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Customers need more understanding about financial services

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Mobile banking applications have played an important role in financial inclusion journey thank to the development of digital transformation process among banks. — Photo courtesy of Mambu

HÀ NỘI — The need to increase awareness and understanding of customers’ financial services is increasing globally, and Việt Nam – an emerging economy, is no exception, according to a report.

The information was released from a study of 2,000 global consumers released on Thursday by Mambu, a banking and financial services platform.

According to the State Bank of Việt Nam (SBV)’s statistics in 2020, 70 per cent of adults in the country had a bank account, but nearly half of them lacked access to credit. According to Agribank, more than 70 per cent of the population is concentrated in rural areas, but access to modern banking services in these areas is very limited.

On the other hand, in recent years, thanks to the development of digital technology and the digital transformation process among banks, mobile banking applications have played an important role in financial inclusion. Banks have been able to reach customers in places without a physical bank headquarters or branches.

Cashless transactions in Việt Nam increased by 75.2 per cent in the first nine months of 2020, compared to the same period the year before. Online shopping grew exponentially, ranking third in Southeast Asia in terms of visits to online shopping apps in the second quarter of 2020.

The Government’s efforts to enhance financial services include aiming for 80 per cent of adults to have a bank account by 2025 and piloting a mobile money programme for two years from 2021.

The above factors encourage people to learn and use financial services while promoting digital transformation among banks and credit institutions. Statistics from the SBV show that 94 per cent of banks in Việt Nam have gone digital or are planning to do so.

As well as banks, fintechs and telecoms firms are involved in digital banking in Việt Nam. Instead of competing with each other, there’s increasing collaboration between technology companies and credit institutions.

New technology solutions are changing the financial service landscape in Việt Nam, include new forms of online payment such as e-wallets, QR codes, digital banking products incorporating AI, data analytics and cloud computing.

Phạm Quang Minh, General Manager of Mambu Vietnam said: “Technology solutions that leverage true software as services (SaaS), cloud-native and API-first platform allow banks to compose any desired product and service by assembling best-of-breed components and independently connecting them together. The ‘composable banking’ approach will help banks digitise quickly, flexibly, economically, provides a ‘customer-centric’ experience, and meet the constantly changing needs of customers in the 4.0 era.”

On a global scale, the report revealed both banked and unbanked individuals feel underserved, with 56 per cent of banked customers claiming there are other services they should be able to access.

“With more than 1.7 billion unbanked adults globally, the data that’s usually reported points us to emerging markets and geographical barriers to access; however, the gap in accessibility on a global level should not be ignored,” said Elliott Limb, Mambu’s Chief Customer Officer.

“Personalisation is going to be key for banks if they want to avoid being sidelined by new entrants that give more inclusivity and access. Banks need to be using the technology available to understand their consumers’ habits and in turn, anticipate their needs, with hyper-personalised recommendations and services”. —

Source: https://vietnamnews.vn/economy/958769/customers-need-more-understanding-about-financial-services.html

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EVN reduces electricity purchases as consumption drops

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Because of low electricity consumption, thermopower, hydropower, wind and solar power plants have had to cut their capacity.

EVN reduces electricity purchases as consumption drops

According to the Vietnam Electricity Regulatory Authority (A0), electricity consumption in the country continued to decrease in the first two weeks of September 2021.

The peak daily capacity of the whole country was 29,700MW, while the total output of the entire electricity system was 624.3 million kwh per day.

As such, the country’s electricity consumption in the first half of the month was 24 percent lower than before, when large-scale social distancing began in mid-July and 15 percent lower than the same period last year.

The peak daily capacity in the south in the first two weeks of September was 12,200MW, while the total output was 243 million kwh per day.

The electricity consumption of the southern region during that time was 29 percent lower than before, when social distancing began and 23 percent lower than the same period last year.

To ensure the safe operation of the national electricity system when consumption goes down as a result of social distancing, A0 and local regulatory units have adjusted the mobilization of electricity to the demand of the whole country and every region, while ensuring technical requirements to regulate the national system safely.

“The regulation of the national system must fit the structure of power sources and transmission capacity among regions. The mobilization of electricity sources in the system is always implemented with the principle of transparency and equality, with no discriminatory treatment to the types of electricity sources,” the Electricity of Vietnam (EVN) stated.

EVN has asked owners of power plants to closely cooperate with A0 and local regulatory units and strictly implement commands on electricity mobilization to ensure the safe operation of the national electricity system, especially when consumption decreases as a result of Covid-19.

This means that power plants will have to cut capacity and their electricity would be unsold.

According to EVN, the power generating units that connect and provide electricity to the national grid have the responsibility of strictly complying with the operation method and commands of the regulatory units which have the right to control and examine as prescribed in Circular 40/2014/TT-BCT stipulating the process of regulating the national power system, and Circular 31/2019/TT-BCT that amends and supplements a number of articles of the process. They have to take responsibility for violations of the law.

In related news, EVN Hanoi reported that as of the end of August, it had reduced electricity prices and electricity bills for clients hit by Covid-19, totaling VND329.58 billion. 

