Global Business Services LLC (GBS), a leading business and legal services firm in Vietnam, is proud to announce that it has been shortlisted for the “Financial Services Law Firm of the Year in Vietnam – 2025” at the Global Law Experts (GLE) Annual Awards.

This prestigious recognition highlights GBS’s outstanding expertise in investment consulting, merger & acquisition advisory, and company formation services for foreign investors seeking to enter and expand in Vietnam.

The Global Law Experts Awards celebrate top-performing legal and consulting firms worldwide that demonstrate excellence in industry knowledge, client service, and innovative solutions. Being shortlisted is a testament to GBS’s dedication to supporting international businesses in navigating Vietnam’s dynamic business environment, ensuring a smooth market entry and sustainable growth.

“With a highly skilled team and a diverse global client base, we take great pride in being recognized among the best in the industry,” said Sophie Dao, Senior Partner of GBS. “This shortlisting reflects our unwavering commitment to delivering top-tier financial and legal advisory services that drive success for our clients.”

GBS extends its heartfelt gratitude to its clients, partners, and team members for their continuous trust and support.

For more information about GBS and its services, please visit https://gbs.com.vn.

Contact:
Sophie Dao
Senior Partner, GBS
Email: sophie@gbs.com.vn
Phone: +84903189033
Website: https://gbs.com.vn

The post GBS Shortlisted for Prestigious 2025 Global Law Experts Annual Award appeared first on Crypto Insider.

Although gambling has an important place in Vietnamese culture, local governments have banned virtually all forms of gambling in the past few decades. Due to the lack of legal options, Vietnamese players often visit overseas online gambling websites. Transactions on these sites are estimated to be in the billions, with US$ 10 billion a year spent on black market sports betting alone by Vietnamese players. 

Results from the Vietnames government’s pilot program that allowed two casinos to accept local Vietnamese players for a three-year period.

With the Vietnamese government implementing policies to legalize certain forms of gambling and the local market witnessing a surge in players frequenting overseas gambling websites and border casinos, the industry’s development prospects appear promising, making it an enticing space to capitalize on.

Localising the Key to Vietnamese Players

As the Vietnamese gambling market faces fierce competition, with international gambling companies entering one after another, establishing an iGaming platform designed for the local market is key to attracting players.

• Vietnamese Language – International iGaming sites remain distant to many players despite increased English proficiency amongst the Vietnamese. iGaming sites which can offer users the option to use the site in Vietnamese can position themselves as the preferred choice for local players.
• VND Currency –Platforms offering transactions in local VND have an advantage by lowering the entry point for Vietnamese players. It eliminates the need for currency conversion and enhances the user experience, increasing trust and convenience. Incorporating VND transactions is a strategic move to enhance appeal and competitiveness in the Vietnamese gambling market. 
• Vietnamese Games – Including traditional Vietnamese games in your platform allows you to differentiate yourself from competitors and forge a strong bond with the local player base. Some examples of popular Vietnamese games that you can consider incorporating are Bầu Cua Tôm Cá, a traditional dice game; Tài Xỉu, a dice game known as Sic Bo; and Rồng Hổ, a card game similar to Baccarat.

White-label providers like Kzing which offer customised front-end sites in Vietnamese, and payment gateways accepting the local currency are valuable in getting operators started on the right foot when entering the Vietnam market.

Popular Games in the Vietnamese iGaming Market

In addition to providing localized games, it is crucial to offer top-notch classic online gambling games on your platform. According to insights gathered by Kzing, Vietnamese players exhibit a strong preference for games that are not only easy to understand but also offer fast-paced and exciting gameplay. Among the plethora of options available, slots have emerged as the undisputed favorite among Vietnamese players.

Other favourites include:

• Baccarat – attracting both experienced and new players
• Roulette – various betting options, providing an exciting gambling experience
• Blackjack – widely recognized card game offering strategic gameplay
• Poker – variations like Texas Hold’em and Omaha, attracting competitive players

However, there is a growing trend towards LIVE games, driven by live streaming and social media platforms like Facebook where players can engage with real-life dealers in real-time, providing an authentic casino atmosphere and social interaction. This shift reflects the desire for more immersive and interactive experiences. To succeed, operators should embrace live games and integrate social media features to cater to the evolving preferences of Vietnamese players.

