Latest Vietnam News

  • Major Asian bank issues credit on SCB-backed blockchain
    Major Asian bank issues credit on SCB-backed blockchain
    Blockchain is helping companies from Vietnam and Thailand settle trades more smoothly. The Asian Development Bank (ADB), headquartered in the Philippines, has settled its first letter of credit (LC) transaction using the Standard Chartered-backed Contour blockchain network. The trade was a part of ADB’s trade and supply chain program and involved Standard Chartered and the Bank for Investment and Development of Vietnam. ADB’s trade settlement also marked the first blockchain-based cross-border LC transaction between Vietnam and Thailand.  According to a Global Trade Review report, the trade involved a $50,000 plastics shipment sent from Thailand’s SCG Plastics Co Ltd to Vietnam’s Opec Plastics Joint Stock Company. Although ADB did not specifically mention how blockchain added to the efficiency of the trade settlement, Steven Beck, the bank’s head of trade and supply chain finance, said that the use of blockchain has made trade more efficient while reducing risk and lowering the barriers to entry for small and medium-sized businesses in developing parts of Asia. Social distancing measures implemented worldwide due to the ongoing pandemic has proven the importance of trade digitization, driving many major entities involved in international trade and supply chain to implement blockchain in a bid to digitize operations, set aside paperwork and resume business. The London-based multinational banking firm Standard Chartered also conducted the first blockchain-based trade in Bangaladesh, introducing the South Asian country to blockchain innovation. Cointelegraph previously reported that Australia’s National Blockchain Lead Chloe White from the Department of Industry had suggested that blockchain could help combat food and wine fraud that costs the country almost $1.7 billion every year.
  • Vietnam Launches a National Enterprise Blockchain Platform as it Eyes a Global Top 50 Slot
    Vietnam Launches a National Enterprise Blockchain Platform as it Eyes a Global Top 50 Slot
    The Ministry of Information and Communications in Vietnam is building an enterprise blockchain platform dubbed akaChain in line with its national program.
  • Ripple partner's alliance may give way to Japan-Vietnam corridor
    Ripple partner's alliance may give way to Japan-Vietnam corridor
    The cryptocurrency industry has been churning out real-time use cases with some regularity to ensure adoption.
  • Bitcoin Usage up in Vietnam, Bangladesh & S Africa - Blockchain.com
    Bitcoin Usage up in Vietnam, Bangladesh & S Africa - Blockchain.com
    The total number of bitcoin (BTC) wallet transactions has spiked in Vietnam, Bangladesh, and South Africa, with monthly activity figures up 25%, 16% and 15.9% respectively on major wallet and exchange platform Blockchain.com. The company shared the news in a blog post, adding that although BTC experienced a drop in market capitalization for June 2020 (down 2.8%
  • Vietnamese Official Urges Public to Avoid Funding Campaigns for Crypto Business
    Vietnamese Official Urges Public to Avoid Funding Campaigns for Crypto Business
    A senior Vietnamese police official said cryptocurrency fundraisers are illegal in the country and people should not invest in them. The former deputy head of Vietnam’s Criminal Police Department, Vu Hoang Kien, has stated that campaigns to raise money for cryptocurrency businesses are illegal in the country. Kien warned Vietnamese citizens to stay vigilant and not be lured in by any form of cryptocurrency investment schemes, no matter how high the returns.  Apart from the risk of investing in such schemes, he further emphasized that cryptocurrency investments and payments made using virtual currencies are not legally recognized in the country.