Business News

According to a report by Tracxn, a global SaaS-based market intelligence platform, the fintech sector in Vietnam has experienced a significant downturn in funding throughout 2023, largely attributed to the lingering effects of the funding winter and the prevailing global macroeconomic uncertainty.

The central city of Da Nang topped the Digital Transformation Index (DTI) rankings for 2021, according to the Ministry of Information and Communications.

According to the Department of Information and Communications, the city will implement comprehensive technology solutions and exploit shared data for the prevention and control of COVID-19 and hastening economic recovery.

Total revenues of the information technology (IT) industry amounted to VND2.562 quadrillion (US$110.7 billion) in January-October this year, increasing 9% compared with the same period last year.

According to the resolution, the Government assigned the State Bank of Việt Nam (SBV) to coordinate with ministries and agencies to form a decree that complies with the provisions of the Law on Promulgation of Legal Documents amended and supplemented in 2020 to submit to the Government in the fourth quarter of 2021.

“Officials want 80 per cent of the population to have online payment accounts by 2025, according to the government’s post. That’s also when they want half of e-commerce transactions - many of which are still conducted in cash - to go cashless,” Bloomberg commented on these ambitions.

The Ministry of Information and Communications’ new mission is to lead national digital transformation process in order to build a digital Viet Nam, including digital government, digital economy, digital society and digital media.

“The Hanoi facility is one of the new moves we are planning to take in Vietnam, where we expect to have more new orders for our services and products when 5G will be commercially launched,” Nam Thieu, country manager of Qualcomm in Vietnam, Laos, and Cambodia, told VIR.