Working with a white label provider can mean launching your iGaming platform quicker by integrating your platform with ready-to-play games. Kzing has partnered with game developers like Sexy, SABA, Jili, Dream Gaming, KingMaker, and CWIN to offer games like Baccarat, Cock-Fighting, and local favourites like slots, V8, Kingmaker, CF and Jili – all ideal for the Vietnam market.

Mobile is the Method

In Vietnam, mobile internet users have exceeded 70 million, and mobile devices being adopted at a high rate. Therefore, providing mobile applications can make it more convenient for players to access and play games, and improve user retention rates. In addition, the usage rate of Vietnamese cryptocurrencies is also very high, with about 18.6 million people holding some kind of cryptocurrency, such as Bitcoin, Ethereum, Ripple, Litecoin, and Bitcoin Cash. Electronic wallets are popular alternatives to traditional bank accounts. Some of the most popular ones include Momo, Moca, ShopeePay (AirPay), ZaloPay, and Viettal Pay. For Vietnamese white-label solutions providers, cooperation with these payment channels is very important.

Effective Marketing Strategies for the Vietnamese iGaming Market

Vietnamese iGaming companies use various marketing strategies, including SEO, Google, Affiliate, Facebook, SMS, Banner, and articles. Effective marketing campaigns are essential to attract and retain players, and the Vietnamese market responds well to personalized ads. White-label solutions providers can offer Vietnamese customer service, E2 fraud and compliance, staff hiring, and apps that support the Vietnamese market, especially sports.

In Vietnam, social media plays a vital role in people’s daily lives, and integrating social media platforms into iGaming apps and sports-betting apps can improve user engagement and retention rates. White-label solutions providers can offer social media integration with popular Vietnamese platforms such as Zalo, which has a large user base in the country. This integration can better connect with users and enhance the overall user experience.

Challenges Worth Overcoming

In conclusion, while the Vietnamese iGaming market is still evolving and navigating regulatory challenges, it holds tremendous potential for growth for these reasons:

• Lucrative Market – Vietnam has a large and growing population, especially among the younger demographic, making it a promising market for iGaming operators.
• Increasing Internet and Mobile Usage – With the rise in Internet and mobile penetration, Vietnamese players have easy access to online gambling platforms, creating a favourable environment for operators.
• Shifting Regulations – The Vietnamese government has shown a willingness to explore certain forms of gambling, paving the way for potential future liberalization and expanded opportunities.

Vietnam is a fast-growing market with high potential that operators, existing and aspiring alike are quickly noticing. It will take speed, expertise, and experience of the market to capitalize on the opportunities and shape a sustainable future in this promising iGaming market.

THE KZING WHITE LABEL ADVANTAGE

Kzing white label has helped operators enter Asian markets since 2012, creating customised, white label iGaming packages which are designed to meet your market needs, from China, Thailand, Indonesia, India, and especially, Vietnam.

Kzing’s all-in-one white label solutions include:

• Payment system
• Affiliate system
• Intelligent risk control
• Tiered membership system
• Rewards/Events system
• Rebate system
• Multi-language support
• Data reporting system

Kzing’s additional services to help you go to market are:

• Assistance in setting up overseas operations points
• Back office training

Creating your own iGaming platform doesn’t need to be a daunting and resource-intensive task. Collaborating with a white label provider offers a fast and seamless entry into this dynamic industry. If you’re prepared to embark on a new venture with a trustworthy partner offering exceptional products and services, explore Kzing’s white label packages tailored for the distinct markets of Asia. Visit our website for more information or reach out to our team for a complimentary professional consultation to get started on your journey.

The post Vietnam iGaming Market: Opportunities & Challenges appeared first on Crypto Insider.

Vietnam Maritime Commercial Joint Stock Bank (HoSE: MSB) has achieved significant milestones in the first half of 2023, surpassing over 50% of the year’s profit target with a steady growth of net interest income and non-interest income. Despite economic volatility, MSB remains committed to sustainable growth, focusing on enhancing customer experience through cutting-edge technology.

