Digital economy

The pandemic has accelerated an already strong shift towards digital across the world, redrawing how we live, work, and pay. Visa’s Consumer Payment Attitudes 2021 study shows that over half of Vietnamese consumers now regularly shop online and expect to be able to pay by card or mobile even in small physical stores. “As the architect of many of the solutions enabling this change, Visa is leveraging its world-leading digital expertise to make sure this transformation is inclusive and equitable,” said Dung Dang, Visa country manager of Vietnam. “We believe the digital economy will create global prosperity because economies that include everyone everywhere.” Innovation Workable strategies to go digital and embrace innovation are becoming essential. Around 90 per cent of small businesses with a digital presence attributed their pandemic survival to e-commerce, according to the 2022 Visa Global Back to Business Study. Visa is heavily invested in creating an ecosystem of … [Read more...] about Visa paving the way to an inclusive digital economy

PM Pham Minh Chinh speaks at the meeting of the National Committee on Digital Transformation in Hanoi on August 8. (Photo: VNA) Hanoi (VNA) – Prime Minister Pham Minh Chinh on August 8 described digital transformation as an important tool for the building of an independent and self-reliant economy and the extensive and effective integration into the world. He made the remark while chairing the third meeting of the National Committee on Digital Transformation in Hanoi. The Ministry of Information and Communications reported that digital transformation was promoted strongly and reaped encouraging outcomes in the first half of 2022. So far, 100% of the enterprises have used e-invoices, e-commerce revenue reached 11.27% of total retail sales (compared to the target of 7%), 66% of the people aged 15 and above had payment accounts (1% higher than the target), 70.91% of the adults owned smartphones (compared to the target of 85%), and 71.75% of all the households used … [Read more...] about Digital transformation crucial to an independent, self-reliant economy: PM

Prime Minister Pham Minh Chinh (third, left) and delegates visit a bank's booth featuring its digital products. The PM who is Chairman of the National Committee of Digital Transformation attended the Conference on Digital Transformation in the Banking Sector held by the State Bank of Viet Nam on Thursday. — Photo baochinhphu.vn Prime Minister Pham Minh Chinh said the banking sector had all the factors to be pioneering and, in fact, was at the forefront of the digital transformation process. Digital transformation was an inevitable trend, and an urgent requirement, noted the Prime Minister. The Prime Minister, who is also Chairman of the National Committee on Digital Transformation, attended and delivered a keynote speech at the Conference on Digital Transformation in the Banking Sector organised by the State Bank of Vietnam (SBV) in Ha Noi on Thursday. Speaking at the conference, SBV Governor Nguyen Thi Hong said that in the Prime Minister's Decision No 749/QD-TTg approving … [Read more...] about Banking sector can be pioneer in digital transformation: PM

Thua Thien Hue Smart City Monitoring and Operation Centre (Hue IOC) has been operating since the beginning of 2019. The province has been evaluated as one of the leading localities in the country in digital transformation. (Photo courtesy of VINASA) Hanoi (VNS/VNA) - The Digital Transformation Week 2022 is set to take place in the central province of Thua Thien-Hue on August 17. Themed “Digital transformation creates momentum to accelerate socio-economic development”, the event is expected to attract the participation of 50 speakers, more than 100 small- and medium -sized enterprises (SMEs) registering to attend digital transformation training, over 1,000 delegates attending conferences and some 3,000 delegates participating in exhibitions. The event which will be co-organised by the People’s Committee of Thua Thien-Hue and the Vietnam Software and IT Services Association (VINASA) is one of the province’s activities to respond to the national digital transformation day … [Read more...] about Digital transformation week 2022 to be held in Thua Thien-Hue

Digitalization is seen as a major instrument for Vietnam to promote an independent and self-reliant economy. Businesses and people should be the main beneficiaries and the driving force for the national digital transformation, so the Government encourages them to take an active part in this process. Prime Minister Pham Minh Chinh at the meeting. Source: VGP Prime Minister Pham Minh Chinh stressed the goal during a meeting of the National Committee on Digitalization today [August 8]. According to Chinh, efforts from Government agencies and localities have been translated into strong progress in Vietnam’s digitalization and contributed to the socio-economic recovery. The prime minister, however, pointed to the incompleted legal environment as the reason hampering the digitalization process, while a lack of investment in digital infrastructure, including the mobile and fixed broadband internet speeds behind the world average, means it has failed to create … [Read more...] about People and businesses urged to take part in the digitalization: PM

