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According to a recent report, Hong Kong has won back it’s crown as the world’s top IPO market in 2018; a result of the, in large part, of the debuts by major Chinese technology companies won amid fierce global competition.
Fundraising through initial public offerings on the Hong Kong Stock Exchange looks to reach US$36.6 billion this year, 120% more than in 2017, according to a multinational professional services network.
The New York Stock Exchange, which topped the list last year, appears headed for second place with US$28.8 billion, followed by the Tokyo Stock Exchange at US$26.2 billion.
A record 208 businesses are debuting in Hong Kong this year, including a major Chinese smartphone maker and a food delivery-to-ticketing services platform. Of the 133 IPOs on the main board, 36 are by “new economy” companies in high-growth tech fields, according to KPMG.
The boom was fuelled partly by changes to Hong Kong’s listing rules in April 2018.
The smartphone maker, for example, became the first company with multiple classes of shares carrying different voting rights – an increasingly popular structure among tech companies – to list on the exchange.
Many of 2018’s biggest IPOs came from Asian companies.
For example, a Japanese multinational holding conglomerate’s mobile unit, which debuted in Tokyo recently, topped the global list at US$21.1 billion, followed by the world’s largest telecoms tower operator with US$7.5 billion and the smartphone marker’s US$5.4 billion.
Next, a communications equipment manufacturing company and an electronics industry company, ranked high on the list as well.
Exchanges worldwide are vying to attract big tech IPOs, which tend to draw considerable interest from investors.
An online video portal, an e-commerce platform, and a music streaming service – which are all China-based companies – listed in the U.S. this year.
As for 2019, researchers at the professional services network the expect about 200 companies to debut in Hong Kong, raising up to HK$230 billion (US$29.4 billion).
While stock prices have flagged of late, many promising companies are waiting in the wings to go public.
Another report noted that Hong Kong had help the title of top IPO market for two consecutive years.
The report noted that more than 70 percent of the funds raised come from mainland enterprises, many of which chose to make their market debuts in Hong Kong to take advantage of the city’s revolutionary listing rule changes.
Since Hong Kong Exchanges and Clearing Ltd-the operator of Asia’s third-largest stock exchange-allowed technology firms with dual class share structures to go public in the city in April 2018, a total of 22 new economy companies from the mainland have listed in Hong Kong, according to the assistant vice-president of mainland development at HKEx.
The Hong Kong stock exchange, together with its United States counterparts, are expected to remain strong in the coming year, retaining their allure as go-to destinations for promising technology superstars from the mainland, according to a recent report from a major law firm.
With more than 200 firms lining up for floats in Hong Kong, IPOs are set to rake in as much as HK$230 billion over the coming 12 months.
Companies from the tech, media and telecommunication sector will continue to be the major driving force, a professional service company forecasts.
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In a significant scientific breakthrough in a space sector, Dr Sarah Kessans has developed hardware designed to operate autonomously in orbit, transforming the study of protein crystallisation in microgravity. This technology provides scientists on Earth with unprecedented insights into protein behaviour, with far-reaching implications for developing more effective medicines and vaccines, among other applications.
Minister for Space Dr Megan Collins lauds Dr Kessans’ research as an inspiring example of how space technology can drive innovation on Earth. This achievement follows the recent successful launch of MethaneSAT, a satellite designed to track and monitor global emissions from space, highlighting the significant potential of space technology in addressing some of the world’s most pressing challenges while bolstering our globally competitive space sector.
The MethaneSAT satellite will be equipped with a highly sensitive spectrometre that can detect concentrations as low as two parts per billion, and it will have high-spatial resolution coupled with a broad, 200-kilometre view path, allowing it to quantify even small emission sources over large areas.
Dr Kessans’ research culminated in successfully launching her hardware on a rocket from the Kennedy Space Centre at Cape Canaveral, USA. This mission also included protein experiments from leading New Zealand universities, including Canterbury, Otago, Victoria, and Waikato, showcasing the collaborative efforts of the country’s academic institutions in advancing space science and technology.
The launch of Dr Kessans’ project results from a strategic agreement between the Ministry of Business, Innovation and Employment (MBIE) and the US commercial space company Axiom Space. This partnership aims to facilitate New Zealand researchers’ advancement in space science and technology, fostering innovation and driving collaboration between academia, government, and private enterprise.
