Tech

Israeli and Vietnamese firms discussing opportunities for co-operation at Thursday's seminar. — VNS Photo A “regulatory sandbox” and a sharing mechanism are needed for the development of Viet Nam’s fintech industry, experts said at a seminar on Thursday. According to Nguyen Thanh Binh, acting discipline lead at the economics and finance department of RMIT University, the existing legal framework is unclear and does not cover the development and penetration of new technological products in Viet Nam. The Government needed to develop a regulatory sandbox – a space where new financial technology products are developed and tested – to reassure customers, Binh told reporters. A regulatory sandbox would help Vietnamese fintech companies and start-up businesses hasten their development, he said. The fintech sector has a lot of potential to change the country's banking-finance industry, according to Binh. Fintech companies will introduce new technological … [Read more...] about Sharing mechanism needed for fintech development

Ground has been broken for construction of the Lavifarm Farmers Support Centre in Tra Vinh Province’s Cang Long District. — Photo courtesy of Lavifood Lavifood Joint Stock Company has broken ground for building a farmers support centre in the Mekong Delta province of Tra Vinh’s Cang Long District, the first of its kind in the country. The Lavifarm Farmers Support Centre will consult farmers on planting crops based on market demand and zoning plans. It will also provide them with technical solutions and support for processing and preservation of their agricultural produce. It will offer training to enable farmers to improve their competitiveness and build brands for agricultural produce. The nearly 17ha centre in Binh Phu Commune will have four main areas: a supermarket, areas for services and for processing and packaging, and a warehouse. It will have the capacity to transplant one million soft-bodied plants, incubate 1.5 million seedlings and tissue culture 1.6 … [Read more...] about Construction of country’s 1st farmers support centre begins

The central province of Quang Ngai has put into operation the first solar power plant in Mo Duc District after three years of construction, supplying 28 million kilowatts per hour to the national grid each year and saving 21,000 tonnes of carbon emissions. — Photo vnexpress.net The central province of Quang Ngai has put into operation the first solar power plant in Mo Duc District after three years of construction, supplying 28 million kilowatts per hour to the national grid each year and saving 21,000 tonnes of carbon emissions. The 19.2 MW (megawatt) plant, which was launched last week, is the largest renewable energy project in the province with total investment of VND900 billion (US$39.8 million). Chairman of the Thien Tan Group, the project owner, Huynh Kim Lap said the project was seen as a typical landmark of the future ‘clean and green’ energy in the province and central coastal Viet Nam. He said it’s was the first solar power project in the province … [Read more...] about Quang Ngai solar plant debuts

Bcnex Co-Founder & CEO Ngô Hoàng Quyền (front, right) and Director of the Value-Added Business Center of CMC Telecom Lê Anh Vũ shake hands after signing the co-operation agreement. — VNS Photo Linh Anh Vietnamese information and communication technologies firm CMC Telecom and US-based network service provider Akamai Technologies signed a co-operation agreement on Thursday with BCNEX blockchain technology trading floor. Under the agreement, CMC Telecom and content delivery network (CDN) and cloud services provider Akamai will provide BCNEX with CND-related services and solutions to prevent distributed denial-of-service (DDoS) attacks. “Many trading floors around the world had to close due to the pervasion of hackers, including cases of DDoS attacks,” BCNEX Co-Founder and CEO Ngo Hoang Quyen told Viet Nam News. “Maintaining an efficient and stable system is a minimum requirement for an e-commerce platform in general and a trading … [Read more...] about CMC Telecom, Akamai to provide securities solutions for BCNEX

Indochina Telecom Company on Thursday in Ha Noi launched Viet Nam's first mobile virtual network operator (MVNO) – Itelecom, becoming the sixth telecoms provider in the country. Indochina Telecom Company on Thursday in Ha Noi launched Viet Nam's first mobile virtual network operator (MVNO) – Itelecom, becoming the sixth telecoms provider in the country. The new mobile phone network with prefix number of 087 aims to bring flexible telecom services and stable quality at a reasonable cost. Indochina Telecom Company has launched the MVNO by signing with VNPT to use its mobilephone infrastructure – one of the telecom firms with best coverage and quality in the country. In the initial phase, Itelcom will be introduced to workers at industrial zones in nine provinces and cities including Ha Noi, Thai Nguyen, Vinh Phuc, Bac Giang, Bac Ninh, Binh Duong, HCM City, Long An and Dong Nai. It will connect with all of telecom networks which have unused mobile phone capacity to … [Read more...] about First mobile virtual network operator launched in Viet Nam

