Government approves national financial inclusion strategy towards 2030

Deputy Prime Minister Nguyen Van Thang signed Decision No.928/QD-TTg on May 25, approving the National Financial Inclusion Strategy for the 2026-2030 period.

The strategy’s overarching goal is to establish a modern, secure, and inclusive financial ecosystem in an attempt to improve living standards and ensure that no one is left behind during the development process.

It seeks to guarantee that all citizens and businesses, particularly priority groups, can access financial products and services on an equal and comprehensive basis, fully benefit from the strategy and contribute to social progress, equity, and welfare during the country’s development.

Under the strategy, by 2030 Vietnam targets 95 per cent of people aged 15 and above holding transaction accounts at banks or other eligible institutions.

The value of cashless payments is expected to reach 30 times GDP, while at least 30 per cent of adults are expected to maintain savings deposits at credit institutions and foreign bank branches.

The country also aims for at least 300,000 small and medium-sized enterprises to have outstanding loans at credit institutions and foreign bank branches.

Outstanding loans serving agricultural and rural development are targeted to account for around 25 per cent of total outstanding credit in the economy. Meanwhile, insurance industry revenue is expected to reach approximately 3.3-3.5 per cent of the country’s GDP.

To achieve these goals, the strategy outlines several key tasks and solutions, including improving the legal framework to create a favourable environment for implementing financial inclusion objectives; developing diversified providers of financial products and services; and expanding modern distribution channels to help target groups access and use financial services conveniently and at reasonable costs.

The strategy also focuses on diversifying modern and user-friendly financial products and services; developing and upgrading digital financial infrastructure to promote financial inclusion; implementing a nationwide National Financial Education Programme and Digital Citizen Programme; promoting sustainable finance, climate finance, and inclusive finance; and strengthening cybersecurity and personal data protection.

A major focus will be placed on developing diversified modern distribution channels based on digital technology with reasonable costs, while expanding the coverage of financial service access points in rural, remote and isolated areas to make easier for individuals and businesses in these regions to access financial products and services.

Another highlight of the strategy is the promotion of cashless payment across the economy, enabling all citizens to access and use non-cash payment services, while diversifying financial products and services supporting agricultural and rural production and business activities.

It encourages credit institutions, foreign bank branches, and financial service providers to prioritise lending for individuals and businesses implementing green and circular economy projects and applying environmental, social, and governance standards.

The strategy also promotes the development of green financial products and green credit solutions to improve access to financing for individuals and businesses undertaking green transition initiatives.

At the same time, the strategy encourages credit institutions, foreign bank branches and financial service providers to expand microcredit products, while urging insurance companies to develop insurance and supplementary pension products.

Notably, it promotes the development and application of fintech models to expand access to financial products and services for priority groups.

The effective implementation of the National Financial Inclusion Strategy is expected to boost growth, develop the digital economy, strengthen economic resilience, and support Vietnam's sustainable development goals.

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