Vietnam has seen a digital wave in the finance-banking industry, with many lenders investing significantly in digitisation, experts have said.
Vietnamese lenders and fintech groups are catching up with international peers on kick-starting the economy and promoting cashless transactions in the face of the coronavirus outbreak, but greater advancement always comes with new risks.
Cashless payments would not only increase of the circulation of capital, it would also help boost the internet economy, said Deputy Prime Minister Vu Duc Dam.
A typical characteristic of the 4.0 industry revolution is the faster diffusion and larger coverage of new technologies, as well as the higher speed in realizing innovative ideas.
VOV.VN - The State Bank of Vietnam has not granted permission to any virtual and crypto currency trading platforms in Vietnam.
Businesses needing to make payments to the Customs Department can now do so through online banking.
Deputy Prime Minister Vu Duc Dam chaired a meeting on December 12 in Hanoi to review five years of implementing Resolution 19 regarding the enhancement of the business environment and national competitiveness, as well as measures to boost its efficiency in 2019.
Vietnam Chamber of Commerce of Industry (VCCI), representing businesses nationwide, on November 27 urged taxation and customs sectors to further reform administrative procedures.
Analysts believe that food is now the most cutthroat segment in O2O (online to offline) business with big players such as GrabFood, Now and Lala.
The capital city of Hanoi has implemented a wide range of measures to facilitate the sustainable development of e-commerce activities, which have grown rapidly recently.
E-commerce and e-payments in Vietnam have been growing quickly alongside each other in recent years, with the rapid development of the former said to be the booster for the latter’s continuous expansion in the future.
Support from foreign investors is expected to help domestic e-payment firms create new things and make a difference in the competition with foreign players in the domestic e-payments market.
VOV.VN - Deputy Prime Minister Vuong Dinh Hue has highlighted mobile payments as the key factor in boosting a non-cash economy, creating new business models, and helping users directly benefit from the fourth industrial revolution.
Technology giants Alibaba and Tencent are trying to penetrate the Vietnamese e-payment market.
The National Committee on Empowerment of Persons with Disabilities has agreed to support funding for the building and improvement of provincial service centers for people with disabilities in 77 provinces, to provide them with thorough access to government welfare.
VOV.VN - FPT Information System (FPT IS) has announced that it has successfully built an e-payment system for the State Treasury of Vietnam.
The development of e-payment in Vietnam has not been on par with its potential despite recognisable strides, Nguyen Thi Nhieu from the Vietnam Institute for Trade said at a workshop on May 11.
The e-payment of import-export duties has increased 10% to 63% after a circular aiming to streamline tariff payment processes was enforced, an official said.
Vietnam is one of Asia’s sleeping giants in terms of e-commerce with a young population eager to buy more online, said Bangkok Post in its recent article.
Vietnamese and foreign bankers are gathering in Hanoi on May 23-24 to discuss technology transformation towards effective banking governance and high quality services for the banking sector.