HÀ NỘI — VPBank has successfully tested the entire first letter of credit (LC) transaction process on the blockchain platform, making it one of the few banks in Việt Nam applying this technology.
The successful development of blockchain LC also marks a new step in VPBank’s strategy of digitising financial services and supporting businesses, especially as the COVID-19 pandemic is having a great impact on the economy and the world.
Accordingly, the trial LC transaction for coffee purchase contract of Vĩnh Hiệp Company Ltd (among top 10 leading coffee export companies in Việt Nam) was successfully implemented by VPBank on contour’s blockchain platform in less than two hours, instead of weeks or even months like traditional LC transactions.
In fact, the biggest challenge that banks are facing in LC transactions is reducing paperwork, shortening processing time, shortening payment time and making information transparent. VPBank’s successful execution of the above coffee purchase contract is the clearest and most concrete proof of the technology’s effectiveness. Blockchain LC is predicted to change the entire LC transaction process.
All contract information was uploaded to the system and encrypted to ensure high security with unlimited storage capacity. Sellers, buyers, issuing banks, advising banks and confirming banks could immediately track and update the transaction status, helping shorten the geographical distance and speed up the process.
The most special feature of the blockchain LC transaction is the guarantee of the International Finance Corporation (IFC), a member of the World Bank group, and the confirmation and financing of SMBC Bank, a subsidiary of Japan’s second largest financial group Sumitomo Mitsui. The participation of the two leading financial institutions in the world not only ensures accuracy and international standards, but also guarantees the safety of transactions, thereby affirming VPBank’s reputation in the international market.
Nathalie Louat, IFC Global Director of Trade Finance and Supply Chain, said: “Digital transactions not only help reduce costs and trade risks, but also promote better integration in emerging markets, thereby supporting trade growth. IFC is pleased to join VPBank and SMBC’s digitalisation efforts.”
A VPBank representative said the successful issuance of LC on the blockchain platform is the optimal solution to solve the problem of payment guarantee for international trade transactions of import and export enterprises in the context of the pandemic that impacts the Vietnamese economy and the world in general. Cost reduction as well as transaction transparency are the top priorities.
Blockchain LC is the next step of the LC Online service that VPBank recently launched on different versions of the VPBank NEO digital banking platform. With LC online, customers will not have to waste time and effort to submit original documents by traditional method, thus saving a considerable amount of money.
“The application of blockchain technology to LC issuance and LC Online service implementation has not only affirmed VPBank’s pioneering role in continuously searching for suitable technologies to digitise banking services, thereby improving the quality of banking services, giving customers the best experience, but also contributing to creating favourable conditions for import-export businesses to boost production in the last wave of import and export in the year-end months,” he added. —
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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