I. Giới thiệu:

1.1. Thông tin chung về huấn luyện viên Park Hang-Seo

Park Hang-seo sinh năm 1957 tại Hàn Quốc. Ông từng là cầu thủ chuyên nghiệp trước khi chuyển sang làm huấn luyện viên. Sự nghiệp huấn luyện viên của ông gắn liền với nhiều đội bóng Hàn Quốc như: FC Seoul, Suwon Samsung Bluewings, Gyeongnam FC, Jeonnam Dragons, Sangju Sangmu FC và Changwon City FC. 

Theo thông tin tổng hợp được, ông đã gặt hái được nhiều thành công, tiêu biểu là chức vô địch K-League Challenge 2013 và 2015 cùng Sangju Sangmu FC, và chức vô địch K3 League 2017 cùng Changwon City FC. Ông từng dẫn dắt đội tuyển Việt Nam trong giai đoạn từ năm 2017 đến năm 2023 và được xem là huấn luyện viên thành công nhất trong lịch sử bóng đá Việt Nam.

1.2. Tình hình của bóng đá Việt Nam trước sự xuất hiện của huấn luyện viên Park

Theo đánh giá của báo tiền phong thì giai đoạn trước khi Huấn luyện viên người Hàn này chính thức làm việc tại Việt Nam, người hâm mộ bóng đá nước nhà đã trải qua một giai đoạn cực kỳ thất vọng với các đội tuyển quốc gia ở các lứa tuổi khác nhau. Giai đoạn từ 2016 đối 2017 là các thất bại liên tục của đội quốc gia cũng như tuyển U23. Huấn luyện viên nội hàng đầu là Hữu Thắng hay một HLV đến từ Nhật Bản như Toshiya Miura cũng không thể có được thành công khi tại vị. 

Ông Park xuất hiện một cách hết sức đơn giản theo một quyết định chóng vánh được cho là của Bầu Đức (thời điểm đó là Phó Chủ tịch tài chính VFF). Tuy nhiên người ta không thể ngờ được rằng đó là một trong những quyết định sáng suốt làm thay đổi bóng đá Việt Nam và đưa nó đến một thời kỳ huy hoàng chưa từng có.

II. Lối chơi của bóng đá Hàn Quốc và Việt Nam

2.1. Phong cách chơi

Bóng đá Hàn Quốc đã được đầu tư bài bản từ những năm 1953, sau khi trở thành một quốc gia chính thức. Bóng đá được xem như một công cụ để nêu cao tinh thần dân tộc tại quốc gia này. Lối chơi ban bật nhỏ, ít chạm dựa vào nền tảng kỹ thuật và thể lực của cầu thủ của các cầu thủ, lối chơi này được duy trì một thời gian dài cà càng ngày càng được hoàn thiện khi các cầu thủ Hàn Quốc được thi đấu ở châu Âu ngày càng nhiều hơn. 

Phong cách chơi của đội tuyển Việt Nam trước thời ông Park cũng có điểm tương tự với Hàn Quốc khi đội tuyển này ưa thích lối đá kỹ thuật và tấn công đẹp mắt, tuy nhiên do yếu tố kỹ thuật cũng như thể lực chưa đảm bảo khiến họ gặp nhiều khó khăn để chơi nhuần nhuyễn khi gặp các đội bóng lớn.

2.2 Chiến thuật và cách tiếp cận trận đấu

Là một đội bóng lớn ở Châu Á, khi gặp các đối thủ cùng châu lục hoặc đối thủ không quá chênh lệch, các “chiến binh Taeguk” thường lựa chọn lối chơi áp đặt và kiểm soát bóng suốt thời gian trận đấu. Với các ngôi sao trên hàng tấn công họ có thể xuyên phá những hàng thủ chơi co cụm bằng nhiều bài đánh khác nhau. 

