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
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New rival in e-payment service market anticipated
VietNamNet Bridge - The PM has approved a pilot program on using telecommunication accounts for payments for digital content services and small-scale e-commerce transactions. This is expected to pave the way for mobile network operators to become fintechs. After the internet-based multi-billion dong gambling ring of CNC Company was discovered, the Ministry of Information and Communication (MIC) in April 2018 tightened control over payments for digital content services with scratch cards. The decision faced opposition from telcos and digital content service providers which reported that their turnover had dropped by 40-90 percent. Viettel, VNPT and MobiFone, the three largest mobile network operators, at a working session with PM Nguyen Xuan Phuc in September, asked for permission to resume payments for digital content services with scratch cards. On January 15, the PM stated the government agreed to the proposal. New policy on non-cash payments About 40 percent of Vietnamese … [Read more...] about New rival in e-payment service market anticipated
Businesses have long wait to cash in on cashless Vietnam
When Nguyen Quynh Hoa’s phone texts that her salary has been credited, she goes to the nearest ATM. "It’s just more convenient to use cash when I go shopping at a local market. Giving the vendors there my card would be ridiculous," the 24-year-old office worker said. Hoa has had a bank account and debit card for years, but she relies heavily on cash for daily transactions. This is despite her living in Hanoi, Vietnam’s capital and one of its biggest financial centers. "There are several convenience stores and supermarkets that don’t welcome cards, and I find it more complicated going through many steps to make an online transaction. Cash is just easier," she told VnExpress International. The Vietnamese government in recent years has been encouraging the development of cashless payment, but experts say that the task will be challenging as "underbanked" people rely mostly on cash. Pham Hoai Thu, a cashier at a fashion store in the Aeon Mall in … [Read more...] about Businesses have long wait to cash in on cashless Vietnam
ASEAN makes great technological achievements: WEF President
WEF President Børge Brende (first, left) and other ASEAN leaders at the opening session of the WEF ASEAN 2018 in Hanoi on September 12 (Photo: VNA) Hanoi (VNS/VNA) – President of the World Economic Forum (WEF) Børge Brende has highlighted ASEAN’s recent technological achievements in an interview given to Vietnam News on the occasion of the WEF on ASEAN 2018 taking place in Hanoi on September 11-13. The following is the full text of the interview. - Reporter: Industry 4.0 has been creating drastic and dramatic changes for ASEAN countries’ socio-economic development. How do you assess their achievements in the context of fast-advancing science-technology applications? Brende: We see that many ASEAN countries have developed strong national-level plans for the digital economy, like the Smart Nation initiative in Singapore or Thailand 4.0. So far, the plans seem to focus on infrastructure roll-out, and that is not a bad thing; without the proper … [Read more...] about ASEAN makes great technological achievements: WEF President
Local banks warn of online fraud
Local banks warn of online fraud A customer withdraws cash at an ATM - PHOTO: TL HCMC – Many local banks have repeatedly warned their customers about sophisticated hi-tech scams that could leave victims with little or no protection from their banks, Tien Phong newspaper reports. The Bank for Foreign Trade of Vietnam (Vietcombank) said in a notice that some of its customers have recently transferred money to unintended persons, after their customer emails were hacked. The scam goes like this. Thieves spy on emails sent between customers and their partners, and then illegally change bank details on transaction documents so that money could be sent abroad. Crooks are targeting small and medium-sized businesses which have low levels of security in their network management systems, or have not put in place sufficient regulations on safe email usage. Following the money transfers, the victims have asked Vietcombank to retrieve their money from foreign banks, especially in … [Read more...] about Local banks warn of online fraud
BUSINESS IN BRIEF 16/4
