Global center for digital business transformation

Digital transformation is a national strategy of Vietnam, specified in the Document of the 13 th National Party Congress and outlined in the National Digital Transformation Program to 2025, with orientation to 2030, approved by the prime minister. This strategy requires that digital transformation is to be applied in all economic sectors and localities. As for the banking industry, the State Bank has submitted to the government a number of plans and documents to promote digital transformation in banking activities. Over the past two years, many banks have digitalised their data based on cloud technology, launched new digital banking services, enhanced security, and automated the credit approval process. Nevertheless, the entire transformation is still at an early stage, and there are still many challenges to be overcome, the most prominent of which is the requirement for tech personnel for this important financial sector. To gain more insights into this complicated process … [Read more...] about VIR talk show to discuss digital talent and transformation in banking

“Impressive, methodical, and professional” were the words used by the media representative of the United Nations Development Programme (UNDP) in Vietnam after VIR was selected to jointly organise the forum “Finance and Governance Accelerators for a Just Energy Transition” in July. The forum was held during a visit to Vietnam by Kanni Wignaraja, UN assistant secretary general and UNDP regional director for Asia-Pacific. Despite her busy schedule, Wignaraja gave an important speech at the forum, highlighting Vietnam’s socioeconomic development achievements and committing that the UNDP will continue to support Vietnam’s transition to clean energy. The UNDP media representative said, “We highly appreciate the organisation of this forum by VIR. The newspaper’s prestige is increasing thanks to the strong transformation with new products, and everything has gone smoothly in terms of logistics, sound, lighting, and choice of hosts.” Many business associations and investors … [Read more...] about Lending a hand to progress for the business community

Many textile and garment enterprises in HCM City are seeing a sharp drop in export orders, mainly from the US and EU. (Photo: VNA) Hanoi (VNS/VNA) - Enterprises in the textile, garment and footwear industries are facing a decrease in orders through the rest of this year and possibly into the next year. Pham Xuan Hong, chairman of HCM City Textile and Embroidery Association , said in the eight months of 2022, Vietnam’s textile and garment export value reached 30.1 billion USD, but this value mainly came from the first months of the year. Since July, textile and garment industry enterprises have been facing many difficulties, including the reduction in export orders. Many textile and garment enterprises in HCM City are seeing a sharp drop in export orders, mainly in the US and EU, because inflation pressure in these nations is large, forcing consumers to tighten spending. Furthermore, textiles are not essential goods, Hong said. An analysis report on the textile … [Read more...] about Garment, textile, footwear industries face declining in orders

Haydn Jones, director and senior specialist of Blockchain Market at PwC UK, shared with VIR’s Luu Huong how this trend could broaden access to financial services and some suggestions to build more transparent cross-border transactions, as discussed at the PwC workshop “Cryptocurrency and its Impact to Businesses” hosted in Hanoi last week. Haydn Jones, director and senior specialist of Blockchain Market at PwC UK Could you provide some highlights from the PwC Global CBDC (central bank digital currency) Index 2022? The headline message is that adoption is a political decision. A 2021 survey from the Bank for International Settlements of central banks found that 86 per cent are actively researching the potential for CBDCs, 60 per cent were experimenting with the tech, and 14 per cent were deploying pilot projects. So, if you look at the different jurisdictions, they all have a specific driver, whether it’s financial inclusion, a drive towards digitisation, reasons … [Read more...] about Keeping on top of crypto legislation

Mr. Dam speaks at the event Today ( Sep 26 ), the opening ceremony of the Horasis 2022 India Economic Cooperation Forum with the theme: Dynamic Vietnam - New Vision took place at the Convention and Exhibition Center in the Southern Province of Binh Duong. Deputy Prime Minister Vu Duc Dam, Secretary of State, Ministry of Foreign Affairs of India Rajkumar Ranjan Singh, leaders of the Binh Duong provincial Party Committee and the People's Committee, representatives of central ministries and agencies, and more than 500 businessmen, Indian investors and economic experts were attending the event. According to Deputy Prime Minister Vu Duc Dam, Vietnam has made great achievements with an increase in Gross Domestic Product (GDP) from US$4 billion to nearly $400 billion in 2022 after nearly four decades of renovation. Vietnam has gradually built a fairly solid economic foundation, showing its ability to adapt in the most difficult times, especially during the Covid-19 pandemic. As … [Read more...] about Vietnam – ideal destination for foreign investors