Việt Nam cũng có lối chơi tương tự nhưng chỉ có thể làm được trước những đội bóng nhỏ trong cùng khu vực hoặc đối thủ yếu hơn mà thôi. Và sau đó với sự xuất hiện của HLV Park Hang Seo lối chơi của đội tuyển Việt Nam đã thay đổi rất nhiều

III. Sự ảnh hưởng của huấn luyện viên Park lên nền bóng đá Việt Nam

3.1 Sự thay đổi trong phong cách huấn luyện 

Park Hang Seo, là một con người rất nóng tính. Tuy nhiên đối với những cầu thủ ông thực sự là một người cha, như bài viết của tiến sĩ Jung Woo Han đã đề cập. Ông luôn sẵn sàng bảo vệ cầu thủ của mình khi vị đối phương vào bóng ác ý, hay thậm chí trước truyền thông khi cầu thủ của ông bị nhắm tới.

3.2 Sự đổi mới trong tư duy đá bóng và phong cách thi đấu

“Ngài” Park đã thực sự thay đổi toàn bộ cách thi đấu cũng như chuẩn bị cho trận đấu của những chiến binh Sao Vàng khi ông yêu cầu các cầu thủ tập trung vào các bài tập di chuyển và giữ cự ly đội hình một cách chặt chẽ. Bên cạnh đó các bài tập thể lực nặng cũng được HLV này đưa vào giáo án nhằm nâng cao khả năng chiến đấu của toàn bộ đội hình trong suốt 90 phút dài của trận đấu.

Đội tuyển Việt Nam đã trở lại với một bộ mặt mới khi thể hiện sự tập trung và thể lực trong cả trận thay vì thường xuyên suốt trận đấu thay vì chỉ có thể đảm bảo chất lượng khoảng 70 phút như trước đây. Phương châm “không để thua trước khi thắng” giúp Việt Nam có thể thi đấu một cách tự tin và dám chơi như cầu thủ Nhật Bản và Hàn Quốc như trong một phát biểu của ông Park.

IV. Những thành tựu và thành công đạt được

4.1 Tầm ảnh hưởng của ông lên đội tuyển quốc gia

“Thầy” Park là một người nhận được sự kính trọng và tin tưởng tuyệt đối của các cầu thủ ở đội tuyển Quốc gia. Cầu thủ luôn tuân thủ đấu pháp của ông thầy mình một cách hoàn hảo và điều này thường giúp họ đi đến một kết quả có lợi.

Bên cạnh đó, Ông Park và cầu thủ cũng rất gắn kết với nhau, trên sân tập họ có thể vui đùa cùng nhau như những người bạn không hề có khoảng cách nào, những video luyện tập của đội tuyển trên Youtube khiến người hâm mộ cảm thấy ông “thầy” này thật dễ thương.

4.2 Các thành tựu nổi bật nhất trên sân cỏ

Kể từ năm 2017,khi ông trở thành huấn luyện viên trưởng đội tuyển Việt Nam và dẫn dắt đội gặt hái nhiều thành tích ấn tượng như: Á quân AFF Cup 2017, vô địch AFF Cup 2018, hạng tư ASIAD 2018, vô địch SEA Games 30 và lọt vào tứ kết Asian Cup 2019. Ông được đánh giá là huấn luyện viên thành công nhất trong lịch sử bóng đá Việt Nam.
Cho những fan bóng đá luôn mong muốn được theo chân đội tuyển quốc gia, đồng hành cùng màu áo của những anh hùng sân cỏ, chần chờ gì mà không ghé qua JOHNNYBET, nơi mà bạn có thể theo dõi những bài viết hấp dẫn không chỉ dừng lại ở trái bóng tròn và các cuộc thi vô cùng thú vị nữa.  

4.3 Di sản của ông Park sau khi rời vị trí huấn luyện viên trưởng

Với những thành tích đạt được ở vị trí HLV đội tuyển Việt Nam, Ông Park Hang Seo đã tạo ra một giai đoạn thành công vô tiền khoáng hậu của bóng đá Việt. Bên cạnh đó tư tưởng ưu tiên đào tạo trẻ để tạo nền tảng cho tính liên tục của một nền bóng đá cũng được các câu lạc bộ đón nhận tích cực. 

