Vietnam Blockchain Union (VBU) was launched at a ceremony held by Vietnam Digital Communications Association (VDCA) in Hanoi on April 21, aiming to connect the technology business community and provide consultancy to related agencies to develop policies and legal frameworks on Blockchain technology, digital assets, and currencies.

Addressing the event, Nguyen Minh Hong, Chairman of the Vietnam Digital Communications Association (VDCA), said that in the fourth industrial revolution, blockchain is key to digital transformation, along with increasingly popular technologies such as Artificial Intelligence (AI), big data and robotics.

With the ability to share information and data transparently in real time, sustainably, and with high security, Blockchain has become one of the breakthrough technology trends with wide applicability in many sectors including finance, health, education, intellectual property, logistics, entertainment and agriculture, he said.

Dang Minh Tuan, chairman of VBU, said that in the technology field, Blockchain is the key to turning Vietnam into a strongly developed country in terms of new technology.

The VBU will become a bridge connecting the business community and relevant authorities to build a legal framework in the field for Vietnam, he said, adding that it is expected to help the country succeed in the field as well as the digital economy.

HCM City keeps smart city status in sights
     
The digital transformation successes achieved so far by HCM City will propel its progress towards becoming a smart city this year, officials say.

They note in particular that digital applications played an important role in the city’s fight against COVID-19 last year.

According to the municipal Department of Information and Communication, digital transformation helped forge useful tools in the fight such as a digital map to monitor cases and the spread of the novel coronavirus, or the city-wide use of QR codes to verify vaccination and recovery status.

The city’s 1022 COVID-19 hotline also played a big part in providing timely healthcare advice to patients and assisting those affected by COVID-19. During the pandemic’s peak, the hotline received over 80,000 calls a day.

HCM City has one of the highest smartphone penetration rates in the country, with city-wide internet and 3G, 4G coverage. Local departments have launched numerous mobile applications in many fields including traffic management, healthcare provision and urban planning.

At the start of March the city issued a plan to facilitate the city’s digital transformation process and become a smart city this year by staying focused on digital government, administrative reforms and artificial intelligence (AI) application.

It will facilitate e-commerce and internet payment, and help small- to medium-sized enterprises get access to digital applications to manage their businesses.

HCMC proposes delaying planned completion of first metro line

The HCMC government on April 20 proposed that the Ministry of Planning and Investment should seek the prime minister’s approval for the revision of the deadline for the project, linking Ben Thanh Market in District 1 to Long Binh Depot in Thu Duc City.

To date, the project is 88.5% complete, so the planned completion must be adjusted.

According to the HCMC government, there are many reasons for the delay, mainly the Covid-19 pandemic.

In addition, negotiations on the appendix No. 19 of the consulting contract between the investor of the project—the Management Authority for Urban Railways (MAUR) of HCMC—and the consulting unit of HCMC’s first metro line project—NJPT have taken time due to changes in the regulations during the estimated cost calculation, verification and approval.

The project relates to many sectors, is the first one of its kind in Vietnam, involves many international contracts and passes through many regulation revisions. Therefore, the project must be conducted in a cautious manner to ensure compliance with the regulations of other countries and international practices.

If the city gets the prime minister’s approval, it will direct the MAUR to complete dossiers and submit them to the appraisal council established by the municipal government.

The first metro line project in HCMC was designed to be 19.7 kilometers long and requires an estimated investment of VND43.7 trillion.

Vietnam eyes completion of digital State Treasury by 2030
 
The State Treasury of Vietnam is tasked with focusing on the development of new services in line with the demand of people, businesses, and state agencies and completing the process of building a digital treasury by 2030.

The goal was set in Prime Minister’s Decision No.455 on State Treasury Development Strategy by 2030, which plays a key role in promoting the effective utilization of state resources in the system of public finance management.

Under the strategy, the development of the State Treasury of Vietnam should approach the level of the region and the world, in which the agency's operation will base on a modern corporate governance model.

As part of the strategy, the Government identifies IT application as a key solution, along with reform in legal framework and innovation in operation mechanism.

By 2025, the State Treasury of Vietnam is expected to operate based on digital data and complete a digital platform, in which all transactions of state budget expenditure and collection should be conducted via an online platform.

By 2030, the processing time for the final account and state financial reports would be reduced by 6-12 months compared to 2020.

