Author: web Desk

Vietnam is creating favourable conditions for the birth of Asia’s next tech start-up unicorns, according to the Asian Development Bank (ADB) July 2022 report entitled “Vietnam’s Ecosystem for Technology Startups”.

 

Nhan dan Online, the English version of Nhan dan (People) newspaper, cited the report as saying that Asia-Pacific’s next tech start-up unicorns may come from Vietnam as the foundations for building a solid ecosystem in support of these businesses are well underway.

 

According to the ADB, the Vietnamese Government’s long-term goal for the start-up sector is to attract knowledge, organisations, individuals and entrepreneurs to contribute to economic development and participate in creating successful start-ups.

 

Aimee Hampel-Milagrosa, one of the authors of the report, said that the Vietnamese government has recognised tech start-ups as the new driving force for national growth. To facilitate this process, the government has begun to promote key elements, such as financial and policy incentives, to create and build Vietnam’s next generation of start-up unicorns.

 

The report cites Project 844 as an example of government support, with aims of supporting 600 enterprises by 2025, of which 100 will successfully raise at least 2 trillion VND (85.44 million USD) in capital.

 

The report states that agritech and healthtech are two areas with high social impact and strong potential to contribute to more equitable and sustainable development while fintech and e-commerce start-ups are the most prevalent in Vietnam and other countries.

 

The report also provides recommendations on how the government and other stakeholders can strengthen the ecosystem to enable tech start-ups to flourish in Vietnam./.

 

Source: Vietnam News Agency

 

Vietnam is forecast to be among the fastest-growing economies towards 2030, according to researchers at the Growth Lab at Harvard University who presented new growth projections in The Atlas of Economic Complexity.

 

Specifically, the research finds that countries that have diversified their production into more complex sectors, like Vietnam and China, are those who will experience the fastest growth in the coming decade.

 

It predicts that when the effects of the COVID-19 pandemic dissipate, long-term growth will take off between Asia, Eastern Europe and East Africa.

 

The Growth Lab researchers also released new country rankings of the Economic Complexity Index (ECI), which captures the diversity and sophistication of the productive capabilities embedded in the exports of each country.

 

Despite the trade disruption of the pandemic, countries’ economic complexity rankings remain remarkably stable. The ECI ranking finds the most complex countries in the world held steady with, in order, Japan, Switzerland, Germany, the Republic of Korea, and Singapore at the top. The developing economies that have made the greatest strides in improving their complexity include Vietnam (51st), Cambodia (72nd), Laos (89th) and Ethiopia (97th).

 

Several Asian economies already hold the necessary economic complexity to drive the fastest growth over the coming decade, led by China, Cambodia, Vietnam, Indonesia, Malaysia and India. In East Africa, several economies are expected to experience rapid growth, though driven more by population growth than gains in economic complexity, which include Uganda, Tanzania and Mozambique.

 

On a per capita basis, Eastern Europe holds strong growth potential for its continued advances in economic complexity, with Georgia, Lithuania, Belarus, Armenia, Latvia, Bosnia, Romania and Albania all ranking in the projected top 15 economies on a per capita basis./.

 

Source: Vietnam News Agency

Twelve Vietnamese businesses are participating in Biofach/Vivaness 2022 – the leading trade fair for organic food, which is taking place from July 26 to 29 in the southern German state of Bavaria.

 

Their presence at the event is arranged with the help of the Vietnamese Trade Office in Germany and the Vietnamese Consulate General in Frankfurt as part of the National Trade Promotion Programme.

 

Products showcased at the Vietnamese pavilions range from tea, herbs, rice and cashew, as well as pepper, cinnamon, ginger, turmeric and chili that have been certified as meeting international organic standards.

 

A trade exchange programme was held on July 27 for Vietnamese enterprises to update information on the market, potential and consumption trends of consumers in Germany and the EU as a whole.

 

Vietnamese Consul General in Frankfurt Le Quang Long pledged to assist Vietnamese enterprises in connecting with partners in the country.

 

According to Vietnamese trade counselor Bui Vuong Anh, German consumers are increasingly paying close attention to a healthy lifestyle and using organic food products more often, creating opportunities for Vietnamese organic food exporters.

 

The official also informed participants about the possibility of strengthening co-operation with partners, trade centres, supermarket systems and importers in some states in Germany in the future.

 

Biofach/Vivaness 2022 is the world’s leading trade fair for organic food, attracting nearly 2,300 international exhibitors who showcase ideas and innovations relating to organic products such as fresh, frozen and dried products as well as organic beverages with certified quality.

 

Participating in the event offers a chance for Vietnamese enterprises. A number of Vietnamese enterprises have signed contracts with foreign partners at the fair, including a contract to supply bamboo straws between German’s Life Natura and Tien Duc JSC.

 

Vinasamex, a leading Vietnamese business operating in the field of processing and exporting star anise and cinnamon, also received an export order for cinnamon and anise worth about 320,000 USD, while Ecolink tea company secured an order worth 90,000 USD./.

 

Source: Vietnam News Agency

 

Minister of Foreign Affairs Bui Thanh Son on July 28 sent greetings to Minister of Foreign Affairs and Cooperation of Timor Leste Adaljiza Albertina Xavier Reis Magno on the 20th anniversary of the establishment of diplomatic ties between Vietnam and Timor Leste (July 28, 2002 – 2022)./.

 

Source: Vietnam News Agency

 

The digital transformation day of the banking sector will be held on August 3, the State Bank of Vietnam (SBV) announced at a press conference in Hanoi on July 28.

 

Nguyen Thi Hoa, Director of the Banking Strategy Institute, said that the central bank previously decided to choose May 11 as the digital transformation day of the banking sector.

 

However, due to the COVID-19 pandemic, this year’s day will be observed on August 3, Hoa added.

 

Within the framework of the event, there will be a symposium with the theme of strengthening connectivity, promoting the digital transformation of banks and offering solutions to apply technology in the development of banking products and services; and an exhibition displaying products and services using the application of science and technology.

 

According to Le Anh Dung, Deputy Director in charge of the Payment Department under the SBV, in the first six months of 2022, non-cash payment transactions increased by 77.2% in quantity and 29.8% in value compared to the same period of last year.

 

Around 68% of Vietnamese adults have a bank account; and 5.5 million accounts and about 8.9 million bank cards now use the eKYC (electronic Know Your Customer) process./.

 

Source: Vietnam News Agency