Dr Kessans’ project has also received government funding for further development through the MBIE-administered Endeavour Fund, highlighting the government’s commitment to supporting cutting-edge research and innovation in the space sector. This collaborative effort between academia, government, and private enterprise is a testament to New Zealand’s growing presence in the global space economy, positioning the country as a key player in space research and technology development.
Previously, New Zealand had collaborated with several countries, including Australia, to advance space research, as reported by OpenGov. The collaboration between SmartSat and the New Zealand Space Agency (NZSA) is an important development. The signing of a Memorandum of Understanding (MoU) between the two entities aims to accelerate the growth and technological advancement of the Australian and New Zealand space industries, marking a pivotal moment in the evolution of space exploration and innovation in the Australasian region.
This partnership is underpinned by a shared commitment to fostering innovation, driving research and development (R&D), and nurturing a skilled workforce capable of propelling technological breakthroughs in the space sector. The MoU, ceremoniously signed at the NZSA headquarters in Wellington, signifies a strategic alignment between SmartSat and NZSA to leverage their combined resources and expertise.
At the core of this collaboration, it is designated to support joint research initiatives in three key technological domains: Earth Observation, Space Situational Awareness, and Optical Communications. These areas represent the forefront of space exploration, offering immense potential to revolutionise humanity’s perception and interaction with the cosmos.
Minister Judith Collins, New Zealand’s Minister for Space, praised the new agreement as a testament to the enduring collaboration between Australia and New Zealand in space exploration. In a statement on her official website, she reiterated her commitment to fostering innovation and collaboration, recognising the transformative potential of space technology in addressing global challenges.
Minister Collins reaffirmed the government’s dedication to developing the country’s space sector, promoting innovation, and strengthening partnerships with the New Zealand research community, international space agencies, and commercial collaborators. These collaborative approaches underscore New Zealand’s commitment to advancing space science and technology to benefit society and the economy, paving the way for future breakthroughs in the field.
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In a significant stride towards bolstering research efforts in offshore wind power technology, The Hong Kong Polytechnic University (PolyU) and the Yangjiang Offshore Wind Energy Laboratory have inked a collaborative agreement to establish the PolyU-Yangjiang Laboratory Joint Research Centre for Offshore Wind Power (JRC).
The joint initiative, officially announced through a signing ceremony held at PolyU’s campus, marks a pivotal moment in the burgeoning partnership between the two entities. With the JRC set to be jointly operated and managed by the PolyU Research Institute for Land and Space (RILS) and the Laboratory, the collaboration signifies a concerted effort to deepen research collaboration and foster innovation in offshore wind power technology.
Under the ambit of this new partnership, researchers from PolyU and Yangjiang will synergise their expertise, resources, and laboratory facilities to undertake pioneering research projects. These projects will focus on developing novel technologies and materials tailored for offshore wind power applications, with a paramount aim to translate research outcomes into tangible solutions for industry implementation.
The signing ceremony, attended by a delegation from Yangjiang in Guangdong province alongside PolyU representatives, saw the presence of Prof. Christopher Chao, PolyU Vice President (Research and Innovation) and Mr. Liu Dewei, Vice Mayor of Yangjiang Municipal People’s Government. Their attendance underscored the significance of this collaborative endeavour in driving forward advancements in renewable energy technology.
In his welcoming address, Prof. Christopher Chao highlighted the pivotal role of wind power in the global transition towards carbon neutrality. He emphasised that the collaboration between PolyU and the Yangjiang Offshore Wind Energy Laboratory not only serves to advance offshore wind power expertise but also fosters a robust platform for mutual engagement in research, talent development, and knowledge exchange.
Prof. Chao expressed optimism that the JRC would harness the collective research capabilities of both organisations to tackle pressing scientific challenges and overcome technical barriers in the energy sector, ultimately contributing to the establishment of a world-class research and innovation hub for wind power and clean energy.
The partnership between PolyU and the Laboratory holds particular significance for Hong Kong’s energy landscape. With the Electrical and Mechanical Services Department of the HKSAR Government estimating that wind power could potentially satisfy a significant portion of the city’s electricity demand, the collaboration is poised to address critical engineering challenges in the construction of offshore wind farms. By facilitating interdisciplinary research and engineering solutions, the collaboration aims to benefit not only Hong Kong but also the wider region and beyond.
The Yangjiang Offshore Wind Energy Laboratory, comprising leading experts from esteemed mainland universities, is dedicated to advancing fundamental science and technology in the offshore wind power sector. Leveraging the collective expertise of institutions such as Zhejiang University, Sun Yat-sen University, and Shanghai Jiao Tong University, among others, the Laboratory is at the forefront of research in this domain.
