The conference commenced with a comprehensive presentation by Mr. Nguyen Quang Hung, Chairman of the Board of Directors, outlining the achievements of NAPAS in 2023. Under the vigilant oversight of the SBV and the Board of Directors, NAPAS has actively collaborated with member organizations and partners to propel the advancement of the national retail payment infrastructure. This encompasses the provision of financial switching services both domestically and internationally through various channels, including cards, accounts, QR codes, e-wallets, and mobile money. Furthermore, concerted efforts have been made to expand membership, interlinking clearing and settlement switching systems and facilitating cross-border payments. The results of 2023 underscore consistent growth in non-cash payment transactions within the NAPAS system, thereby contributing to the overarching expansion of the sector.

Consequently, the NAPAS system witnessed a notable surge, with the total transaction volume and value increasing by over 52% and more than 12%, respectively, compared to figures from 2022. Notably, ATM transactions experienced a continued decline, diminishing by 16.9% in volume and 19.5% in value. Currently, ATM transactions constituted a mere 3.6% of the total transactions processed by the NAPAS system. These statistics unequivocally indicated a diminishing demand for cash withdrawals, supplanted by the growing preference for more convenient payment services such as NAPAS FastFund 247 transactions and QR code scanning payments.

Recognizing the paramount importance of ensuring the secure, stable, and seamless operation of the clearing and switching infrastructure to meet the diverse payment needs of the public and facilitate economic activities, NAPAS has diligently implemented measures in recent years. These measures focus on augmenting the system's processing capacity to ensure security and safety, even during peak periods marked by a high transaction volume exceeding 27 million per day. The Service Level Agreements (SLAs) for ATM/POS switching services, online card payments, and NAPAS FastFund 247 transactions, all attained a commendable 99.98% in 2023. In preparation for peak periods, such as year - end and approaching the Lunar New Year, NAPAS consistently formulates readiness plans encompassing systems and resources, develops contingency plans and scenarios for incident response and backup for critical information systems, and augments personnel to provide 24/7 support to banks, payment intermediaries, and businesses. In the pursuit of fortifying the implementation and proliferation of novel products and services, NAPAS, in 2023, seamlessly integrated and extended public service payment offerings in collaboration with 71 ministries, branches/localities, and 44 issuing organizations, inclusive of banks and financial entities. Moreover, through the facilitation of international collaboration, NAPAS formally introduced an interconnected QR code scanning payment service connecting Vietnam and Cambodia. This initiative served to broaden the utilization scope of Vietnamese payment products and services overseas, establishing a convenient payment ecosystem for individuals while concurrently fostering trade, commercial promotion, and tourism activities between the two nations.

During the previous year, NAPAS collaborated with the Ministry of Public Security to successfully conclude the implementation of social security payment services through Citizen Identity Card/VNeID numbers. This initiative involved three member organizations (MOs) and was grounded in the execution of Project 06, focusing on the development and application of population data, identification, and electronic authentication. The project aligned with the national digital transformation strategy for the period 2022-2025, as per the Government's vision extending to 2030.

In tandem with its Member Organizations, NAPAS exercised diligent and efficient coordination in introducing products and services to the market. Concurrently, NAPAS implemented policies aimed at exempting and reducing fees for financial switching and electronic clearing services, with a particular emphasis on transactions of smaller denominations (under 1 million VND) and public service payments. The estimated total reduction in fees for the year 2023 was approximately VND 757 billion. Notably, transactions exempted from fees within the switching system constituted nearly 65% of the total transactions processed by the NAPAS system. The strategic significance of NAPAS's fee reduction initiatives in recent years is underscored by their role in supporting and accompanying member organizations in their business endeavors, while also contributing to the generation of market momentum and fostering communal benefits.

At the conference, Mr. Nguyen Quang Minh, the General Director of NAPAS, inaugurated an emulation movement within the company under the theme "Overcoming Difficulties, Maintaining Self-Reliance, and Competing for Success in the Task Completion of 2024". The objective of NAPAS's endeavors in 2024 is to surpass business plan targets, meet the requirements set forth by the State Bank of Vietnam, and adhere to the roadmap for implementing solutions outlined in the company's Development Strategy up to 2025, with a forward-looking orientation towards 2030.

Participating and delivering remarks at the conference, Mr. Pham Tien Dung, the Deputy Governor of the State Bank, extended congratulations and acknowledgment to NAPAS for its achievements in 2023. Notably, the service quality index reaching 99.98% attested to NAPAS's endeavors in orchestrating a secure, stable, and seamless operation of switching and clearing infrastructure, a noteworthy achievement amid a tenfold growth in transaction volumes over the past five years. Furthermore, the Deputy Governor appraised NAPAS's 2023 activities, highlighting the notable deployment of connecting public service payments through electronic methods across numerous ministries, branches, and localities. Presently, the public service payment portal is fully equipped with supported payment methods, including cards, accounts, and QR codes.

Furthermore, the Deputy Governor acknowledged NAPAS's recent endeavors in reducing transaction fees, characterizing these initiatives as constituting a "fee revolution". Transactions valued at less than 1 million VND have been made entirely fee-free, encompassing 65% of the total transactions processed through the NAPAS system.

The Deputy Governor issued directives for NAPAS to persist in advancing these achievements and effectively fulfill the pivotal tasks designated by the State Bank for 2024. The specific directives include:

(i) Strengthening supervision to ensure the continuous operation, security, and safety of the financial switching and electronic clearing system.

(ii) Continuing the implementation of the Digital Transformation Plan in the Banking Sector until 2025, with an orientation to 2030, and the Information Technology Development Strategy in the banking sector until 2025, with an orientation to 2030. This involves close collaboration with units under the Ministry of Public Security and relevant agencies in executing Project 06 and Plan 01.

(iii) Continuing the plan to implement the Non-cash Payment Development Project for the period 2021 – 2025, with a focus on promoting non-cash payments in the public sector, particularly in health and education sectors, using the National Public Service Portal for payments. The consideration of payment service fee reduction policies to stimulate non-cash payments is also encouraged.

(iv) Promoting the development of acceptance networks through payment banks, payment intermediaries, sales agents, and partners with existing extensive sales networks to foster payment activities.

(v) Continuing tasks under the program to connect bilateral payments via QR codes between Vietnam and other countries as assigned by the State Bank.

(vi) Collaborating with relevant units to exchange information, prevent, detect, and combat crime in payment activities. Strengthening coordination with relevant authorities, enhancing initiatives and technical solutions to contribute to the prevention of money laundering.

(vii) Advancing information and propaganda efforts on non-cash payments and digital transformation to augment public awareness, financial management skills, and comprehension of the appropriate, secure, and effective use of financial banking products and services.

(viii) Concentrating on human resources by formulating policies to attract high-caliber talent, particularly individuals in the high-tech field, to cope with swift technological changes and meet the requirements of forthcoming company tasks. Simultaneously, ensuring attention to the well-being and income of employees to foster a conducive work environment.

Mr. Nguyen Quang Hung, Chairman of the Board of Directors of NAPAS, pledged, on behalf of the Board of Directors and all employees, to perpetuate the spirit of creativity, solidarity, and dedication to successfully fulfill assigned tasks. This commitment aims to generate robust momentum for the company's sustainable development in the years to come.