As of June 30, 2023, MSB’s total assets reached an impressive VND 237.8 trillion, marking a remarkable increase of 12.1% compared to December 31, 2022. The bank’s customer loans for the first six months recorded nearly VND 136,600 billion, a substantial 13.2% growth since the beginning of the year, surpassing the industry average. Key contributors to this growth were individual customers and small and medium-sized businesses. Furthermore, customer deposits for the same period reached approximately VND 126,300 billion, showing a slight increase of 7.8% compared to the end of 2022, with savings and margin deposits experiencing particularly strong growth, at 24% each.

The total net income in the first six months of the year amounted to nearly VND 6,400 billion, reflecting an impressive increase of 23.2% compared to the same period in 2022. The bank’s service activities’ net profit witnessed a substantial surge of 86%, with non-interest income contributing over 31% to the total operating income. This remarkable performance underscores MSB’s efforts in transforming and diversifying its revenue structure, especially in the face of challenging market conditions. The bank’s net interest income experienced steady growth, thanks to flexible lending mechanisms, robust customer files, and efficient capital management, leading to an impressive net interest margin of 4.26% over the last four quarters, consistently remaining at a high level in the market.

In addition to its stable and safe growth, MSB remains focused on optimizing costs, achieving a cost-to-revenue (CIR) ratio of 30.41% as of the end of June. This effective coordination between cost management and profitability enhancement resulted in the bank achieving a consolidated profit before tax of VND 3,548 billion for the first half of 2023, equivalent to 56% of the annual plan.

MSB continues to prioritize operational safety, maintaining its individual non performing loan ratio (NPL) at a controlled level of 1.73% as of June 30, 2023. The bank has actively made provisions for credit risks, ensuring operational safety standards and preparedness for potential unfavorable scenarios in the near future. Additionally, MSB has strengthened its loan-to-deposit ratio (LDR) and short-term funds for medium and long-term loans (Mtlt), reaching 68.31% and 31.92% respectively, well within regulatory limits. MSB also boasts a high individual capital adequacy ratio (CAR) of 12.7%.

Looking ahead to the next six months, MSB aims to further increase non-interest income while maintaining its core business activities. Mr. Nguyen Hoang Linh, CEO of the Bank, stated, “This shift aligns with MSB’s current strategy of reducing exposure to businesses with potential volatility while optimizing revenue from other activities such as card services, payment, foreign currency trading, and investment banking services. Building a revenue structure with a significant proportion of non-interest income will support sustainable and stable growth in the long run.”

To this end, the bank will continue to enhance customer experience journeys (CJs) with streamlined processes for credit card registration, unsecured loans, mortgage loans, and online purchase of life/non-life insurance. MSB will invest in key projects to optimize the cost-to-revenue ratio, increase CASA demand deposits, and improve overall liquidity, reducing capital mobilization costs while enhancing operational efficiency. Embracing digitization will enable MSB to better serve customers, making the retail banking segment a key growth driver, thus diversifying operational risks. With a promising outlook characterized by population growth, increasing GDP per capita, shifting consumer habits toward cashless transactions, rising internet usage, and technology preference, MSB identifies significant potential for growth in the retail banking segment in Vietnam.

With favorable expectations regarding the state’s supportive policies and flexible operational strategies combined with the bank’s existing potential, MSB anticipates positive growth in the coming quarters, aiming to achieve its target set out at the General Meeting of Shareholders in April.

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Play-to-earn games in Asia continue to attract considerable interest from investors.

Summoners Arena, a GameFi role-playing game (RPG) developed in Vietnam, closed a $3 million funding round led by Pantera Capital and counted Coinbase Ventures and Impossible Ventures as participants.

In an interview, Zoe Hoang, Summoners Arena chief marketing officer, said that the team is hoping to differentiate Summoners Arena from other entries in the genre by making it a game that people actually want to play, not just play-to-earn, she said, calling their model Play-Own-Earn.

The team plans to use proceeds of the raise to expand their headcount, and further develop the game by enhancing the graphics and adding support for VR. They also plan to create a universe of other games with the same characters.

Hoang said that gaming is the “perfect use case” for NFTs because it can create a sense of ownership for gamers. When playing a game, gamers might ‘invest’ dozens of hours of time but before GameFi there’s no way to claim ownership over this achievement.

Interest in gaming in Vietnam has accelerated during the coronavirus pandemic, with gamers primarily using their mobiles or PCs. Consoles are pretty much non-existent in the market because of their high cost and limited utility compared to a phone or computer.