Opening ceremony of 2022 Horasis India Meeting (Photo: VNA) Binh Duong (VNA) – The 2022 Horasis India Meeting , the foremost annual meeting of Indian business leaders and their global counterparts, opened in the southern province of Binh Duong – Vietnam’s FDI magnet - on September 26. The opening ceremony was attended by Deputy Prime Minister Vu Duc Dam, Minister of State at the Indian Foreign Ministry Rajkumar Ranjan Singh, leaders of Horasis, and delegates from the Confederation of India n Industry (CII), and Vietnamese ministries and localities. The meeting comprises six plenary sessions and 26 discussion ones, with the engagement of 700 delegates who are expected to discuss common concerns such as global transition, economic development issues arising during the digital transformation process, artificial intelligence and smart energy. Speaking at the opening ceremony, Deputy PM Dam stressed that the Vietnamese government has a consistent stance of considering … [Read more...] about 2022 Horasis India Meeting kicks off in Binh Duong

Rajesh Saxena, Chief Executive Officer, Intellect Global Consumer Banking. — Photo Courtesy Cathay United Bank Intellect Global Consumer Banking (iGCB) recently announced that Cathay United Bank has chosen to implement iGCB’s acclaimed digital credit platform iKredit 360 to power the next growth stage of its lending business. The bank chose iGCB’s iKredit360 to meet the ever-changing needs of credit seekers. As an end-to-end loan lifecycle management system comprised of loan servicing, collateral and limits and partner management, iKredit will empower Cathay United Bank to offer curated credit products across all business segments including retail and SMEs. In addition, it will enhance customer experience with end-to-end digitisation of the lending process and increase customer lifetime value and mitigate risks with a real-time 360 degree customer view. Furthermore, the platform will protect and maximise revenues with customer-centric strategies and streamlined collection … [Read more...] about Cathay United Bank to use iKredit 360 to better serve customers

Source: freepik.com Denny Abdi - Indonesian Ambassador to Vietnam In 2021, I shared thoughts in VIR on Vietnam’s integration into the world, the critical role of economic media in promoting the country’s global vision, and how bilateral relations between Indonesia and Vietnam remain positive despite the pandemic. Many economists claimed that economic recovery in 2022 would be better but remain uneven. Geopolitical instability has been the top-cited threat, followed by the current recession. As we are witnessing the ongoing energy crisis, the urgency for countries to fully commit and move towards diversified and net-zero emissions sources is an immediate priority. Moreover, countries in Southeast Asia are among those most vulnerable to climate change, and the region as a whole is still largely dependent on fossil fuels. Energy supply currently is a drama for most countries. Nations are contesting their green energy strategy but still lack implementation. As two … [Read more...] about Carrying the torch in Vietnam’s media

Looking back at the development history of the Vietnamese press, publications are associated with various political or economic trends. VIR was born at a time when the country was focusing on attracting foreign investment to create momentum for the doi moi journey. Back then, the newspaper worked as a press agency of the State Committee for Cooperation and Investment. VIR’s publications are available on PressReader and all flights of Vietnam Airlines In the economic press, VIR and its sister Vietnamese-language newspaper Dau tu had to compete with rivals such as Vietnam Economic Times, Saigon Times, Banking Times, and Financial Times. After more than 20 years of competition, with relentless efforts to report on hot economic issues, VIR has won a string of press awards, both at home and abroad. Today, VIR can also be found in the cabins of Vietnam Airlines flights, at international conferences, and at important meetings of the government, ministries, and state agencies. … [Read more...] about Building on a rich history

Businesses and consumers look at some digitalised solutions at an exihibition in Ha Noi. — VNA/VNS Photo Ha Noi has started a programme to raise awareness of the benefits of digitalisation among the capital city's small-to-medium-sized (SMEs) businesses. The city's objective is to provide some 90,000 newly created SMEs with guidance to access their own digitalisation efforts, as well as technical and financial support by the year 2025. The city considers SMEs' digitalisation a cornerstone for future development and a gateway to access the international market. Meanwhile, the city aims to complete the transition to digital signatures and digital receipts by 2025. Another objective is to create a thriving ecosystem that facilitates and nurtures the digitalisation process. According to the city's People Committee, Ha Noi is to provide up to 50 per cent (no more than VND50 million or US$2,150) of small businesses' costs to acquire digital services to improve business management, … [Read more...] about HN to support SMEs’ digitalisation