Vietnam is a microcosm of the world blockchain stage, ranked eighth globally by cryptocurrency activity with 2.5 million monthly visit counts on global exchanges. Although much of the sector was developed in just the last two years, the country’s involvement with blockchain actually stretches back nearly a decade to the early days of Bitcoin mining, where the community’s fondness for trading and speculation were seeded. Initial successes led to controversy as multi-level marketing schemes found traction by masquerading under Bitcoin’s good reputation. Many were imported from well-funded, global franchises that sought to take advantage of the local market’s appetite for high returns, and lack of experience in consumer protection experience. Last year a marketing company called Modern Tech, promising double-digit monthly returns, disappeared with up to $660 million of investor funds. Along with scandals came arguably Vietnam’s greatest achievement to date. … [Read more...] about Speeding up markets via blockchain
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Seizing e trade for smaller firms
Trade has never been easy for small companies. They are hampered by a lack of people, knowledge, time, and resources. Impediments that seem insignificant for larger companies can wreck a small one. A day’s delay at the border, for instance, can be enough to push a company out of business entirely. Many will say that the businesses involved should have had a better cushion to absorb such a delay, and those people have clearly never run a small firm. Funds are typically lumpy, with cash flow a constant challenge. If the border delay hits at the wrong moment or with the wrong customer or order, it can literally be the end of the line. E-commerce and digital trade have dramatically altered the markets available to smaller firms. As we have often noted, companies now have the promise of becoming a “micro-multinational,” able to find customers for goods and services anywhere in the globe at the click of a button. Increasingly, however, the promise is being … [Read more...] about Seizing e trade for smaller firms
BUSINESS NEWS IN BRIEF 22/12
Experts want to reduce number of export inspections Experts have suggested changing the number of and the time spent for inspections of export activities, including customs clearance, to help reduce costs for enterprises. Speaking at a seminar held in Ho Chi Minh on December 20, Tran Ngoc Liem, deputy director of the Vietnam Chamber of Commerce and Industry (VCCI) HCM City, said that overlapping inspection procedures were causing problems for enterprises. The General Department of Vietnam Customs said that procedures accounted for up to 50 percent of customs clearance time. Many shipments have been inspected, but still have not been cleared, it said. Even after three months, State agencies are still conducting inspection checks. Phan Duc Hieu, deputy head of the Central Institute for Economic Management (CIEM), said the proportion of imports and exports subject to specialised inspections at customs clearance was up to 30-35 percent and would be reduced to 15 percent under a … [Read more...] about BUSINESS NEWS IN BRIEF 22/12
BUSINESS NEWS IN BRIEF 21/12
Vietnam, New Zealand networking event discusses CPTPP The Vietnam Trade Office partnered with the Wellington Chamber of Commerce and the ASEAN-New Zealand Business Council to run the Vietnam-New Zealand Free Trade Breakfast last week, discussing various trade issues. The event gathered representatives from enterprises in Wellington and Auckland doing business in or have business transactions with Vietnam together with local trade promotion agencies. It provided an opportunity to network and hear directly from key figures in Vietnam and New Zealand to gain a better understanding of the benefits of the two countries’ trade relations, particularly as the Comprehensive and Progressive Agreement for Trans-Pacific Partnership (CPTPP) is about to enter into force. Speaking at the event, Vietnamese Ambassador to New Zealand Ta Van Thong gave the attendees an overview of Vietnam’s economy, its CPTPP commitments relating to the domestic business environment, and support … [Read more...] about BUSINESS NEWS IN BRIEF 21/12