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About 67 per cent of surveyed banks believe they will lose market share within two years if they fail to digitally transform, according to a new... Some 58 per cent of global respondents predict that they will completely cease to exist in the next five to ten years unless they change their business models. — Photo bnews.vn About 67 per cent of surveyed banks believe they will lose market share within two years if they fail to digitally transform, according to a new report from cloud banking platform Mambu and The Financial Times Focus (FT Focus). The ‘Evolve or be extinct’ report was conducted by FT Focus and surveyed over 500 senior banking executives globally to gain insights into their perception of the banking industry, now and in the future. The results illustrate the urgent need for banks to modernise their offerings, with 58 per cent of global respondents predicting they will completely cease to exist in the next five to ten years unless they change … [Read more...] about VIETNAM BUSINESS NEWS SEPTEMBER 19

Foreign businesses in Vietnam have expressed their concerns over the prolonged social distancing measures applied throughout the country to stall the coronavirus spread, warning that it would miss many investment opportunities given slow economic reopening. Foreign business associations including AmCham Vietnam, the U.S.-ASEAN Business Council, EuroCham, and KoCham recently sent a joint letter to the central government to propose a strategy on ‘localized pandemic prevention and control,’ aimed at restoring safe production and business activities in a 'new normal.' It is important that Vietnam take action now to maintain its regional and global competitiveness, and not to lag in economic recovery, the letter wrote. The business associations said they support the strategy to adapt to living with the virus safely and wish to joint hands with the government and localities to reopen the economy safely and enable economic recovery. Businesses need a clear road map and an exact date … [Read more...] about Vietnam to waste investment opportunites due to slow reopening: foreign associations

Since August, Vietnam’s export sector has started to feel the devastating effects of the pandemic and strict social distancing measures in many localities nationwide plus the disruption of supply chains and production. According to a report by the Ministry of Industry and Trade (MIT), Vietnam’s export sales in August 2021 were estimated at US$26.2 billion, a decline of 6% from July. Of this, the domestic sector gained US$6.94 billion, down by 9.7% from the previous month, while the foreign investment sector—including crude oil—reached US$19.26 billion, down by 4.5%. Compared with the same period of last year, August export value fell by 5.4%, of which the domestic sector saw a drop of 13.9% and the foreign investment sector, including crude oil, suffered a slight decline of 1.9%. During the Jan. – Aug. period, goods export sales reached US$212.55 billion, a rise of 21.2% year on year. Also in August, the annualized revenues of the three key export groups all dropped, of … [Read more...] about Export begins suffering from Covid-19

Speedtest statistics showed that the download speed of mobile networks in Việt Nam reached 42.46 Mbps in July, lower than the world average of 55.07 Mbps. Speedtest also said that for fixed broadband internet, Vietnam achieved a download speed of 78.43 Mbps, far behind the world index of 107.50 Mbps. Significant improvement is that the upload speed of Vietnam's internet exceeds the average mark, such as the mobile network at 19.25 Mbps compared to 12.35 Mbps, and the fixed broadband at 68.38 Mbps compared to 58.27 Mbps. The fastest mobile network access speed in the world belongs to the UAE with 190.03 Mbps, followed by South Korea at 189.2 Mbps. In the Southeast Asian region, the lead is Singapore with 85.93 Mbps, ranking 18th globally, Brunei with 59.34 Mbps (36th), Thailand 48.89 Mbps (51st) and Việt Nam (58th). In terms of fixed broadband Internet, the world leader is Monaco with 256.7 Mbps, followed by Singapore with 256.03 Mbps. … [Read more...] about Internet speed in Vietnam is below world average

Vietnam was elected twice as a non-permanent member of the UN Security Council. Vietnam has undergone a journey of 44 years since its admission to the United Nations with so many changes to become a global reliable and responsible member. A UN General Council meeting on Sept 20, 1977, adopts the admission of Vietnam. Photo: VNA On Sept 20, 1977, Vietnam became the 149th member of the world’s largest international organization with some main bodies namely the General Assembly, the Security Council, the Economic and Social Council, the Trusteeship Council, the International Court of Justice, and the Secretariat. In 2019, for the second time in history, Vietnam became a non-permanent member of the United Nations Security Council (UNSC) for the 2020-2021 term by a near-unanimous vote (192 out of 193 member states). Its first time took place in 2008-2009. “The UNSC stint will spotlight Hanoi’s approach to the world,” Dr. Prashanth Parameswaran wrote for The … [Read more...] about Vietnam’s admission to UN: 44-year journey of a reliable global member

Foreign invested enterprises (FIEs) have suggested a strategy on controlling the pandemic in every area so as to safely restore production and business activities. A number of associations of enterprises, including AmCham Vietnam, the US-ASEAN Business Council, EuroCham and KoCham have made proposals related to the PM. They believe Vietnam needs to act promptly to maintain its competitiveness in the region and the globe, while avoiding lagging behind in economic recovery. The enterprises said they want to join forces with the PM, Government and localities’ leaders, especially HCMC, the southern economic zone and Da Nang, to reopen the economy in a safe way and establish the new normal status. They need to know clearly the roadmap for the reopening of the economy. Some surveys conducted by the associations found that 20 percent of their members have relocated some production activities to other countries. Believing that Vietnam is missing investment opportunities, the … [Read more...] about Foreign-invested enterprises urge prompt action to prevent recession