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Thursday, July 25, 2024

Financial inclusion takes center stage at Vietnam Summit

The Saigon Times

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HCMC – Business leaders, policymakers, and academics have recently participated in the inaugural Vietnam Financial Empowerment Summit in HCMC to address the growing need for financial literacy among Vietnamese consumers.

The summit aimed to foster collaboration across sectors to improve financial well-being and resilience.

The event, themed “Supporting Vietnamese People to Improve their Financial Well-being,” was co-organized by NordCham, Home Credit, and Decision Lab. It followed recent research indicating a rising demand for consumer credit and a pressing need for financial education.

In a panel discussion, experts explored how businesses, government bodies, and financial institutions can work together to enhance financial literacy among workers and communities.

Key insights included the role of companies in educating their staff about personal finances, the need for comprehensive and ongoing financial education programs, and the unique challenges faced by women in accessing financial services.

Participants discussed strategies for empowering consumers to make informed decisions about budgeting, debt management, and investment. They highlighted the challenges faced by consumers with low disposable incomes, the growing interest in alternative investment options like the stock market, and the need for transparency and accessibility in financial products.

The event underscored the importance of responsible finance, cross-sector collaboration, and consumer-centric financial products. Speakers emphasized the need to improve financial education and foster economic growth.

Thue Quist Thomasen, CEO of Decision Lab, stressed the link between financial well-being and individual productivity, calling for a concerted effort to address the financial literacy gap.

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