What Vietnam stands to gain from ICT How do you think Vietnam measures up to other Asian nations in information and communications technology (ICT)? Vietnam has grown to become one of the most attractive investment markets in the region across several sectors, but the ICT industry and its digital economy stand as the most promising. From growing e-commerce, online gaming, travel booking, and offline-to-online platforms such as ride-hailing and food delivery, Vietnam’s digital economy continues to thrive, with its gross merchandise value being 4 per cent of the country’s GDP, higher than any other country in Southeast Asia. The ICT sector will continue to be a driving force for growth and transformation in the Vietnamese economy, especially in delivering Industry 4.0 ambitions, as this will secure the country’s strong competitive regional position in the coming decades. What opportunities can you see in Vietnam for overseas investors to deploy ICT solutions and … [Read more...] about What Vietnam stands to gain from ICT
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The Vietnam Actuarial Conference 2018 hosted by Prudential with the attendance of over 200 actuaries and insurance professionals discussing Big Data More insurance businesses are now planning to apply new technologies in their management systems and improve customer services, while many also plan to develop new products to meet market demand as well as diversify insurance sales channels, according to a survey released by Vietnam Report in June last year. In particular, 82.4 per cent of insurance companies said they were building a Mobile Internet development strategy and 64.7 per cent have adopted strategies based on two key factors in Industry 4.0: the Internet of Things (IoT) and Big Data. Disruptive technology Big Data provides new insights from social networks, telematics sensors, and other new information channels. As a result, it allows understanding customer preferences better, enabling new business approaches, product development, and enhancing existing internal models, … [Read more...] about How can Big Data drive the future of insurance?
Can you update us on the current payment and security landscape in Vietnam? Also, in comparison to other markets, how is fraudulent activity performed and controlled here? Abdul Rahim The internet, mobile technology, and rising social networks are having a profound impact on consumers, their habits, and how they behave. In Vietnam, we are seeing a significant growth in e-commerce transactions. At the same time, fraud has shifted from the card-present channel, the bulk of which is counterfeit (CFT) fraud to the card-not-present (CNP) channel, primarily the e-commerce channel. From 2014 to 2017, the percentage of CNP fraud in Vietnam has increased from 75 per cent to 83 per cent, and one of the reasons for this is the adoption of EMV chip in the market, which helps to prevent CFT frauds, and as such, frauds have migrated from the CFT to the CNP channel. Globally, the fraud rate is less than 10 basis points, meaning out of every $100 spent, $0.10 is reported as fraud. For the … [Read more...] about A new security roadmap to fight payment frauds
Digital transformation is now an inevitable trend in developing and developed countries alike. Lim May Ann, executive director of the Asia Cloud Computing Association, talked to VIR's Bich Thuy about its recent study on cross-border data flows: a review of regulatory enablers, blockers, and key sectoral opportunities in five Asian economies. Why did you choose India, Indonesia, Japan, the Philippines, and Vietnam for this report? These five countries were selected as a representation of a wide range of policy approaches towards cross-border data flows and the digital economy that are currently being considered by governments around the world. Additionally, these countries are at pivotal points in the development of their digital economy infrastructure, which is clearly affected by their regulatory environments. The Vietnamese legal framework for cross-border data flows is currently considered “not yet open.” How does this affect the participation of international service … [Read more...] about Cross border data flows: how to approach the digital economy
Hanoi (VNA) – The Government of Vietnam is committed to implementing initiatives of the Greater Mekong Sub-region (GMS), including those on high-tech organic agriculture, said Prime Minister Nguyen Xuan Phuc. Prime Minister Nguyen Xuan Phuc addresses the plenary meeting of the GMS Business Summit in Hanoi (Photo: VNA) Addressing the plenary meeting of the GMS Business Summit in Hanoi on March 30, Prime Minister Phuc also pledged to create a favourable environment and put in place preferential regulations for investment in advanced technology, supporting industries and hi-tech organic agriculture. Taking advantage of Industry 4.0 Science-technology is a path to green and high-value agricultural development, Vietnamese Minister of Agriculture and Rural Development Nguyen Xuan Cuong said in his speech at an agricultural session in the framework of the GMS Business Summit. The fourth industrial revolution (Industry 4.0) presents an opportunity for … [Read more...] about Vietnam commits to realising GMS high-tech agriculture priority