Mặt khác ông còn được xem là người giúp cho quan hệ ngoại giao giữa Hàn Quốc và Việt Nam trở nên gắn bó hơn, thậm chí còn có một ngôi làng Việt Nam được xây dựng tại quê hương của vị HLV này. Di sản của HLV 68 tuổi đã thực sự vượt ra ngoài bóng đá.

V. Thách thức và triển vọng trong tương lai

5.1 Sự phản ứng của người hâm mộ trong thời gian ông Park là huấn luyện viên

HLV Park là một trong những người có sức thu hút lớn nhất trên mạng xã hội khi ông còn tại vị. Những trận đấu của đội Việt Nam dưới thời ông có lúc đạt ngưỡng hơn 100 ngàn lượt xem cùng lúc. 

Rất nhiều người đã cho rằng ông Park đã may mắn khi đến vào lúc đội bóng đá Việt Nam đang có một thế hệ vàng. Tuy nhiên phần đa người hâm mộ đều cảm thấy Park Hang Seo thực sự đã tạo ra một đội bóng khó đánh bại kể cả khi phải thi đấu với các đối thủ mạnh hơn rất nhiều. 

5.2 Cơ hội phát triển của bóng đá Việt Nam sau khi ông Park không còn là huấn luyện viên

Hiện tại, sau thời kỳ rực rỡ của HLV người Hàn Quốc, bóng đá đã được quan tâm và đầu tư nhiều hơn cũng như chú trọng hơn vào công tác đào tạo trẻ. Tuy nhiên, khó khăn vẫn còn rất nhiều và để đạt được thành công một lần nữa như những gì Park Hang Seo đã làm thực sự là một điều nan giải cho những HLV kế tiếp.

According to the dictionary, a meme is a funny picture, video, or text that gets quickly shared online and is frequently copied with only minor changes by other users. Meme coins are nothing more than cryptocurrencies inspired by memes and internet jokes, which are similar to the dictionary definition of a meme.

Are you curious and want to know what are Meme Coins and why they are so popular? This post will be helpful for you. Meme coins, as their name indicates, are a subset of cryptocurrencies that have humorous qualities or are influenced by memes. Two popular examples are Dogecoin and Shiba Inu. Let’s discuss this in detail.

What is a Meme Coin?

One kind of cryptocurrency, or sort of subset of the market, is a meme coin. A meme coin is a cryptocurrency that has an amazing attribute or was inspired by a web meme. Meme coins, in contrast to standard cryptocurrencies, frequently have no purpose other than to symbolize certain social and cultural phenomena.

Floki Inu (FLOKI), Shiba Inu (SHIB), Dogecoin (DOGE), and other well-known instances are among them. Each of these has a doge meme theme. Pepe the Frog is the focal point of a sizable subset of meme currencies and meme cryptocurrency initiatives, including non-fungible tokens (NFTs). The largest undertaking is known as PEPE.

Most Popular Meme Coins on the Market

There are a lot of meme coins available on the market. A large amount of meme coins are created daily. Some of the famous meme coins are given below:

Dogecoin (DOGE)

The first meme coin, Dogecoin was introduced in 2013 as a “silly” counterbalance to the then-serious character of cryptocurrencies. Dogecoin was purposefully created to be available in infinite amounts and without a maximum number of tokens in circulation, in contrast to Bitcoin, which is intended to have a limited supply (and is hence immune to inflation). 

Dogecoin is not just another transitory meme coin, as evidenced by the fact that it has genuine use applications. Certain platforms and e-commerce websites also accept DOGE cryptocurrency payments.

Shiba Inu (SHIB)

Like Dogecoin, Shiba Inu (SHIB) is an ERC-20 altcoin that runs on the Ethereum blockchain and is renowned for having a Shiba Inu dog on it.

Under the moniker Ryoshi, an anonymous group of people or one person created this meme coin in August 2020. The Shiba Inu coin’s original goal was to establish a currency that is entirely supported and maintained by its community, which eventually led to it being dubbed the “Dogecoin killer”. 

During the bull market, SHIB increased in importance in 2021, reaching a market capitalization of more than $70 billion. While it’s nowhere near that number right now, the same is true for most coins, it demonstrates how popular meme coins can become.

