Boston consulting group digital transformation

Accelerated digitalization According to a Microsoft study conducted in the Asia-Pacific region, 98 percent of innovative enterprises believe innovation is the key to quick response to market challenges and opportunities, and 56 percent of CEOs of large enterprises confirm that digital transformation helps increase revenues. In general, companies that conducted successful digital transformation yielded 23 percent higher profits than those that did not. The banking industry conducted fast digital transformation to adapt to the pandemic For large-scale enterprises this means a unified management system through mobile applications, helping customers integrate and manage information when using different services, whether paying electricity bills, shopping or buying leisure services. According to Nguyen Hoang Ngan, General Director of the Binh Minh Plastic Joint Stock Company, the only positive outcome of the COVID-19 pandemic was acceleration of the digital … [Read more...] about Vietnam makes digital transformation leap

EVN contributes to realising national digital transformation goals. (Photo: EVN) Hanoi (VNA) – Electricity Vietnam (EVN) plans to nominate three of its self-developed automated products as “Make in Vietnam” ones as part of its efforts to contribute to the Government’s national digital transformation programme by 2025, with a vision to 2030. The three are among the six selected “Make by EVN” products developed by its affiliates, including three-phase electricity gauge, EVN electric vehicle charger, and smart remote fault indicator (SRFI) and fault diagnosis scheme (FDS) by the Central Power Corporation (CPC); outage management system (OMS) by the Ho Chi Minh City Power Corporation (EVNHCMC); remote data collection software EVNHES by the EVN Information and Communications Technology Company (EVNICT); and the load dispatch digitalisation project by the Hanoi Power Corporation (EVNHANOI). The corporation has accelerated digital transformation over the past several years, … [Read more...] about EVN contributes to realising national digital transformation goals

Hanoi - The local banking sector, currently undergoing drastic restructuring, will have more opportunities to improve its financial capacity as well as learn modern business models and management from UK partners after the UK-Vietnam Free Trade Agreement (UKEVFTA) takes effect, according to banking insiders. Clients make transaction at a HSBC Vietnam transaction office in HCM City. (Photo courtersy of HSBC) UK banks may set up representative offices, branches, 100% foreign-owned banks and joint ventures with capital contributions not exceeding 50% in Vietnam. Until 1 August 2025, UK financial institutions may solicitate the approval of Vietnam’s competent authority (State Bank of Vietnam) to buy shares in one joint-stock commercial bank of Vietnam, up to 49% of that enterprise’s chartered capital, except for four commercial banks of which the Government of Vietnam currently holds the majority of equity. UK investors are also permitted to transfer cross-border … [Read more...] about Banks race to implement digital transformation ecosystem

Furniture products on display at an exhibition in HCM City. The wood processing sector has worked hard to achieve digital transformation. — VNS Photo Scansia Pacific Co., Ltd, producer of indoor and outdoor wooden furniture for export, started its digital transformation 10 years ago, Nguyen Hoai Bao, its vice president, said. “The value that digital transformation brings is immense, but to get that result, it took us a long time to standardise the internal processes and then select the most suitable software solutions. “Like other businesses, we initially sought software solutions from outside providers. But there were difficulties because the software providers did not understand much about production while production staff did not understand software. “Finally, Scansia Pacific decided to create an in-house IT, and we have found this to be very effective. The peculiarity of manufacturing enterprises is that problems arise frequently during the production process, and thanks … [Read more...] about Wood processing sector eyes digital transformation despite hurdles

Nguyen Duc Hien, Deputy Head of the Central Economic Commission, delivers his speech in the event (Photo: SGGP). Statistics from the Authority of Information Security reveal that in the first half of 2022, on average there are 44.7 cyber-attacks a day in Vietnam (a rise of 1.6 times compared to this time last year), leading to tough challenges in maintaining cyber security, especially during the national digital transformation process. Experts and business leaders are exchanging experience and new trends, strategies in cyber security (Photo: SGGP) Head of the Institute for Information and Communications Strategies Nguyen Thanh Phuc shared that the trend of uploading data onto cloud servers becomes a lucrative chance for cyber criminals. The risk of information leak or loss has never been this high, yet most businesses and organization still exercise no practical method to lower this risk and protect themselves. According to Robert Trong Tran, Deputy General Director of … [Read more...] about Vietnam striving to ensure information security in digital era

