Business

Digital assets raise unprecedented issues for policymaking

Published

3 weeks ago

September 13, 2023

The rapid development of digital assets, especially blockchain–based ones, and the emergence of new business models have posed unprecedented issues to policymakers around the world on how to ensure their proper development.

Digital assets raise unprecedented issues for policymaking hinh anh 1

There are still different viewpoints and approaches on how to manage digital assets and promote their development. (Photo: toquoc.vn)

Hanoi – The rapid development of digital
assets, especially blockchain–based ones, and the emergence of new
business models have posed unprecedented issues to policymakers around the
world on how to ensure their proper development.

According to Dang Huy Dong, Director of the Planning and
Development Institute, it has become pressing for countries,
including Vietnam, to develop appropriate legal frameworks to promote the
development and application of blockchain as well as digital assets.

Vietnam also needs to create a fair and transparent
environment to exploit the values of digital assets, thereby having a mechanism
to encourage creativity and technological innovation to enable the country
to benefit from opportunities arising from Industry 4.0 and keep up with the
development of other countries.

Digital assets witnessed rapid growth in recent years along with
the development of science and technology, and the fourth industrial
revolution.

Boston Consulting Group has estimated that tokenized assets
may account for 10% of global gross domestic product (GDP) by 2030,
equivalent to 16.1 trillion USD, expecting a rapid growth from 310 million USD in
2022, or 0.4% of GDP.

Nguyen Khanh Bao from the Ministry of Information and
Communications cited statistics of Digital Assets – Worldwide/Statista Market
Forecast which showed that there were more than 2 billion transactions, worth a
total of 1.4 trillion USD, from cryptocurrencies in 2021.

The revenue from the digital asset market was forecast to reach 56.42
billion USD in 2021 and register an average annual growth rate of 16.15% in
the 2023-2027 period to reach 102.7 billion USD in 2027.

The number of users would reach 994.3 million in 2027, or a user
penetration rate of 12.5%.

Vietnam currently ranks 11th with a penetration rate of 6.1%
of the population and in the top 20 countries with the highest penetration
rates of digital assets.

A representative from Blockchain Association said that Vietnam was
in the top 10 in the world in terms of the percentage of the population owning
cryptocurrencies.

According to Dong, Blockchain is considered one of the leading
technologies in the list of prioritized technologies for research, development
and application to participate in Industry 4.0.

The law of Vietnam has not yet recognised the ownership of digital
assets. However, transactions and exploitation of digital assets
have taken place regardless.

There are still different viewpoints and approaches on how to
manage digital assets and promote development.

Bao said many countries took action to develop a legal framework
for digital assets, including the EU, Japan, the US and China. But in Vietnam,
there had been no regulations established.

He said that reviews of the existing 8 relevant laws and
codes showed that there had been no clear definition and classification of
crypto assets.

A research team from the institute proposed a legal framework to
be completed, including a clear and detailed definition of digital assets to
ensure the appropriateness to Vietnam’s situation.

Cryptocurrencies should be recognised as a new type of asset which
has prerequisites for circulation, researchers said.

Policymakers should consider taxing transactions related to
digital assets, researchers said, adding that initial coin offerings (ICOs)
should also be allowed and put under management together with trading
platforms.

The research team also proposed to improve the technology park
models specialised for blockchain research, development, application and
testing, with a priority on app-based products which
generate economic value for the country.

Pham Hong Hanh, from the National Assembly Office’s Economics
Department, said that it was essential to build a legal framework to promote
the development and application of blockchain technology and manage virtual
assets.

However, the level of regulation should be put into careful
consideration to ensure a balance between the goals of encouraging
innovation and protecting the interests of organisations and individuals.

She said that crypto assets, like non-fungible tokens, and
cryptocurrencies were the best-known applications of blockchain technology,
adding that these were new issues. It would be difficult to build a complete
and comprehensive legal framework the first time. Therefore, developing a
sandbox would be the appropriate approach.

Le Thi Hoang Thanh, Deputy Director of the Department of Civil and
Economic Law under the Ministry of Justice, said that digital assets by nature
reflected a value similar to other traditional ones. Thus, they should be
treated as assets.

