Viet Nam has big potential in applying 4.0 technology to develop retail banks and payment utilities.– Photo vietnambiz Viet Nam has big potential in applying 4.0 technology to develop retail banks and payment utilities. The Industry 4.0 trend involves a wave of digitalisation, changing the business models and activities of many banks. Nguyen Dinh Tung, general director of Orient Commercial Bank (OCB), said the participation of digital banks would be helpful for domestic and international enterprises when doing business and investing in Viet Nam. Banking transactions could become quick and easy and could be done anywhere without needing to visit traditional branches, Tung told Thoi bao Kinh te Viet Nam (Viet Nam Economic Times). Investment in digital technology by Vietnamese banks would be a revolution for all customers, he added. The Joint Stock Commercial Bank for Foreign Trade of Viet Nam (Vietcombank) was recently awarded SWIFT’s Global Payment Innovation Initiative … [Read more...] about Vietnamese banks boost IT use
Kinh te viet nam
Viet Nam spends $194 million on pesticides
Viet Nam spent US$194 million to import pesticides and raw materials in the first three months of this year. — Photo laodong.vn Viet Nam spent US$58 million to import pesticides and raw materials in March, lifting total imports of the commodities in the first three months of this year to $194 million. The imports mainly came from China, accounting for 54.2 per cent of the total value, Thoi bao Kinh te Viet Nam (Viet Nam Economic Times) reported. Imports of pesticides from the UK, Malaysia and India also increased sharply in the first months of the year, rising 80 per cent, 51.5 per cent and 26.3 per cent, respectively, from the same period last year. According to statistics from the Department of Plant Protection, Viet Nam currently has about 1,700 pesticide active ingredients with 4,080 goods. However, there are only about 2,000 products in the market, of which 20 per cent are bio and herbal remedies. The rest are still in the list but have little or no foothold in the market. … [Read more...] about Viet Nam spends $194 million on pesticides
Telecom revenues down in first quarter
MobiFone Corporation reported a year-on-year increase of 6.3 per cent in revenue in the first quarter of the year.— Photo MobiFone The revenue of Vietnamese network operators has suffered an uncharacteristic low in the first quarter of this year due to new legislation reducing top-up promotions for pre-paid subscribers from 50 per cent to 20 per cent. The reduction of the promotion was put into force last month. The country’s three biggest network operators reported their business results for the first quarter at a meeting held by the Ministry of Information and Communications on Wednesday. The Viet Nam Posts and Telecommunications Group (VNPT) said that its business plan for the first three months of the year has many changes from previous years. The group has altered promotions for its mobile services. Whereas before subscribers could claim back 50 per cent of their top up in the first three months of the year, that number is now just 20 per cent. As a result subscribers … [Read more...] about Telecom revenues down in first quarter
Viet Nam start-up investment rises 42%
Source: Topica Founder Institute Up to US$291 million was poured into Vietnamese start-ups last year, a year-on-year increase of 42 per cent, according to a recent report by Topica Founder Institute (TFI). Ninety-two start-ups received investment last year, almost a double from 2016. Domestic investors accounted for 64 deals, while foreign investors made 28. For the first time, local venture capitalists and angels bypassed foreigners in deal count. However, foreign investors still generated higher deal value. The amount domestic investors poured into Vietnamese start-ups in the past year was only $46 million, relatively modest compared with the $245 million from foreign investors. Among investors, 500 Startups led in successful investment deals, with 11 acquisitions, followed by ESP Capital, a new homegrown venture capital firm. With $20 million in establishing funds, ESP Capital is focused on technology start-up companies in their beginning stages (pre-seed and seed funding stages), … [Read more...] about Viet Nam start-up investment rises 42%
Vietnam’s tourism needs urgent reform to take off
Viet Nam’s tourism industry is booming and is fast becoming the driving force behind economic growth – but it also faces calls for reform to keep up with high standards. Customers at Noi Bai’s international airport in Ha Noi. Airports in major cities such as HCM City, Hue and Da Nang, are facing the overload trouble. The “smoke-free” industry has witnessed spectacular success in the past few years with higher growth rate every year. Last year, nearly 13 million foreign visitors came to our shores, earning the country more than VND500 trillion (US$22 billion). That’s up 30 per cent and 20 per cent year-on-year, respectively. Over the decade, the number of international visitors to Viet Nam has tripled while revenue has increased by nine times. Viet Nam’s tourism ranked sixth in the top 10 fastest growing tourism destinations globally and was crowned the best performer in Asia in 2017. The industry last year contributed 7.5 per cent to … [Read more...] about Vietnam’s tourism needs urgent reform to take off