Pepe (PEPE)

Pepe (PEPE) is another meme coin introduced on the Ethereum network. It was made as a tribute to the online meme Pepe the Frog, which became popular in the early 2000s.

This cryptocurrency initiative aims to promote itself as one of the most well-known meme coins, alongside DOGE and SHIBA. Given that it has been in circulation since mid-2023 and frequently ranks among the top 50 cryptocurrencies for trading, one could conclude that it has achieved its purpose. 

Conclusion

Meme coins are an interesting cryptocurrency asset but they come with numerous concerns. Most investors should avoid risking more than they can afford to lose. However, there’s a slim possibility that you could become the next cryptocurrency millionaire if you predict the next great coin before internet enthusiasts rocket it “to the moon.” Therefore, it’s best to move carefully and conduct research before purchasing any risky meme coins. Meme coins have demonstrated that, with the appropriate catalyst, it is possible to create incredibly passionate and committed groups in incredibly short amounts of time. Additionally, they have brought attention to the industry’s volatility in a way that other cryptocurrencies find difficult to match.

Vietnam’s dynamic economy has witnessed a surge in mergers and acquisitions (M&A) activity. However, beneath this vibrancy lies an intriguing challenge: The delicate equilibrium between M&A demand and supply. 

1. M&A in Vietnam: High foreign demand and supply-side challenges

Over the past few decades, Vietnam has emerged as a dynamic and attractive destination for mergers and acquisitions (M&A). The country’s robust economic growth, favorable demographics, and market liberalization have fueled a surge in M&A activities. As Vietnam’s economy rebounds post-pandemic, M&A transactions are expected to play a pivotal role in shaping the business landscape.

During the early days, M&A activity was relatively quiet, but from 2005 to 2013, the landscape changed dramatically. Larger deals became common, and domestic enterprises actively pursued M&A strategies. Foreign investors recognize Vietnam’s growth potential and seek to acquire local companies for market access and expansion. 

However, despite high demand, the supply of quality M&A targets remains limited. According to the data collected by INMERGERS’ MMatch Platform (a pioneering M&A platform in Vietnam), 83% of their foreign investors express demands for strategic business M&A in Vietnam while there are only 39% of available opportunities from the seller side. 

Therefore, addressing supply-side challenges will be crucial for sustained growth and successful strategic business M&A ventures. 

2. Obstacles that cause M&A deals in Vietnam to be unsuccessful or have a low success rate 

In Vietnam’s dynamic business environment, the behavior of local companies during mergers and acquisitions (M&A) plays a crucial role. Unfortunately, many Vietnamese firms lack steadfast determination. They frequently deviate from their initial cooperative intentions, altering decisions midstream. These shifts erode their credibility in the eyes of investors, who become increasingly cautious during the input selection process. 

Investors grapple with the challenge of allocating precious capital wisely. Meanwhile, the investor landscape itself is evolving. Numerous Vietnamese companies express eagerness to attract investors, only to later reverse their stance. This flip-flopping behaviour forces investors to be more discerning, setting stringent criteria to avoid wasting time with companies lacking clear resolve. As Vietnam continues to be an attractive investment destination, bridging this gap between intention and action becomes critical for successful M&A ventures. 

On the investor’s side, they also face a variety of challenges when investing in Vietnam such as struggling to access transparent financial information after

finding a target business or wasting too much time on paperwork and legal procedures, etc. 

There’s obviously a need for some sort of professional intermediary who deeply understands the market to act between local businesses and foreign investors to tackle the problem. 

3. INMERGERS’ M&A Advisory Services: Unlocking Strategic Opportunities 

To help Vietnamese companies and foreign investors overcome these obstacles while doing M&A, INMERGERS – the pioneering M&A enterprise in Vietnam offers comprehensive M&A advisory services tailored to meet the diverse needs of companies.

