Heineken to shift production from Singapore to Vietnam and Malaysia
Dutch brewer Heineken will shift its brewing production from Singapore to Vietnam and Malaysia as part of its strategy to build a more agile regional supply approach.
Ministry proposes piloting a cryptocurrency exchange at financial centres
In a draft proposal for a National Assembly Resolution on building regional and international financial centres in Vietnam, the Ministry of Planning and Investment (MPI) has proposed a controlled testing policy (sandbox) for business models applying technology in the financial sector (fintech).
 |
| Illustrative image (Photo: baodautu.vn) |
The Financial Centre Management and Operations Committee will be authorised to issue licences, oversee management, evaluate impacts and manage risks for sandbox trials in fintech activities, including platforms for trading digital and cryptocurrency assets.
The Government will provide detailed regulations on measures to prevent money laundering, as well as inspections and certifications regarding the security, cybersecurity and safety of digital asset service providers.
The management, issuance, ownership and trading of NFTs (a type of digital asset), utility tokens and cryptocurrency mining will also fall under Government authority. This aims to mitigate risks associated with energy security and environmental impact.
Purchases, payments, transfers and other transactions between organisations and individuals in the international financial centres are allowed to be conducted in the Vietnamese dong or freely convertible foreign currencies.
Under the Government’s plan, financial centres in Ho Chi Minh City and Da Nang are set to be established and operational by 2025. The construction of these centres aims to position Vietnam as a significant financial hub in the region and globally.
Data from CoinGecko indicates that the global cryptocurrency market value peaked at nearly 3.3 trillion USD on November 14, 2024.
Vietnam ranks among the top countries globally in cryptocurrency ownership, according to the latest Global Cryptocurrency Adoption Index report by Chainalysis.
However, Vietnam currently lacks a clear definition of virtual currencies and digital assets. Existing regulations only address the concept of electronic money tied to fiat currencies, such as prepaid bank cards and e-wallets.
Cryptocurrencies are not banned in Vietnam, but are not yet recognised as assets. The lack of a legal framework for these assets has led many businesses to register in Singapore or the US before operating in Vietnam, which reduces the country’s competitive advantage and results in tax revenue losses.
From a user perspective, the lack of transparency in this area increases transaction risks./.
Bài liên quan
Dành cho bạn
Đọc thêm
Lynas secures Vietnam metal processing deal with LS Eco Energy
Australian rare-earths miner Lynas has signed a framework agreement with LS Eco Energy to produce rare earth metals at a new facility in Vietnam.
Vietnam and EU seek to strengthen ties in transport infrastructure and urban development
Vietnam and the EU will enhance cooperation in transport infrastructure and sustainable urban development in the future, a meeting has heard.
Warburg Pincus eyes participation in Vietnam International Finance Centre
Global private equity firm Warburg Pincus is keen on participating in the Vietnam International Finance Centre, according to a conference held on March 23.
Novatek eyes expanded LNG cooperation in Vietnam
As Vietnam races to secure its energy future and meet the demands of its surging economy, a new partnership with a Russian energy giant is taking shape, signalling a deepening of the nations' long-standing ties.
EU to mobilise over $1 billion for major infrastructure projects in Vietnam
The European Union has launched a $46.4 million Sustainable Transport Development Fund to support large-scale infrastructure projects in Vietnam, with plans to mobilise additional financing from banks and private partners.
NIC partners with TU Berlin to boost Vietnam innovation ties
The National Innovation Centre has partnered with a leading technical university in Berlin to strengthen innovation and startup linkages between Vietnam and Germany.
ACB proposes $20 million non-life insurance subsidiary
Southern lender ACB has unveiled a formal proposal to establish a non-life insurance subsidiary as part of a strategic pivot to evolve into a comprehensive financial services provider by 2030.
