Digitalisation

Dr Tran Du Lich, a member of the Prime Minister’s Economic Advisory Group (Photo: petrotimes.vn) Hanoi (VNA) - To achieve important targets in 2021-2025, Vietnam should consider economic digitalisation key to shifting its growth model and shortly carry out a “post-COVID-19” mid-term programme in association with economic restructuring on the basis of taking advantage of opportunities brought about by free trade agreements (FTAs). The advice came from Dr Tran Du Lich, a member of the Prime Minister’s Economic Advisory Group, in an interview granted to the Cong Thuong (Industry and Trade) Newspaper. He said Vietnam’s growth of 2.91 percent last year was a miracle amid the serious impact of the COVID-19 pandemic and natural disasters. However, entering 2021 - the first year of implementing the new Socio-Economic Development Strategy - Vietnam has to face several major mid-term challenges. Firstly, he said, the economic achievements gained in 2016-2019 are now being eroded, as reflected through the significant decline in 2020 GDP growth, while public debt and bad debts are increasing once more and the unpredictable developments of the pandemic have slowed down the economic restructuring process. Secondly, the readiness of Vietnamese enterprises to bring into full play the opportunities presented by bilateral and multilateral FTAs, particularly the Comprehensive and Progressive Agreement for Trans-Pacific Partnership (CPTPP), the EU-Vietnam FTA, and the Regional Comprehensive Economic Partnership, remains weak. Most enterprises, even those with foreign investment, are using outdated production technologies. Thirdly, efforts to reform economic institutions have brought about certain results but not in a systematic manner, Lich said. The next five years will be an unpredictable period in politics, economics, and international trade, he believed. Top priority should be given to economic digitalization during the shifting of the growth model …

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KUALA LUMPUR, MALAYSIA - Media OutReach - 8 February 2021 - Accelerating its digital agenda, Kenanga Investment Bank Berhad via its wholly-owned private equity arm, Kenanga Private Equity Sdn Bhd, today entered into a conditional agreement to acquire 19.0% equity interest in Tokenize Technology (M) Sdn Bhd (Tokenize Malaysia). Datuk Chay Wai Leong, Group Managing Director, Kenanga Investment Bank Berhad Operating under the brand, Tokenize Xchange, it is one of the three licensed Digital Asset Exchanges (DAX) by the Securities Commission of Malaysia (SC), and is currently the second largest DAX in the country by traded market share. Tokenize Xchange is an online exchange that allows trading of cryptocurrencies (crypto) such as Bitcoin and Ethereum, and operates 24X7, whole year round.   "We have been building a digital ecosystem to offer our customers a wide spectrum of financial products and services, including digital assets. The emergence of digital assets including cryptocurrencies have been gaining acceptance globally in the last few years. While we are keen on crypto as an asset class, we are aware of the volatility and the proliferation of unregulated players in the market. We are therefore very pleased to be given the opportunity to invest in one of the three licensed digital asset exchanges in Malaysia. We applaud the Securities Commission as one of the first in Asia to introduce regulations in this area," said Datuk Chay Wai Leong, Group Managing Director of Kenanga Investment Bank Berhad.   Tokenize Xchange was initially launched in Singapore by tech savvy founder Hong Qi Yu in 2018 and it has since captured a customer base of over 100,000.   Hong had later on set up Tokenize Malaysia to focus on the Malaysia market. In June 2019, Tokenize Malaysia was awarded a Recognized Market Operator (RMO) license to operate by SC and its platform, Tokenize Xchange, went live on 1 April 2020.   "Our interest in digital …

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Part of Van Phong Economic Zone located in the central province of Khanh Hoa. — VNA/VNS Photo Central provinces must adjust their socio-economic development goals and strategies to minimise the adverse effects brought by the COVID-19 pandemic and natural disasters in 2020, officials have said. Nguyen Tan Tuan, chairman of Khanh Hoa's People Committee, said while the province's tourism industry was hit especially hard, growth in the industrial sector managed to stay positive. "Since the beginning of the pandemic, we have made it our highest priority to keep the virus in check. Our effort has allowed us to attract a number of foreign investors as they moved from regions hard-hit by COVID-19," Tuan said. He said the province has been making use of the downtime to upgrade and invest in its tourism infrastructure, waiting for international tourists to return. In the meantime, Khanh Hoa has started several promotion campaigns to attract domestic travellers. Meanwhile, Quang Nam made significant gains in developing modern agriculture in 2020 despite being one of the central provinces severely hit by natural disasters last year. "Agriculture has always been a key priority in our province's development scheme. During the pandemic, it has become Quang Nam's economic driver," said Le Van Dung, deputy chief of the province's Party branch. Dung said with tourism and commerce disrupted because of the pandemic and natural disasters Quang Nam chose to make large investments in industrial projects to mitigate the economic damage to the province in the long run. Quang Ngai, a traditionally strong economic performer in the region thanks to being home to the country's largest oil complex the Dung Quat Refinery, has been looking for ways to become less reliant on the oil industry. Dang Van Minh, chairman of the province's People Committee, said the province has been working with its partners to set up numerous large-scale industrial parks. "We want to become one of the country's …

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