Over the last three decades, Vietnam has transformed from one of the poorest countries in the world to a dynamic market economy enjoying strong economic growth. This is largely thanks to the liberalisation of the Vietnamese economy, and the doi moi market-oriented policy reforms that began in the late 1980s that started opening the country to investment and trade. Nowadays, the Vietnamese government continues to show strong commitment to creating a more business-friendly environment, a vibrant investment climate, and spur foreign trade. The latter is evident in its high participation rate in free trade agreements (FTAs). As Vietnam continues to further integrate into global supply chains and move into new trading markets, thanks in significant part to those FTAs, it will need to sustain progress on improving the business climate to fully reap the benefits of these opportunities. As part of the government’s vision to propel the Vietnamese economy forward, policymakers have begun … [Read more...] about Removing bottlenecks in nation’s FDI attraction
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Viet Nam News By Sri Lankan Ambassador Hasanthi Urugodawatte Dissanayake Sri Lanka is the essence of a people renowned for their hospitality, stunning landscapes, rich biodiversity and a wealth of incredible, immersive experiences on offer for travellers. Within a mere area of 65,610sq.km lie eight UNESCO World Heritage Sites, 1,330km of coastline - much of its pristine beach, 15 national parks showcasing an abundance of wildlife, nearly 202,343ha of lush tea plantations, 101,171 of botanical gardens, 350 waterfalls, 25,000 water bodies, and a culture that extends back over 2,500 years, with well-preserved archaeological monuments, mostly from the country’s Buddhist heritage, one of the world’s most scenic rail routes. Therefore, it comes as no surprise that the year 2019 is marked with many remarkable milestones for Sri Lanka’s tourism industry, with Lonely Planet naming Sri Lanka as the top country for travel and recognising Colombo City, the commercial capital … [Read more...] about 2019 Sri Lanka: where all roads lead to!
Arun Kelshiker, head of Portfolio Strategy at Standard Chartered Private Bank In our childhood, we learn some life-skills which we never really forget—skills such as riding a bicycle or swimming. But how often do we learn at a young age how to save and invest and plan our finances for ourselves and our loved ones? Yet, certain financial skills, such as making investment decisions, impact our longer-term life choices. Starting to invest early is probably one of the most basic financial knowledge one needs to imbibe at an early age. This is because the longer one lets one’s money grow, the bigger it grows. As Albert Einstein famously said: “Compound interest is the eighth wonder of the world and the most powerful force in the universe.” Once we start early, the next crucial investment idea is the knowledge that capital preservation is key to generating sustainable long-term returns. Yet, knowingly or unknowingly, many of us still find ourselves trying to … [Read more...] about Long term investment is the key to sustainable returns
Adrian Chng, GoBear CEO: Fintech primed to boost financial services sector in Vietnam Vietnam is setting records. Notably, at the end of last year, it was named one of the world’s Top 20 internet users with 64 million connected people and in January this year, Vietnam claimed the title of the world’s fastest growing wealth hub, clocking in 210 per cent wealth growth between 2007 and 2017. This is the reason that Forbes declared the country ‘every keen investor’s must-watch’ for 2018. Besides, It means that Vietnam sits at the beautiful intersection where personal finance meets inevitable innovation. In the last five years alone, Vietnam has experienced the entry of over 40 new fintech players, such as online payment platforms Mobivi and Momo, as well as the country’s first fully digital bank Timo. One of these is financial products comparison platform GoBear, one of Asia’s fastest growing startups that has recently undergone leadership … [Read more...] about Fintech primed to boost financial services sector in Vietnam
Can you update us on the current payment and security landscape in Vietnam? Also, in comparison to other markets, how is fraudulent activity performed and controlled here? Abdul Rahim The internet, mobile technology, and rising social networks are having a profound impact on consumers, their habits, and how they behave. In Vietnam, we are seeing a significant growth in e-commerce transactions. At the same time, fraud has shifted from the card-present channel, the bulk of which is counterfeit (CFT) fraud to the card-not-present (CNP) channel, primarily the e-commerce channel. From 2014 to 2017, the percentage of CNP fraud in Vietnam has increased from 75 per cent to 83 per cent, and one of the reasons for this is the adoption of EMV chip in the market, which helps to prevent CFT frauds, and as such, frauds have migrated from the CFT to the CNP channel. Globally, the fraud rate is less than 10 basis points, meaning out of every $100 spent, $0.10 is reported as fraud. For the … [Read more...] about A new security roadmap to fight payment frauds