From challenges to opportunities: Sacombank supports small businesses in digital transformation

Ms. Nguyen Thi Lan – Trader at Tan Dinh Market (HCMC)

Ms. Nguyen Thi Lan, a long-time fruit vendor at Tan Dinh Market (HCMC), shared that she felt overwhelmed when informed about the mandatory use of electronic invoices directly connected to tax authorities. At over 60 years old, with a modest monthly income, she worried about the costs of software, equipment, and tax declaration procedures exceeding her capacity. “I’m used to keeping records by hand, so hearing about new technology and tax regulations scared me. I thought it would be expensive to acquire additional equipment,” Ms. Lan said.

Ms. Lan’s story reflects the reality faced by many small traders struggling to adapt to digitalization, especially with Decree 70 mandating household businesses to use electronic invoices through cash registers.

According to Ms. Nguyen Phuong Huyen, Director of Sacombank’s Retail Banking Division, there are approximately 5.2 million household businesses nationwide, with about 450,000 in HCMC alone. These businesses significantly contribute to GDP, create millions of jobs, and are considered the “backbone” of various sectors, from agriculture and industry to commerce and services.

“With their flexibility and adaptability, individual and household businesses are proving to be a powerful and stable economic driver with great potential. Alongside government support, organizations like banks and technology companies play a crucial role in helping small traders turn challenges into opportunities for sustainable growth,” Ms. Huyen stated.

In practice, numerous policies, from macro to practical levels, have been implemented to facilitate small traders’ digitalization. For instance, the Ministry of Industry and Trade issued the Digital Transformation Handbook for Traditional Market Traders (https://sotay.tieuthuongvietnam.vn), serving as an essential guide for traders embarking on their digital journey.

Digital transformation handbook for traditional market traders issued by the Ministry of Industry and Trade

In parallel with government support, Sacombank proactively engages with the household business community. The bank visits markets and stores to listen, observe operations, and study market needs, designing tailored solutions for different customer groups. Each business varies in scale and characteristics, requiring customized support.

For individual entrepreneurs, household businesses, and small traders, Sacombank deploys staff directly to markets and shops to assist with opening accounts, issuing QR codes, installing payment notification speakers, and guiding the use of the Sacombank Pay app. This helps traders gradually adopt cashless payment processes, easily track income and expenses on their phones, and operate their businesses with greater confidence.

“Even though my daughter explained it many times, I found cashless payments and banking apps confusing. Thankfully, Sacombank staff came to guide me step by step, otherwise I wouldn’t have dared to try. Now, everything is in order, and I feel more at ease,” Ms. Lan shared.

For stores already familiar with technology, such as coffee chains, pharmacies, or convenience stores, the challenge lies not in adopting digital tools but in managing operations and maintaining flexible cash flow. To address this, Sacombank partners with companies like MISA and NextPay to provide 12 months of free comprehensive solutions, covering cash flow management, receivables, and integration with electronic invoicing, accounting, and digital signature software. These solutions also support multi-platform sales management (from physical stores to e-commerce platforms), as well as inventory, staff, and customer management.

Sacombank also offers timely capital support for household businesses through flexible loans with preferential interest rates, simple procedures, and fast disbursement. For urgent capital needs, customers can access overdraft facilities without collateral to flexibly manage working capital.

“My convenience store constantly needs to restock, especially before holidays, when costs rise while sales revenue comes in slowly. Timely working capital helps me maintain sufficient inventory and seize business opportunities. Sacombank’s flexible loan limits allow me to manage capital turnover, with borrowing and disbursement done directly on the app, which is very convenient and fast,” said Mr. Nguyen Anh Minh, owner of a convenience store in Dong Nai.

For household businesses transitioning to formal enterprises, Sacombank provides a comprehensive package of specialized account services, including payment accounts, corporate cards, online banking, domestic and international transfers, and online tax payments, creating a foundation for customers to embark on a more professional and efficient business journey.

Ms. Hien confidently transitioned to an enterprise model, paving the way for a business breakthrough in the coming phase

“Transitioning to a formal enterprise has been our long-term goal, but barriers like capital, legal requirements, technology, and especially costs were significant challenges. However, with new policies from regulators and the bank’s support, things are becoming much easier. I believe more household businesses will confidently make the transition like we did,” said Ms. La Xuan Hien, owner of an F&B enterprise in Hanoi, recently converted from a household business model.

With comprehensive solutions, Sacombank helps household businesses overcome three major barriers: finance, technology, and legal compliance. These efforts not only address operational challenges and regulatory requirements but also deliver tangible benefits: increased revenue, cost savings, and more professional management. The stories of Ms. Lan, Mr. Minh, and Ms. Hien are clear testaments to Sacombank’s dedicated support.

“Sacombank doesn’t just provide tools but also brings peace of mind and motivation for household businesses to confidently grow. We are committed to accompanying household businesses and small traders at every stage, from starting out to achieving sustainable development in the digital era,” Ms. Nguyen Phuong Huyen emphasized.

For more information, visit HERE or contact the toll-free hotline 1800 5858 88 for specific advice and direct support.