It is based on Visa’s real-time push payments solution Visa Direct.

Nium is the first fintech-based money transfer service provider in Southeast Asia to offer instant money transfer services through recipients’ 16-digit Visa debit card numbers.

Now available in Singapore, it offers both peer-to-peer and business-to-business transfers.

In the first phase, remittances can be made to various Southeast Asia countries.

Prajit Nanu, co-founder and CEO of Nium said: “We understand that individuals and businesses need to receive money quickly, especially in markets where there are no instant payment solutions like FAST or IMPS. The partnership using Visa’s push payment solution and secure network will allow our consumers to transfer money in a faster, convenient and more secure way.”

According to a recent Visa survey, more than one in three respondents in Singapore make international money transfers at least once a year. Almost half of them expect their funds to be successfully transferred in less than a day.

Singapore has a Vietnamese community of around 12,000, many of them migrant workers who remit money back to their families.

Visa country manager for Vietnam and Laos, Dang Tuyet Dung, said: “Remittances are incredibly important for many families here, and in fact, Viet Nam is among the top 10 receivers of remittances in the world. As such, having fast, reliable and cost-effective means of sending money isn’t just a necessity, it also helps drive the economy.” — VNS

During the period, inflation will stand at a moderate rate of 3.5-4.5 per cent year. Labour productivity will be improved with an annual growth rate of about 6.3 per cent.

The information was released during a seminar held in Hanoi on Thursday, themed “Vietnam economy perspective for 2021-25: opportunities and challenges from new generation free trade agreements”.

It was organised by the National Centre for Socio-Economic Information and Forecast (NCIF) under the Ministry of Planning and Investment.

According to NCIF’s Director Tran Thi Hong Minh, the signing and implementation of new generation free trade agreements, especially the Comprehensive and Progressive Agreement for Trans-Pacific Partnership (CPTPP) and the Vietnam-EU Free Trade Agreement (EVFTA) would put a profound and wide impact on Vietnam’s economy in the period of 2021-25.

“Both CPTPP and EVFTA have wider range of ​​commitment compared to other trade pacts, as they cover import and export terms while setting production methods for goods exchanges,” Minh said.

“They have positive influence on economic growth, especially in markets of the signatories.”

EVFTA and CPTPP, respectively, can boost Vietnam’s GDP up by 4.3 per cent and 1.3 per cent by 2030, Minh said, adding that Vietnam’s export turnover to the EU by 2030 is expected to surge 44.4 per cent while that to CPTPP member countries will rise by 14.3 per cent by 2035 .

“The trade deals will exert influence on the Vietnamese economy in mid-and long-terms as they put pressure on the Government to improve institutions and business climate,” she said.

In another scenario, Vietnam’s GDP could expand 7.5 per cent if the country can take advantage of the Fourth Industrial Revolution, improve quality of investment and well develop the modern economy, Minh said.

Meanwhile, Tran Toan Thang, an official from the NCIF, said the EVFTA and CPTPP’s commitments were higher than WTO in terms of investment openness, investment protection and dispute settlement, and they helped Vietnam promote exports as well as improve supply chains.

Although Vietnam could improve its competitive capacity in terms of market scale and labour productivity, it could take time for the country to better infrastructure and promote innovation and technology readiness, Thang said.

The country should work more to renew its growth model, accelerate key drivers of economic growth, and make good use of opportunities from global integration, science-technology development and the Fourth Industrial Revolution, Thang said.

Digital transformation

Also on Thursday, the Vietnam Chamber of Commerce and Industry (VCCI) co-operated with Alibaba Group and OSB Investment and Technology JSC to hold the seminar “Vietnam exports on the eve of the EVFTA and digital transformation trends”.

VCCI Deputy Chairman Doan Duy Khuong said EVFTA created motivation for the development of Vietnam’s economy in general and exporting enterprises in particular.

After the trade deal takes effect, the EU will eliminate about 85.6 per cent of import tariffs on Vietnamese goods, equivalent to 70.3 per cent of Vietnam’s revenue from exports to the EU.

The trend of switching from traditional businesses to digital platforms was becoming increasingly popular and was considered a useful solution to help businesses expand export markets, in the context of Vietnam’s deeper integration into the global economy, Khuong said.

The seminar provided attendees with useful information about EVFTA, digital transformation trends as well as the importance of e-commerce application in seeking commodity sources for global importers.

It also provides effective marketing and promotion methods on e-commerce site Alibaba.com.

Bernard Dewamme from Belgium-based Mentally Fit Global Group shared useful information to help Vietnamese exporters enhance their leadership capacity, improving the competitiveness of Vietnamese businesses. — VNS

Xi made the remark while meeting with foreign representatives at the 2019 New Economy Forum at the Great Hall of the People in Beijing.

