Digital Biz

Prime Minister Pham Minh Chinh has approved the “Promoting the application of information technology and digital transformation in trade promotion activities for 2021-2030 period” project, under which a digital trade promotion ecosystem will be formed, with all trade promotion organizations and more than 200,000 businesses being granted accounts by 2025.

Tech startup VerseHub, founded by Vietnamese and British investors and following the Metaverse trend, has recently received investment of $1 million. Currently operating in the UK, it will expand in Vietnam to promote the entrepreneurial spirit of the younger generation.

Vietnam’s e-commerce market has continually grown strongly over the past five years and there remains room for further growth. The percentage of internet users shopping online is still quite low, but many say they will continue to shop online in the future.

Having posted good results to date, the State Bank of Vietnam (SBV) will continue to promote non-cash payments in the time to come, according to SBV Governor Nguyen Thi Hong. Eighty per cent of personal payment transactions on non-cash electronic channels are currently free.

The NextTech Group’s newly-launched $50-million Next100 Blockchain fund is expected to become a driver of blockchain startups in Vietnam and help the crypto investment community reduce the risks. The fund will also help connect Vietnamese blockchain startups with the crypto investment community and funds around the world.

Vietnam’s fintech (financial technology) market has posted notable growth over recent years and introduced a diverse range of services. The legal framework for intermediary payment services and fintech is lacking and inconsistent, however, resulting in fintech companies operating primarily under the Corporate Law and the Civil Law and with many activities not regulated by any law.