Vietnam’s digital transformation is designed to be based on three main pillars namely institution, infrastructure, and manpower. Digital transformation plays a major role in building an independent and integrated economy, Vietnam’s Prime Minister Pham Minh Chinh made the statement today. The country should not remain outside this process and building successful digital-based economy and society needs to begin with e-government, Chinh, who is also Chairman of the National Committee for Digital Transformation, said at the committee’s 3rd meeting on August 9. The event drew the participation of more than 130,000 officials nationwide, including Deputy Prime Minister Vu Duc Dam and many cabinet members, to discuss the application of population data and electronic identification and authentication for national digital transformation in the 2022-2025 period with a vision to 2030. Vietnam's Prime Minister Pham Minh Chinh speaks at the national meeting on digital … [Read more...] about Digital transformation matters a lot to economic integration: Vietnamese PM

Themed “Digital transformation creates momentum to accelerate socio-economic development,” the event is expected to attract the participation of 50 speakers, more than 100 small- and medium-sized enterprises (SMEs) registering to attend digital transformation training, over 1,000 delegates attending conferences and some 3,000 delegates participating in exhibitions. The event which will be co-organized by the People’s Committee of Thua Thien Hue and the Vietnam Software and IT Services Association (VINASA) is one of the province’s activities to respond to the national digital transformation day which will be held on October 10. It will have many activities such as four conferences, three in-depth seminars, exhibitions and launching of digital solution platforms, signing digital transformation cooperation agreements between businesses and the province’s departments and agencies. As a locality with strong culture and heritage, Thua Thien Hue will organize a separate conference on … [Read more...] about Digital transformation week 2022 to be held in Thua Thien Hue

Visa last week announced the launch of Eco Benefits in Asia-Pacific. It is a suite of sustainability-focused solutions that will help Visa cardholders across the region better understand the environmental impact of their day-to-day payments. Over half of Vietnamese consumers now regularly shop online and expect to be able to pay by card Banks that sign up for Eco Benefits will be able to offer these solutions to their Visa cardholders and meet the growing demand for sustainable financial services. According to a new Visa/YouGov survey, 66 per cent of consumers in Asia-Pacific expect their bank to offer eco-friendly payment solutions. Over half (52 per cent) would switch banks in order to access a product or service that helps them understand the carbon footprint of their spending. In Vietnam, Eco Benefits aligns with the National Green Growth Strategy for 2011-2030 by promoting greener lifestyles and sustainable production. The new product is also in line with the … [Read more...] about ECO-FRIENDLY payment initiative launched by Visa

Vietnam will need a skilled workforce to transform itself into an upper-middle-income economy by 2035, the World Bank has suggested in its recently-released report named “Taking Stock: Educate to Grow”. Illustrative image (Photo: VNA) In its bi-annual report, the lender said: “Vietnam needs a workforce with 21st century skills to grow. As the economy moves from being driven by low skill and low wage jobs in manufacturing and services towards a more innovation driven growth model built on higher value-added industries and services, Vietnam’s workforce will need to attain higher level and more relevant skills.” The Vietnamese Government’s Socio-economic Development Strategy for 2021-2030 says as much, aiming to use scientific, technological, innovative, and digitally transformative knowledge and build quality human resources as key drivers of higher productivity and future economic growth. To achieve these goals, Vietnam needs to reform its education system … [Read more...] about Vietnam needs skilled workforce to become upper-middle-income economy by 2035: WB

The central city topped the ranking for cities and provinces, scoring 0.6419 points, 0.1545 higher than the 2020 ranking released last year. Thua Thien Hue came in second place again with 0.5872 points, and Ho Chi Minh City climbed two spots to rank third. The top ten also included Bac Ninh, Lang Son, Ninh Binh, Quang Ninh, Thai Nguyen, Binh Phuoc and Bac Giang. The Ministry of Finance led the rankings of 17 ministries and ministry-level agencies providing public services, gaining 0.6321 points, 0.13 higher than the previous ranking. It was followed by the Ministry of Planning and Investment and Vietnam Social Security. Also in the top ten were the State Bank of Vietnam, the ministries of Trade and Industry; Information and Telecommunications; Environment and Natural Resources; Culture, Sports and Tourism; Transport; and Home Affairs. Claiming 0.4736 points, the Vietnam Academy of Science and Technology rose two spots to rank first among nine ministries and ministry-level … [Read more...] about Da Nang, Finance Ministry top Digital Transformation Index