Using NFTs to represent ownership of this achievement — and not just speculation — is what caught the attention of Pantera Capital, said Hoang.

“By prioritizing building an amazing game first and layering in crypto-economics second, their play-own-earn model is setting a strong example for other projects in the space, learning lessons from early attempts at the play-to-earn model,” said Paul Veradittakit, Partner at Pantera Capital, in a press release.

Although play-to-earn games are on shaky regulatory grounds in parts of Asia, Hoang said that the Vietnamese government hasn’t taken a position on crypto and existing laws have’t caught up with the technology. That being said, the government is meeting with stakeholders and has an open ear to their feedback on developing new laws.

GameFi tokens currently have a $23 billion market cap, according to CoinGecko.

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Despite the volatility in the market, cryptocurrencies still witnessed a strong year, with some currencies posting gains of at least 5,000 per cent in market value, bringing huge profits to investors.

The total market capitalisation was around US$771 billion at the beginning of the year and it’s now at $2.2 trillion.

Some popular coins such as Bitcoin and Ethereum have climbed by 35-45 per cent in value in 2021. However, before reaching the current stable state, Bitcoin had seen some strong corrections.

In mid-February, Bitcoin surpassed US$1 trillion in market value for the first time as some major companies like Tesla started using their balance sheets to buy Bitcoin. The biggest crypto in market capitalisation hit $65,000 in April before plunging more than 50 per cent in May. The downtrend continued in June following Elon Musk’s tweets concerning the environmental impact of mining and China’s tightening of crypto transactions.

The sell-off caused the prices of some currencies to drop as much as 30-40 per cent in a few hours. But Bitcoin buyers returned in September and the crypto price broke over the $69,000 level, then Bitcoin recorded the longest losing streak. Bitcoin is gradually climbing back in the last days of 2021, trading at around $51,000.

The cryptocurrency market also received a lot of positive news, including the largest US cryptocurrency exchange Coinbase successfully listing on Nasdaq, partly affirming the position of cryptocurrencies in the investment market.

Some coins have posted extraordinary gains this year, up over 5,000 per cent such as BakeryToken (BAKE), up more than 6,000 per cent, Fantom (FTM), up over 7,500 per cent and Gala (GALA) – a community-based blockchain gaming platform – even rising over 40,000 per cent.

Therefore, it is not exaggerating to say crypto is the most impressive investment channel of the year.

Phan Dung Khanh, Head of Investment Advisory at Maybank Kim Eng, said that there are two popular investment channels in 2021, which are securities and digital assets.

“Digital assets, including cryptocurrencies, are a trading channel that has not been recognised by law, but the number of investors participating in the market is still very large,” Khanh said.

A report from Chainalysis, a blockchain analytics firm, showed that Viet Nam ranks fourth among the largest countries in terms of profits earned from cryptocurrency, behind China, Japan and South Korea.

Of which, Vietnamese investors have earned $400 million in 2020 from investing in Bitcoin alone, ranking 13th in the world. Previously, according to a survey by Finder and Statista, Viet Nam also became the world’s top country in terms of the percentage of the population owning cryptocurrencies.

Dao Tuan Anh, a banker, said that he has invested around $3,000-4,000 in cryptocurrencies since May. “Because of social distancing, I can’t go to work and have a lot of free time, so I looked for investment channels and the crypto market is quite popular now,” Tuan Anh said.

“I don’t spend much on this channel since it is still new to me. I choose to allocate my capital in different virtual coins, including Bitcoin.

“Even though the crypto market was highly volatile and Bitcoin has dropped recently, I still gained 15 per cent.

“With other coins, some I gained 30 per cent, but some lost up to 50 per cent.”

Although there are forecasts about the downtrend of cryptocurrencies next year, many experts still believe that the market will continue to be active.

As the crypto market is very risky, with many fake crypto exchanges in Viet Nam, investors should learn and understand the assets they are going to invest in. Meanwhile, picking the right time to join the market is also a crucial factor.

@ VNS

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The Ministry of Finance of Vietnam has set up a research committee to begin a comprehensive examination of cryptocurrencies with the goal of enacting new legislation to regulate the sector.

While bitcoin trade and use is on the rise around the world, Vietnamese law has no mention of it.

