Cash notes being counted. Blockchain may help Vietnam achieve a cashless economy as it provides security, confidentiality, speed and accuracy for transactions. (Photo: tinnhanhchungkhoan.vn)
Hanoi (VNS/VNA) - Blockchain technology can be used in many differentfields of modern economics, especially banking activities, banking expert Can VanLuc has said.
Blockchainhelps save time and costs for businesses and government agencies when they makepayments via international banking networks for trade activities, he said at a recentworkshop in Ho Chi Minh City.
Stakeholdersin a trade deal can replace paper with e-paper, which can be uploaded onto theblockchain platform, then it will become shareable, Luc said.
Doingbusiness online using blockchain platforms is time-saving and cost-savingbecause it takes seconds to connect to each other and stakeholders don’t haveto contact through brokers like they used to, he said.
Theinformation of the deals will remain confidential because the data uploadedonto the blockchain platform cannot be changed without stakeholders’ mutualagreement, he added.
“Besidepayments, blockchain technology is also used for other financial taskssuch as transaction settlement, lending, crowdfunding, securities tradingactivities, tax collection and auditing,” Luc said.
Vietnamis among the world’s top 20 countries in terms of the number of internet users,social network users and smartphone users. In addition, the young population,fast internet development and increasing e-payment are other factors that make Vietnamfavourable for blockchain technology.
However,there are still difficulties and challenges for blockchain development in thecountry. The biggest challenge is changing the habits of businesses,consumers and government agencies, according to Luc.
There isno specific legal framework to supervise new tech-based business models such aslending, fintech and digital asset management. Meanwhile, there is a lack ofgood-quality labourers to develop products and services on artificialintelligence (AI), blockchain and big data. In addition, Vietnam is vulnerableto cyber attacks.-VNS/VNA
The 48th World Chief Financial Officers (CFO) Congress opened in Ho Chi Minh City on November 15, focusing discussion on transforming finance in the digital age.
As blockchain disrupts the banking and finance industry, experts urged caution was needed in its application together with a proper legal framework to limit risks and ensure development is on the right track.
With its decentralised, transparent and high-security features, blockchain is a revolutionary technology expected to drive change in the future and be used in many areas.
China’s Laoling city, in coordination with VINEXAD, hosted a series of events in Ho Chi Minh City from August 7-9 to seek trade and economic cooperation with Vietnam.
Vietnamese Ambassador to Cambodia Nguyen Minh Vu led a delegation to Mondulkiri, Ratanakiri, and Kratie provinces from August 5-8, aiming to deepen economic ties and support Vietnamese businesses operating in Cambodia’s northeastern region.
Party General Secretary To Lam’s upcoming state visit to the Republic of Korea (RoK) is expected to mark a new milestone in the bilateral relationship, creating fresh momentum for trade and investment cooperation between the two countries.
In the context of the growing global digital economy, digital transformation and the promotion of e-commerce are key drivers helping Vietnam boost integration, enhance competitiveness, and expand export markets, according to the Vietnam E-commerce and Digital Economy Agency
Tilapia is considered highly competitive in export markets thanks to its affordability, ease of processing, and appeal across both high-end and mass-market segments.
In the first seven months of the year, Phu Tho attracted an impressive 651.7 million USD in foreign direct investment, including 35 newly licensed projects totaling 119 million USD in registered capital and 45 existing projects with an additional capital of 533 million USD.
Under the agreements, VinEnergo will invest in, install, and operate 43 MWp of rooftop solar power capacity and 45 MWh of BESS capacity across the three plants.
Under a draft to amend and supplement the Government's Decree 125/2020/ND-CP on administrative sanctions for violations of tax and invoice regulations, the Ministry of Finance has proposed classifying the failure to issue invoices into five different levels. Infraction levels will correspond to fines of 1 million VND to 80 million VND, depending on the nature and number of invoicing violations.
A new airline developed and invested by Sun Group — has officially announced a strategic partnership with Amadeus IT Group (Amadeus), one of the world’s leading travel technology companies. This agreement not only lays the foundation for a modern digital infrastructure but also marks a pivotal step in SPA’s global expansion strategy, enabling the airline to access international distribution networks and reach customers worldwide.
Of the total, 107,700 were new firms, with combined registered capital of 928.4 trillion VND (35.4 billion USD), up 10.6% in number and 5.5% in capital compared with the same period last year.
Experts agree that a combination of technology, enforcement, education and cross-border cooperation is essential to protect copyrighted content in Vietnam’s growing digital ecosystem.
Poland is Vietnam’s largest export market in Central and Eastern Europe, with key staples including seafood, textiles, footwear, coffee, and cashew nuts.
Cashless payments are growing at an impressive rate, averaging 30–40% annually. Vietnam’s per capita cashless transaction volume now trails only China, with total value of 295.2 quadrillion VND (11.26 trillion USD), or 26 times of its GDP.
A draft resolution on piloting a digital asset and cryptocurrency market is being developed, aiming to create a broad-enough regulatory sandbox that enables investor participation and provides practical grounds for policy refinement in areas such as risk management and anti-money laundering.
Cash notes being counted. Blockchain may help Vietnam achieve a cashless economy as it provides security, confidentiality, speed and accuracy for transactions. (Photo: tinnhanhchungkhoan.vn) 
