In celebration of the Da Lat Flower Festival and New Year’s 2025, the railway sector is hosting a series of free activities for visitors at Da Lat Station and on the Da Lat – Trai Mat vintage train route.
According to the Railway Transport Joint Stock Company, from December 10 to January 1, 2025, passengers on the Da Lat – Trai Mat train route will enjoy complimentary live music performances on all train trips. The train operates daily with the DL3/DL4 and DL9/DL10 services, with additional trips DL7/DL8 and DL11/DL12 running on weekends. Guests will also be offered complimentary tea and light refreshments on board.
From December 10 to January 1, 2025, visitors on the Da Lat – Trai Mat train route will enjoy free music performances on all trains.
Ticket prices for the Da Lat – Trai Mat route range from 60,000 VND to 150,000 VND per trip. Numerous attractive promotions are available, including a 25% discount for round-trip tickets and a 15% to 40% discount for groups of 10 or more. Notably, tour guides accompanying groups will be provided with free tickets.
With a goal of welcoming 9.6 million visitors, the coastal city of Sam Son expects to generate approximately 21 trillion VND in revenue.
This information was shared by Le Van Tu, Chairman of the Sam Son City People’s Committee, at the recent conference reviewing tourism activities in 2024 and outlining tasks for 2025.
Aiming to transform Sam Son into a city of festivals, a hub for premium entertainment, and a leading health and wellness tourism destination in the North Central region, the city is actively implementing key tasks and solutions to maintain its leadership position within the province. Sam Son strives to be an attractive, friendly, and safe destination for tourists.
To achieve these goals, Sam Son plans to focus on comprehensive measures, strengthening the effectiveness of state management in tourism services, diversifying tourism products to attract more visitors, and extending tourism activities throughout the year. The city will also improve communication, promotion, and workforce quality to create a significant breakthrough in tourism standards by 2025. Additionally, Sam Son will continue to enhance inspections and monitoring, promptly addressing violations such as pressing tourists into buying services, overpricing, or resisting law enforcement.
In the final months of 2024 and early 2025, Sam Son will carry out urban beautification efforts, clearing street vendors and kiosks encroaching on sidewalks as part of a planned commercial arrangement. Policies will also be implemented to encourage businesses to renovate, upgrade, and modernize their facilities to better serve visitors.
In 2024, Sam Son welcomed 8.86 million tourists, making it one of the districts, towns, and cities with the highest tourist volumes in Vietnam, with an estimated total revenue of 17.1 trillion VND. The city also successfully hosted various cultural, sports, tourism, and festival events, attracting attention from both domestic and international visitors.
Macapuno, not only an economic crop but also a cultural icon, holds a special place in the identity of Tra Vinh’s Cau Ke district. The museum aims to honor the origins of this unique coconut species and showcases its role in the lives of the Kinh, Khmer, and Hoa communities. Exhibits include historical artifacts, stories of local traditions, and life under the shade of the Macapuno palm.
Close-up of the relief in the museum.
A highlight of the museum is the wax statue of Venerable Thach So, who brought Macapuno seeds from Cambodia to Botumasakor Pagoda in Cau Ke, Tra Vinh, in 1924. This act marked the beginning of Macapuno cultivation in Vietnam. The first two trees successfully bore fruit, paving the way for this rare delicacy to flourish in the region. Thanks to the monk’s efforts, many local families have improved their livelihoods while preserving the cultural heritage tied to this unique coconut variety.
The Macapuno Museum is more than a historical archive; it enriches the cultural and tourism landscape of Tra Vinh. It provides a platform for residents, tourists, researchers, and collectors from across the globe to delve into the history of Macapuno and the cultural tapestry of the region. This cultural hub stands as a testament to the enduring legacy of the Macapuno palm and its integral role in shaping the lives and traditions of Tra Vinh’s diverse communities.
Since 2011, KKR, one of the world’s leading investment funds managing assets worth $528 billion, has invested over $1 billion in Vietnamese companies. Notable deals include Masan Consumer, Vinhomes, KiotViet, and EQuest Education Group, showcasing its strategic focus on Vietnam’s dynamic market.
On December 10, Prime Minister Pham Minh Chinh welcomed Mr. David Petraeus, a co-owner of KKR. During the meeting, the Prime Minister acknowledged KKR’s significant contributions to Vietnam’s economic development through high-impact investments.
