In the rapidly evolving digital landscape, digital transformation has emerged as a crucial strategy for the survival and sustainable development of businesses. This shift is not just a trend; it is reshaping the very foundation of the global financial sector. A notable example is Bank of America, which has integrated digital banking and the chatbot Eric into its services, alongside the implementation of robotic branches. In Vietnam, the State Bank's Decision No. 810 aims to digitize 50% of banking operations and 70% of customer transactions by 2025, illustrating this inevitable trend.
Digital transformation is significantly altering the scale and operational methods within the banking industry. Over 95% of commercial banks have successfully adopted a lean personnel model while leveraging digital technology. For instance, the Investment and Development Bank of Vietnam (BIDV) reported a workforce of 28,998 employees by the end of 2024, a decrease of nearly 1,000 compared to the previous year. Similarly, Saigon Thuong Tin Bank (Sacombank) cut over 400 positions, leaving a total of 18,088 employees. Other banks like Asia Commercial Bank (ACB) and Vietnam International Bank (VIB) also reduced their staff by 365 and 517 employees, respectively. In 2024, several banks, including Tien Phong (TPBank), Nam A Bank, An Binh (ABBank), and Kien Long (KienlongBank), also trimmed their personnel, though the reductions were fewer than 100 employees each.
The wave of personnel cuts surged after the Lunar New Year of 2025, with some employees reporting layoffs due to not meeting new qualification requirements. Bank representatives indicated that these reductions were primarily driven by the need to streamline operations and adapt to new job responsibilities. The demand for human resources in technology, digital transformation, and digital finance departments is immense, given the goal of digitizing 50% of operations, which places significant pressure on the workforce.
Experts predict that the trend of workforce reduction in the banking sector may not be ending soon, with further cuts likely in the near future. VietCredit, a financial company, is actively restructuring its organization and harnessing digital transformation to focus on fully digitalized service products. This innovation has allowed the company to navigate challenges and maintain stable operations in a volatile economic environment. Particularly, VietCredit is increasing investments in technology, which has become its new strength as it applies AI and modern fintech technologies to its financial products.
This trend of workforce reduction is not limited to banking; it is also occurring across various sectors, including securities, insurance, and retail. However, finance and banking are witnessing the most significant digital transformations, with financial institutions laying off employees to restructure job positions in response to pressures to increase productivity and reduce costs. Positions most at risk of being replaced by AI often include those related to data entry, finance, and administrative services. For instance, AI can automate repetitive tasks, leading to the gradual elimination of office staff, administrative assistants, and legal secretaries.
According to the World Economic Forum's Future of Jobs report for 2025, approximately 41% of companies worldwide expect to reduce their workforce due to AI, with the figure rising to 48% in the United States. These statistics indicate that AI's impact extends beyond specific industries, affecting the entire labor market. However, not all companies are immediately resorting to layoffs. Seventy-seven percent of businesses report that they will focus on retraining and upskilling employees rather than cutting jobs. Some experts argue that AI will not lead to mass unemployment but rather a transformation within the labor market. Retraining and developing new skills are essential for ensuring that workers can effectively collaborate with AI, fostering a sustainable future for both businesses and employees.
Clearly, digital transformation and workforce optimization are not merely trends; they are vital components for businesses to survive and thrive. This shift presents both challenges and significant opportunities for companies and employees in Vietnam, laying the groundwork for a robust digital economy in the era of AI.
In March, Prime Minister Pham Minh Chinh signed Decision 598 to establish the Government Steering Committee for the development of science, technology, innovation, and digital transformation as part of Project 06. The motto emphasizes a "lean apparatus, connected data, intelligent governance," highlighting the need for a strategic approach to integrating technology and innovation into the national framework.
During a recent event, Prime Minister Chinh underscored the importance of science, technology, innovation, and digital transformation as essential paths to breaking through challenges and building a strong, self-reliant economy. He noted that the Politburo's Resolution No. 57-NQ/TW serves as a critical guideline for rapid and sustainable development, urging the nation to embrace innovation and digital transformation as integral to economic growth.
Prime Minister Chinh stated that Vietnam's economy is expected to achieve a scale of at least 30% of GDP by 2030, with over 80% of the population utilizing online public services. He emphasized the necessity for 100% of administrative procedures related to businesses to be conducted online by 2025, ensuring no limitations imposed by provincial boundaries.
The Prime Minister visited the innovation and digital transformation exhibition booth of VNPT, highlighting the achievements made under the leadership of the General Secretary and the government. He acknowledged the encouraging results in science, technology, and innovation, which have significantly contributed to socio-economic development and national security.
Looking ahead, the Prime Minister called for a collective effort from all sectors to foster a culture of innovation and digital transformation. He urged businesses, scientists, and the public to actively participate in this movement, reinforcing the belief that the spirit of competition and innovation will drive the nation towards a prosperous future.
As Vietnam stands on the brink of a digital revolution, the government's commitment to advancing science and technology will be crucial in ensuring the country remains competitive on the global stage. The call for a nationwide push towards innovation and digital transformation is not just timely; it is essential for the nation's progress in the 21st century.