3.1. Expanding Investment Opportunities With Reliable Data Being a pioneering M&A platform in Vietnam, there are hundreds of high-quality teasers sent to INMERGERS daily, spanning various industries. This allows investors, especially foreign investors, to quickly and easily select target companies that suit their investment preferences. INMERGERS’ I.M (Information Memorandum) reports are built on actual company data, providing all the necessary information for an initial evaluation (including market research, company background, financial situation, SWOT analysis, etc.). Investors no longer need to worry about unclear financial information. Since the data is neither overstated nor disconnected from the company’s reality, the documents provided by INMERGERS are extremely reliable.

3.2. Optimizing Investment Decisions 

INMERGERS will analyze the investment needs and preferences of investors and provide an essential market overview. Conducting market research based on investors’ requirements, INMERGERS proposes the most suitable investment opportunities. This helps investors save time and effort when they have yet to become familiar with the M&A market in Vietnam. 

With an efficient pre-M&A consulting process and a high-quality advisory team, INMERGERS has been trusted by many partners. The company has been providing consulting services to numerous businesses across various fields, including logistics, oil and gas, IT, restaurants, and industrial kitchens (done consultations). Besides, there are currently deals in the advisory process in

sectors like manufacturing, digital marketing, fruit import/export, logistics, pharmaceuticals, fashion, and chemicals. 

As one of the pioneering and leading companies in M&A, especially pre-M&A consulting, in Vietnam, INMERGERS hopes to assist businesses in making informed and confident decisions when doing M&A in order to gradually balance supply and demand in the M&A market and increase the success rate of M&A transactions in Vietnam. 

For more information, you can contact the Inmerger platform, a platform about M&A Vietnam 

INMERGERS JSC Headquarters: 

3rd floor, 192 Thai Thinh, Lang Ha ward, Dong Da district, Hanoi, Vietnam 

Hotline: (+84) 963 550 192 (Hanoi) – (+84) 971 017 016 (HCMC) 

Website: http://inmergers.com/en 

Email: advisorteam@inmergers.com

Diversification is a key strategy for investors looking to minimize risk and enhance returns. In Singapore, alternative investments offer a compelling avenue for achieving this goal. These investments go beyond traditional assets like stocks, bonds, and real estate, providing opportunities to diversify portfolios in innovative ways. This article explores the various types of alternative investments available in Singapore in 2024 and how they can contribute to a well-rounded investment strategy.

Understanding Alternative Investments

Understanding alternative investments is crucial for diversifying portfolios and managing risk. Unlike traditional assets such as stocks, bonds, and cash, alternative investments include a broad range of assets like private equity, hedge funds, real estate, commodities, and collectibles. These assets often have low correlations with traditional markets, offering potential for high returns and risk mitigation.

Private equity involves investing in private companies, while hedge funds use complex strategies to achieve returns in various market conditions. Real estate investments can provide steady income and capital appreciation, whereas commodities like gold and oil offer a hedge against inflation. Collectibles, including art and rare coins, combine financial potential with personal enjoyment.

Alternative investments often require higher minimum investments and longer commitment periods, making them more suitable for experienced investors. They also come with unique risks, such as lower liquidity and higher fees. However, with careful selection and diversification, alternative investments can enhance portfolio performance and resilience.

The Importance of Diversification

Diversification involves spreading investments across different asset classes to reduce exposure to any single asset’s risk. Traditional portfolios often focus on stocks and bonds, but these can be susceptible to market volatility. Alternative investments offer a way to mitigate this risk, as they often have low correlations with traditional markets, providing a buffer during market downturns.

Based on investment platform Kilde‘s article “What Are Alternative Investments? A Comprehensive Guide to Portfolio Expansion” let’s take a look at alternative investment options and how they can diversify your portfolio.

Private Equity

Private equity involves investing in private companies that are not listed on public exchanges. This can include venture capital investments in startups or buyouts of established businesses. In Singapore, private equity is a growing sector, with the Monetary Authority of Singapore (MAS) reporting a 12% increase in private equity investments in 2024.

Investing in private equity can offer substantial returns, particularly in high-growth sectors such as technology and healthcare. However, it requires a long-term commitment and a high tolerance for risk, as private companies can be volatile and less liquid than publicly traded stocks.

