What Vietnam stands to gain from ICT How do you think Vietnam measures up to other Asian nations in information and communications technology (ICT)? Vietnam has grown to become one of the most attractive investment markets in the region across several sectors, but the ICT industry and its digital economy stand as the most promising. From growing e-commerce, online gaming, travel booking, and offline-to-online platforms such as ride-hailing and food delivery, Vietnam’s digital economy continues to thrive, with its gross merchandise value being 4 per cent of the country’s GDP, higher than any other country in Southeast Asia. The ICT sector will continue to be a driving force for growth and transformation in the Vietnamese economy, especially in delivering Industry 4.0 ambitions, as this will secure the country’s strong competitive regional position in the coming decades. What opportunities can you see in Vietnam for overseas investors to deploy ICT solutions and … [Read more...] about What Vietnam stands to gain from ICT
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The Vietnam Actuarial Conference 2018 hosted by Prudential with the attendance of over 200 actuaries and insurance professionals discussing Big Data More insurance businesses are now planning to apply new technologies in their management systems and improve customer services, while many also plan to develop new products to meet market demand as well as diversify insurance sales channels, according to a survey released by Vietnam Report in June last year. In particular, 82.4 per cent of insurance companies said they were building a Mobile Internet development strategy and 64.7 per cent have adopted strategies based on two key factors in Industry 4.0: the Internet of Things (IoT) and Big Data. Disruptive technology Big Data provides new insights from social networks, telematics sensors, and other new information channels. As a result, it allows understanding customer preferences better, enabling new business approaches, product development, and enhancing existing internal models, … [Read more...] about How can Big Data drive the future of insurance?
The digital disruption of Industry 4.0 brings plenty of opportunities, but also challenges At a recent Industry 4.0 summit in Hanoi, Ousmane Dione, World Bank country director for Vietnam, captivated hundreds of participants by talking about a device – one which is not very special, as it is used by millions of people in the country. “As you sit in the audience, you may even be looking at it right now. You have probably guessed by now, I am referring to our smartphones,” he said. Back in 1983, Dione said, one could only make mobile calls with a Motorola DynaTAC 8000x, which had a height of 33 centimetres and weighed 800 grammes. In contrast, the iPhone 6 weighs about 16 per cent of its distant cousin’s weight from 35 years ago, but is exponentially more useful. For example, he explained, the World Bank is supporting an initiative that allows farmers to use smartphones, paired with an automated sensor in the field, to monitor the level of water in their rice … [Read more...] about WEF drives Vietnam to an Industry 4.0 future
Can you update us on the current payment and security landscape in Vietnam? Also, in comparison to other markets, how is fraudulent activity performed and controlled here? Abdul Rahim The internet, mobile technology, and rising social networks are having a profound impact on consumers, their habits, and how they behave. In Vietnam, we are seeing a significant growth in e-commerce transactions. At the same time, fraud has shifted from the card-present channel, the bulk of which is counterfeit (CFT) fraud to the card-not-present (CNP) channel, primarily the e-commerce channel. From 2014 to 2017, the percentage of CNP fraud in Vietnam has increased from 75 per cent to 83 per cent, and one of the reasons for this is the adoption of EMV chip in the market, which helps to prevent CFT frauds, and as such, frauds have migrated from the CFT to the CNP channel. Globally, the fraud rate is less than 10 basis points, meaning out of every $100 spent, $0.10 is reported as fraud. For the … [Read more...] about A new security roadmap to fight payment frauds
Digital transformation is now an inevitable trend in developing and developed countries alike. Lim May Ann, executive director of the Asia Cloud Computing Association, talked to VIR's Bich Thuy about its recent study on cross-border data flows: a review of regulatory enablers, blockers, and key sectoral opportunities in five Asian economies. Why did you choose India, Indonesia, Japan, the Philippines, and Vietnam for this report? These five countries were selected as a representation of a wide range of policy approaches towards cross-border data flows and the digital economy that are currently being considered by governments around the world. Additionally, these countries are at pivotal points in the development of their digital economy infrastructure, which is clearly affected by their regulatory environments. The Vietnamese legal framework for cross-border data flows is currently considered “not yet open.” How does this affect the participation of international service … [Read more...] about Cross border data flows: how to approach the digital economy