Established in 2021, PolyU’s Research Institute for Land and Space (RILS) has been actively engaged in interdisciplinary research undertakings, with offshore wind power emerging as a focal area of interest. A delegation from RILS visited wind energy-related facilities in Yangjiang in November 2023, laying the groundwork for potential collaboration opportunities with the Yangjiang Offshore Wind Energy Laboratory.
As the PolyU-Yangjiang Laboratory Joint Research Centre for Offshore Wind Power takes shape, it symbolizes a collaborative initiative aimed at driving innovation and addressing the energy challenges of tomorrow. Through concerted research efforts and knowledge exchange, the partnership between PolyU and the Laboratory is poised to play a pivotal role in advancing offshore wind power technology, thereby contributing to a sustainable energy future.
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Da Nang, a central city in Vietnam, is gearing up to bolster its semiconductor industry with a targeted focus on human resource development. The Vietnam–Korea University of Information and Communication Technology (VKU) recently launched a comprehensive programme aimed at training professionals in integrated circuit (IC) design.
The initiative underscores the city’s commitment to advancing its semiconductor sector. In 2024, Da Nang will concentrate on cultivating a pool of qualified teaching staff through collaborative efforts with the Viet Nam-Korea Information Technology (IT) and Communications University, the Institute of Information Technology under the Viet Nam National University – Ha Noi, and the Da Nang Semiconductor and Artificial Intelligence Centre for Research and Training (DSAC). Support from Synopsys Vietnam Company will further bolster these endeavours.
The training programme, spanning six months, comprises both theoretical learning and project-based training. It encompasses four modules covering Very-large-scale integration (VLSI) Design, SystemVerilog/Verilog/Very High-Speed Integrated Circuit Hardware Description Language, basic digital integrated circuits, and basic analog circuit design.
The inaugural training course for lecturers will host 25 participants selected from prestigious institutions including the Viet Nam-Korea Information Technology (IT) and Communications University, Da Nang University of Science and Technology, University of Technical Education, Duy Tan University, and FPT University. A significant highlight of the programme is the access granted to lecturers to Synopsys’ extensive library and teaching materials, enabling them to develop practical IC design curricula upon completion.
Huynh Cong Phap, Principal of VKU, emphasised the programme’s objective of equipping students with practical IC design skills to facilitate training deployment at universities in Da Nang. Additionally, the university plans to offer short-term training courses in semiconductor circuit design for junior and senior students pursuing majors such as computer engineering, technology, embedded systems and IoT, and technology information.
Speaking at the event, Ho Ky Minh, Standing Vice Chairman of the municipal People’s Committee, hailed the programme as a significant stride in the city’s strategy for high-quality human resource development. He commended the collaborative efforts between DSAC, VKU, Synopsys Group, and the Information Technology Institute under the Vietnam National University in swiftly launching the city’s inaugural IC circuit design instructor training course.
In line with the city’s ambitions, Ho Ky Minh, the Standing Vice Chairman of the People’s Committee of Da Nang, welcomed Susan Burns, the US Consul General in Ho Chi Minh City, expressing his aspirations for enhanced collaboration with the United States within the semiconductor industry.
Susan Burns lauded the programme as a testament to the robust cooperation between government bodies, private enterprises, and universities in nurturing high-tech talent in Vietnam. This collaboration aims to fortify Vietnam’s position in the global semiconductor supply chain. The United States acknowledges Vietnam’s pivotal role in fostering flexible semiconductor supply chains and extends strong support for the industry’s development in the country.
In tandem with the programme launch, the university unveiled the VKU – SSTH centre, dedicated to semiconductor circuits and smart technology. Equipped with 30 computers and proprietary circuit design software from Synopsys, the centre is poised to serve as a hub for training and research in semiconductor circuits and smart technology.
OpenGov Asia reported that Da Nang inaugurated the Da Nang Semiconductor and Artificial Intelligence Center for Research and Training (DSAC) in January this year, marking a significant stride in technological advancement. This initiative underscores Da Nang’s dedication to enhancing its capabilities in integrated circuit (IC) design and artificial intelligence (AI).
The decision to establish DSAC was announced on January 26 by Le Trung Chinh, Chairman of the municipal People’s Committee, highlighting the centre’s role in realising the city’s strategic objectives. DSAC is poised to engage in research, training, and technology transfer in microchips, semiconductors, and AI development, while also fostering international cooperation in these critical domains.
