February 24, 2024

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Vietnam Witnesses Surge in Mobile Money Subscribers

The Ministry of Information and Communications (MIC) reported that the number of Mobile Money subscribers has quadrupled since the service was launched in January this year. 67% of subscribers are from rural, mountainous, border, island, and remote areas.

Subscribers with at least a Mobile Money transaction by the end of June exceeded 1.72 million, accounting for 97.3% of the total. Additionally, the number of households with fibre optic connections in the first half of this year increased by 9% compared to the same period of 2021 and by 17% against that of 2020. According to MIC, the goal of having 75% of households using fibre optic services this year is achievable. Vietnam is aiming to have more than 50% of the population own digital payment accounts, it said.

In deploying Mobile Money, the government has taken advantage of existing infrastructure and data and telecommunications networks. This has reduced social costs and expanded cashless payment channels on mobile devices. Industry experts have stated that the COVID-19 pandemic highlighted the need to universalise digital payments. Regardless of an Internet connection or bank account, and with just phone numbers, users can easily make cashless transactions through their Mobile Money account. In fact, the pandemic greatly boosted the e-commerce market, with non-cash payments accounting for 70% of total retail transactions in Vietnam last year. Even in the new normal scenario, Mobile Money plays an important role in expanding trade opportunities for everyone, bridging geographical and technological divides.

As 40% of the Vietnamese population does not have a bank account, Mobile Money also enables the government to carry out support activities for people in remote areas such as distributing subsidies, social security funds, and loans to facilitate economic development. The government should speed up disbursement activities and support production and business operations for disadvantaged groups through Mobile Money.

Furthermore, state management agencies must work out support policies to build and further replicate non-cash payment models across the country, allowing all citizens to access and accept digital payments as a familiar and convenient form of spending. The government believes that Mobile Money will contribute to the development of a comprehensive financial system in the country and will help make non-cash payments a habit of the people.

Cities and provinces around the country are ramping up efforts to boost digital payment methods. In April, traders at wet markets in the central city of Da Nang went cashless using the e-wallet mobile application Viettel Money, under a 4.0 wet market model. As OpenGov Asia reported, owners of over 1,000 stalls at Da Nang’s three major wet markets, namely Con, Han, and Dong Da, used QR codes that allowed users to make online payments through access to select banks and Viettel Money.

More recently, the Hanoi Department of Industry and Trade announced plans to raise cashless payments in e-commerce to 45% and transactions with electronic bills on e-commerce platforms to 65%. Hanoi also aims to raise the amount of small and medium-sized firms doing business on e-commerce platforms to 45% and enterprises engaging in e-commerce via mobile applications to 35%. It is also working to increase the rates of customers paying water and power bills online to 98% and 99.7%, respectively.

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Qlik’s vision is a data-literate world, where everyone can use data and analytics to improve decision-making and solve their most challenging problems. A private company, Qlik offers real-time data integration and analytics solutions, powered by Qlik Cloud, to close the gaps between data, insights and action. By transforming data into Active Intelligence, businesses can drive better decisions, improve revenue and profitability, and optimize customer relationships. Qlik serves more than 38,000 active customers in over 100 countries.

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CTC Global Singapore, a premier end-to-end IT solutions provider, is a fully owned subsidiary of ITOCHU Techno-Solutions Corporation (CTC) and ITOCHU Corporation.

Since 1972, CTC has established itself as one of the country’s top IT solutions providers. With 50 years of experience, headed by an experienced management team and staffed by over 200 qualified IT professionals, we support organizations with integrated IT solutions expertise in Autonomous IT, Cyber Security, Digital Transformation, Enterprise Cloud Infrastructure, Workplace Modernization and Professional Services.

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Planview has one mission: to build the future of connected work. Our solutions enable organizations to connect the business from ideas to impact, empowering companies to accelerate the achievement of what matters most. Planview’s full spectrum of Portfolio Management and Work Management solutions creates an organizational focus on the strategic outcomes that matter and empowers teams to deliver their best work, no matter how they work. The comprehensive Planview platform and enterprise success model enables customers to deliver innovative, competitive products, services, and customer experiences. Headquartered in Austin, Texas, with locations around the world, Planview has more than 1,300 employees supporting 4,500 customers and 2.6 million users worldwide. For more information, visit www.planview.com.

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SIRIM is a premier industrial research and technology organisation in Malaysia, wholly-owned by the Minister​ of Finance Incorporated. With over forty years of experience and expertise, SIRIM is mandated as the machinery for research and technology development, and the national champion of quality. SIRIM has always played a major role in the development of the country’s private sector. By tapping into our expertise and knowledge base, we focus on developing new technologies and improvements in the manufacturing, technology and services sectors. We nurture Small Medium Enterprises (SME) growth with solutions for technology penetration and upgrading, making it an ideal technology partner for SMEs.

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HashiCorp provides infrastructure automation software for multi-cloud environments, enabling enterprises to unlock a common cloud operating model to provision, secure, connect, and run any application on any infrastructure. HashiCorp tools allow organizations to deliver applications faster by helping enterprises transition from manual processes and ITIL practices to self-service automation and DevOps practices. 

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IBM is a leading global hybrid cloud and AI, and business services provider. We help clients in more than 175 countries capitalize on insights from their data, streamline business processes, reduce costs and gain the competitive edge in their industries. Nearly 3,000 government and corporate entities in critical infrastructure areas such as financial services, telecommunications and healthcare rely on IBM’s hybrid cloud platform and Red Hat OpenShift to affect their digital transformations quickly, efficiently and securely. IBM’s breakthrough innovations in AI, quantum computing, industry-specific cloud solutions and business services deliver open and flexible options to our clients. All of this is backed by IBM’s legendary commitment to trust, transparency, responsibility, inclusivity and service.

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