On August 20, 2025, leaders and experts from Vietnam’s banking sector convened at a forum titled “Application of AI in Communication of Policies and Banking Products and Services.” The event, held against the backdrop of a global digital transformation, underscored the profound impact artificial intelligence (AI) is having on the financial industry—not just as a supporting tool, but as a core driver fundamentally reshaping the way banks operate, communicate, and serve their customers.
Dr. Nguyen Quoc Hung, Vice Chairman cum General Secretary of the Vietnam Banking Association, set the tone for the discussion with a bold statement: “AI is no longer just a tool, but has become a core driver reshaping all industries, including banking.” According to Dr. Hung, the explosion of AI technologies is opening breakthrough opportunities for banks, particularly in policy communication and the development of products and services. The transformation is so thorough that, by 2025, nearly half—about 45%—of all sales in the financial and banking sector are expected to be conducted entirely on digital platforms. That’s right: almost half of banking transactions will happen without the need for anyone to set foot in a traditional branch, a trend driven by AI’s central role in data analysis, process automation, and personalized customer service (as reported by Thoi Bao Ngan Hang).
This digital shift is not just about convenience. AI applications are credited with boosting work efficiency, reducing costs, saving precious time, and—perhaps most critically—enhancing the safety of financial systems. By analyzing behavioral data, automating routine processes, and tailoring services to individual needs, AI is helping banks reach new heights of operational excellence. Dr. Hung explained, “AI supports transparent communication of policies by summarizing legal documents into easy-to-understand language, helping the public and businesses grasp information quickly and accurately.” This is a game-changer for both consumers and regulators, who often struggle with the complexity of financial regulations.
But the benefits don’t stop at efficiency. AI is also helping banks respond to changing customer expectations and the push for greater financial inclusion. By analyzing public feedback and social opinions on new policies, banks can make timely adjustments, ensuring that new rules are not just written but actually work for people. Moreover, AI’s ability to recommend suitable products for specific customer groups—especially those who are vulnerable or underserved—aligns perfectly with Vietnam’s national goals for comprehensive financial inclusion.
Risk management is another area where AI is making its mark. With the ability to monitor and analyze social network data, AI helps banks detect misinformation early, allowing them to respond promptly and protect their reputation and system stability. Dr. Hung emphasized that AI “enhances risk prevention and system security,” a point echoed by other speakers at the forum.
Yet, as with any technological revolution, the rapid adoption of AI brings its own set of challenges. Associate Professor Dr. Pham Manh Hung from the Banking Academy highlighted a looming workforce issue: “By 2030, approximately 1 billion workers worldwide will need retraining to adapt to new technologies like AI, Big Data, and Cloud computing.” The so-called Fourth Industrial Revolution is not just about smarter machines—it’s about new job roles in finance. Positions like Data Scientist, AI/ML Engineer, Cybersecurity Specialist, Blockchain Developer, and Digital Banking Specialist are emerging, but there’s a significant shortage of skilled professionals with expertise in both finance and technology. This shortage makes it tough for banks to recruit and retain the talent they need to stay competitive.
Nguyen Thi Thanh Binh, Deputy Editor-in-Chief of Banking Magazine, pointed out a laundry list of risks associated with AI in banking. These range from data security and privacy concerns to the dangers of algorithmic dependence—where mistakes or biases can creep in if algorithms go unchecked. There’s also the specter of deepfakes and other sophisticated forms of digital deception, not to mention the ever-present challenges of high investment costs and regulatory frameworks that struggle to keep up with the pace of technological change.
One particularly thorny issue is the so-called “black box” problem in AI decision-making. Because many AI developers wish to protect their intellectual property, the inner workings of AI systems often remain opaque—even to those using them. This can make it difficult to understand, audit, or challenge decisions made by AI, raising ethical and legal questions about transparency and accountability.
Given these challenges, Dr. Hung and other experts at the forum laid out a roadmap for responsible AI adoption in banking. At the top of the list is the need to build and comply with ethical principles for AI development and application. “It is crucial to ensure fairness, transparency, and human-centric service,” Dr. Hung argued. He also suggested the establishment of an internal AI Ethics Council within banks to supervise sensitive projects and oversee compliance with these principles.
Collaboration was another key theme. The forum called for greater cooperation between banks, fintech companies, research institutes, and regulators. By sharing experiences and, where possible, data, these stakeholders can work together to develop safe and effective AI solutions that benefit everyone. “Proposals include establishing an internal AI Ethics Council to supervise sensitive projects and enhancing cooperation among banks, fintech companies, research institutes, and regulators to share experiences and develop safe and effective AI solutions,” noted Dr. Hung.
Of course, none of this is possible without the right infrastructure. Investment in modern IT systems with high security is essential to provide a solid foundation for complex AI applications and to ensure that sensitive data is always protected. Training is also a must: continuous education programs are needed to raise awareness and digital skills among all banking staff, from the frontlines to the C-suite.
As Vietnam’s banking sector stands on the cusp of a new era, the message from the August 20 forum was clear: AI is transforming the industry at a breathtaking pace, offering both incredible opportunities and serious challenges. The path forward will require not just technological investment, but a commitment to ethics, collaboration, and lifelong learning. Only by embracing these principles can banks hope to harness the full potential of AI—while keeping their customers’ trust and the financial system’s stability at the heart of their mission.
With every new algorithm and digital platform, the future of banking in Vietnam is being written in real time. The stakes are high, but so too is the promise of a smarter, safer, and more inclusive financial world.
