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Singapore Pushes towards Digital Monetary Gifts on Lunar New Year

Gifting hongbao, a red packet of lucky money, the traditional way. (Reuters)
Gifting hongbao, a red packet of lucky money, the traditional way. (Reuters)
    Singapore, London - Asharq Al-Awsat
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Singapore Pushes towards Digital Monetary Gifts on Lunar New Year

Gifting hongbao, a red packet of lucky money, the traditional way. (Reuters)
Gifting hongbao, a red packet of lucky money, the traditional way. (Reuters)

During the Lunar New Year celebrations, most Singaporeans exchange monetary gifts, known as hongbao, which come in the form of new banknotes placed in red envelopes. However, the central bank of Singapore seeks to replace this popular tradition with an eco-friendly one by encouraging people to give digital gifts instead of the traditional banknotes.

The step aims to reduce queues in banks and emissions generated by printing millions of new banknotes for this occasion, the German news agency reported.

According to Bloomberg, Singapore's tradition of gifting new bank notes during the Lunar New Year celebrations generates the same level of emissions as charging 5.7 million smart-phones for five days.

"Those who want to give physical notes during the celebrations that start February 12, except people aged 60 and above and people with disabilities, will have to make online reservations through five banks to collect them. New notes can be withdrawn without bookings at automatic-teller machines run by DBS Group Holdings," the Monetary Authority of Singapore (MAS) said in a statement on Monday.

Singapore, where most of the 5.7 million population is of Chinese descent, celebrates the Lunar New Year with people giving crisp new bank notes in red packets and companies competing with elaborate packaging. The production of the new notes for the festival generates about 330 tons of carbon emissions each year, according to the MAS.

"The coming Lunar New Year offers an opportunity to spread the benefits of e-gifting, and to forge new traditions with our families and friends. E-gifting helps reduce the queues at banks, and also helps to reduce the carbon emissions," MAS assistant managing director Bernard Wee said in the statement.

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Vietnam Scraps Two-Child Limit as Birth Rate Declines 

A grandfather talks to his grandchild inside a kindergarten in Hanoi on June 4, 2025. (AFP)
A grandfather talks to his grandchild inside a kindergarten in Hanoi on June 4, 2025. (AFP)
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Vietnam Scraps Two-Child Limit as Birth Rate Declines 

A grandfather talks to his grandchild inside a kindergarten in Hanoi on June 4, 2025. (AFP)
A grandfather talks to his grandchild inside a kindergarten in Hanoi on June 4, 2025. (AFP)

Vietnam's communist government has scrapped its long-standing policy of limiting families to two children, state media said Wednesday, as the country battles to reverse a declining birth rate.

The country banned couples from having more than two children in 1988, but a family's size is now a decision for each individual couple, Vietnam News Agency said.

The country has experienced historically low birth rates in the last three years. The total fertility rate dropped to 1.91 children per woman in 2024, below replacement level, the ministry of health said this year.

Birth rates have fallen from 2.11 children per woman in 2021, to 2.01 in 2022 and 1.96 in 2023.

This trend is most pronounced in urbanized, economically developed regions, especially in big cities such as Hanoi and Ho Chi Minh City as the cost of living rises.

Tran Minh Huong, a 22-year-old office worker, told AFP that the government regulation mattered little to her as she had no plans to have children.

"Even though I am an Asian, with social norms that say women need to get married and have kids, it's too costly to raise a child."

Deputy Health Minister Nguyen Thi Lien Huong, speaking at a conference earlier this year, warned it was increasingly difficult to encourage families to have more children, despite policy adjustments and public campaigns.

She emphasized that the declining birth rate poses challenges to long-term socio-economic development, including an aging population and workforce shortages.

She urged society to shift its mindset from focusing solely on family planning to a broader perspective of population and development.

Vietnam is also grappling with sex imbalances due to a historic preference for boys. On Tuesday the ministry of health proposed tripling the current fine to $3,800 "to curb fetal gender selection", according to state media.

It is forbidden to inform parents of the sex of their baby before birth in Vietnam, as well as to perform an abortion for sex-selection reasons, with penalties imposed on clinics who break the law.

The sex ratio at birth, though improved, remains skewed at 112 boys for every 100 girls.

Hoang Thi Oanh, 45, has three children but received fewer benefits after the birth of her youngest, due to the two-child policy.

"It's good that at last the authorities removed this ban," she said, but added that "raising more than two kids nowadays is too hard and costly."

"Only brave couples and those better-off would do so. I think the authorities will even have to give bonuses to encourage people to have more than two children."

Vietnam's neighbor China ended its own strict "one-child policy", imposed in the 1980s due to fears of overpopulation, in 2016 and in 2021 permitted couples to have three children.

But as in many countries, the soaring cost of living has proved a drag on birth rates and the moves have failed to reverse China's demographic decline -- its population fell for the third year in a row in 2024.