Increased use of electronic payment products added 880 million USD to Vietnam's Gross Domestic Product (GDP) from 2011 to 2015, according to a new report released by Moody's Analytics.
HCM City (VNA) ဣ– Increased use of electronic payment products added 880 million USD to Vietnam's Gross Domestic Product (GDP) from 2011 to 2015, according to a new report released by Moody's Analytics.
The report entitled "The Impact of Electronic Payments on Economic Growth" said that more products including credit, debit and prepaid cards were increasingly being used, helping to create an average 75,000 jobs annually during the five-year period.
Conducted in 70 countries over four years, the report looked at how electronic payments affected economies.
Globally, it said that increased usage of electronic payments created on average 2.6 million new jobs per year and added 298 billion USD to GDP, while raising household consumption of goods and service by an average of 0.18 percent per year.
Of the countries in ASEAN featured in Moody's report, Vietnam experienced the second highest rate of GDP growth due to increased use of electronic payments. Singapore was third and Thailand first.
The research report found that the electronification of payments benefited governments and contributed to a more stable and open business environment.
"Electronic payments help minimise what is commonly referred to as the grey economy — economic activity that is often cash-based and goes unreported," the report said.-VNA
Electronic payments for online transactions remained modest compared with cash-on-delivery payments, according to a recent report of the Ministry of Industry and Trade on e-commerce in Vietnam.
In spite of this, the e-commerce payment system is an important base for the development of e-commerce, which has great potential in Vietnam.
After one year of application, the Vietnam Automated Cargo and Port Consolidated System/Vietnam Customs Information System (VNACCS/VCIS) has greatly benefited enterprises, especially in saving time for customs clearance, reported the Vietnam Customs.
In addition to institutional reform, the agency is also rolling out key solution groups to combat counterfeit goods, imitations, and intellectual property infringements in the digital environment.
The event, co-organised by the Vietnam Trade Office in the UK and TT Meridian, a local importer of Vietnamese fresh produce, aims to build a national lychee brand and encourage broader recognition of Vietnamese fruits in a competitive, high-end market.
The industry's performance has been powered by bold investments in modern production lines, enabling Vietnamese firms to produce complicated products which were exclusive to advanced economies.
Outcomes of ABAC III will shape ABAC’s final policy recommendations to be submitted to the ABAC-APEC leaders’ dialogue, scheduled to take place in the Republic of Korea this November.
This is the second year the magazine has released the ranking, which is based on total revenue and key financial indicators of enterprises from seven countries in the region: Vietnam, Indonesia, Thailand, Malaysia, Singapore, the Philippines, and Cambodia.
At the summit, publishing, tech, and media sectors will discuss emerging trends, business models, and sustainable solutions for digital publishing development in Vietnam.
This year’s “Vietnam Goods Week” marks a significant milestone as it is being held simultaneously for the first time in four locations across Asia: Japan, Hong Kong (China), Cambodia, and Malaysia, from June 19 - 22.
According to NordCham Vietnam Chairman Thue Quist Thomasen, the Vietnamese Government’s commitment to achieving net-zero emissions by 2050 is both a challenge and an opportunity for businesses to contribute to green and sustainable growth.
The analysis from an investment perspective shows that the economy’s growth has been heavily capital‑driven, yet efficiency remains low as reflected by Vietnam’s Incremental Capital-Output Ratio (ICOR) being significantly higher than global and regional averages. This underscores the imperative to enhance capital‑use efficiency.
Deputy PM Tran Hong Ha urged countries to work together to remove supply chain bottlenecks, expand market access, strengthen cooperation in smart customs procedures, mutually recognise technical standards, and eliminate unnecessary protectionist barriers to boost trade and investment.
The event has gathered over 400 exhibitors from 16 countries and territories, with more than 980 booths showcasing a wide range of products and technologies in automotive components, electronics, repair and maintenance, bodywork, accessories, and customisation.
The latest order follows Vietjet’s commitment for 20 additional A330neo aircraft last month, bringing the airline’s total widebody aircraft on order to 40.
Minister of Finance Nguyen Van Thang acknowledged the target represents an important milestone for socio-economic development as well as a demonstration of the country’s aspiration for robust economic growth.
The price of E5 RON92 petrol is now capped at 20,631 VND (0.79 USD) per litre, up 1,169 VND from the previous adjustment, while RON95-III costs no more than 21,244 VND per litre, up 1,277 VND.
While German consumers are familiar with Vietnamese products such as coffee, seafood, tea, and spices, many other quality items remain relatively unknown in the market. The Selgros event not only helped introduce Bac Giang lychee to German consumers but also provided them with the opportunity to experience other Vietnamese agricultural products.
The article by Cuba’s Inter Press Service detailed how Vietnamese private enterprise Agri VMA leased 1,000 ha of land in Los Palacios district, Cuba’s westernmost province of Pinar del Río, for rice cultivation over a three-year period. The project’s first harvest in 2025 recorded an impressive yield of 7.2 tonnes per hectare, far exceeding the local average of 1.6 tonnes.
Illustrative image (Photo: saigondautu.com.vn)
