Apple store payment methods

Saigon Investment had a talk with Dr. HO QUOC TUAN, University of Bristol, U.K., to discuss this issue further and asked him as to what Vietnam needs to do to face this new trend. JOURNALIST: - Sir, what do you think about the trend of issuing CBDC in the world, and which direction should Vietnam go in the future? Dr. HO QUOC TUAN - To start with we need to look at why Central Banks must bring in this system. Firstly, Central Banks see the future of the world as a cashless society, and they want to introduce an option for a digital currency. Secondly, by developing CBDC it is a way to create pressure as well as create a payment system with the expectation of reducing financial costs. Thirdly, some countries like China have ambitious plans for their currency to become the world's main dominant reserve currency. If the renminbi doesn't play that role today, they hope pioneering the cryptocurrency will give them this edge. Looking at these options, Vietnam needs a CBDC to solve … [Read more...] about Central Bank Digital Currency necessary for Vietnam

Illustrative photo. More than half of the Central Banks named in the survey are in the development or pilot stage, and about two-thirds of these Central Banks say they would issue a retail CBDC in the short or medium term. Many Central Banks are now developing CBDC ecosystems with the coordination of the private sector and existing payment methods. Central Banks want CBDC Basically, there are two CBDC models, including one tier where the Central Bank not only operates the interbank CBDC system but also provides direct CBDC wallet and account services to the public. At two tier, the Central Bank and private sector intermediaries work together, with 70% of the Central Bank developing the two-tier model because this model ensures the effectiveness of providing services such as customer access, identification process, anti-money laundering, anti-terrorist financing (AML/CFT), and handling retail payments to the private sector. The motivation for CBDC development is also … [Read more...] about Implications of Central Bank Digital Currency in Vietnam

Three major cities of Vietnam are distinguished with the annual prestigious awards of Travel & Leisure. The United States-based magazine Travel & Leisure has recently unveiled its 2022 Asia’s Best Awards with suggestions about the best travel destinations around the world. Accordingly, Hanoi, Danang, and Ho Chi Minh City are among the Top Ten “Best Cities in Southeast Asia” Hanoi- the thousand-year-old charming city President Ho Chi Minh Mausoleum in Hanoi. Photo: Cao Anh Tuan Ranked fifth on the list of Travel & Leisure , the charming capital city of Vietnam- Hanoi is a must-see travel destination for foreign travelers to the country. The fact is that the city is very peaceful and very welcoming to foreigners. It has a low crime rate, great tropical weather, and is easy to balance work life and fun, according to Bill Noland, an Aussie digital nomad in Hanoi. “It takes me around VND10 million or $428 for a convenient accommodation … [Read more...] about Hanoi among Top 10 cities in Southeast Asia

According to a scientific brief released by the World Health Organization (WHO) in March, the global prevalence of anxiety and depression significantly increased by 25 per cent in the first year of the pandemic. In pre-pandemic Vietnam, according to the statistics published by the Institute of Mental Health under the Hanoi-based Bach Mai Hospital, 30 per cent of the population was diagnosed with various mental health issues, while 25 per cent was related to depression and 15 per cent were caused by stress disorders. Despite close to one in three people being aware of their conditions, only a few sought medical attention. From the above statistics, the mental health of a large population has been heavily affected by the pandemic. Tran Thanh Phong, CMO at Prudential Vietnam said, “ We cannot talk about holistic wellness without considering mental health. The pandemic has clearly taken a toll on people’s mental health over the past two years, with uncertainties and anxiety … [Read more...] about Prudential Vietnam launches new AI-powered mental wellness tools

The lesson-drawing activity was part of the review of ten years of implementing the Central Military Commission’s Resolution 765 on raising quality of training in the 2013-2020 period and the following years. In particular, the MR3 concluded that in order to improve training quality, the first thing they have to do is to increase the leadership of party committees at all levels to make strong changes in thinking about the role, significance, and importance of the training work and responsibility of chains-of-command, political commissars,  political officers and troops in duty performance. The outcomes of the training will be a foundation to evaluate the results of task performance of each serviceman. Secondly, it should pay due attention to building a contingent of command and staff cadres and agencies in charge of training while renovating training methods, organizing sport festival and other competitions, multiplying role models, and strengthening inspection, review of training … [Read more...] about MR3 draws lessons to improve training quality

The headquarters of the State Bank of Vietnam (Photo: VNA) Hanoi (VNA) – The State Bank of Vietnam ( SBV ) has issued a decision on digital transformation plan in 2022, under which all of the administrative procedures are to be handled online. Under Decision No. 1097/QD-NHNN, about 65-70 percent of people from 15 years old will have accounts at banks or credit organisations. The sector will work to integrate all of its public services on the National Public Service Portal, and coordinate with ministries, agencies and localities to promote cashless payment. It will also step up data sharing with other State agencies through platforms, with contacts of officials in charge of the issue to be publicised, according to the document./. VNA … [Read more...] about All of administrative procedures in banking sector to be handled online