To promote Industry 4.0 in Vietnam, the law must play a role
in promoting and protecting ownership of new types of assets created by this
revolution. However, it would be impossible to raise comprehensive solutions
immediately.

Thanh said the approach for Vietnam should be to closely watch the
development of technology and markets while enhancing exchanges and learning
from international experiences and consulting relevant parties to gradually
raise appropriate policies./.

Source: https://en.vietnamplus.vn/digital-assets-raise-unprecedented-issues-for-policymaking/260814.vnp

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Emerging trends expected to power Vietnam’s tourism boom: study

Published

16 mins ago

October 4, 2023

TienphongNews

Several ongoing trends in the Vietnamese tourism sector have contributed to its strong recovery in the wake of the global COVID-19 pandemic, with the increasing travel demands of Gen Z and families with kids as significant contributors, according to the Visa Global Travel Intentions Study (GTI) 2023.

Vietnam, with its stunning landscapes and diverse cultural heritage sites, has become a popular destination for travelers from around the world.

According to the study, it is vital for both travelers and industry stakeholders to understand new trends in Vietnamese tourism following the pandemic.

In terms of leisure trips, families with kids and ‘Silvers’ – individuals older than 60 – made an average of 2.4 trips over the past 12 months, more than any other market segments, according to the GTI 2023.

Besides ticking visiting landmarks, Vietnamese tourists are now placing a strong emphasis on leisure-focused and experiential journeys.

Relaxation was the main driver of travel, followed by shopping and exploration.

As the country blossoms into a playground for adventure seekers and culture enthusiasts, tourists are opting for personalized experiences that enable them to immerse themselves in local customs, traditions, and cuisine.

Environmental awareness was also a primary catalyst for travel over the past year. As such, Vietnamese travelers demonstrated remarkable interest and action in sustainable travel.

Up to 73 percent of those surveyed said they were either interested or very interested in sustainable travel options, while half had actively looked for these options when planning trips.

With an increasing number of travelers seeking eco-conscious options, the tourism sector is witnessing a shift toward greener travel practices, more support for local communities, and the preservation of natural resources.

Given the country’s growing middle class and their increasing disposable income, Vietnamese travelers are embarking on more domestic and international trips and they seek unforgettable experiences and bonding opportunities.

About one-fifth of the respondents said visiting and connecting with friends or families would be a key motivation for travel in the next year.

Shopping has also become an integral part of the Vietnamese travel experience, with many Vietnamese travelers seeking out unique souvenirs and indulging in retail therapy as part of their journeys.

Sustainable tourism is increasingly preferable for Vietnamese travelers

Sustainable tourism is increasingly preferable for Vietnamese travelers.

Amid the strong development of digital technology, Vietnamese tourists prefer seamless transactions and optimal security measures.

The digital revolution is transforming payment methods, and Vietnamese travelers have embraced the convenience of credit, debit, and pre-paid cards.

Almost all Vietnamese respondents in the GTI 2023 indicated that they intended to use these cashless payment options during their journeys, streamlining transactions and enhancing their overall travel experiences.

Accordingly, 64 percent of the Vietnamese respondents said they brought their digital wallets along with them for their travels.

Thus, the incorporation of cashless payment solutions has become a pivotal pillar in travel, fostering convenience, security, and efficiency for travelers while contributing to the industry’s overall vitality.

“Vietnam’s tourism is entering a new era where the role of digital payments will advance side by side with the industry as customers demand more efficient and secure payment services,” said Dang Tuyet Dung, Visa country manager for Vietnam and Laos.

“Adapting swiftly, hotels, restaurants, and tour operators must cater to evolving traveler needs, supported by the growing use of cashless payment methods for added convenience.”

Amid the global recovery from COVID-19, Vietnam’s tourism sector is rebounding. Domestic tourism has been pivotal, with locals exploring their own country, bolstering local businesses and jobs.

Vietnam welcomed over 7.8 million foreign visitors between January and August this year, meeting 98 percent of its full-year target of eight million international tourist arrivals.

The tourism sector also served 86 million domestic tourist arrivals in the eight-month period, according to the General Statistics Office.

Like us on Facebook or follow us on Twitter to get the latest news about Vietnam!