HCMC kicks off Vietnamese spices festival

A festival to showcase region-specific spices products of Vietnam, update a Vietnam spice map and provide the latest information about Vietnamese spices to young people, enterprises and researchers will be organized in Ho Chi Minh City from April 28 through May 1. 

The festival is organized by the Vietnam High-Quality Goods Business Association, the Food and Foodstuff Association of Ho Chi Minh City (FFA) and relevant units.

The festival will not only focus on introducing spices products with geographical indications and OCOP products with a participation of 20 booths of Vietnamese high-quality goods enterprises, start-up enterprises, craft villages operating in the fields of using spices for food but also launch an exchange program to promote domestic and export markets for spice products.

WB-funded project to upgrade southern waterway logistics corridors

The Ministry of Transport has submitted to the Prime Minister a proposal on investment policy for a project on developing inland waterway and logistics corridors in southern Vietnam.

According to the proposal, the project will renovate and upgrade the 197km East-West Corridor connecting a number of local major rivers – Hau, Tra On, Mang Thit, Co Chien, Cho Lach, Tien, Vam Co, Can Giuoc and Soai Rap – and canals – Ky Hon, Cho Gao, La and Nuoc Man.

The corridor will allow self-propelled vessels of up to 600 tonnes and three-tier container ships to pass at any time of the day, while vessels of up to 1,500 tonnes can go through during hide tides.

The project will also repair and upgrade the 82km North-South Corridor through various rivers – Dong Nai, Nha Be, Long Tau, Dong Tranh, Tac Cua, Go Gia and Thi Vai, which is expected to enable the free and safe movement of self-propelled vessels of up to 5,000 tonnes and four-tier container ships.

The project has a total investment of nearly 4 trillion VND (174.14 million USD), to be sourced from the World Bank’s loan, the Government of Australia’s non-refundable aid and Vietnam’s counterpart funding.

The five-year project is scheduled to start at the end of 2022 and run through 2027.

Vietnam, Thailand discuss ways for promoting bilateral trade

Vietnam and Thailand held the fourth meeting of their Joint Trade Committee in Bangkok on April 20, working out orientations, measures, and action plans to soon raise bilateral trade to 25 billion USD.

Thai Deputy Prime Minister and Minister of Commerce Jurin Laksanawisit affirmed his country views Vietnam as a partner of leading importance in Southeast Asia, and that it attaches importance to bolstering economic and trade ties with Vietnam.

Vietnamese Minister of Industry and Trade Nguyen Hong Dien said the initiatives, measures, and concrete actions devised at the meeting will create new impulses for bilateral economic and trade relations, along with the countries’ coordination within ASEAN and other multilateral and regional cooperation frameworks.

As part of the working programme in Thailand, Minister Dien met and worked with key leaders of the Kasikorn Bank and the Central Group.

Petrol prices up nearly 700 VND per litre after latest adjustment

The retail prices of oil and petrol were adjusted up starting from 3pm on April 21 following the latest adjustment by the Ministry of Industry and Trade (MoIT) and the Ministry of Finance.

Accordingly, the ceiling retail price of RON95 bio-fuel was raised by 836 VND to 27,992 VND (1.22 USD) per litre, while that of E5RON92 was adjusted up 663 VND to no more than 27,134 VND per litre.

At the same time, the price of a litre of diesel is capped at 25,359 VND per litre, an increase of 979 VND. Kerosene price is also adjusted up by 801 VND per litre.  

This is the first increase after the latest three consecutive reduction in petrol prices, with a total reduction of nearly 2,500 VND per liter.

Politburo decides on Mekong Delta development orientations today

The Political Bureau of the Communist Party of Vietnam held a national conference in Hanoi on April 22 to outline development orientations for the Mekong Delta region to 2030 with a vision to 2045.

The Mekong Delta, the largest in Southeast Asia and the rice granary of Vietnam, holds a very important geopolitical and security position in the country. It has a unique river civilization, inhabited by more than 17 million people of various ethnic groups such as Kinh, Khmer and Cham.

For its strategic position, the Party and State always pay special attention to the Mekong Delta region by issuing many important documents on the delta’s development. The Party Central Committee in particular issued Resolution No. 21 in January 20, 2003 on orientations, tasks, and solutions for socio-economic development and national defense and security in the Mekong Delta in the 2001-2010 period.

Vietravel Airlines set to launch Hanoi – Quy Nhon route on April 22

The Vietnam Travel Aviation Company Limited (Vietravel Airlines), the country’s sixth air carrier, has unveiled that it will expand its domestic air routes by debuting the Hanoi - Quy Nhon route and restarting to operate the Hanoi - Da Nang flight from April 22.

