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Transactions made via digital channels to reach 70% by 2025

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The Vietnamese government will support boosting the application of new payment methods to achieve the digital transformation goals of the banking industry.

At least half of the total Vietnamese adult people will use e-payment services and at least 70% of total transactions will be made via digital channels by 2025.

It is one of the goals set out in the digital transformation plan of the banking industry to 2025, with a vision to 2030, which has been issued by Governor of the State Bank of Vietnam (SBV) Nguyen Thi Hong this month.

At least 50% of banking operations of credit institutions and foreign bank branches will be performed completely in the digital environment.

Under the plan, by 2025, 60% of credit institutions will earn more than 30% of revenue from digital channels and 50% of small and consumer loans will be extended via digital channels. 

About 70% of the credit institution’s files are processed and stored in the digital environment (except for files classified as state confidential data).

“By 2030, 70% of the SBV’s inspection and supervision activities of the banking industry will be carried out in the digital environment,” the plan noted.

A recent report shows that 95% of credit institutions planned to build a digital transformation strategy, 39% of surveyed organizations have approved a digital transformation strategy or integrated it into the strategy of information technology business development. 

Vietnamese users are experiencing virtual reality viewing projects in BIDV Home app. 

In the next 3-5 years, about 82.5% of banks expect revenue growth of at least 10%, more than a half of which want over 60% of customers will use digital channels.

Assoc. Prof. Dr. Ngo Tri Long, a local economist, said that digital development has been changing economies around the globe at a rapid pace.

“Digitalization is an inevitable trend and a “survival battle” of the banking industry. The Covid-19 pandemic has contributed to speeding up this process,” Long emphasized.

The use of a range of payment technologies is trending upwards as users are comfort with them and their understanding increases. 

A latest report titled “the Mastercard New Payments Index” found that nearly 70% of respondents in APAC say they will use digital or mobile wallets in the next year. The number is higher than the global average of 62%. 

The majority of respondents in the region perceive new payment methods like QR codes to be cleaner (76%) and more convenient (71%) for in-person payments as it is likely consumers are using their own mobile device. 

“Consumers are also increasingly showing interest in being able to spend crypto-assets for everyday purchases,” the survey noted.

The survey underlined businesses of all scales will face greater expectations to provide multiple ways to purchase and pay.

Looking forward, the SBV will support the processing of new payment methods and connection models involving QR code, e-wallets, mobile money (direct carrier billing), cards, payment accounts, and cross-border transactions.

From an expert’s view of point, Vice Director of the Vietnam Institute of Digital Transformation and Innovation (VIDTI) Hoang Nguyen Van said that the Covid-19 pandemic is making digitalization an urgent issue for firms to increase their survivability by transforming business operation and technologies to cope with a new situation. 

“Thus, the government should provide legal guidance for digital transformation as quick as possible,” he told Hanoitimes.

According to SBV Governor Hong, the central bank will modernize the payment infrastructure, improve connectivity and interoperability including upgrading and modernizing the inter-bank electronic payment system (IBPS), towards meeting international principles and standards.

Besides, the SBV will also hold an annual “Digital Transformation Day” event to promote the process.

Hanoitimes

Source: https://vietnamnet.vn/en/business/transactions-made-via-digital-channels-to-reach-70-by-2025-738099.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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