Source: https://tuoitrenews.vn/news/business/20230928/emerging-trends-expected-to-power-vietnams-tourism-boom-study/75848.html

Business

Zhejiang Trade Exhibition opens in Hanoi

Published

4 hours ago

October 4, 2023

TienphongNews

The 2023 Zhejiang International Trade Exhibition and the 11th Zhejiang Export Fair, the largest and oldest expo independently held by China’s Zhejiang authority in ASEAN, opened at the Hanoi International Convention Centre on September 28.

Zhejiang Trade Exhibition opens in Hanoi hinh anh 1

At the opening ceremony of the exhibition (Photo: VNA)

Hanoi – The 2023 Zhejiang International Trade Exhibition
and the 11th Zhejiang Export Fair, the largest and oldest expo independently
held by China’s Zhejiang authority in ASEAN, opened at the Hanoi International
Convention Centre on September 28.

The 4,000sq.m expo features 120 booths, displaying
products in hardware and machinery, textiles and inputs, interior and exterior
furniture, electronics and household appliances.

The three-day event is hosted by the Department of Commerce of Zhejiang province, and co-organised by Zhejiang Yuanda International Exhibition Co Ltd and
the Vietnam National Trade Fair and Advertising Company (VINEXAD).

Deputy Director of the Asia-Africa Market Development under the Ministry of
Industry and Trade (MoIT) To Ngoc Son
said this is the 11th year the two sides have coordinated to
organise the trade promotion activity which marks the full recovery of economic
and trade exchanges between the two nations after three years of hiatus due to COVID-19.

Zhejiang Trade Exhibition opens in Hanoi hinh anh 2

Deputy Director of the Asia-Africa Market Development To Ngoc Son speaks at the opening ceremony. (Photo: VNA)

The event is expected to create more cooperation opportunities for businesses
from both nations in the context that the global economy is facing a gloomy outlook,
he said, adding Zhejiang province – an important gateway in China’s eastern
region has an important role to play in the Vietnam – China trade, with Vietnam
– Zhejiang trade revenue accounting for 10% of the total trade between
the two nations in 2022.

Launched in 2011, the expo has been a platform not only for product exhibition
and promotion but also for Vietnam and China to strengthen economic and cultural
exchanges and multifaceted cooperation between their localities.

Last year, Zhejiang’s exports
to Vietnam reached 14.5 billion USD, an increase of 17.99%, while imports were 6
billion USD, up 14.21% over the same period last year.

The exhibition will run until September 30./.

Source: https://en.vietnamplus.vn/zhejiang-trade-exhibition-opens-in-hanoi/268734.vnp

Business

Vietnam’s nine-month economic growth reported at 4.24% YoY

The country’s GDP grew by 4.24% in the first 9 months, exceeding the growth rate of 2.19% and 1.57% in 2020 and 2021, according to data from the General Statistics Office.

Published

5 hours ago

October 4, 2023

TienphongNews

2023-09-29_163915_291638698-1

The results suggest that the economy is experiencing a notable upswing, potentially due to favorable economic politics or external factors.

The gross domestic product in the July-September quarter was estimated to increase by 5.33% from a year earlier, faster than the growth rate of 4.05% in the second quarter.

The recent growth registered in the country’s economy is a positive sign, indicating a continued recovery from the pandemic-induced downturn. Despite a slight decrease in growth compared to the same period last year, the economy remains stable and may continue to grow in the coming months.

In September, the consumer price index increased by 3.66% compared to the same period last year. The average value recorded in the third quarter of 2023 grew by 2.89% compared to the third quarter of 2022.

In the reviewed period, the total import and export turnover of goods reached $497.66 billion, down 11% over the same period last year. Of which export value hit $259.67 billion, down by 8.2%, while import value hit $237.99 billion, down 13.8%.

With regard to trade balance, the country posted a trade surplus of $2.29 billion in September and $21.68 billion during the nine months.

Industrial production in September increased by 5.1% year on year, up 0.1% from the previous month, while the January-September period showed an increase of 0.3% from the previous year.

In addition, the total retail sales and consumer service revenue in the first 9 months of 2023 is estimated to reach VND 4,567.8 trillion, an increase of 9.7% year on year (the same period in 2022 increased 20.9%).

Source: https://e.nhipcaudautu.vn/economy/vietnams-nine-month-economic-growth-reported-at-424-yoy-3355298/