However, the ongoing economic transformation in Vietnam provides a suitable environment for cryptocurrencies to thrive. Apps, QR codes, and e-wallets are becoming increasingly common payment methods in Vietnam as the country moves toward cashless transactions. There is a drive for electronic payments by the government to cut cash transactions by 90% by 2020, which was signed by the Prime Minister in 2017.

It’s projected that by 2030, the number of Vietnamese people utilizing cryptocurrencies would have tripled to one million. In the coming years, the sector is expected to be extremely lucrative.

In spite of this, the country is plagued by cryptocurrency crime, which includes currency thefts, hacks, and cyber scams. Scamming more than 30,000 investors into ill-defined cryptocurrency projects and initial coin offerings, the Vietnamese start-up Modern Tech vanished from the public eye in 2018. (ICO). US$660 million was lost by investors. Therefore, Vietnam’s current problem is to create a legal device for managing and handling virtual assets.

Vietnam Starts To Regulate Cryptos

Until today, Vietnam, like many other countries, had no idea how to deal with the sudden influx of cryptocurrencies into its territory.

Cryptocurrency skepticism is understandable. For example, state-owned banks with no control over cryptosystems are challenged by their immaterial character. Speculation and manipulation, which have the potential to have enormous effects on national economies, are on top of the list of government concerns. Legislative processes are also triggered by virtual currency volatility and a widespread lack of information. As a result, there exist legal voids all throughout the world. Vietnamese law, like it’s written on this website, does not identify or recognize cryptocurrencies as an asset or foreign money at this time, nor does it reference them as a legal mode of payment. It has been explicitly stated by the State Bank of Vietnam that Bitcoin and other cryptocurrencies are unlawful and are not allowed to be used in trade transactions.

There is a punishment of up to US$8,700 and up to six months in prison if you use or supply or issue cryptocurrencies on the territory. Although it is not illegal to own, trade, or invest in cryptocurrencies, it is merely tolerated for the time being.

In any case, a legal void of this magnitude is dangerous, and Vietnam must act quickly to minimize the negative effects of cryptocurrencies.

In the long run, there are countless public, social, and economic advantages to any new rules.

First and foremost, it will give Vietnam a way to tax the cryptocurrency trade, bringing in new income. Previously tax-exempt exchanges of foreign currencies or financial assets may now be subject to business or personal income tax if they are defined as such.

Vietnam should also regulate cryptocurrencies to effectively combat money laundering, hacking, and other unlawful activity associated with virtual currencies.

A safe regulatory environment for cryptocurrency users will be ensured as a result. If that happens, the government’s approach to cryptocurrencies would evolve from passive advice and caution to one of proactive defense.

Crypto Regulation Around The World

Companies that deal in crypto-assets in the United Kingdom are required to register with the Financial Conduct Authority of the United Kingdom (FCA). Crypto companies may apply for a license to operate as “Authorized Payment Institutions” (APIs). BCB Payments Limited received the first UK license for a crypto asset firm. Regulation of crypto-asset enterprises in the UK is required for anti-money laundering (AML) and counter-terrorism financing (CFT) reasons. The UK High Court has ruled that digital currency such as Bitcoin is property under British common law.

Singapore: The Monetary Authority of Singapore (MAS) is authorized to regulate cryptocurrency trade under Singapore’s Payment Services Act,2020. A license is required to operate a bitcoin exchange. Public offerings and digital currency issuance are governed by the Securities and Futures Act of 2001. Those wishing to move their blockchain and cryptocurrency businesses in India know that Singapore is a top choice. A renowned Indian cryptocurrency exchange, CoinDCX, has moved its headquarters to Singapore. – More than INR 100 crores in finance has been acquired for the company since then from worldwide sources of capital In addition, Unocoin, a second Indian cryptocurrency exchange, has emerged.

The government of Indonesia is one of the few in the world to have prohibited cryptocurrencies at one point before permitting their legal usage later on. All payment systems and financial technology providers in Indonesia were banned from handling virtual currency transactions from the beginning of 2018. Regulation of the trade of crypto assets, like commodities, was passed into law by Indonesia’s Commodity Futures Trading Regulatory Agency in 2019. Cryptocurrency futures contracts must be handled in accordance with AML/CFT regulations. Additionally, the Indonesian Financial Transaction Reports and Analysis Center is obligated to receive reports from the organizations.