Success Stories in Vietnam
KKR’s approach to the Vietnamese market has been marked by lucrative short-term investments. Its first foray was the Masan Consumer (MCH) deal, where it invested $359 million for an 18% stake. By 2016, KKR exited the investment, reportedly doubling its capital.
Another notable success was with Masan Group (MSN), where KKR invested $100 million and earned $209 million upon divestment. Similarly, in 2020, KKR led a $650 million investment in Vinhomes (VHM), acquiring over 6.6% equity. Within a year, Viking Asia Holdings II PTE. LTD, a KKR affiliate, divested part of its stake, earning a profit of approximately VND 1,070 billion (~$44 million).
Challenges and Diversification
Despite its successes, KKR faced challenges, such as its investment in Masan MeatLife (MML). The $150 million investment in 2017 resulted in a $38 million loss upon divestment.
Beyond consumer goods and real estate, KKR has diversified into education and technology. It invested $22 million in EQuest Education Group, now holding nearly 55% of the organization through Equinox II PTE.LTD. In 2021, KKR led a $45 million Series B funding round for KiotViet, a tech platform supporting small and medium enterprises.
Future Prospects
In 2023, KKR reportedly negotiated with Singapore-based Heliconia Capital, owned by Temasek Holdings, to acquire Saigon Medical Group (MSG), Vietnam’s largest private eye hospital chain. While the deal’s completion remains unconfirmed, it underscores KKR’s continued interest in Vietnam’s healthcare sector.
KKR’s track record in Vietnam demonstrates its ability to identify and capitalize on high-growth opportunities, contributing to the country’s economic transformation while reinforcing its position as a leading global investor.
Vào những ngày cuối tháng 11 vừa qua, chuỗi sự kiện phát động dự án “Đến Trường An Toàn” của Prudential đã diễn ra sôi nổi tại 6 điểm trường tiểu học thuộc hai tỉnh Gia Lai và Yên Bái, đánh dấu cho sự mở dầu của hàng loạt hoạt động kỷ niệm 5 năm triển khai dự án tại Việt Nam.
Trong bối cảnh tỷ lệ tai nạn giao thông liên quan đến học sinh vẫn còn cao và tình trạng an toàn giao thông quanh các khu vực trường học chưa được đảm bảo, công ty TNHH Bảo hiểm Nhân thọ Prudential Việt Nam đã phối hợp với Ủy ban An toàn Giao thông Quốc gia, Bộ Giáo dục và Đào tạo, cùng Quỹ Phòng chống Thương vong Châu Á (AIP) để phát triển và triển khai dự án từ năm 2019.
Sau 5 năm triển khai, dự án “Đến Trường An Toàn” đã gặt hái được nhiều thành quả đáng tự hào với những con số ấn tượng, ghi dấu một hành trình ý nghĩa với những đóng góp quan trọng trong việc nâng cao nhận thức về an toàn giao thông (ATGT) cho học sinh tiểu học và cộng đồng.
Trong năm học 2024 – 2025, dự án “Đến Trường An Toàn” tiếp tục được triển khai với mục tiêu củng cố các kiến thức và kỹ năng liên quan đến ATGT của các em học sinh tiểu học, từ đó hình thành thói quen tốt cho trong việc chấp hành các quy định về ATGT. Dự án hướng tới mục tiêu mở rộng quy mô đến 23 trường học, mang lại lợi ích thiết thực cho hơn 15.000 học sinh và 800 giáo viên.
Sự kiện được tổ chức tại các trường tiểu học Phan Chu Trinh, Lê Lợi và Nguyễn Trãi (tỉnh Gia Lai, từ ngày 25 đến 26 tháng 11) cũng như các trường Minh Quân, Việt Thành và Hưng Khánh (tỉnh Yên Bái, từ ngày 28 đến 29 tháng 11) đã thu hút sự tham gia của tổng cộng 3000 học sinh, giáo viên cùng phụ huynh cùng đại diện các bên liên quan.
Trong 5 năm qua, những nỗ lực không ngừng của dự án đã tạo tác động tích cực đến hơn 12.000 và 580 giáo viên tại 16 trường học thuộc 6 tỉnh thành, qua một chuỗi các hoạt động toàn diện. Không chỉ dừng lại ở việc đẩy mạnh giáo dục mà các hoạt động trong khuôn khổ dự án còn tập trung vào việc cải tạo cơ sở hạ tầng giao thông quanh trường học, giúp giảm thiểu rủi ro cho học sinh. Đặc biệt theo số liệu từ Ủy ban ATGT Quốc gia, tại Quảng Ngãi, tỷ lệ tử vong do tai nạn giao thông đã giảm 47% trong quý 1 năm 2023, minh chứng cho hiệu quả rõ rệt và sức ảnh hưởng từ những nỗ lực của dự án.
