirely through online platforms. This move not only enhances customer convenience but also significantly reduces operational costs for financial institutions.
The cornerstone of this transformation is Vietnam’s integrated national population database, which is now synchronised with databases from 18 ministries and sectors, four state-owned corporations, and the administrative systems of all 63 provinces and cities. This seamless connectivity has enabled richer, cleaner, and more comprehensive datasets, providing a robust foundation for banks to expand their digital service offerings.
At a recent conference focused on digital transformation in banking, Nguyen Thi Ngoan, Chief Financial Officer of Misa Joint Stock Company, highlighted the strategic potential of this data. In response, the company launched Misa Lending, a platform designed to connect micro and small enterprises with banks and credit institutions. The service facilitates lending based on real-time enterprise data and has already disbursed loans amounting to 22.5 trillion dong, approximately US$863.3 million.
The platform has significantly improved access to finance, with 30% of businesses successfully securing credit—ten times higher than traditional models—while maintaining risk levels within acceptable thresholds.
Vu Hong Phu, Executive Board Member of MB Bank, emphasised that enterprises with consistent cash flows, timely payroll disbursements, and full tax compliance are now eligible for credit approval, often without the need for collateral. In 2023, MB Bank issued unsecured loans based on data to over 4,000 businesses, cutting loan processing times by 80%.
“A total of 14,500 disbursement orders were executed automatically within minutes,” said Phu. “What used to take two hours now only takes between five and 15 minutes. This level of automation saved the bank 36,000 labour hours last year, equivalent to 4,500 workdays.”
VietinBank has also made strides in digital lending through its eFAST platform, which now facilitates online disbursement for corporate clients. According to Deputy Chief Executive Tran Cong Quynh Lan, the bank has processed more than 87,000 online disbursement transactions, valued at over 270 trillion dong. Presently, 36% of the bank’s corporate loans are disbursed online.
Meanwhile, MSB, formerly Vietnam Maritime Commercial Joint Stock Bank, has fully digitised its credit approval process by leveraging national data systems, including tax and invoice records alongside the national population database. Thousands of enterprises have secured loans via digital channels, with approvals delivered within minutes.
-Vietnam News
