Visa to set Vietnamese farmers up for digital transformation
Visa, the world’s leader in digital payments, has partnered with the Vietnam e-Commerce and Digital Economy Agency (iDEA) of the Ministry of Industry and Trade (MoIT), to drive the digitization of Vietnamese farmers and agricultural SMEs.
As part of the MOU signed today, Visa will help farmers to accelerate eCommerce and digital payments adoption, and digitalize their operations, positioning agriculture as a driving force for Vietnam’s economic development.
Ms. Dang Tuyet Dung, Country Manager of Visa Vietnam and Laos, said: “We are happy to partner with iDEA and the MoIT and extend our expertise and solutions to farmers across Vietnam. Setting foot on the digital highway will empower Vietnamese producers to grow larger and nimbler at the same time and will help modernize and leverage the supply chain of agricultural production in Vietnam.”
COVID-19 has shown that the world is going digital and to succeed sellers must move with the demand. However, while agriculture is a major pillar of the Vietnamese economy – contributing nearly 14% of GDP and 60% of employment1 – it remains constrained in its growth prospects by a lack of finance opportunities for smallholder farmers.
Visa will support smallholder farmers and SMEs in the onboarding and setup of digital sales capabilities, in partnership with merchant enablers, future proofing their businesses with Visa’s digital payments and merchant solutions. Then, with the fundaments in place, they will be supplied with the means to grow their businesses with the requisite operations and logistics as well as customer growth solutions.
Mr. Bui Huy Hoang, Deputy Director of Centre for Information and Digital Technology (CID), Vietnam e-Commerce and Digital Economy Agency – Ministry of Industry and Trade, said: “Digitalization is truly needed in the Vietnamese agricultural industry. With our new partnership, the MoIT, iDEA and Visa will support farmers and small business owners to take the first and most daunting step towards the digital journey. From there, we will be able to re-position agriculture as a driving force of Vietnam’s development.”
Visa and its partners, merchant enablers will provide smallholder farmers and SMEs access to digital payments solutions and technologies, including:
- Rapid Seller Onboarding: An end-to-end onboarding journey to help acquirers/payment facilitators instantly approve and get merchants up and running as quickly as possible.
- Tap to Phone: A software-based solution that turns every NFC capable mobile device into a point-of-sale terminal without the need for additional hardware.
- Visa Business Solutions: Commercial tools for business owners and staff to optimize day-to-day operations and provide visibility of key business aspects.
- Practical Business Skills: Visa’s online education program for business owners and employees to better manage their finance and make more confident and informed decisions.
Through the partnership, Visa is also promoting its long-standing goal of supporting Vietnam to become a cashless nation by advancing payment infrastructures and innovation, while empowering society through driving digital growth.
1 Inter-American Development Bank
About Visa Inc.
Visa Inc. (NYSE: V) is the world’s leader in digital payments. Our mission is to connect the world through the most innovative, reliable and secure payment network - enabling individuals, businesses and economies to thrive. Our advanced global processing network, VisaNet, provides secure and reliable payments around the world, and is capable of handling more than 65,000 transaction messages a second. The company’s relentless focus on innovation is a catalyst for the rapid growth of digital commerce on any device for everyone, everywhere. As the world moves from analog to digital, Visa is applying our brand, products, people, network and scale to reshape the future of commerce. For more information, visit About Visa, visa.com/blog and @VisaNews.