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. (Photo: FORTUNE/VNA) Hanoi (VNA) – 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. Under the SBV’s directive, financial institutions and intermediary payment service organisations must intensify inspections, promptly report suspicious transactions with close connections to digital currencies and address violations. They were ordered to set up plans to prevent illegal transactions and report to the SBV’s Payment Department before June 30. Meanwhile, the SBV’s units must work with ministries and branches to carry out legal framework and solutions to handle illegal … [Read more...] about Central bank enhances inspections on cryptocurrency transactions
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Vietnam expects to earn 600 million USD from tra fish export in the first quarter of the year. (Photo: VNA) Hanoi (VNA) – Vietnam expects to earn 600 million USD from tra fish export in the first quarter of the year, a year-on-year jump of 35 percent. Of the figure, exports to the US are estimated at 95 million USD (up 26 percent), China at 125 million USD (up 23.7 percent) and the EU at 67 million USD (up 21 percent). Experts have forecast bright prospects for tra fish exports this year based on robust market signs. Last year, tra fish shipments brought home a record of 2.26 billion USD and the figure is hoped to rise to 2.3 - 2.4 billion USD for 2019. According to the Vietnam Association of Seafood Exporters and Producers (VASEP), the Food Safety and Inspection Service (FSIS) of the US Department of Agriculture has proposed that Vietnam, along with Thailand and China, has a catfish inspection system equivalent to those in the US, and thus eligible for exporting the fish … [Read more...] about Tra fish export expected to bring home 600 million USD in Q1
An export shrimp processing line in Vietnam (Photo: VNA) Hanoi (VNA) – Vietnamese agro-forestry-fishery products are now available in 180 countries and territories thanks to Vietnam’s increasing global economic integration and implementation of free trade agreements. Economic integration has helped Vietnamese agri-products overcome tariff barriers, especially staples such as rice and aquatic and wood products. The Comprehensive and Progressive Agreement for Trans-Pacific Partnership (CPTPP) has created excellent opportunities for Vietnamese agri-products to join global supply chains, according to deputy head of the Agro Processing Market Development Authority (AgroTrade) Tran Van Cong. It also creates a driver as well as pressure on domestic businesses to increase exports of processed products with high added values, he added. According to Nguyen Ton Quyen, Vice Chairman of the Vietnam Timber and Forest Product Association, other members of the CPTPP are potential … [Read more...] about Global economic integration helps Vietnam expand agri-products markets
Three children aged five to seven were found dead on Tuesday afternoon in a local river in the central province of Quang Binh. Three in Quang Binh pupils drowned Three children in Kien Giang drowned at construction site Five young victims drown Residents gather at the home of one of the families of the victims in the drowning incident on Tuesday afternoon in Quang Binh Province's Quang Trach District. — Photo vov.vn A group of four children went swimming in the river in Quang Dong Commune, Quang Trach District at around 3pm, according to the local People’s Committee. One of them returned home but the three others continued swimming and, unfortunately, they drowned. Later in the afternoon, their families were searching for the children and found their bodies in the water. The local government provided each victim's family with VND2 million (US$85) in support. On Monday, a four-year-old boy also drowned in Tuyen Hoa District. In May, five young girls, all 12 years … [Read more...] about Three children drown in Quang Binh
Vietnam is considered an ideal destination for investing in motorcycle ride-hailing services as it has a population of 90 million and 45 million registered motorcycles. Besides, operating expenses in Vietnam are cheaper than in markets like Singapore and Malaysia. Last year, Go-Jek opined that Vietnam will be the company’s second destination in Southeast Asia, following the Philippines, and its third overseas market in Asia. According to Go-Jek, investing in Vietnam will open up opportunities for it to develop the Go-Pay payment application. Established in 2010 as a phone-based motorcycle ride-hailing service, Go-Jek has evolved into an on-demand mobile platform and a cutting-edge app, providing a wide range of services that includes transportation, logistics, mobile payments, food delivery, and many other on-demand services. Go-Jek is valued at $5 billion. Entering Vietnam, Go-Jek will have to compete with heavyweight competitors like GrabBike and UberMotor. In late September … [Read more...] about Go-Jek to set foot in Vietnam?