Các em học sinh tham gia các trò chơi tương tác sáng tạo theo các chủ đề liên quan đến ATGT như Ô chữ kỳ diệu, Đuổi hình bắt chữ, Hỏi nhanh – Đáp gọn, Sắc màu giao thông,v.v…
Nhân dịp kỷ niệm 25 năm phát triển tại Việt Nam, dự án “Đến Trường An Toàn” tiếp tục đóng góp vào việc thực hiện sứ mệnh của Prudential tại Việt Nam khi chung tay xây dựng một xã hội văn minh, nơi ý thức về an toàn giao thông ngày càng được nâng cao, bảo vệ tương lai cho thế hệ trẻ.
The tax increase will be significantly reduced during parliamentary work, lawmakers said.
Italy is set to trim its planned tax increase on crypto capital gains, Reuters reported on Tuesday.
Two months ago, the government was intent on raising the tax to 42% from 26% by the end of December.
“The tax increase will be significantly reduced during the parliamentary work,” lawmakers Giulio Centemero and Federico Freni, a junior minister at the Treasury, said in a statement according to Reuters.
The decision to increase the capital gains tax was inspired by the rising popularity of investments in crypto, especially bitcoin, which climbed above $100,000 last week. The “phenomenon is spreading,” Deputy Finance Minister Maurizio Leo told Bloomberg in October after announcing the news.
CoinDesk reached out to Centemero and Freni for a comment.
Slower inflow of liquidity and risk-off cues from NVDA might be holding back the upside.
For the third week, bitcoin (BTC) remains locked in a price range between $90,000 and $100,000, punctuated only by Dec. 5’s short-lived rise into six figures.
This indecisive price action might have left traders feeling uninspired, with two key reasons holding back the upside.
First, the influx of liquidity into the crypto market through channels like spot exchange-traded funds (ETFs) has significantly slowed, taking the wind out of the bullish momentum.
The weekly rate of change in the so-called market liquidity impulse index, which tracks stablecoin mints, inflows into BTC ETFs and changes in futures market parameters, has more than halved to $7 billion from highs above $15 billion seen early last month, according to data tracked by 10x Research.
“This slowdown in liquidity growth may partially explain why bitcoin is struggling to sustain levels above $100,000,” Markus Thielen, founder of 10x Research, said in a note to clients Wednesday.
The liquidity indicator has chalked out lower highs of late, diverging bearishly from BTC’s price.
Stablecoins are cryptocurrencies pegged to an external reference like the U.S. dollar and are widely used to fund crypto purchases. Meanwhile, ETFs are preferred investment vehicles for those looking to take exposure to the cryptocurrency without owning it. The same can be said about CME’s cash-settled futures.
The other reason, overlooked by most pundits, is the slowdown in the uptrend in shares in chipmaker Nvidia (NVDA), the world’s biggest company. Since the debut of ChatGPT in late 2022, NVDA has emerged as a bellwether for all things AI and risk assets in general.
BTC and NVDA bottomed out in late 2022 and boasted a strong positive correlation since then, barring the summer, when supply overhang fears kept BTC from tracking NVDA higher. As of writing, the three-month correlation between the two was 0.6.
Analysts at TheMarketEar believe BTC, with its post-U.S. election surge from $70,000 to $100,000, has caught up with NVDA
“Same psychology; winners like winners. BTC has ‘caught up’ to NVDA. They have little fundamentals in common but are driven by similar psychology,” analysts at TheMarketEar said in a note to clients, adding that NVDA is one of the few stocks that has outperformed BTC this year and over the last five years.
While BTC has risen 130% this year, NVDA has gained 172%, according to data source TradingView.
NVDA’s uptrend, however, has run out of steam since mid-November, with prices now teasing a bearish reversal pattern for heads and shoulders. Besides, the one-year put-call skew now shows calls trading at par with puts, exhibiting a neutral sentiment as opposed to a strong call (bullish) bias early this year, according to data source Market Chameleon.