The primary aim is to meet the increasing travel demand during the upcoming four-day holiday that marks National Reunification Day (April 30) and International Labour Day (May 1).

According to Vietravel Airlines, the seat occupancy on the carrier’s flights from Ho Chi Minh City and Hanoi to popular tourist destinations, including Quy Nhon, Da Nang, and Phu Quoc, have already reached between 80% and 100% during the peak season from April 27 to May 3.

Vietnam Specialty Coffee Competition 2022 opens

The Vietnam Specialty Coffee Competition 2022 officially opened on April 22 in Buon Ma Thuot city, the capital of Dak Lak province in the Central Highlands, by the Dak Lak administration and the Buon Ma Thuot Coffee Association.

Following the launch of the competition six months ago, the contest has so far attracted 48 entrants from seven provinces and cities which specialise in producing coffee with samples of Robusta coffee and 30 samples of Arabica coffee.

The preliminary round is scheduled to take place from April 22 to April 27, while the final round and awards ceremony will be held on April 30.

Alongside the opening ceremony, the Buon Ma Thuot Coffee Association plans to arrange several training courses on specialty coffee processing for farmers.

Quang Binh ramps up activities to attract international tourists

The Department of Tourism of Quang Binh province (central Vietnam) has planned to hold a number of events in the coming months to elevate the locality’s image and further attract tourists, especially international arrivals.

Accordingly, Quang Binh will promote the international tourism market by co-operating alongside film studios and foreign media outlets to introduce the locality’s tourism potential.

It will ramp up co-operation with relevant units to attract foreign tourists from Japan, and to promote greater investment and tourism activities in the Republic of Korea.

The locality will also attend the Asia Route Development Forum (ASIA ROUTES 2022), introduce Quang Binh tourism through digital platforms, and implement diverse activities to boost the local tourism recovery when Vietnam plays host to the SEA Games 31 this May.

A range of exciting activities will be held as part of efforts to revive the domestic tourism market by launching stimulus programmes, as well as organising traditional festivals and a competition to design souvenirs and gifts to attract more visitors.

Loose monetary policy forecast to continue despite inflation pressure
     
Despite rising inflation pressure, the State Bank of Viet Nam (SBV) is likely to maintain a loose monetary policy at least for the next 3-6 months, analysts forecast.

Under a newly released report, analysts from VNDirect Securities Company provided some reasons for their forecast.

Firstly, they said, although inflationary pressure is expected to increase in the coming months, the average consumer price index in the first half of 2022 is forecast to rise by 2.5 per cent year-on-year, still much lower than the cap of 4 per cent targeted by the Government for 2022.

Second, domestic demand is still relatively weak and has not fully recovered to a normal level as before the pandemic.

Finally, the SBV is still prioritising the goal of maintaining low lending rates to support businesses and the economy to recover after the pandemic.

The analysts forecast credit growth will increase by 14 per cent in 2022, with priority on production and service sectors such as industry, import and export, agriculture, forestry and fisheries. In addition, the SBV will strictly control credit flows into high-risk areas such as real estate, securities and BOT (Build-Operate-Transfer) projects.

MIC to sell 25 per cent stake

Military Insurance Corporation (MIC) will sell a 25 per cent stake to foreign investors in a bid to boost its financial security and benefit from international expertise.

At its recent annual shareholders’ meeting on April 21, MIC chairman Uong Dong Hung stated that the insurer – in collaboration with its parent bank MB – is searching for credible foreign partners to boost its strategic development and IT advancement.

"MIC is also targeting to be in the top three non-life insurers in terms of market share,” Hung said.

“We are planning to sell at least a 25 per cent stake to overseas strategic partners."

MIC could profit from the synergistic value of a strategic investor to increase its size and attract more high-profile funds while simultaneously strengthening its financial capacity, growing its market share, and boosting its reputation.

Senior Lieutenant General Le Huu Duc, chairman of MB's Board of Directors, elaborated on the situation by saying, "In 2021, there were a number of foreign partners wishing to tie the knot with MIC, but the conditions proposed did not meet the requirements. This year, MIC will proactively look for suitable partners.”

Louis Holdings and two affiliates pick new chairmen

Louis Holdings Group and its affiliates Ladophar (LDP) and Angimex (AGM) have picked new chairmen, replacing Do Thanh Nhan who was arrested on alleged charges of stock market manipulation on April 20.