Poultry breeding heats up again General manager CP Vietnam Montri Suwanposri said that Vietnam’s poultry prices are closer with prices of other countries; accordingly, CP Vietnam will sell chicken to Japan after finishing paper works as per the partners’ requirement. Montri Suwanposri added that C.P in Thailand is the leading firm exporting chicken meat to Japan for years with the quantity of five million a week. There has been an increase in poutry meat orders lately because many countries banned import chicken from Brazil , an exporter of chicken to Japan, after food safety scandal. These countries switched to import chicken meat from Asian countries especially Thailand. At present, prices of poultry in hi-tech farms in Vietnam is similar to chicken prices in other Asian countries, accordingly, C.P Thailand will share its orders with Vietnamese firms and C.P Vietnam has planned to sell chicken meat to Japan in 2019. In 2017, Vietnam’s livestock sector marked its … [Read more...] about BUSINESS IN BRIEF 16/4
BUSINESS IN BRIEF 29/3
Vietnamese firms urged to deeply explore Cuban market Vietnamese, French firms urged to foster partnerships Domestic pharmaceuticals stocks send good vibes to Abbott and Taisho Since the beginning of the fourth quarter of 2018, pharmaceutical stocks have been forecast to thrive as bustling activities such as state divestitures, mergers and acquisitions (M&A), and notable investments from foreign healthcare firms are being announced left and right. Speaking about the investment and divestment activities between Vietnam-based pharmaceuticals and foreign investors, a representative of State Capital Investment Corporation (SCIC) disclosed that 34.71 per cent capital at Domesco Medical Import Export Joint Stock Corporation (HSX: DMC) is on its divestment agenda in April. US-based multinational healthcare firm Abbott has already expressed a wish to participate in the divestment. In late 2017, Latin American CFR International SpA, DMC’s former largest shareholder, transferred its … [Read more...] about BUSINESS IN BRIEF 29/3
BUSINESS IN BRIEF 28/1
One more project in the red for VinachemA Laos-based potassium salt mining and processing project is the fifth million-dollar loss-making project of Vietnam National Chemical Group (Vinachem) and the thirteenth of the Trade and Industry sector.The total investment of this Vinachem project is $522 million, including $105 million from Vinachem, $113 million from Vietnam Development Bank (VDB), $161 million from Bank for Investment and Development of Vietnam JSC (BIDV), and $143 million from VietinBank.The project’s scope of exploration is 10 square metres. It is expected to be built within five years and start exploration from 2020, producing 320,000 tonnes annually. However, after two years of construction, the project has stalled in 2017.In 2017, the 20 subsidiaries of Vinachem recorded a total profit of nearly VND2.2 trillion ($100 million), but four projects had a negative revenue of VND2.115 trillion ($93.2 million). Earlier, in the first days of 2018, Deputy Prime … [Read more...] about BUSINESS IN BRIEF 28/1
BUSINESS IN BRIEF 9/1
Vingroup, T&T to develop urban railway projects in HanoiThe government of Hanoi City has proposed the Prime Minister allow Vingroup and T&T Group to develop three urban railway projects which the city plans to complete by 2025, Tuoi Tre newspaper reports.The two domestic investors will use their capital to make pre-feasibility studies for these projects.When the projects were announced, many investors expressed interest in Hanoi. However, only Vingroup and T&T Group have registered to take part.Both of them proposed implementing the projects in the build-transfer (BT) format. Particularly, Vingroup registered to build the 38.4-kilometer metro line No. 5 which connects Van Cao and Hoa Lac and metro line No. 2 from Tran Hung Dao to Thuong Dinh with a length of 5.9 kilometers. Meanwhile, T&T Group is keen on metro line No. 4 connecting Me Linh, Sai Dong and Lien Ha, and measuring 54 kilometers in length.The two investors said they would use their own finances to study the … [Read more...] about BUSINESS IN BRIEF 9/1
BUSINESS IN BRIEF 5/1
Social housing: Loan interest rate maintained at 5% The State Bank of Viet Nam (SBV) has decided to keep preferential loan interest rate unchanged at 5 per cent for purchase, rent or hire of social housing projects in 2018.The decision took effect from the beginning of this year, replacing Decision No 2544/QD-NHNN, dated December 30, 2016, on interest rate for loans applicable in 2017 for social housing projects.The interest rates will be applied for house buyers who have already sought loans from the VND30 trillion (US$1.32 billion) housing stimulus package launched in 2013 as the minimum repayment term is 15 years, and from the Viet Nam Bank for Social Policies (VBSP).The VND30 trillion (US$1.32 billion) housing stimulus package aimed primarily at social policy beneficiaries and estate developers of such projects. Of which, VND21 trillion, accounting for 70 per cent of the package’s total has been given to home buyers of projects. The remaining 30 per cent … [Read more...] about BUSINESS IN BRIEF 5/1