The State Bank of Viet Nam said the tightened regulations aimed to prevent the rampant opening of e-wallets and using them for money laundering. — File Photo A daily trading limits for individual e-wallets would be set at VND20 million (US$850) and VND100 million per month, according to a draft circular from the State Bank of Viet Nam recently made public for comment. The limits would be set for money transfers and payments for goods and services. The draft circular is an amendment to Circular No 39 regarding intermediary payment services, and also sets a daily trading limit of VND100 million and a monthly trading limit of VND500 million for e-wallets opened by organisations. The draft also raised regulations aimed at tightening the opening of e-wallets. In order to open e-wallets, individuals and organisations would be required to provide information such as identity cards or passports, business registration certificates and phone numbers registered for e-banking services. … [Read more...] about Daily trading limit for individual e-wallets set at VND20m: draft

The total revenue of top 10 firms receiving Sao Khue Awards this year reached VND2.6 trillion (US$111 million). The information was announced at the award ceremony organised by the Viet Nam Software and IT Services Association (VINASA) held in Ha Noi on Sunday. The awards received 134 nominations from 96 enterprises, representing 35 per cent year-on-year increase with 30 from businesses using new technology. After the evaluation in the preliminary and live presentation rounds, judges choose 94 products and services to receive awards. Of which, the top 10 were selected based on criteria such as socio-economic effects, brand name prestige, revenues, market share, and innovative technology use. Truong Gia Binh, VINASA’s chairman said the award-winning products and services are built on the most advanced technologies such as artificial intelligence (AI), blockchain, internet of things (IoT) and Big Data. These have been a big momentum for the country’s software industry in the … [Read more...] about Top 10 Sao Khue awards winners post US$111 million revenue

Representatives of Viet Nam Railway (VNR) and NextTech Group sign the agreement to offer online booking and payment services for railway tickets through VIMO. — VNS Photo Vu Hoa Viet Nam Railway (VNR) and NextTech Group signed an agreement on Tuesday in Ha Noi to offer online booking and payment services for railway tickets through e-wallet VIMO. Users will be able to book tickets online through VIMO in just a few minutes anytime, anywhere. Phan Quoc Anh, VNR’s deputy general director, said VNR has offered online booking on its website duongsat.vn since October 2014. It has worked to expand agent systems and other sale channels such as mobile phones, e-banking and e-wallets to provide more convenient options. Anh said around 30 per cent of railway tickets were sold online. As more and more commerce shifts online, VNR will encourage passengers to book tickets using the e-wallet system. Nguyen Hoa Binh, NextTech Group’s chairman, said a recent survey from the State … [Read more...] about VNR launches online payment service through VIMO e-wallet

Representative of a company introduces a security solution to visitors at the Vietnam Security Summit 2019 in Ha Noi. — Photo courtersy of the event organiser Viet Nam’s digital economy has progressed rapidly in recent years, but challenges in network security require the country to build a comprehensive national strategy to address network vulnerabilities. Viet Nam’s internet economy reached US$9 billion in 2018, making up 4 per cent of Viet Nam’s gross domestic product (GDP) and tripling that of 2015, and was heading to $33 billion by 2025, according to the e-Conomy SEA 2018 released by Temasek (Google). However, the rapid expansion of the digital economy has been accompanied by an increase in network security risks in all respects, including new risks, the number of incidents and the level of damage. According to a Kaspersky Lab report released last month, Viet Nam was among the most targeted nations for banking malware in 2018, accounting for 3 per cent of … [Read more...] about Development of digital economy requires national strategy for network security

The signs of online payment service providers GrabPay and Momo displayed at a food store on Tran Hung Dao Street, Ha Noi. — VNS Photo Mai Huong Telecommunications firms are ready to pilot a mobile money service thanks to their modern technology infrastructure, customers, wide transaction point networks and financial resources. Prime Minister Nguyen Xuan Phuc has directed the Ministry of Information and Communications in co-ordination with the State Bank of Viet Nam to develop a mobile money project. The scheme will permit telecommunications firms to pilot a mobile money service not linked to consumers’ bank accounts. He noted that the mobile money service together with banks aimed to accelerate the development of e-payments in the country. Minister of Information and Technology Nguyen Manh Hung in a meeting last week said digital technology would create new business models and challenges or replacing the old ones. “Allowing mobile phone accounts to implement payment … [Read more...] about Telecoms firms ready for mobile money service