Louis Holdings picked Vu Ngoc Long, a member of the board of directors, as new chairman, while Ladophar and Angimex selected Pham Trung Kien and Trinh Van Bao to head their boards, respectively.

All business operations of Louis Holdings Group and its affiliates remain normal, according to a statement released by Louis Holdings.

Many stocks linked to the Louis Holdings Group family, including TGG, BII, APG, AGM and SMT, plunged to their lowest daily price levels at the close today, April 21.

HCMC proposes to build law on regional link

The Ho Chi Minh City People’s Committee has just submitted a report to the Ministry of Natural Resources and Environment on the implementation process of the Resolution No.120 of the Government on sustainable and climate-resilient development of the Mekong Delta.

The Municipal People’s Committee proposed the relevant ministries and sectors to build law on regional link, notbly building a handling mechanism on organizational structure, information provision and financial mechanisms.

In addition, the HCMC People’s Committee also proposed the relevant ministries and sectors to consider support for the investors to perform legal procedures on technology transformation of solid waste treatment plants to waste-to-energy plants to generate electricity to ensure waste security in the city and reduce greenhouse gas emissions.

According to the Municipal People’s Committee, the city is collaborating with the provinces and cities in the region to strengthen and prioritize the investments of inter-regional transport infrastructure.

The Ministry of Transport is studying the investment of HCMC – Can Tho Railway to enhance the capacity of means of transport connectivity in the region.

Total investment of Ben Thanh – Tham Luong Metro Project adjusted

The Ho Chi Minh City Management Board of Urban Railway (MAUR) yesterday proposed to HCMC People’s Committee to direct the local authorities of the districts of 1, 3, 10, 12, Tan Binh, and Tan Phu to prepare an adjustment report for the total investment in land clearance task. This report will be submitted to the HCMC Natural Resources and Environment Department for approval soon.

After the report approval, MAUR has a legal basis to carry out necessary steps to adjust the total investment in the construction project  Metro No.2, Ben Thanh-Tham Luong, related to technical infrastructure relocation and other aspect waiting for budget now.

MAUR reported that since 2021, the land clearance task saw a slow-down as the land price coefficient in District 3 has not been approved yet, leading to the inability to hand over the land. At present, the proportion of land hand-over only reaches 83.62 percent.

As to the progress of Metro No.1 Construction Project (from Ben Thanh to Suoi Tien), HCMC People’s Committee has already submitted a proposal to the Planning and Investment Ministry about extending the completion time to the end of the fourth quarter in 2023. After the approval by the Prime Minister, HCMC People’s Committee will direct the project investor to finish necessary documents for assessment and approval according to law.

Vietnam still enjoys high venture capital

The National Innovation Center (under the Science and Technology Ministry) and Do Ventures yesterday announced the Report on Innovation and Technology Investment in Vietnam, on the occasion of World Innovation Day (April 21).

CEO of Do Ventures Le Hoang Uyen Vy informed that even when facing the market instability due to the Covid-19 pandemic, Vietnam still welcomed a record-high venture capital, pouring in Vietnamese innovative startups. The total investment reached US$1.4 billion, an increase by 1.5 times compared to 2019.

The report also predicts that e-commerce and financial technology (Fintech) will continue to be the two leaders, with new business models like online grocery, Direct-to-Customer (D2C), quick commerce appearing more and more. New financial solutions such as asset management, consumer lending, SMR lending will also experience a rise.

Dong Nai hands over 82 more hectares of land for Long Thanh Airport Project

The People’s Committee of Long Thanh District under Dong Nai Province yesterday handed over 82 more hectares of land for the first phase of the Long Thanh International Airport project.

Accordingly, the hand-over process was implemented under the witness of representatives of the People’s Committee of Long Thanh District, Airports Corporation of Vietnam (ACV) and Southern Airport Authority.

There will be 67 out of 82 hectares on the area of 1,810 hectares dedicated for the first phase of Long Thanh International Airport and the rest of 15 hectares will be used for the 722-hectare reserve land.

The Southeast province of Dong Nai has handed over to the investor of Long Thanh International Airport a total land of nearly 2,200 out of 2,532 hectares. It is expected that the province will basically complete the hand-over for the entire area of 2,532 hectares for the first phase of Long Thanh International Airport by the end of this month.

Source: VNA/SGT/VNS/VOV/Dtinews/SGGP/VGP/Hanoitimes