That said, bullish excesses have been crowded out from the crypto market, as noted in Tuesday’s edition of the Crypto Daybook Americas. With the market normalized to more healthy leverage levels, we could see BTC having another go at the $100,000 mark, but sustainability of the breakout likely depends on liquidity inflows and broader risk sentiment.
The nine-day Lunar New Year holiday offers an ideal opportunity for springtime travel. Following the official announcement of the holiday schedule, travel agencies have been buzzing with tickets and tour bookings.
Thousands of attractive tours with competitive prices tailored to customers’ travel preferences have been introduced by tourism companies. Many travelers have already visited agency offices to explore itineraries and choose a suitable spring trip for their families.
Ms. Nguyen Cam Van, a resident of Hoan Kiem District, Hanoi, visited a travel agency immediately after the Lunar New Year holiday plan was confirmed. To match her family’s budget, she decided on a domestic destination.
“Every year during Tet, my whole family travels together. It’s a rare opportunity for all family members to be present. This year, we’re choosing domestic travel as it’s more affordable,” Ms. Van shared.
Meanwhile, Thuy Duong and her husband from Hai Ba Trung District, Hanoi, decided to venture abroad this year, selecting China as their destination for the Lunar New Year. She revealed that they had planned the trip a year in advance to secure an early booking and save on costs.
“We planned this trip at the beginning of the year. Each month, we set aside about 10-15% of our salaries to prepare for the upcoming journey,” Ms. Duong explained.
Many travel companies have opened hundreds of early Tet tours. Photo: PLO.
According to surveys, the high demand for travel during holidays inevitably raises travel costs by 15-20% compared to regular days. To encourage early bookings, most travel agencies offer special discounts.
Moreover, the earlier customers plan and book their tours, the greater the discounts they receive.
Travelers are advised to carefully review terms and conditions in their itineraries and contracts to avoid any loss of benefits during their trips.
Malibu Vung Tau Hotel has been officially recognized as a five-star hotel by the National Tourism Administration of Vietnam, making it the 12th five-star hotel in Ba Ria – Vung Tau Province.
On December 9, Malibu Vung Tau Hotel (located on Le Hong Phong Street, Vung Tau City, Ba Ria – Vung Tau) announced its five-star certification granted by the National Tourism Administration of Vietnam. This milestone is a significant achievement in the hotel’s sustainable development strategy, aiming to become a symbol of luxury, sophistication, and class in the region.
Malibu Vung Tau Hotel is recognized as 5 stars
Malibu Vung Tau Hotel began operations in April 2016 and was initially awarded a four-star rating by the Vietnam Tourism Administration in August 2016. In 2019, its service quality system was reaffirmed with a renewed four-star rating.
The hotel’s management shares that since January 2024, they have been committed to enhancing the quality of tourism in Vung Tau City and the province as a whole. The goal is to focus on high-quality tourism, increase the proportion of international visitors, and boost the tourism sector’s contribution to the province’s GRDP. To achieve the five-star standard, the hotel undergoes comprehensive upgrades.
All service facilities, including the swimming pool, children’s play area, bar, and spa, were revamped. Additional VIP dining rooms and a new restaurant were introduced, while guest room interiors were renovated. The hotel also developed a new special floor with various room categories tailored for business travelers and families. The upgrade process was completed in September 2024.
Ms. Tran Thi Thu Hien, Acting Director of the Ba Ria – Vung Tau Department of Tourism, noted that over its eight years of operation and three star-rating certifications, Malibu Vung Tau Hotel has not only demonstrated compliance with tourism regulations but also shown a strong sense of responsibility in fostering the development of the tourism sector. Today, Malibu Vung Tau Hotel stands as one of the 12 five-star hotels in Ba Ria – Vung Tau Province.
The newly acquired Boeing 787-10 will primarily serve domestic and Northeast Asia routes, while the Airbus A320neo planes will be used exclusively for domestic flights.
Vietnam Airlines is the only Vietnamese airline operating Boeing wide-body aircraft. Photo: VNA.
A representative of Vietnam Airlines announced that the airline has received three new aircraft in December, including one Boeing 787-10 Dreamliner and two Airbus A320neo planes. These new aircraft will provide over 100,000 additional seats for the Tet 2025 peak travel season.
specifically, Vietnam Airlines took delivery of an A320neo with registration number VN-A515 on December 7 and a Boeing 787-10 with registration number VN-A877 on December 8. The airline expects to receive another Airbus A320neo with registration number VN-A514 by the end of December.