Innovation outcomes should benefit the whole world rather than being a treasure hidden in a mountain cave, Xi said. No country can be the only center for innovation or exclusively benefit from its outcomes, Xi said.

Given that both China and the US are major centers of innovation, Xi said, they should promote cooperation on innovation.

Xi recalled China’s ancient civilization, saying that the Chinese people have never surrendered despite China becoming a semicolonial and semifeudal society after the Opium Wars.

China’s remarkable achievements are attributed to the right path — socialism with Chinese characteristics — that fits China’s national conditions, follows the trend of the times and wins the hearts of the people, Xi said. He added that the people are confident in staying on the path.

The Chinese Dream of national rejuvenation is not a dream of hegemony, and China will not seek to replace any other country, Xi said, adding that China only strives to restore the country’s dignity and the position it deserves.

China will uphold the path of peace and development and be dedicated to cooperation with all other countries, Xi said. China will continue to follow the path of reform and opening-up despite obstacles deliberately set by others, and the obstacles and difficulties will make the country more determined to boost opening-up, he said. China will fulfill its commitment and keep its promises, Xi added.

Belt and Road cooperation has achieved fruitful outcomes, and win-win cooperation through this initiative will not be slowed but will move further in the right direction, he said.

Five representatives, including Henry Kissinger, former US secretary of state, and Henry Paulson, former US treasury secretary, delivered speeches at the meeting. They spoke highly of China’s achievements and the country’s contributions to global peace and development.

The representatives said protectionism has caused trade frictions, and the world situation is full of uncertainties. China’s efforts to boost opening-up are of great significance in promoting sustainable development and stabilizing international relations, they said.

Speakers said that all parties should enhance innovation cooperation to avoid the development of an “economic iron curtain”.

The 2019 New Economy Forum, held in suburban Beijing, was attended by over 500 people from the political and business sectors of over 60 countries.

Meeting with Kissinger

In a separate meeting with Kissinger on the same day, Xi said China and the US should strengthen communication on strategic issues to avoid misunderstandings and misjudgments. The China-US relationship is now at a critical juncture and facing some difficulties and challenges, he said.

Xi said the two nations should act in the fundamental interests of people in both countries as well as the world, respect each other, seek common ground and achieve win-win results through cooperation so as to advance bilateral ties’ development in the right direction.

Xi recalled that Kissinger, with profound historical vision and deep understanding of traditional Chinese culture, worked with the leaders of China and the US at the time to promote the normalization of relations between two countries with different national conditions.

The two countries and the world are still feeling the effect of those moves, he said.

The president also praised the 96-year-old veteran diplomat’s sincere feelings and active efforts in promoting the development of relations between the two great countries over the years, saying that his significant contribution will be written into history.

Kissinger said he was honored to have visited China almost 100 times over the past 50 years and witnessed the country’s earthshaking transformations.

The US-China relationship has kept moving forward despite ups and downs over the past five decades, he said, and now this relationship has become even more important as times have changed.

Speaking on the “Fox & Friends” morning program, the president said that he was balancing competing priorities in the U.S.-China relationship.

“We have to stand with Hong Kong, but I’m also standing with President Xi [Jinping],” Trump said. “He’s a friend of mine. He’s an incredible guy…But I’d like to see them work it out. OK. We have to see and work it out. But I stand with Hong Kong. I stand with freedom. I stand with all of the things that we want to do, but we also are in the process of making the largest trade deal in history. And if we could do that, that would be great.”

The House on Wednesday passed the Hong Kong Human Rights and Democracy Act by a vote of 417 to 1. The lone holdout was Rep. Thomas Massie, R-Ky. That came one day after the Senate had approved the measure on a unanimous vote.

The veto-proof majorities indicate that Congress could overrule the president if he tries to block the bill from becoming law. As the U.S.-China trade talks approach the one-year mark, the episode shows how other elements of the relationship between the world’s two largest economies are influencing prospects for a deal.

The president’s uncertain remarks drew swift opposition from members of both parties. Sen. Ted Cruz, R-Texas, said the Hong Kong bill “will become law. This was a true bipartisan moment and a clear signal to the rest of the world that political threats from corrupt regimes will not stand in the way of America supporting the millions of freedom fighters in Hong Kong.”

Senate Minority Leader Charles Schumer, D-N.Y., accused the president of going soft on the Chinese leader. “For a guy who promised to be tough on China, President Trump’s reliable deference to President Xi is all the more bewildering,” Schumer said in a statement. “Being tough on China when it comes to human rights will also help us win the battle on trade.”

Once a bill is passed by both chambers of Congress, the president has 10 days to sign it into law or to veto it. If he does neither, it will become law automatically. That means Trump has until early December to decide.

