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Regarding variety of payment methods, only 27 per cent of all transactions are made via non-cash methods such as credit cards or mobile wallets. However, an increasing percentage of customers are showing a preference for these methods. Those who prefer to pay with a credit card is 51 per cent, up from 42 per cent in 2018, those who prefer a mobile app is 19 per cent, up from 11 per cent in 2018, and those who use membership points is 16 per cent, up from 10 per cent in 2018. … [Read more...] about BUSINESS NEWS OCTOBER 11

Trang also pointed out that with regard to the CPTPP, the country has faced an array of difficulties in taking full advantage of tariff incentives on garments and textiles as Vietnamese products must adhere to rules of origin whereby a certain ratio of materials from a product must originate from other CPTPP members. Currently, most of the nation’s supply sources of materials originate from China. … [Read more...] about BUSINESS NEWS OCTOBER 12

Attending the event were Vietnamese Ambassador to Laos Nguyen Ba Hung; Lao Deputy Minister of Planning and Investment and Vice Chairman of the Laos – Vietnam Cooperation Committee Khamphoi Keokinnaly; Chairman of the Lao National Assembly’s Committee on Planning, Finance and Auditing and Chairman of the Laos – Vietnam Friendship Association Central Committee Vilayvong Bouddakham; and former Director of the Lao National Economic Research Institute Bouasone Bouphavanh, among others. … [Read more...] about VIETNAM BUSINESS NEWS HEADLINES OCTOBER 13

On behalf of the Political Bureau, Pham Minh Chinh, Politburo member, Secretary of the Party Central Committee and Chairman of the Party Central Committee’s Organisation Commission, presented the Political Bureau’s acquirement and explanation report on ideas discussed by the Party Central Committee on the draft report reviewing the implementation of Party building work and enforcement of the Party Statute of the 12th term. … [Read more...] about VIETNAM POLITICAL NEWS HEADLINES OCTOBER 13

Vice Minister Bui The Duy from the Ministry of Science and Technology commented: ‘The innovation partnership between Australia and Vietnam has proven to be an effective mechanism for the two countries to share best practice and models to enhance the innovation systems in both countries. We hope grants provided under the Aus4Innovation program will set examples of how innovation – particularly when it can jointly developed and implemented – can transform our society and deliver economic, social and environmental sustainability.’ … [Read more...] about VIETNAM NEWS HEADLINES OCTOBER 13

Reducing dollarization, and the speculation and hoarding of foreign currencies helps the financial market work effectively. More importantly, the reduction in dollarization will ensure currency security for the Vietnam economy. “This is the government strategy to develop the banking sector by 2025 and 2030. Vietnam needs to stop lending in foreign currencies, for the short term in the immediate time, and then for medium and long term. There is a detailed roadmap for the implementation of the strategy,” said Dao Minh Tu, Deputy Governor of the State Bank. … [Read more...] about Vietnam central bank fighting against dollarization