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Vietnam has emerged as a promising market in the global data centre landscape, with significant growth projected in the coming decade. According to the latest report from Viettel IDC, the country’s data centre market is forecast to reach a value of US$1.26 billion by 2030, with a compound annual growth rate (CAGR) of 10.8%. This projection underscores Vietnam’s increasing importance in the digital economy and its potential to become a key player in the data centre industry.
Despite its promising outlook, Vietnam’s data centre market currently lags behind its regional counterparts in terms of size. Compared to countries like Singapore, Malaysia, and Indonesia, Vietnam’s data centre market is relatively small. However, this is expected to change in the coming years as the country experiences rapid economic growth and invests heavily in digital infrastructure.
One of the key drivers of growth in Vietnam’s data centre market is the increasing demand for digital services and cloud computing. With the rise of e-commerce, digital banking, and other online services, there is a growing need for secure and reliable data storage and processing facilities. Data centres play a crucial role in meeting this demand by providing the infrastructure necessary to support these services.
Another factor contributing to the growth of Vietnam’s data centre market is the government’s support for digital transformation initiatives. In recent years, the Vietnamese government has prioritised the development of the digital economy as part of its broader economic strategy. This has included investments in digital infrastructure, as well as policies aimed at promoting innovation and entrepreneurship in the tech sector.
Furthermore, Vietnam benefits from a skilled workforce and relatively low construction costs compared to other countries in the region. This makes it an attractive destination for companies looking to establish data centre operations in Southeast Asia. Additionally, the government has implemented supportive regulatory frameworks to encourage investment in the sector, further stimulating growth.
Domestically, the data centre market in Vietnam is dominated by a few major players, including Viettel, VNPT, FPT, and CMC. These companies collectively hold approximately 97% of the market share, indicating a high level of concentration in the industry. However, there are still opportunities for new entrants, particularly in niche segments or specialised services.
Looking ahead, Viettel IDC predicts a significant expansion of Vietnam’s data centre market in the coming years. Plans are underway to build megacentres in major cities like Ho Chi Minh City and Hanoi, with an estimated total capacity of up to 450 MW. This represents a substantial increase from the current capacity and reflects the growing demand for data centre services in the country.
In addition to data centres, Vietnam’s cloud computing market is also experiencing rapid growth. While the market size is currently smaller than that of neighboring countries like the Philippines and Indonesia, Vietnam has the highest growth rate in the Southeast Asia region and ranks third in Asia overall. The projected growth rate of Vietnam’s cloud market over the next 5-10 years is expected to be around 19-20%, driven by increased adoption of cloud services by businesses and consumers.
Vietnam’s data centre market presents significant opportunities for growth and investment in the coming years. With supportive government policies, a skilled workforce, and increasing demand for digital services, Vietnam is well-positioned to become a major player in the global data centre industry. As the country continues to invest in digital infrastructure and technology, it is poised to emerge as a leading hub for data centre operations in Southeast Asia and beyond.
OpenGov Asia reported that Vietnam is rapidly becoming a key player in the global data center market, driven by factors like increasing digitalisation among SMEs, a tech-savvy young population, the rollout of 5G technology, and a rising demand for independent digital infrastructure and data sovereignty.
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In a landmark collaboration aimed at advancing healthcare through digital innovation, technology, and artificial intelligence (AI), the City University of Hong Kong (CityUHK) and the Shenzhen Hospital of Southern Medical University (SMU) have forged a strategic cooperation framework agreement. Signed on March 20th, 2024, this agreement signifies a pivotal step towards fostering joint scientific research, technology transformation, and talent cultivation, with a particular emphasis on cutting-edge fields such as digital medicine, computer science, and biomedical engineering.
The signing ceremony, held at CityUHK and attended by esteemed dignitaries including Professor Liu Shuwen, Vice-President of SMU, and Professor Freddy Boey, President of CityUHK, underscored the commitment of both institutions to collaborative innovation in healthcare. President Boey expressed enthusiasm about the partnership, highlighting the potential for joint development and cooperation in life sciences and technological advancements.
He emphasised the establishment of the Institute of Digital Medicine at CityUHK as a key initiative that will leverage clinical resources from Shenzhen Hospital of SMU to drive research and projects, particularly in areas such as cell therapy and gene therapy.
