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More and more Vietnamese opt for QR payments

It has been months since Hai Van last checked her purse since she makes almost all payments by scanning QR codes with her phone.



The media company in Hanoi’s Cau Giay District says: “Whether it is having breakfast and lunch at the office, making supermarket trips in the evening or hanging out with friends at a cafe, QR payments are readily available and the deductions are made directly from my e-wallet.

“Occasionally I have to transfer money or pay cash when making online purchases. But other than that, most transactions are done through scanning codes.”

This began unexpectedly over a year ago amid Covid-19.

“Once, I was buying from a street vendor without any loose change, and the lady offered a QR code to pay,” she says.

Without a purse with cash and cards, her handbag’s weight has reduced in half.

“I am more worried about running out of phone battery than forgetting my purse.”

The Tam, owner of a grocery store in Vinh Phuc Province, has also grown accustomed to receiving payments through online bank transfer instead of cash.

For over a year his store has had a QR code displayed in the most prominent place with the sign “QR Payment Accepted.”

He says: “Customers in the village often do not carry cash. Rather than buy at another shop on credit, they gradually got into the habit of coming to mine for QR payment.

“Gone are the days when I had to count money and give back change… all there is to do now is check the numbers.”

Now almost half of all transactions at his store are done by scanning codes.

After starting to gain popularity through e-wallet apps such as VNPay, MoMo and Viettel Money, QR codes are now directly integrated into bank apps.

Last year, Napas set up VietQR, simplifying this process and allowing customers of any bank in the system to transfer money to another bank just by scanning.

The State Bank of Vietnam’s payments department said digital banking services, especially electronic payments, are growing rapidly.

In the first half of this year, the number and value of transactions via mobile phones increased by 98.3% and 84.3%.

“I have witnessed people in rural areas easily make payments using QR codes,” Tran Quy, director of the Vietnam Digital Economy Development Institute, says.

According to statistics from the Ministry of Information and Communications, the country has 81.4 million mobile Internet subscribers, an imperative for using QR codes.

But many experts say full potential has yet to be achieved.

In The Tam’s case, seniors and children, a major demographic among his grocery store customers, are often unable to use QR codes due to the need for a smartphone linked to a bank account.

Not everyone in the countryside even among other age groups has these two readily available, he says.

His store has encountered payment errors on numerous occasions due to an unstable Internet connection, he says.

“Just one wrong transaction and I might have to retrace the whole thing, which takes a long time.”

Hoang Quynh, an office worker in Ho Chi Minh City who used to have three or four e-wallets with QR scanning facility but has cut down to one, says: “Sometimes stores would have an array of codes but I still cannot pay unless it includes the provider of my application. I wish there was a common platform, one app, that can scan QR codes from any payment service.”

Source: VnExpress



Tech unicorn VNG to list on UPCoM

Vietnamese tech giant VNG Corporation is finalizing its list of shareholders to prepare for a listing on the Unlisted Public Company Market (UPCoM) exchange.



Towards this, it has asked shareholders to complete their transactions before 5 p.m. November 28. All further transactions will be delayed until its shares are up on the UPCoM, an exchange set up to encourage companies to list their stocks.

UPCoM is one of three bourses in Vietnam, of which the Ho Chi Minh Stock Exchange (HoSE) is the biggest with the highest criteria. It requires a company to post profits within the previous two years to list.

VNG, however, posted a loss of over VND70 billion last year.

The unicorn, a startup with a valuation of more than $1 billion, has also announced that its three foreign shareholders, Tenacious Bulldog Holdings Limited, Prosperous Prince Enterprises Limited and Gamevest PTE, have reduced their stakes to below 5% each.

Tenacious Bulldog and Prosperous Prince had a 28.46% stake in VNG, while Gamevest had an 8.14% stake.

The listing on UPCoM is an unexpected move by VNG, given that it had earlier announced plans to list on NASDAQ.

In the first nine months of the year, VNG posted losses of over VND764 billion.

Founded in 2004, VNG operates Zalo, a highly popular messaging and social network platform in Vietnam.

