Digitization vs digital transformation

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

Haydn Jones, director and senior specialist of Blockchain Market at PwC UK, shared with VIR’s Luu Huong how this trend could broaden access to financial services and some suggestions to build more transparent cross-border transactions, as discussed at the PwC workshop “Cryptocurrency and its Impact to Businesses” hosted in Hanoi last week. Haydn Jones, director and senior specialist of Blockchain Market at PwC UK Could you provide some highlights from the PwC Global CBDC (central bank digital currency) Index 2022? The headline message is that adoption is a political decision. A 2021 survey from the Bank for International Settlements of central banks found that 86 per cent are actively researching the potential for CBDCs, 60 per cent were experimenting with the tech, and 14 per cent were deploying pilot projects. So, if you look at the different jurisdictions, they all have a specific driver, whether it’s financial inclusion, a drive towards digitisation, reasons … [Read more...] about Keeping on top of crypto legislation

Source: freepik.com Denny Abdi - Indonesian Ambassador to Vietnam In 2021, I shared thoughts in VIR on Vietnam’s integration into the world, the critical role of economic media in promoting the country’s global vision, and how bilateral relations between Indonesia and Vietnam remain positive despite the pandemic. Many economists claimed that economic recovery in 2022 would be better but remain uneven. Geopolitical instability has been the top-cited threat, followed by the current recession. As we are witnessing the ongoing energy crisis, the urgency for countries to fully commit and move towards diversified and net-zero emissions sources is an immediate priority. Moreover, countries in Southeast Asia are among those most vulnerable to climate change, and the region as a whole is still largely dependent on fossil fuels. Energy supply currently is a drama for most countries. Nations are contesting their green energy strategy but still lack implementation. As two … [Read more...] about Carrying the torch in Vietnam’s media

Looking back at the development history of the Vietnamese press, publications are associated with various political or economic trends. VIR was born at a time when the country was focusing on attracting foreign investment to create momentum for the doi moi journey. Back then, the newspaper worked as a press agency of the State Committee for Cooperation and Investment. VIR’s publications are available on PressReader and all flights of Vietnam Airlines In the economic press, VIR and its sister Vietnamese-language newspaper Dau tu had to compete with rivals such as Vietnam Economic Times, Saigon Times, Banking Times, and Financial Times. After more than 20 years of competition, with relentless efforts to report on hot economic issues, VIR has won a string of press awards, both at home and abroad. Today, VIR can also be found in the cabins of Vietnam Airlines flights, at international conferences, and at important meetings of the government, ministries, and state agencies. … [Read more...] about Building on a rich history

“Impressive, methodical, and professional” were the words used by the media representative of the United Nations Development Programme (UNDP) in Vietnam after VIR was selected to jointly organise the forum “Finance and Governance Accelerators for a Just Energy Transition” in July. The forum was held during a visit to Vietnam by Kanni Wignaraja, UN assistant secretary general and UNDP regional director for Asia-Pacific. Despite her busy schedule, Wignaraja gave an important speech at the forum, highlighting Vietnam’s socioeconomic development achievements and committing that the UNDP will continue to support Vietnam’s transition to clean energy. The UNDP media representative said, “We highly appreciate the organisation of this forum by VIR. The newspaper’s prestige is increasing thanks to the strong transformation with new products, and everything has gone smoothly in terms of logistics, sound, lighting, and choice of hosts.” Many business associations and investors … [Read more...] about Lending a hand to progress for the business community

Mr. Dam speaks at the event Today ( Sep 26 ), the opening ceremony of the Horasis 2022 India Economic Cooperation Forum with the theme: Dynamic Vietnam - New Vision took place at the Convention and Exhibition Center in the Southern Province of Binh Duong. Deputy Prime Minister Vu Duc Dam, Secretary of State, Ministry of Foreign Affairs of India Rajkumar Ranjan Singh, leaders of the Binh Duong provincial Party Committee and the People's Committee, representatives of central ministries and agencies, and more than 500 businessmen, Indian investors and economic experts were attending the event. According to Deputy Prime Minister Vu Duc Dam, Vietnam has made great achievements with an increase in Gross Domestic Product (GDP) from US$4 billion to nearly $400 billion in 2022 after nearly four decades of renovation. Vietnam has gradually built a fairly solid economic foundation, showing its ability to adapt in the most difficult times, especially during the Covid-19 pandemic. As … [Read more...] about Vietnam – ideal destination for foreign investors