Professor Liu echoed President Boey’s sentiments, noting CityUHK’s distinguished reputation and expertise across various research domains. He underscored the significance of the collaboration in deepening cooperation between the affiliated hospital of SMU and a leading university in Hong Kong. By pooling resources and expertise, the partnership aims to advance medical services in Hong Kong, Macao, Shenzhen, and beyond. Through joint efforts, both institutions aspire to provide international standard medical services, enhancing healthcare outcomes and fostering academic excellence in the region.
The strategic cooperation framework extends beyond research collaboration to encompass platform and resource sharing, joint academic programs, and the promotion of scientific research initiatives. These efforts are geared towards enhancing healthcare delivery, facilitating knowledge exchange, and driving innovation in medical practice. By leveraging digital health technologies and AI-driven solutions, the collaboration seeks to revolutionise healthcare delivery, improve patient outcomes, and address the evolving challenges of modern medicine.
Furthermore, the agreement aims to promote internationalisation and cooperation between Shenzhen and Hong Kong, aligning with broader efforts to strengthen ties and foster innovation in the Greater Bay Area. Through joint initiatives, such as the establishment of science and technological innovation platforms at the provincial and municipal levels, the collaboration aims to create synergies and opportunities for cross-border collaboration. By harnessing the collective strengths of both institutions, the partnership aims to position Shenzhen and Hong Kong as hubs for scientific research, technological innovation, and healthcare excellence.
In addition to fostering academic collaboration, the partnership emphasises practical outcomes and real-world impact. Through technology transfer and collaborative research projects, both CityUHK and Shenzhen Hospital of SMU seek to translate scientific discoveries into tangible solutions that benefit patients and communities. The agreement also facilitates academic exchanges, enabling researchers and healthcare professionals to share knowledge, expertise, and best practices.
Overall, the strategic cooperation framework agreement between CityUHK and Shenzhen Hospital of SMU represents a significant milestone in advancing healthcare innovation in the Greater Bay Area and beyond. By harnessing digital health, technology, and AI-driven solutions, the collaboration aims to address the complex challenges facing modern healthcare and pave the way for a more sustainable, resilient, and patient-centric healthcare system.
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Digital transformation has become a global imperative, with countries worldwide implementing various strategies to leverage digital technology for societal, economic, and governance improvements. Each country’s approach is tailored to its technological infrastructure, regulatory environment, economic priorities, and societal needs. This global transformation requires smart strategies, smart implementation, and a collaborative, outcome-oriented mindset.
In Thailand, for example, the government has embarked on a joint effort to advance the digital economy and society through initiatives like accreditation of government agencies’ curricula. Professor Wisit Wisitsaratha, who serves as a Permanent Secretary of the Ministry of Digital Economy and Society, has announced plans to publicise the outcomes of this project for 2023. This reflects Thailand’s commitment to equipping its government agencies with the skills to thrive in the digital age.
Mr Phuchapong Nodthaisong, the committee’s secretary-general for Digital for the National Economy and Society, revealed the outcomes of the 2023 curriculum accreditation operations, which aimed to certify 70 courses. The National Curriculum Committee (NCC) reviewed 73 courses from 18 institutions for accreditation, categorising 30 as essential and 43 as moderately important. The 177 courses were considered for certification from 2021 to 2023.
During the meeting, Mr Phuchapong Nodthaisong presented guidelines to promote and support government agencies in organising digital skill development training courses among government officials and personnel. These guidelines are designed to be practical and effective, with input from executives representing government agencies, the private sector, the business sector, and academia.
Professor Wisit Wisitsaratha highlighted that besides certifying more than 70 courses from the previous year, the Ministry of Digital Economy and Society has been following up on the results of course accreditation, with over 104 courses considered for their quality and standards. These courses cater to six groups of civil servants and government personnel: senior executives, division directors, policy and academic workers, service workers, technology operators, and other practitioners. The curriculum development standards include a mechanism for systematic monitoring and evaluation of performance.
Additionally, measures have been implemented to promote and develop the country’s digital workforce, aiming to raise their digital capability and potential. This includes the general public, students, labour groups, entrepreneurs, the business sector, and civil servants, who all require adequate digital skills to drive government agencies towards the digital government.
Mr Phuchapong Nodthaisong, Secretary-General of the National Digital Economy and Society Committee, emphasised that the NBTC has certified digital skills development courses for government agencies. Standards for curriculum development have been set alongside a mechanism for systematically monitoring and evaluating performance.
