Visa empowers ethnic minority communities in Vietnam with expanded Financial Literacy Program

01/17/2025


Visa, the global leader in digital payments, has successfully concluded its Financial Literacy Program 2024 which is part of a three-year partnership with the State Bank of Vietnam (SBV), aimed at enhancing access to essential financial services across Vietnam. In collaboration with the Committee for Ethnic Minority Affairs and NextPay – a fintech innovator owned by NextTech Group, the program introduced practical learning opportunities, aimed at enhancing the economic capabilities of ethnic minorities.

This year’s program expanded its reach to Hoa Binh and Tuyen Quang, regions where ethnic minorities constitute a significant portion of the population. These regions have been identified as areas with high potential for financial inclusion, particularly due to the relatively low scores in the IT Infrastructure and Human Resources Index – 13 for Hoa Binh and 16 for Tuyen Quang1 – according to the 2024 Vietnam E-commerce Report by Vietnam E-Commerce Association (VECOM). This digital divide underscores the urgent need for financial and practical business literacy initiatives, which align with the goals of the National Target Program on Socio-Economic Development in Ethnic Minority and Mountainous Areas for the 2021-2030 period.

Further demonstrating its commitment to ethnic minority communities in Vietnam, Visa, in collaboration with the Committee for Ethnic Minority Affairs, the State Bank of Vietnam, and VinaCapital Foundation, recently organized a trip to provide aid to communities impacted by Typhoon Yagi in Sapa town (Lao Cai province). Through the collaborative effort, essential supplies and support were delivered directly to Fatherland Front Committee of Sapa town, demonstrating a commitment to helping these communities overcome the challenges and devastation left in the typhoon's wake. This initiative highlights Visa's dedication to extending assistance beyond financial literacy and into disaster relief efforts.
 


Mr. Tran Quang Tien, Manager of the International Development Banks Division, Department of International Cooperation, State Bank of Vietnam, shared: “Over the past two years, the collaboration between the State Bank of Vietnam and Visa has demonstrated significant positive impact, creating development opportunities for ethnic minority communities by providing essential knowledge and tools. We are confident that this collaboration will continue to bring even greater transformative changes, not only for local communities, but also for the socio-economic development of our country as a whole”.

In the past two years, the program equipped nearly 250 participants with essential financial knowledge and skills relevant to their business, delivered through 4 offline training sessions, 16 online post-course sessions, and 2 practical site visits to learn best practice from successful businesses.

Mr. Y Thong, Deputy Minister – Vice Chairman of the Committee for Ethnic Minority Affairs, said: “The 2023 program marked the start of our collaboration and achieved positive results by significantly enhancing the financial management skills of ethnic minorities in Thai Nguyen, Lao Cai, and neighboring areas. This initial success laid a strong foundation for the 2024 program, which built upon these achievements to further empower participants in leveraging local tourism potential, stimulating business activities, and contributing to sustainable development.”

Ms. Dung Dang, Visa Country Manager of Vietnam and Laos, added: “We’re pleased that the Financial Literacy Program has expanded its reach and enriched local communities with diverse learning experiences. The program offers insight into contemporary topics like e-commerce and AI applications, keeping participants abreast with market trends. Our collaboration with the State Bank of Vietnam underscores Visa’s dedication to promoting digital payments and encouraging greater engagement from ethnic minority communities in the digital economy. Together with the State Bank of Vietnam, we share a common goal to digitize the economy and establish an inclusive digital financial payment ecosystem to create sustainable long-term success for small business owners in Vietnam.”

The Financial Literacy Program 2024 implemented significant updates, enhancing both its reach and impact through a multi-pronged offline and online approach: 

  • Delivered in-depth training: The program offered both online and offline training sessions on financial management, e-commerce, and marketing.
  • Site visits to learn from successful business models: Participants had the opportunity to visit sites that had implemented successful business models, which enabled them to build cooperative relationships and gain insights into applying their knowledge in real-life situations.
  • Ongoing consulting support: Participants had ongoing consultation support to help them implement their newfound skills in their businesses effectively. The sessions focused on advanced topics such as AI in e-commerce and business, cost optimization for cooperatives and enterprises, creating AI videos, business performance analysis, as well as cost and tax optimization.
  • Gaining hands-on experience through digital payment solutions and a trial package: As part of the program’s collaboration with NextPay, the training session and specialized trial package allowed participants to gain hands-on experience with using digital payment applications and utilizing NextPay’s comprehensive digital transformation solutions that are tailored for small, medium, and micro-enterprises (SMEs) in Vietnam.


Mr. Nguyen Huu Tuat, CEO of NextPay, said: “NextPay is delighted to partner with Visa in introducing our comprehensive digital solutions to the Financial Literacy Program 2024. Through our specialized training and the offer of our trial package, we aim to empower SMEs to effectively integrate these solutions into their operations. Our goal is to continue expanding initiatives that equip SMEs with the knowledge and essential tools to compete in the burgeoning digital payment era.”

The Financial Literacy Program underscores Visa's commitment to enhance financial literacy and promote access to vital financial services in Vietnam. Visa has always been at the forefront of initiatives aimed at supporting small businesses, fostering digital payments, and driving increased participation in the digital economy. In Southeast Asia, Visa supports women-owned SMEs and youths with digital and financial skills, and has already surpassed the halfway mark of its objective to digitize 50 million SMEs across the globe.
 


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1 VECOM, 2024 Vietnam E-commerce Report, http://en.vecom.vn/vietnam-e-commerce-business-index-report-ebi-2024
 

About Visa
Visa (NYSE: V) is a world leader in digital payments, facilitating transactions between consumers, merchants, financial institutions and government entities across more than 200 countries and territories. Our mission is to connect the world through the most innovative, convenient, reliable and secure payments network, enabling individuals, businesses and economies to thrive. We believe that economies that include everyone everywhere, uplift everyone everywhere and see access as foundational to the future of money movement. Learn more at Visa.com.

About NextPay
NextPay is a pioneer in the field of digital transformation with a comprehensive payment ecosystem in Vietnam. The mPOS payment solution, Vimo e-wallet, NextLend financial solutions, and business management software, among others, are proud to help over 100,000 businesses and merchants achieve a successful digital transformation. By adopting modern payment technologies, stores and businesses can now optimize their payment processes, improve the management of sales, cash flow, revenue, and invoicing, while also reducing costs and minimizing risks. Additionally, the 0% interest installment payment solution of mPOS enables businesses and stores to easily attract more customers to experience their products, boosting revenue by 3 to 5 times.