Vietnamplus

Consumer habits have changed greatly during the COVID-19 pandemic, opening up opportunities for businesses that can capitalise on the changes, a recent survey has found.

Though the volume of issued credit cards and payments via credit cards have decreased sharply in Vietnam, VISA and MasterCard have been collecting different fees from a transaction.

Experts have warned that consumers may soon start defaulting on their credit card payments due to rising unemployment and salary cuts in many industries and sectors in the wake of the COVID-19 pandemic.

A range of new policies will come into effect this month, including fines of up to 100 million VND (4,192 USD) for business owners who fail to pay their employees.

The Malaysian government has allowed banking borrowers, including individuals and small and medium sized enterprises (SMEs), in the country to delay the repayment of their existing loans for a period of six months.

The Vietnam Maritime Commercial Joint Stock Bank (MSB) said it has completed the second pillar of Basel II standards that is supervisory review nearly one year ahead of the schedule set by the State Bank of Vietnam.

Thailand will ban the import, production and sale of beauty products containing plastic microbeads, effective from Januar 1, 2020, the Ministry of Public Health announced on December 24.

Citi, the largest pan-regional credit issuer, and Lazada Group, Southeast Asia’s leading e-commerce platform, have announced the launch of a new Lazada Citi credit card in Vietnam.

The Korean credit issuer Hyundai Card has struck a deal that allows it to buy half of total shares at the consumer finance firm FCCOM for nearly 42 million USD.

Startups from various sectors joined in an investment day in Ho Chi Minh City organised by Zone Startups Joint Stock Company to seek investments and present their businesses.

The Ministry of Health has set out a plan to promote e-payments, or cashless payments, in the health sector, especially for health check-ups and treatment services at medical facilities nationwide.

The Ministry of Public Security (MPS) has asked the International Criminal Police Organisation (Interpol) to issue a red notice for the owner of the Nhat Cuong Mobile store chain, Bui Quang Huy, who was charged with smuggling and violating regulations of accounting, causing serious consequences.

The 39th ASEAN Chiefs of Police Conference (ASEANAPOL) officially started in Hanoi on September 18 under the theme “Honoured by Partnership, Sustained by Unification.”

The State Bank of Vietnam (SBV) has directed commercial banks to tighten control over credit card payments to prevent the improper use of credit cards.

Digital transformation is creating opportunities for small and medium-sized businesses in Vietnam but also bringing new risks, according to experts.

Singapore-based ride-hailing firm Grab is set to invest “several hundred million dollars” in Vietnam where the company sees its next major growth market, just weeks after it unveiled a 2 billion USD plan in Indonesia. ​

Credit cards belonging to Malaysia’s former Prime Minister Najib Razak were used to spend over 3.3 million RM (800,000 USD) in a single day at a luxury jeweller in Italy, a court in Kuala Lumpur has heard during his trial.

The competition in the Vietnamese finance and banking market has become fiercer as existing foreign institutions are rushing to increase capital even as new entrants continually join the market.

The Vietnam Maritime Commercial Joint Stock Bank (MSB) has been given an approval from the State Bank of Vietnam (SBV) to apply Basel II standards, raising the total number of Vietnamese banks meeting the global norms to nine.

Vietnamese ride-hailing firm FastGo on April 11 announced its plan to launch the country’s first helicopter ride-hailing service - FastSky - in Hanoi by the end of this month.