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On the afternoon of October 25th, BSL welcomed a delegation from the World Bank for a meeting session based on World Bank mission’s working schedule at BSL headquarters. Both parties engaged in discussions regarding the National Financial Inclusion Strategy (NFIS) for the 2026-2030 period. The meeting was a resounding success, providing both parties with a comprehensive understanding of the Vietnamese market, particularly the leasing companies. This will facilitate the evaluation of the accomplishment status and the development of solutions to achieve the shared objectives of NFIS.

Since 2016, the World Bank has assisted the State Bank of Vietnam in developing and implementing the National Financial Inclusion Strategy in the first phase from 2021 to 2025. Along with that, both parties will propose directions and recommendations for the implementation of the National Financial Inclusion Strategy for the period 2026-2030. The World Bank delegation seeks input from BSL the sharing, assessments and contributions to the orientation process for the next phase as well as the difficulties and challenges that may be encountered when implementing the National Financial Inclusion Strategy (NFIS) in Vietnam.

National Financial Inclusion Strategy by 2030

Pursuant to Decision No. 149/QD-TTg, approved on January 22, 2020, by the Prime Minister, the National Financial Inclusion Strategy (NFIS) to 2025, with a vision towards 2030, aims to ensure that all citizens and businesses can safely and conveniently access financial products and services that meet their needs at reasonable costs. Special emphasis is placed on marginalized groups, low-income individuals, and small and micro-enterprises. The issuance of the NFIS marks a significant milestone for the development of Vietnam’s financial and banking system, contributing to the country’s sustainable growth and development. Following the Strategy’s promulgation, the finance and banking sector has actively executed numerous activities, demonstrating the system’s commitment to achieving the set objectives.

Particularly for the Leasing sector for enterprises, this Decision has brought a new opportunity for leasing companies to approach customers. It pushes companies in the industry to be more dynamic and active in introducing services to customers, especially SMEs. The Strategy is going to help increase innovation in the design and distribution of financial products and services in the direction of simplicity, convenience, ease of use, cost reduction, and suitability to the needs and affordability of enterprises. In addition, leasing companies will also need to focus on perfecting appropriate financial infrastructure, creating convenience, safety, efficiency and sustainability for stakeholders.

World Bank mission team paid a visit to BSL headquarters to discuss on the National Financial Inclusion Strategy

With the desire to focus on enhancing financial inclusion from policy formulation to execution by financial institutions, and to review and assess outstanding issues and challenges, especially in the field of Leasing for corporate clients, the World Bank sent a working mission team to participate in discussions with BSL.

BSL’s Efforts in Vietnam’s Financial Inclusion Strategy

During the meeting, BSL representatives introduced in detail the business’s operating philosophies, goals and visions – towards a prosperous Vietnamese society, becoming a reliable companion in the Vietnamese financial market. Accordingly, BSL has made many efforts in contributing ideas to improve policies and laws on leasing, developing more services and products for customers as well as mobilizing more diverse and flexible capital sources to meet the needs of businesses. Along with that, BSL has also proactively communicated through many different channels to introduce to businesses a new method of resource mobilization, a new approach to medium and long-term capital to meet the investment needs of businesses. Thanks to these endeavors, after 7 years of development, BSL has accompanied more than 800 small and medium enterprises (SMEs) and sponsored machinery and equipment with a total value of over 11,000 billion VND for Enterprises.

The discussion was conducted with candor.

In addition, representatives from BSL have candidly shared the challenges and difficulties encountered in expanding service offerings, ranging from policy and legal frameworks to cultural norms and business practices, particularly regarding the use of financial services by businesses, especially SMEs. Despite these challenges, BSL remains committed to a serious and reflective approach, learning valuable lessons to continuously improve the quality of financial services. The long-term goal is to create more business opportunities and offer comprehensive support in the growth journey of businesses. In addition to the perspectives and insights shared during the discussion, it is impossible not to mention BSL’s contributions and the company’s strategic direction, aimed at fostering success and building sustainable value for the National Financial Inclusion Strategy for the period 2026–2030.

At the conclusion of the meeting, representatives from the World Bank expressed their appreciation and gratitude for the comprehensive, insightful, and multi-faceted information and perspectives shared by BSL. Looking ahead, the World Bank hopes to continue receiving input, feedback, and contributions from BSL to assist the World Bank delegation in refining the data and reports. This will help promptly formulate recommendations and directions for implementing the second phase of the National Financial Inclusion Strategy in an optimal and effective manner for the Vietnamese market.

My Hoàng