Hedge Funds

Hedge funds use diverse strategies to generate returns, including long and short positions, leverage, and derivatives. They aim to deliver positive returns in both rising and falling markets. Singapore is home to a vibrant hedge fund industry, with the Asset Management Association of Singapore (AMAS) noting a 15% increase in hedge fund assets under management in 2024.

While hedge funds can offer high returns, they also come with higher fees and risks. It’s essential to thoroughly research hedge fund managers and their strategies before investing.

Real Assets

Real assets include tangible investments such as real estate, infrastructure, and natural resources. These assets provide physical value and can serve as a hedge against inflation. In 2024, the Urban Redevelopment Authority (URA) of Singapore reports a 3% growth in real estate prices, making it an attractive option for investors.

Infrastructure investments, such as those in transportation and utilities, are also gaining traction. These investments offer stable, long-term returns due to the essential nature of the services they provide.

Commodities

Commodities like gold, silver, oil, and agricultural products are another form of alternative investment. They can offer diversification benefits as their prices often move independently of traditional financial markets. According to the World Gold Council, gold prices have risen by 4% in 2024, reflecting its status as a safe-haven asset.

Investing in commodities can be done through direct purchase, futures contracts, or commodity-focused mutual funds and ETFs. However, commodity prices can be volatile, influenced by global supply and demand dynamics.

Cryptocurrencies

Cryptocurrencies have emerged as a popular alternative investment in recent years. In 2024, Bitcoin and other cryptocurrencies continue to attract attention due to their potential for high returns and the underlying blockchain technology.

The Singaporean government has taken a progressive stance towards cryptocurrencies, with the MAS implementing a regulatory framework to ensure investor protection and market integrity. Despite their potential, cryptocurrencies are highly volatile and should be approached with caution.

Collectibles

Collectibles, such as art, antiques, rare coins, and wine, can also be valuable alternative investments. These assets not only offer financial returns but also the enjoyment of owning unique items. In 2024, the art market in Singapore saw a 7% increase in sales, according to the Singapore Art Gallery Guide.

Investing in collectibles requires specialized knowledge and a keen eye for quality. The value of collectibles can be subjective and influenced by trends and market demand.

Structured Products

Structured products are financial instruments that combine different investment vehicles, such as bonds and derivatives, to create customized risk-return profiles. These products can offer unique opportunities for diversification and tailored investment strategies.

In Singapore, structured products are popular among sophisticated investors looking for specific outcomes, such as capital protection or enhanced yield. The MAS regulates these products to ensure transparency and investor protection.

Peer-to-Peer Lending

Peer-to-peer (P2P) lending platforms connect borrowers with investors, allowing individuals to lend money directly to businesses or other individuals. This form of lending can offer attractive returns compared to traditional savings accounts or bonds.

In 2024, P2P lending continues to grow in Singapore, with the MAS overseeing the industry to ensure fair practices. While P2P lending can provide higher yields, it also comes with higher risk, including the potential for borrower default.

Diversification Strategies

When considering alternative investments, it’s essential to develop a diversification strategy that aligns with your financial goals and risk tolerance. Here are some key steps:

1. Assess Risk Tolerance: Understand your ability to withstand losses and your investment time horizon.
2. Research Thoroughly: Investigate the various types of alternative investments and their potential risks and returns.
3. Consult Experts: Seek advice from financial advisors or investment platforms like Kilde to gain insights into alternative investments.
4. Allocate Wisely: Diversify across different asset classes to spread risk and maximize potential returns.
5. Monitor and Rebalance: Regularly review your investment portfolio and adjust allocations based on market conditions and your financial goals.

Conclusion

Alternative investments provide a valuable means of diversifying portfolios and achieving financial goals in Singapore’s dynamic investment landscape. From private equity and hedge funds to real assets and cryptocurrencies, these investments offer opportunities for enhanced returns and reduced risk.

In 2024, the importance of diversification is more significant than ever, as global economic uncertainties and market volatility continue to influence traditional investment avenues. By incorporating alternative investments into your portfolio, you can create a more resilient and well-rounded investment strategy.

