The Covid-19 pandemic has severely affected almost all business and economic activities in Vietnam, and valuable and qualified human resource has taken a serious toll with several employees being laid off or having to accept large pay cuts.
However, banking could be a silver lining for many highly qualified human resource, with digital banking services providing a lucrative platform.
Opportunity in adversity
According to a latest survey by Adecco Vietnam, a provider of Human Resource Solutions, almost 30 percent of businesses reduced the number of their employees by 1 percent to 20 percent, and 16 percent of the businesses even laid off 21 percent to 40 percent of their current working employees. Among all businesses, the sectors that were the most seriously affected were services, industry, construction, agriculture, forestry, and fisheries.
On the other hand, the Covid-19 pandemic has also created and speeded up the coming of digital banking by about three to five years, with the need proving to be an urgency now. The digital transformation of the banking industry is now a strong feature to be considered if the banking system has to keep pace with global trends and survive and develop.
Along with digitizing, the banking industry also has to make a strong move towards cashless payment system and also move towards paperless currency. In most parts of Asia, digital banking is being considered by many as an opportunity for strong growth in coming time. New digital banks are being set to positively impact products, services, and the general experience in the financial and banking industry for both individuals and companies.
The plus point of digital banking compared to traditional banking methods is that it can generate higher revenue with low operating costs, faster market expansion, better access to businesses and customers, and simultaneously benefit exponentially in knowledge and data.
In the Vietnamese market, banks or financial companies still have been showing positive business results, even in some technology related industries, such as e-commerce or digital banking. Data from the Payment Department under the State Bank of Vietnam shows that in the first six months of 2020, there were 200 million payment transactions via the internet, of value of about VND 12,900 trillion, up 36 percent compared to the same period in 2019.
Competition in recruiting talent
Digital transformation brings opportunities but also comes with challenges in human resources for the banking industry. To convert effectively to a digital format, you must have people who understand both the required technology and the business profession as a whole. Therefore, there is fierce competition among banks to attract talent. The competition for attracting the best digital personnel is not only taking place between banks, but also between banks and fintech companies, who pay a lot of money to attract quality personnel.
In fact, because banks are focusing on developing digital services, the demand for related positions has also increased sharply in recent years. Positions with high demand include business development staff for banking services, customer experience analysts, and talented people for information technology segments such as project management and data analysis.
To resolve this challenge, banks are looking for candidates with experience of having worked abroad or overseas Vietnamese returning back home to stay and work. However, the search is not an easy one, due to an increasing demand for such positions, while candidates are limited because the field of digital banking is new. For this reason, banks will have to recruit candidates from other industries.
Mr. Bui Hai An, Chief Operations Officer of Timo, one of the first digital banks in Vietnam, said digital banking is a relatively new field in Vietnam, so human resources are mainly recruited from traditional banks who have financial expertise, or from technology companies. The downside of such recruitment is that banks have to retrain these candidates, although this solution also has certain advantages. Timo pursues a model that creates the best customer experience when using financial services, so customer analyst positions will be suitable for candidates with finance majors, or other insurance services, or even tourism, hotels, or restaurants.
Salary not deciding factor
Due to difficulties in recruitment, banks have policies to retain talented personnel such as by retraining, and welfare policies. Mr. Bui Hai An believes that Timo will apply technology to human resource management, increase reward programs, create an open work environment, and thereby help employees and the company achieve better results through higher efficiency and productivity.
According to the Anphabe survey on the concept of best workplace environment, wages are no longer a top concern for workers. Factors that keep employees engaged in the business include job characteristics, salary, fairness at work, training and development opportunities, empowerment, organizational brand, support from superiors and colleagues, and rewards and recognition of achievements. The quality of human resources is the core issue that determines the success and sustainable development of the move towards Industrial Revolution 4.0 and the integration process of the banking industry.
Ms. Ngo Thuy Han, Founder & CEO of BravoHR, a company providing recruitment to small and medium enterprises, said that 2020 was a year full of difficulties and challenges for most businesses, especially young businesses like BravoHR. However, BravoHR still has a very large corporate customer base from diverse industries, including the banking industry. The good sign is that bank leaders have correctly assessed the importance of building a company culture, as well as having a long-term human resource development plan, and offering reasonable remuneration policies to retain talented people, instead of focusing on recruiting based only on input, as at present.
Ministry investigates evasion of trade remedies for cane sugar
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. —
Santorini masterpiece on the most beautiful avenue of Vung Tau downtown
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|
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 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
Vietnam aims to become world’s farm produce granary
The national digital transformation program says Vietnam will develop hi-technology agriculture with a focus on smart and precise agriculture, while increasing the proportion of digital agriculture in the economy.
Opening the forum on digital transformation in Vietnam’s agriculture, Truong Gia Binh, Chair of the Vietnam Digital Agriculture Association (VIDA), stressed that it’s necessary to conduct strong digital transformation in e-commerce, e-payment, logistics and agriculture operations. If Vietnam can successfully do these, it will become a country with great competitive potential.
“Our land is situated in the area which doesn’t need heating in winter. It allows us to harvest many crops all year round. We still develop agriculture with 2/3 of population in rural areas. Vietnam’s IT is developing rapidly. All these factors will turn Vietnam into a farm produce granary of the world,” Binh said.
Deputy Minister of Information and Communications Nguyen Huy Dung said the important role of agriculture in maintaining the survival of the society has been confirmed in the pandemic. Agricultural development is the foundation for socio-economic development.
Digital transformation in agriculture needs to be implemented on the basis of data. It’s necessary to have big data about land, crops, livestock and aquaculture; apply digital technology to automate production and business processes, and supervise origin and product supply chains, ensuring transparency, accuracy, safety and food hygiene; and deploy the initiative ‘every farmer is a businessperson and every cooperative is a business utilizing digital technology’.
Also, it’s necessary to conduct digital transformation in management to have reasonable and timely policies for agriculture development, such as market forecasting and planning management.
According to Dung, the goal is that farmers make products at the lowest possible cost and sell products at the highest possible price. Digital transformation is one of the keys to reach that goal.
Minister of Agriculture Le Minh Hoan said Vietnam is facing three challenges, including climate change, market fluctuations and changes in consumption trends in the world.
However, challenges could turn into opportunities. Vietnam is shifting from the period of agricultural production into the period of an agricultural economy based on technology and digital transformation.
Prof Tran Dang Xuan from Hiroshima University said that 70 percent of Vietnam’s farm produce is from small-scale farming households. These households should be put at the center. Of smart agriculture production areas, Mekong Delta should be put at the center. Farmers should learn how to make online transactions. The Government should create policies to encourage farmers to develop digital agriculture.
The scholar said that Vietnam should learn from Japan when developing digital agriculture by sending students to Japan every year for internships.
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