Vietnam News Today (Jul. 5): Vietnam Well-positioned Towards Cashless Society

	Vietnam News Today (Jul. 3): PM Pham Minh Chinh Meets With RoK NA Speaker
	Vietnam News Today (Jul. 4): Prime Minister Concludes Successful Visit to RoK

President To Lam (R) and New Zealand Ambassador to Vietnam Caroline Beresford. (Photo: VNA)

President welcomes newly-appointed New Zealand Ambassador

President To Lam expressed his delight at the strong development of the Vietnam - New Zealand strategic partnership over the past years while hosting a reception in Hanoi on July 4 for newly-appointed New Zealand Ambassador to Vietnam Caroline Beresford.

President Lam highlighted the significance of 2025 which marks the 50th founding anniversary of bilateral diplomatic ties and the 5th anniversary of the Vietnam - New Zealand strategic partnership and is considered as an opportunity for the two nations to plan meaningful activities, including high-level visits, to solidify cooperation across all areas and propel the relationship to a new height.

Speaking highly of close collaboration in national defense-security and positive progress in bilateral economic and trade ties, he thanked New Zealand for supporting English language training and specialized training for Vietnamese officials at both central and local levels.

The President took this occasion to propose the New Zealand Government continue creating favorable conditions for the Vietnamese community studying, working and living in the country, cited VNA.

Beresford, for her part, also held that 2025 is a prime opportunity for New Zealand and Vietnam to further strengthen and deepen the bilateral relationship.

She affirmed her commitment to work closely with the two countries’ ministries, agencies and sectors to foster coordination in promising areas with the hope of elevating the bilateral relationship to a new level with practical and effective outcomes in her term of office in Vietnam.

The ambassador expressed her hope that Vietnam, which is serving as the coordinator of ASEAN-New Zealand relations from July 2024 to July 2027, will contribute to solidifying ties between New Zealand and the Southeast Asian region.

President Lam underlined the importance of close bilateral coordination at multilateral forums, such as the United Nations and Asia-Pacific Economic Cooperation (APEC). He stressed that Vietnam and New Zealand's common perspectives on global and regional issues provide a strong foundation to bolster joint efforts to build peaceful, stable and prosperous Asia-Pacific and Indian Ocean regions.

RoK, Vietnam solidify ties to boost bilateral economic links

The Republic of Korea (RoK) media has given extensive coverage to bilateral economic and trade co-operation during the course of Vietnamese Prime Minister Pham Minh Chinh's recent four-day visit to the East Asian nation.

According to information given by news outlets Korea Times, Newsis, and KBS, the RoK-Vietnam Business Forum drew the participation of about 530 government officials, along with representatives from ministries, localities, and businesses of both countries.

The purpose of the forum was to find solutions to expand investment, exchanges, and bolster bilateral economic collaboration following the two countries’ upgrading of their relationship to a comprehensive strategic partnership on the occasion of the 30-year diplomacy anniversary.

RoK Minister of Trade, Industry and Energy Ahn Deok Geun emphasized measures aimed at achieving the bilateral trade target of US$150 billion by 2030 such as expanding the scope of investment and trade to sectors not only including intermediate goods, but also consumer goods, services, and infrastructure, according to VOV.

Prime Minister Pham Minh Chinh speaks at the Vietnam-RoK business forum.

To build a stable global supply chain network it can be considered as essential to concretize a plan to create synergy by connecting the nation’s core mineral resources such as rare earths with the RoK’s advanced production technology. Minister Geun also mentioned the potential for co-operation in the fields of clean energy and nuclear power.

PM Chinh called on Korean corporations and businesses to intensify their investment in the Vietnamese market and committed to improving various policies and regulations by simplifying administrative procedures in a bid to help companies reduce long-term costs by improving essential infrastructure such as education, transportation, and digital systems.

Korea Times affirmed that for the RoK, Vietnam is of increasingly strategic importance as it develops into an important production hub amid escalating trade tensions between the United States and China.

Yonhap news agency, Hankuk Kyongjae, mk.co.kr, and Chosun Ilbo newspaper stated that recently the Vietnamese Government has spared no efforts to attract greater investment in the semiconductor industry. The RoK-Vietnam Business Forum witnessed the determination of political and business leaders from both sides as they worked together to solve future challenges for both countries. They therefore pledged to expand investment and trade in areas such as digital transformation, supply chain co-operation, new energy, renewable energy, and semiconductors.

Currently, the total investment capital of Korean businesses in the nation amounts to US$87 billion. In line with this, as many as 19 major Korean groups and enterprises including SK, POSCO, and Hyosung have signed business agreements with 18 Vietnamese firms and Government agencies in the presence of leaders of Vietnamese ministries and sectors.

Korea business newspaper commented that the forum and the agreements signed serve to highlight the potential for strengthening economic linkages and common growth between both sides.

The results of the forum are expected to pave the way for fresh business opportunities whilst simultaneously promoting stronger economic links between the two countries.

The RoK’s Ministry of Trade, Industry and Energy assessed that the forum established a foundation for economic collaboration efforts between the two countries to be more diversified and enhanced.