The legislation authorizes sanctions on Chinese and Hong Kong officials involved in human rights abuses and requires the State Department to conduct an annual review of the special status that the U.S. grants Hong Kong in trade matters.

The bill threatens to complicate trade negotiations that already are stalled on several key issues. Chinese officials have criticized the congressional action as interference in their internal affairs. Vice President Pence said this week it would be “very hard” to finalize a trade deal if China resorts to violence to put down the protests, now in their sixth month.

But some experts say Xi will keep the trade talks and the Hong Kong protests on separate tracks. The Chinese economy grew at a 6 percent annual rate in the quarter that ended September 30, its slowest pace in 27 years. And the trans-Pacific tariff war is only adding to economic pressures, giving officials an incentive to negotiate a ceasefire. If Xi sees a trade deal as easing his economic woes, he will sign it regardless of other irritants in China’s relationship with the U.S., said Aaron Friedberg, a China scholar at Princeton University.

“The idea of linkage between Hong Kong and the trade talks is largely a figment of Trump’s imagination. I doubt that the Chinese side has made any such overt connection although, now that Trump has done so, they may be happy to reinforce the idea that, if we somehow go easy on them on Hong Kong, they may eventually ink that illusive ‘great deal,’ ” said Friedberg, a former adviser to Vice President Dick Cheney.

China regained sovereignty over Hong Kong in 1997, ending more than 150 years of British colonial rule. Maintaining control over the prosperous enclave, which Beijing governs under “the one-country, two-systems framework,” is a top priority for Xi. But there has been widespread tension in Hong Kong for months over China’s governance of the economic hub, triggering large – at times, violent – protests that have led to multiple deaths.

Chinese officials would likely react sharply if the U.S. legislation becomes law. But that reaction wouldn’t necessarily imperil the negotiations, according to Jeff Moon, a former U.S. trade negotiator in the Obama administration. In the past, China has reacted to perceived slights by denying permission for U.S. Navy vessels to make port visits to Hong Kong, he noted.

“Trump’s task is to de-link Hong Kong from trade, and to help Xi find a way to express displeasure over U.S. legislation without taking precipitous action that will create indefinite deadlock in the trade war,” Moon said. “The irony here is that Trump’s comments on Fox signal uncertain resolve and negotiating weakness in the trade war while talks are faltering and he needs to show determination to press China on the whole range of issues, not just agricultural products and tariffs.”

Trump last month announced an “agreement in principle” with China on a partial trade deal, which he hoped to sign by mid-November. But talks have deadlocked over the details of Chinese purchases of U.S. farm products and plans for the removal of Trump’s tariffs on $360 billion in Chinese goods.

Trump’s comments Friday come one day after Sen. Marco Rubio, R-Fla., one of the authors of the Hong Kong legislation, predicted on CNBC that the president would sign the measure.

“My understanding is that they will sign it,” Rubio said, referring to the White House.

Trump’s public comments about Hong Kong have been inconsistent. In June, he said a resolution of the protests was between Hong Kong and China “because Hong Kong is part of China.”

Two months later, he tweeted that Xi should “humanely” deal with the situation before a trade deal was inked. “Of course China wants to make a deal. Let them work humanely with Hong Kong first!” the president wrote.

The president has faced calls from lawmakers in both parties to speak out about what’s at stake in Hong Kong’s escalating demonstrations. “The world should hear from him directly that the United States stands with these brave men and women,” Senate Majority Leader Mitch McConnell said this week.

On Friday, Sen. Ron Wyden, the senior Democrat on the Senate Finance Committee, said: “Basic human rights in Hong Kong aren’t something Donald Trump can bargain away. Congress has overwhelmingly spoken against the Chinese government’s violent repression of peaceful protest, and any action by Donald Trump to side with China over Congress must be quickly overridden.”

The president also told Fox, without evidence, that he had saved the lives of thousands of Hong Kong demonstrators by telling Xi not to intervene.

“The only reason he’s not going in is because I’m saying it’s going to affect our trade deal,” Trump said.

The U.S.-China trade talks have charted a winding path for the past year. Trump and Xi agreed to launch negotiations last December 1 over a steak dinner in Buenos Aires, on the sidelines of the Group of 20 leaders’ summit.

Negotiators failed to meet their initial March 1 deadline, but Trump agreed to delay a planned tariff increase while talks continued. At the beginning of April, Trump said negotiators were close to an “epic” deal that could be finalized “within the next four weeks.”

Instead, the talks fell apart in May, with U.S. officials accusing the Chinese of reneging on a nearly-complete deal and the president expanded tariffs to additional Chinese products later in the summer.