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Vietnam Biometric Authentication Technology: A Quick Explainer

One of the countries to recently digitize both their national and financial transaction systems is Vietnam. A major reason for this urgent change might be the fact that in the year 2021, the total estimated financial loss to fraud and similar activities was about €345 Million. Fraud numbers in Vietnam are quite high compared to many other countries.

Subsequently, the country has started to take financial security quite seriously. Vietnam biometric authentication technology has advanced to now become highly comparable to many of its neighboring nations.

So here’s a relatively quick explainer of the scope of biometric authentication tech in the country of Vietnam.

Biometric Verification

Biometric verification and authentication is a set of advanced identification mechanisms used to ensure a high level of security in different, mostly financial systems and applications. These methods use different biological characteristics of the individual to identify them, usually either their face or fingerprint.

Older methods of accessing accounts and verifying individuals, passwords, and pins especially, were highly prone to being stolen or hacked. Passwords depend on the creativity and technical knowledge of the individual to a large extent to be complex enough to be resistant to being guessed or hacked.

Biometric authentication systems in banking offer a comparatively much higher level of security and are safe from being stolen as they are intrinsically linked to the physical presence of the account owners themselves. Replicating them is extremely difficult for the average hacker at the very least, and in most cases impossible.

The majority of banking systems across the world now employ either one or both fingerprint and facial recognition as a method of authentication for most major and in some cases even minor transactions.

Digital Banking in Vietnam

The Vietnam digital banking world has already adopted fundamental security mechanisms like two-factor authentication for the majority of transactions. The way this is implemented is through one-time-passwords (OTPs) via SMS messages to users. This type of authentication is now common for the overwhelming majority of financial activity through banks that happen in the country.

The Adoption of Biometrics

Vietnam has steadily been increasing the use of biometrics in its identification and security systems for the last few years. The country first adopted widespread biometrics with the issuance of personal ID cards with biometric identification data including fingerprints and a photograph of the individual, plus a digital signature of the issuing agency, embedded into the card via a chip.

The public themselves are also widely aware of biometric verification mechanisms. According to a survey by the 2022 Mastercard Index, close to 75% of individuals say that they think that biometric verification is better than other forms of identity verification.

Passenger processing at airports in the country has been greatly streamlined and quicked by the use of these biometric identification technologies. Check-in times have reduced and overall public order has improved immensely. It should also reduce the possibility of illegal travel, smuggling, and other illegal activities at airports.

Digital Population Database

The government of Vietnam is actively working on integrating the existing identification system into a ‘digital population database’, which will be connected with all agencies, localities, and the different state businesses. 

This initiative is meant to help streamline administrative tasks and procedures across organizations and to promote the provision of public services on online platforms rather than physical offices as much as possible.

Decision No. 2345/QD-NHNN

While the financial sector already has implementations of biometric verification requirements for the financial sector, the State Bank of Vietnam has now finalized plans to implement a nationwide requirement for online biometric authentication for online money transfers and deposits that exceed a certain value.

This regulation works on two major stipulations to enforce financial security through biometric authentication mechanisms:

1. First Transaction: Biometric Authentication will be required for all first-time transactions on digital platforms, either from new accounts or from an existing account that is logged in on a new, not previously added device.
2. Large Transactions: Biometric Authentication will also be required for all digital bank transfers or deposits into accounts that exceed a value of 10 million VND. Authentication will also be required when daily transactions cross/exceed an amount of VND 20 million.

This new regulation will come into effect nationwide on the 1st of July, 2024. The system approves of facial recognition, fingerprint scans, and iris scans as possible methods of biometric verification. When a customer provides their biometric data for verification, it must match the data stored in the database or the chip in their ID card.

Conclusion

Because of the large amount of money lost to financial fraud in the country, Vietnam has revamped and updated its financial security and individual identification system. New systems including online biometric authentication are being added to make transactions more secure and digital systems more reliable for daily use.

Suggested Read: Vietnam Mandates Biometric ID for All First-Time Mobile BankingTransactions