This is the second time, F88 has received this honor. Seven criteria of Smart Campaign that F88 meets are Suitable products; Prevent excessive bad debt; Transparency; Responsible pricing; Respect customers; Privacy and customer data; Complaint handling mechanism.
The above criteria were established by Smart Campaign in 2013 and coordinated with auditing units such as M-CRIL, MFR to assess compliance at microfinance enterprises, thereby awarding Certificate of Insurance protect customers.
In Vietnam, in September 2019, F88 was the first financial institution to be awarded the Customer Protection Certificate, valid until October 2021. Recently, this business has received a notice to extend the certificate until June 2025.
Due to meeting more than 95% of the total criteria, F88 was awarded a gold certificate – the highest level in the certification system. Up to now, this is still the only financial institution in Vietnam to receive this prestigious certificate.
A representative of F88 said that there are 6 over 7 criteria, including suitable products; transparency; responsible pricing; respect customers; Protecting customer privacy and resolving complaints has been present in all of our transactions for many years.
|F88 – Vietnam’s only microfinance institution to receive a gold certificate for customer protection.|
That is the comparative advantage, the value of the corporate culture that F88 has worked so hard to build. All customers when using the service at F88 are advised by the staff in detail on how to borrow, loan term and loan amount in accordance with each person’s ability to pay.
All customer information is strictly confidential. Debt settlement activities are conducted internally on the principle of understanding, respecting and creating the best conditions for customers to repay their debts.
In the condition that Vietnam’s microfinance market is still in its infancy, many customers are still afraid to access non-bank loans, this is the most effective way. In addition, despite the complicated developments of the COVID-19 epidemic, the total credit risk in the past three years has remained below 1%, helping F88 meet the criteria of preventing excessive bad debt.
From the above business results and operating principles, internal resources, in October 2021, F88 was assessed by Fiin Ratings as BBB – a promising and stable level.
Currently, F88 has developed nearly 700 stores nationwide, providing a variety of convenient financial services from loan product packages to services such as collection and payment agency, insurance distribution and many other convenient services… F88’s main customers are unskilled workers and those who do not have a bank account and cannot access financial services.
Online food ordering rises sharply by 72% in the first 6 months of 2022
In the first half of 2022, the number of users ordering food on the GoFood increased by 66% from a year earlier.
Users also tend to place orders with a higher total value. In the first 6 months of 2022, the average value of each order on GoFood increased by 23%, and the average revenue of GoFood partners increased nearly 3 times compared with the same period last year.
After easing social distance regulations in Vietnam. The number of merchants operating on GoFood climbed by 83% in the first half of 2022 over the same period. In June alone, the number of new stores on the platform increased by 21% from the previous month and increased by 31% compared to the average of the first 3 months of 2022.
Ms. Le Nguyen Ngoc Dung, director of Gofood, said that the growth in revenue of restaurant partners on Gojek is a good sign of the recovery and prosperity of the economy.
On the Gojek side, the company has focused on supporting partners such as creating a completely free online registration platform, creating conditions for restaurants to easily participate in business on GoFood; launching and promoting the application of GoBiz, an order management platform to help GoFood restaurant partners optimize the online food delivery process and develop effective business; provide analytical data about business activities and open programs to support partners to expand customer, enhance brand image, and increase sales.
Over 3,400 new digital firms make debut in H1
The number of digital companies has constantly increased in Vietnam, from 45,600 in 2019 to 58,000 in 2020, and 64,000 in 2021, and the figure is expected to reach 70,000 by the end of this year.
In the first half of 2022, digital enterprises earned $72.5 billion in revenue, representing a year-on-year increase of 17.8 percent, the ministry reported.
Of the total revenue, hardware and electronics export turnover was estimated at $57 billion, up 16.4 percent against the same period last year in which computers brought back $ 29.1 billion of export turnover (up 21.8 percent) and mobile $ 27.9 billion (up 11.2 percent).
Particularly, the value rate of “Make in Vietnam” reached over 26.7 percent to about $19.4 billion.
In addition, the postal market made a revenue growth of over 30 percent.
However, digital corporates are located unevenly, focusing in four localities namely HCMC, Ha Noi, Da Nang and Bac Ninh. These localities accounted for over 72 percent of total number of digital firms in Vietnam.
Vietnam accounts for 15% of Southeast Asia’s online shopping market
According to Ninja Van Group’s report on online shopping in 6 countries: Indonesia, Malaysia, Philippines, Singapore, Vietnam, and Thailand with nearly 9,000 participants, Vietnam is the leading country with a number of online shopping averages up to 104 orders per year.
The report shows that Vietnamese people love online shopping and are leading the region in many indicators. Specifically, 73% of respondents said they regularly shop on e-commerce shopping platforms.
About 59% said they have ordered on international websites many times. In addition, the majority of Southeast Asian respondents are familiar with cross-border purchases within Asia or around the world.
In 2022, the number of Vietnamese shopping online will reach more than 51 million, up 13.5% over the previous year, total spending on shopping will reach $12.42 billion.
At the same time, Google and Bain & Company forecast that the scale of Vietnam’s digital economy will exceed $52 billion and hold the third position in the ASEAN region by 2025.
In a report from Ninja Van Group, Vietnam accounts for 15% of the total online shopping market in Southeast Asia, second only to Thailand with 16% and on par with the Philippines.
According to another report from Statista, Vietnam is expected to own the second largest e-commerce market in Southeast Asia, just after Indonesia before 2025. Vietnam currently has an average purchase size of $26, higher than the two most populous countries, Thailand ($25) and Indonesia ($18).
Over the past two years, the number of online shoppers in Southeast Asia has increased significantly, reaching around 70 million people. On a regional scale, 70% of the total population in Southeast Asia started shopping online even before the COVID-19 pandemic broke out. The number of online shoppers in Southeast Asia is expected to grow to $380 million by 2026.
According to Statista data, Southeast Asia’s average cross-border e-commerce share will increase from $74 billion in 2020 to $120 billion in 2021.
In the period 2016-2020, the growth rate averages 37.7% per year, higher than the global average of 27.4% per year. Forecast, e-commerce revenue in 2025 in Southeast Asia is expected to reach $234 billion.
Source: Zing News
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