BizLIVE - The Vietnamese central bank has issued a plan to develop card payment using card readers at points of sale and mobile points of sale from 2017 to 2020 in order to reduce cash in transactions. Telecom operator Vietnam Posts and Telecommunications Group expects to hold its initial public offering in 2019.
[Round-up] Vietnam Moves to Cashless Economy, to Privatize Mobile Operator in 2018
Vietnam is trying to reduce the usage of cash in transactions. Photo: Internet
Vietnam Heads for Cashless Economy
The State Bank of Vietnam has issued a plan to develop card payment using card readers at points of sale (POS) and mobile points of sale from 2017 to 2020, in line with a government decision to reduce the ratio of cashless transactions to below 10% by the end of 2020.
The plan sets a target of gradually increasing the number and value of card payment transactions using card readers. By 2020, the whole market will have over 300,000 card readers installed at POS to process around 200 million transactions per year.
Vietnam’s Exports Likely to Hit $203 Billion This Year
After gaining 19.8% in the first nine months of this year to $154 billion, Vietnam’s export turnover is likely to reach $203 billion in 2017, a year-on-year rise of 14.5%, economists predict.
Economists attributed the growth to Vietnam’s participation in free trade agreements which encourage the business community to invest more in exports and seek new opportunities. In addition, global commodity prices are rising, resulting in increases in export values.
Timber Product Exports to Hit $8 Billion in 2017
The export of wood and timber products is forecast to bring in US$8 billion in 2017, posting a 17 per cent year-on-year increase and surpassing the target of $7 billion-$7.5 billion set earlier this year, according to VNA.
Nguyen Ton Quyen, vice chairman and general secretary of the Vietnam Timber and Forest Product Association (VIFORES), said the impressive growth rate in the first nine months boosts prospects of the wood sector achieving its target.
Ministry of Finance & Da Nang Lead in Vietnam ICT Index 2017
The Ministry of Finance and the central city of Da Nang continued to lead in Vietnam ICT Index 2017, said the Ministry of Information and Communications and the Vietnam Association for Information Processing.
Index report ranks cities and provinces in terms of technology infrastructure, personnel infrastructure and IT application.
Vietnam Airlines Eyes Public Listing, Further Strategic Share Sale in Two Years
Vietnam’s flag carrier Vietnam Airlines, which is 86.16% owned by the local government, said it will be publicly listed next year, but has not decided which bourse to float its shares on, local media cited a company representative as saying at a product launch in Ho Chi Minh City last Friday.
Vietnam Airlines shares are currently traded on the Unlisted Public Companies Market (UPCoM) under the ticker HVN. The state-owned carrier was privatized in 2014 but only got to the stock market earlier this year. Its capitalization is estimated at some $1.5 billion.
Telecom Operator VNPT Schedules IPO in 2019
Telecom operator Vietnam Posts and Telecommunications Group (VNPT) expects to hold its initial public offering (IPO) in 2019, according to the group’s chairman Tran Manh Hung.
“The company will try to finalize its IPO portfolio and complete all the required procedures in 2018, then proceed with the IPO in 2019”, as there were still problems with the firm’s IPO plan that required the government to make the final decisions, he added.
EuroCham Opens Chapter in Hai Phong City
The European Chamber of Commerce in Vietnam (EuroCham) opened a new chapter in the northern port city of Hai Phong last week.
This is EuroCham’s second regional branch after a chapter was launched in the central city of Da Nang last November.
Qatar Airways Enters Interline Partnership with VietJet
Qatar Airways is pleased to announce its interline partnership with Vietnam-based VietJet Air, an agreement which will allow Qatar Airways passengers to travel to and from points in Vietnam not served directly by Qatar Airways using a single reservation across both airlines’ networks.
The new partnership will allow passengers traveling to and from eight new domestic points within Vietnam to connect via Qatar Airways’ existing gateways in Vietnam – Ho Chi Minh City and Hanoi – providing them with a more seamless travel experience. The agreement includes other eight Vietnamese destinations, according to Qatar Airways.
Vietnam’s gross domestic product (GDP) will probably hit or even exceed the government’s target of 6.7% this year, the National Financial Supervisory Commission (NFSC) has said in an update, following better-than-expected data in the third quarter.
The country’s economic growth accelerated to 7.46% in the quarter this year, bringing the growth rate to 6.41% in the nine months through September, far above the 6.1% surveyed by Bloomberg.
Inbound remittances to Ho Chi Minh City in the nine months through September reached $3.3 billion, increasing 12.5% from a month earlier and 6% from the same period last year, the State Bank of Vietnam’s municipal branch said.
The United States continues to be the largest source from which 60% of the remittances to the city come, followed by Europe with 19%, according to the municipal banking authority. These rates have not varied over the past three months.
State-run energy giant PetroVietnam has said it earned 367.5 trillion dong ($16.18 billion) in the nine months through September, 16% above the January-September plan and meeting 84% of the full-year estimate.
It paid 68.8 trillion dong ($3 billion) to state coffers in the period, exceeding the none-month plan by 21% and meeting 92% of this year’s plan. The amount accounted for 8.7% of the country’s budget revenue in the period.
Vietnam had 18.01 million informal laborers by the end of 2016, accounting for 57% of the labor force and up 7.2% from two years earlier, with an average wage of 4.4 million dong ($193) per month, according to the General Statistic Office.
Unofficial workers are defined as those having their own household business and/or doing irregular and temporal jobs.
South Korean tech giant Samsung Electronics has shown interest in expanding its operation to the telecommunications industry in Vietnam as the tech-savvy population in the Southeast Asian country is growing fast.
The company’s President and CEO Shin Jong-kyun revealed the intention at a meeting with Vietnamese Prime Minister Nguyen Xuan Phuc in Hanoi on Friday.