Want to be in the loop?
subscribe to
our notification
Business News
BLOCKCHAIN TECH IS APPLICABLE IN MANY BANKING ACTIVITIES: EXPERT
Blockchain technology can be used in many different fields of modern economics, especially banking activities, banking expert Cấn Văn Lực has said.
Blockchain helps save time and costs for businesses and government agencies when they make payments via international banking networks for trade activities, he said at a workshop on Sunday in HCM City.
Stakeholders in a trade deal can replace paper with e-paper, which can be uploaded onto the blockchain platform, then it will become shareable, Cấn said.
Doing business online using blockchain platforms is time-saving and cost-saving because it takes seconds to connect to each other and stakeholders don’t have to contact through brokers like they used to, he said.
The information of the deals will remain confidential because the data uploaded onto the blockchain platform cannot be changed without stakeholders’ mutual agreement, he added.
“Beside payments, blockchain technology is also used for other financial tasks such as transaction settlement, lending, crowdfunding, securities trading activities, tax collection and auditing,” Cấn said.
Việt Nam is among the world’s top 20 countries in terms of the number of internet users, social network users and smartphone users. In addition, the young population, fast internet development and increasing e-payment are other factors that make Việt Nam favourable for blockchain technology.
However, there are still difficulties and challenges for blockchain development in the country. The biggest challenge is changing the habits of businesses, consumers and government agencies, according to Lực.
There is no specific legal framework to supervise new tech-based business models such as lending, fintech and digital asset management. Meanwhile, there is a lack of good-quality labourers to develop products and services on artificial intelligence (AI), blockchain and big data. In addition, Việt Nam is vulnerable to cyberattacks.
Source:VNS
Related News
VIETNAM’S GDP TO GROW 5.5% THIS YEAR – WB
This forecast is based on the assumption of a moderate recovery in manufacturing exports in 2024, fueled by rebound growth of 8.5% year-on-year in the fourth quarter of 2023 and 17.2% year-on-year in the first quarter of 2024, reflecting strengthening global demand, said Dorsati Madani, senior country economist at the WB in Vietnam.
FARE REFUND FOR VISA REJECTION
Cathay Pacific will offer full refunds for cases of visa rejection to provide you with the confidence to explore the world with ease. If you are planning to fly to a destination that requires an entry visa, you can now book with greater peace of mind.
FOUR COMMODITIES POST Q1 EXPORT VALUE OF OVER 5 BILLION USD
The total export turnover of agricultural, forestry, and fisheries products in the first three months of 2024 is estimated to reach 13.53 billion USD, an increase of 21.8% compared to the same period of 2023.
MOIT PROPOSES SCHEME TO BOOST RENEWABLE ENERGY PROCUREMENT
The proposed Direct Power Purchase Agreement (DDPA) mechanism, outlined in the draft decree, targets organisations and individuals consuming electricity from the 22kV power grid or higher, with a monthly consumption averaging 500,000kWh. However, residential households are excluded from direct procurement.
REAL ESTATE BONDS PLACE PRESSURE ON ISSUING FIRMS
The ministry’s recent report underscores concerns within Vietnam’s corporate bond market for 2023 and 2024. It emphasizes the critical need to address hindrances to the real estate sector in line with the objectives provided in Government Resolution No. 33/NQ-CP, which aims to stabilize the industry.
DA NANG CUSTOMS FOCUSES ON DEVELOPING CUSTOMS-BUSINESS PARTNERSHIPS
Da Nang Customs Department issued an action plan for developing customs-business partnership in 2024. One of the new events this year is the workshop on “Settlement reports for enterprises engaged in outsourcing, export production and export processing” held in Da Nang Customs Department on April 16, 2024.