Canada: In 2018, the Canadian Securities Administrators (CSA) released a notice to make it clear that organizations trading cryptocurrencies or tokens must adhere to securities regulation requirements.. Platforms that promote the trade of crypto-assets will be subject to securities regulation, according to a new notice released in January 2020. All virtual currency enterprises in Canada will be obliged to implement anti-money laundering and anti-terrorism financing (AML/CFT) measures by June 1, 2020, if they haven’t already.

As a consequence, each of these countries has implemented laws controlling the exchange of cryptocurrencies. An anti-money laundering and anti-fraud framework have been put in place for bitcoin businesses. There’s a chance that India may follow suit.

The post Here’s what you should know about cryptocurrencies regulations in Vietnam appeared first on Crypto Insider.

Cryptocurrencies are the most popular application of blockchain technology in Vietnam today. Compared to fiat currencies, such as USD or EUR, which are regulated, crypto currencies remain volatile and turbulent. Therefore, Vietnam needs a stable-coin, which provides a degree of stability in a volatile market.

By having a cryptocurrency that works just like the Vietnamese currency, market participants in Vietnam will be able to trade more pleasantly every time the market appears to change.

The VNDA token is designed to be a bridge between crypto and fiat currencies on digital exchanges, minimizing risks for investors and traders.

Basic parameters of token VNDA

• Token Name: VNDA Coin
• Total number of tokens: 900. 000. 000. 000. 000,00
• Decimals: 2
• Smart Contract Address: TKWsxjh97sCPipTAfghW7vDFdx2HhjecCe
• Token Technical Standard: TRC-20
• Trang Web: www.vnda.cc
• Exchange: www.localvnd.com
• Team & Partner: Kim Duong Duong Co. Ltd.
• Wallet: TronLink Wallet.

Outstanding characteristics of VNDA token

VNDA as a stable-coin, is fully pegged with Vietnamese currency (VND) and can be converted in a ratio of 1:1. As a result, VNDA can be integrated extremely easily with e-wallets, other crypto currencies, as well as many exchanges and trading platforms in today’s market.

Holders of THE VNDA token will receive a flexible profit, generated from transaction fees and minimum foreign exchange fees. Owners can earn extra money by sending VNDA via the VNDA platform.

Here are some other notable features of the VNDA token:

• VNDA can be converted to Dong Vietnam (VND) on the VNDA platform and transferred to the bank account of the domestic owner.
• VNDA deploys tokens through a reliable, simple and frequently professionally tested Proof of Reserve algorithm.
• VNDA will soon be able to be converted into other cryptocurrencies on the world’s leading exchanges.

The VNDA token will provide a convenient crypto payment experience, incorporating next-generation blockchain technology. By introducing an advanced user experience, Vietnamese users will be able to pay with a platform of the future at a transparent price.

The post Everything to know about VNDA – the top Stable-coin in Vietnam appeared first on Crypto Insider.

Vietnam has the second highest rate of in terms of cryptocurrency use among 74 surveyed economies, driven by remittance payments, a new report says.

The report on survey results released by Statista, a global provider of market and consumer data, says 21 percent of respondents in Vietnam said that they used or owned cryptocurrency, second after Nigeria (32 percent).

The Philippines ranked third at 20 percent, followed by Turkey and Peru, both at 16 percent, said the survey which covered 1,000-4,000 respondents per country.

The rest of the top 10 comprised Switzerland, China, the U.S., Germany and Japan.

“For Vietnam and the Philippines, remittance payments play a role in the widespread use of cryptocurrency,” the report said.

The high cost of sending money across borders in conventional ways has caused many to turn to local cryptocurrency exchanges, catering to overseas workers and their families, it added.

However, cryptocurrency has not been recognized as a legitimate means of payment in Vietnam. The State Bank of Vietnam has warned that owning, trading and using cryptocurrency was risky and not protected by laws, the Vietnam Insider reported.

Earlier reports have noted that while the Vietnamese diaspora typically sent remittances to Vietnam to support their families, there has been a shift in recent years. Now, a significant portion of remittances are used as investment for doing business in the country.

Around 580,000 Vietnamese citizens work overseas now, up from 500,000 in 2010, according to the Department of Overseas Labor under the Ministry of Labor, Invalids and Social Affairs, according to Vietnam Insider.

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