The Vietnam Banking Association has sent a document to the Ministry of Information and Communications with regard to the draft decree on electronic signatures, saying that if they are made compulsory in banking transactions, it might become a cost burden to both users and enterprises.

The settlement of bad debts will face many difficulties this year as there are no legal regulations related to repossessing collateral assets, industry insiders said.

In the face of rising bad debt amid the ongoing COVID-19 pandemic, commercial banks have been forced to write up their loan loss provisions, according to industry sources.

The COVID-19 pandemic has speeded up the banking sector’s awareness of digitisation by three to five years and forced lenders to accelerate the process to survive and grow.

Banks are ready to seize business opportunities in the coming months as the COVID-19 pandemic has been basically controlled in Vietnam and domestic production and business are expected to accelerate soon.

A Vietnamese delegation, led by Nguyen Toan Thang, General Secretary of the Vietnam Banking Association, is attending the 22nd ASEAN Banking Conference that kicked off in the Cambodian capital city of Phnom Penh on November 25.