THE IMPACT OF EDUCATION AND AWARENESS ON THE DEVELOPMENT OF DIGITAL BANKING SERVICES IN VIETNAM

Education and awareness play a crucial role in the development of digital banking services in Vietnam. Despite a relatively high literacy rate, financial literacy remains limited, with only 24% of adults possessing basic financial knowledge, a figure below the ASEAN average. Educational attainment directly influences access to digital banking, as individuals with higher education levels, particularly university graduates, tend to exhibit better budgeting and financial control. However, financial education has yet to be widely integrated into Vietnam’s educational system. Currently, financial literacy is only partially incorporated into the national curriculum, with only 18% of high school students having been exposed to formal financial knowledge. Additionally, digital literacy is another key factor. Although Vietnam has a high internet and smartphone penetration rate (79.1% of the population), many individuals still struggle to use digital financial services. Enhancing financial and technological education, along with appropriate supportive policies, will be the key to driving the growth of digital banking in Vietnam.