Weekly News Bulletin - No. 02, June 2023

The Ministry of Science and Technology plans to issue regulations to establish national centers supporting startups and innovation later this month or in July. The centers shall be located in Hanoi, central Da Nang city, and Ho Chi Minh City. This initiative aims to promote startup and innovation activities, such as tax reductions, links with investment funds, and developing co-working spaces for scientists, researchers, and investors.

Some 77% of Vietnamese consumers believe they could go cashless for three days, according to a new survey by Visa entitled “Consumer Payment Attitudes Study 2022”. It is reported that 90% of study respondents attempted to go cashless at some point in 2022, as compared to 77% in 2021.
Accordingly, 66% of consumers used online card payments last year, while 70% used online or in-app mobile wallet payments, a dramatic increase from 32% in 2021. QR payments also experienced substantial growth in usage last year, with 61% of consumers using this method, as compared to 35% in 2021. Taken together, this indicates a gradual shift away from cash, evidenced by the fact that consumers both carried less cash in 2022 and used it for fewer payments.

Last week highlight

The Ministry of Finance has proposed reducing by 10% to 50% of fees and charges in the securities sector, fees for appraisal of licenses for international travel service business, and for issuance of citizen identification cards from July 1 to December 31, 2023. The ministry recently drafted and collected opinions on a circular stipulating the fee and charge rates to support the people and businesses. Accordingly, several other fees and charges have been proposed to be halved, including those for granting licenses for sending labourers abroad for working under contracts; appraising and approving fire protection and firefighting designs; issuing citizen identification cards; and fees related to animal husbandry.

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Let’s look at some other key financial and business headlines during the past week

  1. National startup and innovation centers to be established
  2. UNDP expert gives recommendations for Vietnam to overcome challenges
  3. Vietnam seeks to expand overseas markets for lychees, longans
  4. More Vietnamese consumers go cashless: study
  5. CEPA Agreement: Leverage to promote Vietnam-UAE economy, trade
  6. E-commerce exports top $3.5B
  7. Japanese firm taps smart industrial park transition in Vietnam’s Binh Duong
  8. Hanoi, South Korea to explore cooperation opportunities in smart city development
  9. F&B more robust with boom in low-end market
  10. Kien Giang’s industrial production value increases by 10% in five months


Key words: Vietnam, business, finance, economy