Banking on brains as tech talent gap widens

Banking on brains as tech talent gap widens

A shortage of professionals skilled in both IT and finance is a major challenge for Việt Nam’s banking industry and a key barrier to its sustainable development.

More than 90 per cent of financial transactions in the country take place through digital channels. Photo tapchitaichinh.vn

The Vietnamese banking sector is facing a talent shortfall that’s costing more than just money — it’s slowing the country’s ambition to become a leading international financial hub.

A shortage of professionals skilled in both information technology and finance has become a major obstacle for the industry, as digitalisation accelerates and expectations rise. With the banking system playing a central role in the national strategy to develop a global financial centre, the need for hybrid expertise is now critical.

Figures from the State Bank of Vietnam reveal that over 90 per cent of financial transactions nationwide are now carried out via digital channels, underscoring the extent to which consumers have embraced technology in their financial behaviour. This evolution demands a banking workforce proficient not only in digital systems but also in the intricacies of banking operations.

In 2018, the banking sector required around 320,000 IT staff. That number is projected to surge to 750,000 by 2026, according to the Banking Academy of Vietnam (BAV). The near doubling of demand within less than a decade illustrates the enormous pressure on the industry to undergo digital transformation — and the urgency of sourcing the right human capital to support it.

Yet the current supply of qualified professionals remains limited. While Việt Nam produces a considerable number of technology engineers, few possess the dual capability required: technical know-how combined with deep financial insight. The intense competition for this rare skill set has made recruitment a persistent challenge.

In fields such as big data and artificial intelligence (AI), the situation is even more acute. Some banks have been forced to look overseas, with hundreds of applications sometimes required to find a single suitable candidate. Despite offering attractive salaries — in some cases ranging from US$10,000 to $40,000 per month — banks continue to struggle with both recruitment and retention of top-tier digital talent.

This disconnect between academic training and industry needs has become a major concern. Many tech graduates enter the job market without sufficient understanding of business or financial systems, making it difficult for them to meet the specialised demands of banking roles.

In response, both state agencies and financial institutions are introducing targeted strategies to close the gap. Universities such as the University of Science and Technology, the Post and Telecommunications Institute and the BAV have been overhauling curricula to better integrate financial and technological training — not only for new students but also for existing banking professionals.

Still, experts stress the need for a national digital competency framework aligned with specific job roles, along with enhanced cooperation between the State Bank of Vietnam, academic institutions and financial and technology organisations. A stronger emphasis on practical experience is also seen as essential to equip graduates with real-world skills.

On the operational front, banks are increasingly adopting a 'Buy - Build - Borrow' approach. This includes hiring talent from large tech or fintech firms (Buy), investing in internal training or university partnerships to develop future staff (Build) and using outsourcing or headhunting services for short-term or urgent needs (Borrow).

Some banks are also broadening their recruitment efforts, looking beyond traditional finance-focused institutions to tap into tech graduates with adaptable skillsets and diverse career ambitions. By targeting candidates with strong digital capabilities and nurturing their understanding of finance, banks hope to create a more flexible and resilient talent pool.

As Việt Nam pushes forward with its vision of a digital economy and an international financial centre, resolving the talent crunch may prove as pivotal as any policy or infrastructure project. 

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