To support this, the NBTC has taken proactive steps to enhance the quality of these courses. They have established a cooperation network with recognised organisations in related fields. This collaborative effort ensures that the courses are developed and delivered in line with industry best practices and standards.
Additionally, the NBTC works closely with the Office of the Civil Service Commission and associated agencies, enabling them to align their efforts and resources and ensuring that the courses meet the needs and expectations of the civil service sector.
He further stated that the NDC has continuously held focus group meetings in the past to create guidelines for promoting and supporting government agencies in organising training for certified courses. These efforts include measures to promote and develop Thailand’s digital workforce under the project for managing and following up on the curriculum accreditation of government agencies.
These initiatives are integral to Thailand’s comprehensive strategy to cultivate a skilled workforce capable of propelling the nation’s digital transformation and enhancing its competitiveness in the global digital economy. Thailand aims to effectively leverage digital technology to improve its economy and society by equipping civil servants and government personnel with the requisite knowledge and skills.
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An internationally recognised card service company, with a significant presence in the digital payments domain, released insights shedding light on Vietnam’s evolving payment landscape. Through its comprehensive consumer payment attitudes study, the company, highlights a surge in cashless transactions among Vietnamese consumers, signifying a progressive shift towards embracing novel financial technologies.
According to the study’s findings, a staggering 56% of Vietnamese respondents reported carrying less physical cash than they did a year prior, indicative of a growing inclination towards digital payment methods. Notably, the younger demographic is leading the charge in this transition, with a striking 89% having seamlessly adopted cashless payment solutions.
Furthermore, the company delves into the prevailing trends shaping Vietnam’s burgeoning non-cash economy, notably highlighting the ascendancy of mobile wallets. Vietnam stands among the top Southeast Asian markets witnessing rapid mobile wallet adoption, serving as the preferred avenue for payments and substantially contributing to the digital finance sector’s growth. Remarkably, four out of every five Vietnamese consumers utilise mobile wallets, positioning the country as a frontrunner in mobile finance adoption.
In tandem with the surge in mobile wallet usage, real-time payments (RTPs) have gained considerable traction in Vietnam, underscoring the nation’s receptiveness to cutting-edge financial technologies. The unparalleled convenience and efficiency offered by RTPs have fueled further digitisation of the economy, with at least two in five consumers leveraging these services for various transactions, including cross-border transfers, peer-to-peer payments, merchant transactions, and bill settlements.
Additionally, the buy now, pay later (BNPL) service has emerged as a popular choice among Vietnamese consumers, offering flexible payment options and driving increased consumer engagement. The company’s strategic collaborations with leading Vietnamese retailers for its instalment solutions exemplify the transformative impact of such services in fostering financial inclusion and spurring business growth.
While credit cards may witness comparatively lower usage for wallet top-ups and funding, they remain the preferred choice for BNPL plans in Vietnam. The ease of use, coupled with incentives like free vouchers, rewards points, and transparent payment tracking mechanisms, have been instrumental in driving the adoption of BNPL offerings.
Vietnam’s ongoing cashless payment revolution not only presents unparalleled opportunities for economic growth but also fosters innovation, unlocking new avenues for both consumers and businesses in the transition towards a cashless society.
The Country Manager for Vietnam and Laos at the card service company emphasised the company’s unwavering commitment to driving innovation and enhancing digital payment experiences for consumers. The findings from their study corroborate the growing trend towards contactless transactions, evidenced by a significant 53% increase in contactless transactions made on their cards, accompanied by a 19% surge in purchases and a substantial rise in the total value of cross-border transactions.
Supporting data from the State Bank of Vietnam (SBV) further underscores the positive trajectory of non-cash payment and digital banking activities in the country. As of the end of 2023, individual payment accounts surpassed 182.88 million, reflecting a notable 21.8% year-on-year increase. In January 2024, non-cash transactions surged by 63.3% in volume and 41.45% in value compared to the previous year, with transactions through the internet and QR codes witnessing exponential growth rates.
OpenGov Asia reported on Vietnam’s strides towards a cashless society, attributing the momentum to government policies favouring digital payments. Increased online transactions fuel competition among tech firms, advancing Vietnam’s digital economy. A survey showed that 43.8% of sellers accept bank transfers, and 15.3% use VietQR codes, indicating wide digital payment adoption.
Encouraged by these trends, the SBV continues to advocate for digitalisation within credit institutions, fostering collaboration across sectors to expand the digital ecosystem, while concurrently refining the legal framework, mechanisms, and policies governing non-cash payments.