Source: VnExpress


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Vietnam’s Cerberus Esports team wins 6th place at PUBG Global Championship 2022

Vietnamese League of Legends esports team has set record for Vietnam and the APAC region after winning 6th place at PUBG Global Championship 2022, after a month of fierce competition in Dubai.



The achievement brought the Vietnamese esports team VND3.78 billion ($152,500) in reward. Cerberus Esports team members who have averaged age of 19.6 has set six records for Vietnam and the APAC region.

Cerberus is also one of the teams that have never had experience in an international tournament. It started the competition with low expectations from international pundits. rated Cerberus to finish the game in 19th place.

However, it performed beyond the audience’s expectations. From the beginning, Cerberus demonstrated good performance and got important scores. The Vietnamese young men got 114 points and became the 6th ranked team in the world, setting unprecedented records for Vietnam as well as the APAC region.

“Our players, who are between 18 and 20 years old, set the record, proving that Cerberus team has great potential. We are confident to maintain our position as one of the leading e-sports teams in Vietnam,” said Michael Minsoo Chung, Cerberus Esports Operations Director.

“We have high hopes to become a team that will bring greater development opportunities for Vietnamese e-sports,” he added.  

Photo: Cerberus Esports
Photo: Cerberus Esports

At PUBG Global Championship 2022, 32 teams from four regions, including 12 from Asia, 8 from Europe, 6 from the Asia Pacific, and the remaining 6 from the Americas competed for a total prize of $2 million.

Founded in 2018, Cerberus Esports is a professional e-sports organization headquartered in Ho Chi Minh City. It is currently a training and competition place for five teams from five different e-sports.

Saudi Arabia to invest $38 billion in esports 

In a related development, Saudi Arabia has planned to invest $38 billion to turn the kingdom into a hub for e-sports by 2030 as part of its plan to diversify the economy of the world’s largest oil exporter, Bloomberg News reported.  

Photo: Cerberus Esports
Photo: Cerberus Esports

Savvy Games Group, a subsidiary of the country’s sovereign wealth fund, will invest $13 billion in acquiring and developing a games publisher and $18.7 billion in acquiring minority holdings in gaming firms. It will also invest $5.3 billion in established companies in the gaming sector.

Saudi Arabia has already begun to invest actively in the e-gaming business. It owns shares in Activision Blizzard Inc., Electronic Arts Inc., and Nintendo Co. through its Public Investment Fund. The plan has threatened South Korea’s esports suzerainty status.


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Vietnam to become a regional Digital Hub

Vietnam is aiming to become a Digital Hub, a place to transfer, connect, store and process data regional and world data.



The Ministry of Information and Communications’ proposed information and communication infrastructure plan for the years 2021 to 2030 is to make Vietnam a “Digital Hub” where data from across the world may be transferred, connected, stored, and processed.

The term “Digital Hub” refers to a network of data storage facilities, cloud computing infrastructure, and Internet traffic exchanged by super developers, as well as global telecommunications, information technology, and digital content, which offer services in several nations and regions.

Vietnam has geographic advantages to become a regional digital hub, according to the Ministry of Information and Communications, including its location between Northeast Asia and Southeast Asia, close proximity to important and dynamic development centers in the region and the world, where many economies serve as growth engines, and its location on the trans-Asian road route established by the United Nations Economic and Social Commission for Asia and the Pacific in order to coordinate regional development.

Additionally, Vietnam is situated on the primary axis of the East-West Economic Corridor (EWEC), which connects the Pacific and Indian Oceans, offering tremendous potential for quick, economical, and efficient freight transit. 

The chance that Vietnam will emerge as the region’s digital hub is also demonstrated by the number of Internet users and, in particular, the data traffic that migrates to Vietnam. 

Statistics show that there are presently more than 72 million Internet users in Vietnam, with certain applications like Facebook having up to 75.6 million active users and accounts, and Zalo having more than 75.6 million active users, and 74.1 million active users, respectively.

Source: VnEconomy


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