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MoMo also won the award for “Best Platform for Financial Services in Vietnam” at the Excellence in Retail Financial Services Awards from The Asian Banker on March 16. The only Vietnamese representative in the list of Top 10 Global Platforms 2023 ranks seventh in the list that includes behemoths like Alipay, Apple Pay and Paypal. TABInsights assessed the leading 20 global platforms and ranked them based on a six-dimensional balanced scorecard covering capabilities across six key dimensions: customer, coverage and service scope, usage and engagement, financial performance, strategy, and leadership. “The best platform demonstrates exceptional efforts to bring together a wide variety of integrated and relevant services that customers require to manage their financial and non-financial needs,” TABInsights said. The magazine described MoMo as a platform with outstanding technology that offers a wide range of financial products and services through partnerships with financial … [Read more...] about MoMo among Top 10 global financial service platforms

At the press briefing to introduce Paper Vietnam, Rubber and Tyre Vietnam, Coatings Expo Vietnam, and Plastech Vietnam in HCM City on March 28. — VNS Photo Four international exhibitions, Paper Vietnam, Rubber and Tyre Vietnam, Coatings Expo Vietnam, and Plastech Vietnam, will be held in HCM City from June 14 to 16. The expos are to attract 230 companies, 50 per cent higher than that of last year’s shows, Nguyen Ba Vinh, director of the Minh Vi Exhibition and Advertisement Services Co Ltd, the expos’ organiser, said. They are from 20 countries and territories, and India continues to be the country of honour at the expos, with many Indian companies taking part, he said. Speaking at a press briefing on March 28 to introduce the four expos, Luu Hoang Ngoc, deputy director general of Vietnam Chemicals Agency under the Ministry of Industry and Trade, said paint, paper, rubber and plastic industries played an important role in supporting the development of many other industries. … [Read more...] about HCM City to host international paper, coatings, rubber, and plastic expos

In 2019, the authorities were able to handle major cases of smuggling and selling of counterfeit products, a fact that was not possible in the past. The Vietnam Directorate of Market Surveillance under the Ministry of Industry and Trade (MoIT) identified 90,000 cases of trade fraud and smuggling, and issued nearly VND670 billion (US$28.96 million) in fines in 2019, up 7,700 cases and VND180 billion (US$7.78 million) in fines year-on-year, the governmental portal reported. Overview of the meeting. Source: Vietnam Directorate of Market Surveillance. During the year, the agency collected nearly VND500 billion (US$21.61 million) for the state budget, confiscated goods and products worth over VND170 billion (US$7.34 million) and destroyed smuggled and faked goods worth over VND120 billion (US$5.18 million). Tran Huu Linh, director general of the Vietnam Directorate of Market Surveillance, said at a meeting on January 13, that in 2019, the authorities were able to … [Read more...] about Vietnam authority identifies 90,000 cases of trade fraud in 2019

In 2022, two-way trade between Yunnan (China) and the bordering provinces of Vietnam is expected to reach US$3.25 billion. The provincial authorities of Vietnam's Lao Cai and China's Yunnan agreed on March 28 to take necessary measures to lift their comprehensive ties, especially trade. A truck that links Lao Cai and Yunnan Province passes the Kim Thanh II International Border Gate. Photo: The Hanoi Times "The comprehensive partnership between Lao Cai and Yunnan has improved tremendously in recent years, but it has not reached its full potential," said Hoang Quoc Khanh, permanent vice chairman of the Lao Cai Provincial People's Committee. Khanh suggested that Yunnan authorities further relax regulations and facilitate cross-border trade and travel between the two nations to improve bilateral relations. The Lao Cai official said Chinese authorities should restore trade and travel activities to pre-pandemic levels. He also urged the Chinese government to … [Read more...] about Lao Cai and Yunnan provinces agree to strengthen bilateral ties

In order to better combat trade fraud activities in the future, the Ministry of Finance is requesting related agencies to soon issue specific criteria for domestically-produced goods. Under Prime Minister Nguyen Xuan Phuc’s instruction in Directive No.824 on tightening state administration against trade frauds, the General Department of Vietnam Customs (GDVC) has been working on perfecting the legal framework and identifying offenses in trading activities. The Ministry of Finance is requesting related agencies to soon issue specific criteria for domestically-produced goods. Photo: Hoai Nam. In terms of legislation, the GDVC has issued specific instructions for provincial customs in dealing with act of trade and origin frauds, illegal transshipment as well as violations of intellectual property rights. Additionally, the GDVC has given priority to training customs staff to ensure greater efficiency in determining cases of frauds in trade. Meanwhile, the … [Read more...] about Vietnam customs steps up fight against origin frauds in trade