Luong Bang

Source: https://vietnamnet.vn/en/business/evn-reduces-electricity-purchases-as-consumption-drops-776785.html

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Ministry investigates evasion of trade remedies for cane sugar

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Bags of sugar displayed for sale at a supermarket in Bangkok. — VNA/ Photo Ngọc Quang

HÀ NỘI — The Ministry of Industry and Trade (MoIT) on Tuesday issued a decision to investigate the evasion of trade remedies for cane sugar products originating from Thailand after considering requests from domestic sugar producers.

The ministry said it has received the petition of the Vietnam Sugarcane and Sugar Association (VSSA) and domestic cane sugar refineries, which submitted evidence that Thai cane sugar products subject to anti-dumping and anti-subsidy taxes have entered the Vietnamese market through five ASEAN countries of Laos, Cambodia, Indonesia, Malaysia and Myanmar.

The MoIT officially imposed anti-dumping and anti-subsidy duties on a number of sugar cane products originating from Thailand on June 15, 2021.

Data of local customs agencies shows that the volume of sugar imported from the five above-mentioned ASEAN countries had increased sharply to 527,200 tonnes from 107,600 tonnes after Viet Nam initiated an anti-dumping and anti-subsidy investigation into sugar from Thailand from October 2020 to June 2021.

Meanwhile, the import volume from Thailand has decreased by nearly 38 per cent, from 955,500 tonnes to 595,000 tonnes in the period.

The MoIT has actively coordinated with the VSSA to monitor the import of cane sugar products and actively consulted and assisted the VSSA, as well as the domestic cane sugar industry, in collecting information and data and making a petition to request an investigation into this behaviour. —

Source: https://vietnamnews.vn/economy/1036330/ministry-investigates-evasion-of-trade-remedies-for-cane-sugar.html

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Santorini masterpiece on the most beautiful avenue of Vung Tau downtown

Léman Cap Residence has taken inspiration from paradise island Santorini in Greece to bring the Mediterranean breath to Ha Long street, the most beautiful avenue in the coastal city of Vung Tau.

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Project inspired by Santorini Paradise, a destination of Hollywood stars

Santorini is a mainstay on the list of Top 10 paradise islands by the famous American Travel + Leisure Magazine. The island has also been voted as one of the Top 20 most expensive vacation destinations in the world with five-star luxury resorts. It is apparent why many famous Hollywood stars choose Santorini for vacationing.

Rumor has it that “Mrs. Smith” Angelina Jolie once bought a villa right on Santorini island for annual vacations. If you ever get lost here, you will most likely come across Tom Hanks and his wife, Shakira and Pique, or basketball player Michael Jordan. Music star Justin Bieber has also been to Santorini to enjoy the delicious food and wine. The island’s famous specialty is made from grapes grown on the volcanic mountains.

Santorini has always been an irresistible magnet with its characteristic Cycladic architecture, an integral part of the Mediterranean culture. Cycladic architecture is famous for its uniqueness and charm, providing the islands with minimal aesthetics but with a daring style. The most prominent characteristic of this architectural style, are the white washed cube houses built next to and on top of one another.

Léman Cap Residence – a diamond at the most expensive luxury boulevard in the coastal city of Vung Tau
Léman Cap Residence – a diamond at the most expensive luxury boulevard in the coastal city of Vung Tau

Visit Léman Cap Residence – a diamond at the most expensive luxury boulevard in the coastal city of Vung Tau

Visitors looking for a taste of Greece need not go that far anymore. Léman Cap Residence now captures the essence of the paradise island Santorini in its design and architecture. Travel lovers can now visit the made in Vietnam Santorini to admire the beauty of the island on Ha Long Street in Vung Tau.

Ha Long is the most bustling street in Vung Tau with well-developed transport infrastructure surrounded by thousands of five-star entertainment services. Along the avenue lie many famous tourist attractions such as Front Beach, Pineapple Beach, Nghinh Phong Cape, Bai Dau and Bai Sau tourist areas, which welcome millions of tourists every year.

Just a few minutes walk from Léman Cap Residence apartment to Ha Long Street, you can easily access a variety of branded shophouses, specialty restaurants, entertainment services, temples and churches, which are the cultural symbols of Vung Tau. Being located on the central route of the city, visitors can reach other areas quickly and easily via Long Thanh International Airport, Ring Road 4 connecting Vung Tau with the western region, as well as many other highways.

The masterpiece Léman Cap Residence fascinates with its unique Santorini architecture with characteristic white and blue colours. The project offers remarkable and unique ocean views while leaning against the green hills. A forest in the middle of the busy street, Léman Cap Residence is a separate resort complex with green nature, blooming flowers and chirping birds all year round.

Léman Cap Residence is located in Ha Long street - the most beautiful central avenue in the coastal city of Vung Tau
Léman Cap Residence is located in Ha Long street – the most beautiful central avenue in the coastal city of Vung Tau

Léman Cap Residence will leave impression on people with its beauty. Léman Cap Residence is a unique Santorini masterpiece with the immense blue sea in front and the fresh green mountains behind. Meanwhile, the surrounding areas are bustling and colourful entertainment complex. 

Léman Cap Residence: Masterpiece Santorini – A diamond on the most beautiful central avenue in the coastal city of Vung Tau

Hotline: 0918887920

Website: https://lemancapresidence.vn/

Fanpage: https://www.facebook.com/lemancapresidences

Source: https://e.nhipcaudautu.vn/real-estate/santorini-masterpiece-on-the-most-beautiful-avenue-of-vung-tau-downtown-3342113/

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