The Korean Government will therefore seek to support the economic links through diverse channels such as the joint committee on the implementation of the Vietnam-Korea Free Trade Agreement (VKFTA) aimed at helping Korean firms to intensify their business activities in the Vietnamese market.

Vietnam well-positioned towards cashless society: UK newswire

Vietnam's digital payment ecosystem is undergoing a remarkable transformation, driven by a tech-savvy population, government initiatives, and innovative financial solutions, according to finextra.com, a leading UK newswire and information source for worldwide financial technology.

In its writing posted on July 3, it highlighted one of the most significant trends in Vietnam's digital payment landscape is the rapid growth of e-wallets, with major players like MoMo having gained immense popularity. These e-wallets offer a wide range of services, from bill payments and mobile top-ups to online shopping and even ride-hailing services.

Consumers are drawn to the convenience and security of these digital wallets, which are accessible through mobile apps. As a result, e-wallet transactions have surged, contributing to the decline of cash transactions.

QR code payments have become ubiquitous in the country, allowing users to make payments by simply scanning a QR code with their smartphones. It is widely used in restaurants, retail stores, and even street vendors.

QR codes have made payments more efficient and contactless, especially in the context of the COVID-19 pandemic. Customers appreciate the speed and simplicity of completing transactions with a quick scan, reported VNA.

Cashless payment is now popular in Vietnam. (Photo: VNA)

It held that the Vietnamese Government played a significant role in promoting digital payments. Initiatives like the National Payment Corporation of Vietnam (NAPAS) have been instrumental in standardizing payment systems and facilitating interoperability among various payment providers. These efforts aim to reduce the reliance on physical cash and enhance financial inclusion. The government also encourages businesses to offer cashless payment options to customers.

Meanwhile, P2P payment platforms have been in favor among Vietnamese consumers since it helps individuals to easily transfer money to friends, family and even businesses. P2P transfers are used for various purposes, such as splitting bills, sharing expenses, and sending remittances.

According to Finextra, cross-border payment services have become essential amidst the growth of the nation’s international trade. Fintech firms and traditional banks offer solutions to businesses and individuals to send and receive money internationally. These services are not only convenient but also cost-effective, making it easier for Vietnamese businesses to engage in global commerce.

It concluded that Vietnam's digital payment revolution is marked by a shift away from cash transactions toward convenient, secure, and efficient digital payment methods. E-wallets, QR code payments, contactless cards, and innovative fintech solutions have played a pivotal role in reshaping the country's payments landscape.

Ho Chi Minh City eyes closer links with Mongolia

The four-day visit is designed to further enhance connections and the time-honored friendship of co-operation that exists between the southern city and Mongolia on the occasion of the 70th anniversary of the Vietnam – Mongolia diplomatic ties after they were first established in 1954. This is along with five years since the signing of the Memorandum of Understanding on establishing ties between Ho Chi Minh City’s Thu Duc city and Chingeltei district of Ulaanbaatar.

Photo: VOV

It also aims to further intensify cultural and people-to-people exchanges, as well as trade and service co-operation between the southern city and Mongolian localities, cited VOV.

The delegation visited the Ho Chi Minh School in Ulaanbaatar, during which Nen praised the activities carried out by the school in helping its students to gain a better understanding about Vietnamese culture and the late Vietnamese President. A statue of Ho Chi Minh was placed in the school's compound in 2009, whilst a Vietnamese speaking club was set up in the school, attracting many students.

He presented 10 computers to the school, voicing his hope that students will always serve as ambassadors in introducing the friendship and the rich historical and cultural values of Mongolia to the people of Vietnam.

E. Gungaajav, rector of the school, thanked the Vietnamese people and the Party, as well as Ho Chi Minh City, for their support for the school to ameliorate the learning environment for its students.

The same day saw the delegation attend a reception hosted by the authorities of Chingeltei district and visit the Gobi factory, one of the world's largest producers of cashmere and camel wool products.

Vietnam expects to step up cooperation with U.S. in human trafficking prevention

Vietnam expects to continue working closely and increasing dialogues with the U.S. to have a comprehensive and positive assessment of Vietnam's efforts and achievements in preventing and combating human trafficking.

Spokesperson of the Ministry of Foreign Affairs Pham Thu Hang made the above statement at the ministry's regular press conference held on July 4, VGP reported.

Spokesperson of the Ministry of Foreign Affairs Pham Thu Hang.

Pham said, Vietnam welcomes the U.S. for its objective assessment of the nation's positive results in the fight against human trafficking.

Recently, the country has continued to promote human trafficking prevention and combat in accordance with key solutions and tasks in the program on human trafficking prevention and combat during 2021-2025, with orientations toward 2030, notably amendment to 2011 Law on Prevention and Combat of Human Trafficking and investigation, prosecution, and adjudication of human trafficking cases, she noted.

Vietnam has also identified and supported victims of human trafficking and promptly responded to new challenges of human trafficking in the region, Pham shared.

The nation has made efforts in implementing the goals of the Global Compact for Safe, Orderly and Regular Migration (GCM) to create a transparent migration environment, protect the legitimate rights and interests of migrants and prevent the risk of human trafficking in international migration activities, she emphasized.

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