Asian countries, including China, Singapore, the Republic of Korea, Japan, India and Thailand, are the largest market for import-export payment services of the Vietnam Bank for Agriculture and Rural Development (Agribank).
An entrenched cash using habit and safety concerns are the main reasons for people not to switch to non-cash payments, a workshop heard in Ho Chi Minh City on January 15.
Foreign investors have poured into Vietnam’s e-wallet sector as they see huge growth potential in the market in the wake of the Government’s plan to reduce cash payments to below 10 percent of the total payment transaction by 2020.
The Ministry of Industry and Trade (MoIT) has worked with the Ministries of Finance and Justice and the State Bank of Vietnam (SBV) to propose suspending imports of cryptocurrency mining machines, said a MoIT official.
The Government should create an ecosystem and suitable environment for new products and services as well as pioneer their use to promote the development of contactless payment methods. This could be a foundation for building e-government in Vietnam.
The Ministry of Finance (MoF) has proposed to temporarily halt the import of bitcoin mining machines to improve the management of bitcoin and cryptocurrency transactions.
UnionPay International (UPI), a subsidiary of China UnionPay, said on June 21 that it has signed a cooperation agreement on payment by QR code with Vietnam Payment Solution Joint Stock Company (VNPAY) - the biggest QR code payment firm in Vietnam.
Export turnover of tra fish reached 438.2 million USD in the first quarter of 2018, an increase of 18 percent year-on-year, according to the Association of Seafood Exporters and Producers (VASEP).
The total value of transactions via the automatic teller machines (ATMs) and points of sale (POS) last year surged sharply by 34 percent against the previous year.
The State Bank of Vietnam (SBV) has ordered financial institutions and other organisations providing payment brokerage services not to conduct cross-border transactions in cryptocurrency for fear of money laundering, terrorism sponsoring, tax evasion and fraud.
Prime Minister Nguyen Xuan Phuc has required the State Bank of Vietnam (SVB), financial institutions, and other organisations providing payment brokerage services to intensify inspections and promptly report suspicious cryptocurrency transactions.
Police in Ho Chi Minh City are coordinating with relevant agencies to examine an alleged cryptocurrency fraud involving over 32,000 people and a sum of 15 trillion VND (666 million USD).
Credit card holders will not be allowed to withdraw cash at card readers of domestic points of sale (POS) from March this year, said the State Bank of Vietnam (SBV).
The Vimo Technology JSC and Southern Airport Services Joint Stock Company have signed a cooperation agreement on launching electronic payment services for Asian tourists when travelling into Vietnam.
Hanoi plans to put up kiosks at hospitals for people to lodge complains or their dissatisfaction about health check-ups and treatment quality via a software.
Changes in consumer lifestyles as well as modern technology anticipating the fourth industrial revolution are changing the real estate market and creating new trends.
The use of cryptocurrency and blockchains in Vietnam is currently limited to just one percent of the total population, though experts anticipate that the number could grow to 30 million users in the next ten years.
Vietnam shipped 749 million USD worth of seafood abroad in August, bringing seafood exports in the first eight months of 2017 to 5.13 billion USD, up 18.1 percent from the same period last year.
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