THE DIGITAL TRANSFORMATION STORY AND THE DEVELOPMENT OF AGRIBANK

     The digital transformation started to be mentioned more frequently around 2015 and became popular from 2017. In Vietnam, digital transformation began to gain attention around 2018. Digital transformation is the next step after computerization, achieved through significant advancements in breakthrough technologies, especially digital technology. In the current context of green transformation, sustainable development is a widely discussed trend and direction for Vietnam. On October 25th – 26th, 2023, in Ho Chi Minh City, National Agency for Technology Entrepreneurship and Commercialization Development (NATEC) collaborated with Open Innovation and Technopreneur Institute (OITI) to organize Open Innovation Day 2023 with the theme “Tech Traverse – Where technology meets industry” towards sustainable development.

     Towards green transformation and sustainable development, through 06 multidimensional discussions, networking spaces and exhibitions, the Open Innovation Day 2023 aimed to connect large enterprises, startups, research institutes, financial organizations, government agencies, and innovators, especially focus on the impacts of digital transformation and transition in the Financial & Investment sector on the Green transition trend in the Banking and Finance sector, is becoming an integral part of the global financial revolution. Market demands and customer concerns are driving the Banking and Finance sector to seek Green Transformation solutions. At the same time, OID 2023 provided multiple solutions for financial organizations to have a proper understanding of ESG trends and implement related strategies.

     Digital transformation in agriculture is one of the 8 priority areas in digital transformation, with farmers at the center of this process. The participation of farmers in digital transformation plays a significant role in the success of the National Digital Transformation program. Digital transformation is defined with three main pillars: digital government, digital economy, and digital society, aiming to create a strong breakthrough in productivity and competitiveness of the economy to meet the development requirements of the country as well as improve the quality of life for residents.

    According to the results of the National Digital Transformation Index (DTI) in 2022, Quang Ngai province ranked 26th out of 63 provinces and cities nationwide, an increase of 34 places compared to 2021. In the three pillars of provincial-level DTI, including digital government, digital economy, and digital society, Quang Ngai ranked 17th in digital government and digital economy, and 15th in digital society.

The integration of digitization and digital technology into all banking activities brings many attractive experiences for customers, according to representatives of Agribank Quang Ngai. In recent times, the branch has been promoting various action programs to aim for the national digital transformation goals and those of Agribank. This includes a focus on online account opening, Agribank E-mobile banking application, issuance and payment of EMV standard Chip cards, Agritax electronic tax payment, Agribank Billpayment, and 24/7 self-service CDM banking. Currently, in addition to 28 ATMs, the branch has also equipped 8 additional CDM machines placed in the city, town, and districts within the province. CDM machines have functions such as automatic deposit and withdrawal, customers can open savings accounts, transfer money, pay bills, contribute to the budget, print card statements, and register for SMS Banking for credit cards in a safe and fast manner.

    The banking industry strives to create favorable conditions for people to use services on electronic platforms, with the aim to have 50% of small and micro loans decisions implemented on electronic platforms by 2025. This is related to supporting the development of the economy in remote, rural, and agricultural areas. With this target in mind, the State Bank of Vietnam (SBV) aims to provide digital services and products to the population, especially farmers in remote and rural areas.

To effectively implement digital transformation and improve the quality of administrative procedures, it is necessary for agencies, units, localities, and the government to enhance their information dissemination, communication, and promotion efforts. They should fully understand and strictly implement the state’s guidelines on the necessity and urgency of digital transformation, building digital governance, digital economy, and digital society. At the same time, the business community and the people in the province should continue to support and accompany the government at all levels in actively implementing digital transformation programs and plans. They should regularly use and apply digital platforms in their daily lives, provide timely feedback and suggestions, and work together with the government to ensure that digital transformation is implemented promptly, effectively, and in accordance with the practical conditions of the provinces and the country.

For more detailed information, please visit:

• Open Innovation Day: https://oid.openinnovation.vn/
• OITI website: https://oiti.vn/about/