Opening ceremony of 2022 Horasis India Meeting (Photo: VNA) Binh Duong (VNA) – The 2022 Horasis India Meeting , the foremost annual meeting of Indian business leaders and their global counterparts, opened in the southern province of Binh Duong – Vietnam’s FDI magnet - on September 26. The opening ceremony was attended by Deputy Prime Minister Vu Duc Dam, Minister of State at the Indian Foreign Ministry Rajkumar Ranjan Singh, leaders of Horasis, and delegates from the Confederation of India n Industry (CII), and Vietnamese ministries and localities. The meeting comprises six plenary sessions and 26 discussion ones, with the engagement of 700 delegates who are expected to discuss common concerns such as global transition, economic development issues arising during the digital transformation process, artificial intelligence and smart energy. Speaking at the opening ceremony, Deputy PM Dam stressed that the Vietnamese government has a consistent stance of considering … [Read more...] about 2022 Horasis India Meeting kicks off in Binh Duong

Whether in the Western world or the East, newspapers large and small are being forced to up their games considerably in order to survive. In many regions, the press industry is facing slumping ad sales, the loss of classified advertising, and sharp drops in circulation. The United States saw the loss of an average of two newspapers per week between the end of 2019 and May of this year, according to the Medill School of Journalism. The statistic means that an estimated 70 million people now live in areas deemed “news deserts” or areas that are at high risk of becoming so. Over in the United Kingdom, newspaper publishers are being shunned by investors because they do not offer decent returns. Britain’s major newspapers have seen circulations decline sharply in the last couple of decades, although they have countered this to some extent with online products. “We have found a clear pattern of declining sustainability in the sector since 2010, which is consistent with reduced income … [Read more...] about Evolution vital for VIR to stay relevant

Illustrative image (Photo: hungyen.gov.vn) Hung Yen (VNA) – The northern province of Hung Yen is currently providing 21 out of the 25 essential public services on the National Public Service Portal, following the Government’s project on enhancing the application of population data, e-identification and e-authentication in the national digital transformation in the period of 2022 - 2025, with a vision to 2030. The province’s one-stop-shop system and online public service portal have connected and exploited data from the National Population Database , amd synchronised and integrated 984 administrative procedures on the National Public Service Portal. To date, over 50,000 online applications of the province have been handled through the National Public Service Portal . Provincial leaders are directing departments and sectors to follow directions of ministries and sectors at the central level to soon provide the remaining four services on the national portal, and … [Read more...] about Hung Yen provides 21 essential public services on national portal

New office building of FPT in Ha Noi. — Photo courtersy of FPT FPT technology firm was honoured for the second time in a row in the Asia Outstanding Companies Poll 2022. FPT was selected by AsiaMoney for outstanding achievements in its efforts to overcome challenges during the two years of the outbreak of the COVID-19 pandemic, stable growth in business, management activities, corporate governance, investor relations and positive contributions to the community, and digital transformation. The Asia’s Outstanding Companies Poll is designed to acknowledge the listed companies that have excelled in areas such as financial performance, management team excellence, investor relations and CSR initiatives The remaining 12 Vietnamese companies were also honoured based on their specific fields including Vietnam Engine and Agricultural Machinery Corporation (VEAM), Vietcombank, REE, MWG, Vinamilk, PetroVietnam Gas, PetroVietnam Power, VNDIRECT, DHG, Hoa Phat, Vinhomes, and Gemadept. — … [Read more...] about FPT voted for the most outstanding companies in Asia