She had announced she would leave her post as Fulbright president this summer after an eight-year stint. Thuy, 62, has master’s degrees in management from Harvard University and the Wharton School of the University of Pennsylvania in the U.S. She has also been general director of ANZ Vietnam and the Vietnam International Commercial Joint Stock Bank (VIB). Tasco was known as a major toll booth operator with projects spread throughout the country. After its founder, Phan Quang Dung, quit as president, the firm restructured with three different businesses: infrastructure-car service, real estate and insurance. This year Tasco targets revenues of VND22.5 trillion (US$957.6 million) and a profit of VND600 billion. … [Read more...] about Fulbright University chief named to Tasco management board

Industry and construction, one of three main growth pillars of the country, posted an expansion rate of only 0.4% as major industries were hurt by rising input costs and plunging orders, according to the General Statistics Office. Agriculture, forestry and seafood gained 2.52%, while services surged 6.79%, the latter thanks to policies issued to boost domestic consumption. Services accounted for 43.65% of GDP, followed by industry and construction, agriculture, forestry and seafood. The 3.32% GDP growth rate was the second lowest in the first quarter of the last 12 years, and behind 2020 when it expanded by 3.21%. Total trade declined by 13.3% year-on-year to $154.27 billion for the period, as the global economy was slow to recover and many countries tightened their monetary policies. This had a large impact on Vietnam’s exports. The country, however, still recorded a trade surplus of $4.07 billion. … [Read more...] about GDP growth slows in Q1

The resolution is a necessary move to ensure sustainable development of Vietnam’s exports and lawful rights of local compliant traders. The Vietnamese government on December 31, 2019 issued Resolution No.119/NQ-CP with an aim to address rampant cases of origin fraud and illegal transshipment, in a move to show its determination to ensure fair trade with major partners. Illustrative photo. The resolution is a necessary move to ensure sustainable development of Vietnam’s exports and lawful rights of local compliant traders, particularly with the enactment of new free trade agreements such as the Comprehensive Progressive Trans – Pacific Partnership (CPTPP) and the EU – Vietnam Free Trade Agreement (EVFTA) in the context of the ongoing US – China trade war, the Ministry of Industry and Trade (MoIT) said in a statement on its portal. Additionally, the resolution is expected to attract foreign investment in hi-tech projects with greater added value, helping local … [Read more...] about Vietnam government vows to combat origin fraud

Although Vietnam reopened its door to international tourists over a year ago, small and medium lodging facilities in Ho Chi Minh City are still struggling to recover due to the small number of international visitors. Their largest source market is China while the number of guests from the northern neighbor remains modest, forcing many hotels to use their facilities for other purposes or stop leasing spaces. Shutdown, falling room occupancy In District 1, many hotels which used to be crowded with foreign travelers are now empty or have been replaced by other businesses. On Ly Tu Trong Street, a spacious hotel is being repurposed. The hotel is in a prime site, near Ben Thanh Market, Nguyen Hue Pedestrian Street, and Le Loi Boulevard, once favored by international tourists. Many 'House for Lease' signboards can also be seen along Bui Vien Walking Street and De Tham Street with many of them being hung in front of small, one- and two-star hotels. The director of a chain of … [Read more...] about Ho Chi Minh City hotels waiting for int’l guests

Vietnam’s stock market system has been improved in recent times through more transparent management, Photo: Le Toan At a seminar in March on the strategy for development of Vietnam’s securities market for this decade, Shimizu Akira, chief representative of the Japan International Cooperation Agency (JICA) in Vietnam said it is urgent to improve the fairness and transparency of the domestic market for Vietnam’s stock sector to become a more attractive and efficient capital mobilisation channel. “The Vietnamese government has made strides and implemented swift remedies to the issue, including on the revised Law on Securities and launching the Vietnam Stock Exchange,” Akira said. Based on the proposal of the Vietnamese government, JICA has implemented a technical cooperation project to strengthen the capacity of the State Securities Commission (SSC) and the three stock exchanges through providing practical knowledge and know-how on the regulatory activities in Japan and other … [Read more...] about Hurdles still to climb for stock market gain