214

Blockchain Technology

the central banks and state-owned banks. In particular, BIDV and MBBank are the

banks where the state is the main shareholder, and 80.64% and 79.03%, respectively,

of the respondents selected these for most transactions. Sacombank did not receive

much attention from young people, unlike private banks and small banks like ACB.

The transactions are relatively easy, only depositing and withdrawing cash (100%);

evaluating in-depth transactions, the online deposit rate is just 43.5%, and the rate

of online loans is exceedingly low, just 4.84%; in addition, banks use financial tech­

nology and blockchain in transactions in Vietnam and other emerging economies.

The products that users are not very concerned with are also bottlenecks. There is a

similar situation for other researchers in India and Africa.

TABLE 12.1

Blockchain Technology Trends

Comments

Comments on blockchain technology trends in Vietnam

Comment 1

Techcombank – Due to blockchain’s use in money transfer services, TCB has achieved

excellent business performance. TCB will soon begin to deploy blockchain with many

other services and products. Some banks, such as ACB, Sacombank and Vietinbank,

will also use blockchain to provide consumers with the best benefits.

Comment 2

Banking is the fastest and most successful business area in which technology is applied.

Commercial banks that want to thrive must aim to provide consumers with the best

goods and services in the highly competitive market and the explosion of today’s

Industrial Revolution 4.0. Therefore, an imminent development is the use of blockchain

technology in the banking sector.

Comment 3

The bank that goes first would have more benefits in the current technology application

race. For example, in Techcombank, many customers have become loyal customers of

TCB because of the advantages of blockchain application products and services. It will

be difficult for later banks to maintain current clients and grow new ones. Hence, since

this is the most advanced technology, they are compelled to select the blockchain

framework.

Comment 4

The Covid-19 pandemic has given Vietnamese consumers several opportunities to

experience banking services without going to a transaction counter. Vietnamese people

have also had plenty of time to compare and select the best banking services at the

lowest rate during this period. Although the investment costs for blockchain are very

high, it helps to minimize the cost of intermediaries and paper, allowing banks to

reduce customs fees and improve the competitiveness of rates.

Comment 5

The goal of the bank is to use blockchain in remittances and cross-border payments. The

technology of blockchain aims to reduce intermediaries, shortening transaction times

from a few days to a few minutes. Again, not only MBBank but many other banks can

also find ways to take advantage of this.

Comment 6

Blockchain is a solution for identifying identity theft – a problem that banks need to

better answer. When making purchases, the blockchain network allows consumers to

use fingerprints and facial recognition technology. It is understood to be the most

appropriate safety step.

Source: Results from the analysis.