Digital transformation is a national strategy of Vietnam, specified in the Document of the 13 th National Party Congress and outlined in the National Digital Transformation Program to 2025, with orientation to 2030, approved by the prime minister. This strategy requires that digital transformation is to be applied in all economic sectors and localities. As for the banking industry, the State Bank has submitted to the government a number of plans and documents to promote digital transformation in banking activities. Over the past two years, many banks have digitalised their data based on cloud technology, launched new digital banking services, enhanced security, and automated the credit approval process. Nevertheless, the entire transformation is still at an early stage, and there are still many challenges to be overcome, the most prominent of which is the requirement for tech personnel for this important financial sector. To gain more insights into this complicated process … [Read more...] about VIR talk show to discuss digital talent and transformation in banking

Truong Gia Bao, Chairman of DTS Group, attended Demo Day on Sep. 26, in Korea. This program is part of the Global Startup Step-up (GSS) event series, which searches for and promotes outstanding projects in Korea. At Demo Day, investors from DTS Group served as representatives of a startup arboretum to evaluate projects. The program attracted 180 projects, with the top 10 startups selected to compete in the final round. "DTS Group is committed to promoting, connecting, and investing in Korean projects with DTS foundations," said Truong Gia Bao. The event is hosted by Startupbranch and sponsored by Korea International Trade Association (KITA). KITA is known as one of South Korea's largest economic organizations and is made up of more than 70,000 member companies, representing a significant swath of the international trade community of Korea. KITA manages overseas marketing and investment support, promotes international cooperation, conducts information provision and commercial … [Read more...] about DTS Group seeks investment opportunities for Korean startups

General Director of the Vietnam News Agency Vu Viet Trang (Photo: VNA) Hanoi (VNA) – Digital communication technology has become an effective tool for media agencies to provide mainstream news sources in the cyberspace, according to Journalist Vu Viet Trang, General Director of the Vietnam News Agency (VNA). Trang has given some comments on communication trends in the digital era and highlighted orientations for the VNA to sustain its stature as a mainstream media agency in the cyberspace. Mainstream news suppliers in cyberspace She noted that the number of social network users in Vietnam currently stands at around 73.6 million, 95% of which use Facebook. Meanwhile, the monthly active users of Zalo , a social media platform of Vietnam, reached 74.7 million in February this year, higher than the 67.8 million users of Messenger of Facebook-owner Meta. Trang said via social networks, press agencies can quickly learn of erroneous or ill-intentioned information so as … [Read more...] about Digital communication technology helps media agencies better perform tasks: VNA General Director

On behalf of the Vietnamese Ministry of National Defense’s leadership, Deputy Defense Minister Senior Lieutenant General Vu Hai San expressed his belief that the official visit to Vietnam of the President of Cambodian N.A. will importantly contribute to the success of the Vietnam - Cambodia Friendship Year 2022 and celebration of the 55th anniversary of the two countries’ diplomatic ties (June 24, 1967 - 2022). Stressing that Viettel Group is a leading State economic group in Vietnam which undertakes both economic and defense tasks, and is a business taking the lead in investing abroad, including the Cambodian market, the Vietnamese deputy defense chief suggested the N.A., government, and functional agencies of Cambodia pay due attention and create favorable conditions for the group to develop and invest, and contribute to the country’s socio-economic development and the two neighbors’ relations of “good neighborliness, traditional friendship, comprehensive cooperation, long-term … [Read more...] about Cambodian N.A. President visits Viettel Group

With the technological platform of Cake, Be-Cake Visa credit card applications are approved instantly. This enables clients to begin shopping online even before receiving the physical card. Notably, cardholders will get a 20 per cent refund – the highest on the market – for payments on the Be app and refunds for spending at other merchants. In addition, cardholders can convert transactions into instalments and even set up an automatic payment schedule through their Cake account. Visa Country Manager for Vietnam and Laos Dung Dang said, “The new Be-Cake Visa credit card was designed for the modern Vietnamese. It was made primarily for Gen Z and young professionals who we know are striving to get the most value for money.” “We are proud to launch the market’s very first collaborative card that offers consumers the best of three worlds; the speed and security of Visa digital payments, the versatility of Cake digital banking, and Vietnam’s top multi-service ecosystem managed by Be … [Read more...] about Be-Cake Visa credit card launched to enhance digital payment experience