The addition of these three aircraft brings Vietnam Airlines’ total fleet to 103 planes, including 31 wide-body aircraft (Boeing 787-9, Boeing 787-10, and Airbus A350).
The Boeing 787-10, one of the largest commercial aircraft in the Boeing 787 series, features fuel-efficient engines. Vietnam Airlines remains the only airline in Vietnam to operate this type of wide-body aircraft.
Meanwhile, the new Airbus A320neo is equipped with next-generation engines, offering over 16% fuel savings, a 75% reduction in noise, and approximately 50% lower harmful emissions compared to previous-generation engines.
Earlier, Vietnam Airlines had launched early sales of 2.15 million tickets, equivalent to more than 11,000 flights across its domestic network, to meet passenger demand for Tet travel. Additional flights will focus on routes connecting Hanoi and Ho Chi Minh City/Nha Trang/Da Nang/Phu Quoc/Vinh and routes between Ho Chi Minh City and Da Nang/Hai Phong/Hue/Thanh Hoa/Quy Nhon/Pleiku/Chu Lai /Dong Hoi/Vinh.
Similar to Vietnam Airlines, other Vietnamese airlines are also ramping up their fleets in preparation for the Lunar New Year peak season.
Vietjet Air, for instance, plans to add three new aircraft in December. In addition, the airline intends to lease six to ten wet-leased planes on a short-term basis to accommodate the surge in travel demand during the holiday period.
On November 22, Vietravel Airlines added a new member to its fleet, the 9H-SWN aircraft operated by Avion Express, to serve passengers during the year-end and Lunar New Year 2025 peak seasons.
A survey by the Civil Aviation Authority of Vietnam revealed that domestic airfares for Tet have risen by approximately 20% compared to regular rates.
As in previous years, travel demand surges on routes from the southern regions, especially from Ho Chi Minh City to Hanoi and the northern and central provinces such as Hai Phong, Thanh Hoa, Nghe An, Quang Binh, Quang Ngai, Binh Dinh, Phu Yen, and the Central Highlands. This trend is particularly noticeable in the period leading up to Tet and reverses after the holiday.
On November 30, 2024, N.Q.V., a 39-year-old resident of Tam Diep, Ninh Binh, reported to Thuy Khue Ward Police that he had been defrauded of over 500 million VND (approximately $20,000) by two foreign individuals. The suspects had promised an investment collaboration to distribute pearls produced by N.Q.V.
Following the report, Tay Ho District Police, in coordination with Thuy Khue Ward Police, launched an immediate investigation. Through specialized investigative techniques, authorities identified and apprehended two Cameroonian nationals, Armand Wily Asse (born 1972) and Naga Onguene Xavier (born 1989), who were residing in Ngoc Khanh Ward, Ba Dinh District, Hanoi.
Two scammers have been arrested. (Photo: Tay Ho District Police)
During questioning, both suspects admitted to their fraudulent activities. Law enforcement also seized $6,400 as evidence in the case.
Based on the investigation, the Tay Ho District Police have filed criminal charges for fraud and asset misappropriation and have placed the two suspects in temporary custody pending further legal proceedings.
Peach blossom farmers in Hanoi’s Nhat Tan Village are racing against time to prepare for the Lunar New Year despite recent setbacks caused by Typhoon Yagi and erratic weather conditions. With less than two months until the festive season, many growers are struggling to ensure their trees bloom on time, as the storm caused severe damage—uprooting large trees and flooding smaller ones.
Hundreds of hectares of Nhat Tan peach blossom trees were destroyed after Typhoon Yagi. (Photo: Thanh Trang)
Following the storm, farmers have been diligently caring for their remaining peach trees, applying fertilizers and promoting root growth to recover their crops. However, unpredictable weather patterns have made it challenging to time the blooming process accurately. To mitigate losses, members of the Nhat Tan Peach Growing Association have banded together, pooling resources and sharing supply to meet market demands. Experts estimate it may take one to two years for Nhat Tan’s orchards to fully recover from the storm’s impact.
In Lang Son province, peach farmers are equally busy tending to their crops. As the colder weather sets in, they are manually stripping the leaves from the trees—a traditional technique used to stimulate flower buds and ensure the blossoms are ready for Lunar New Year. This meticulous process is vital for peach blossoms, a high-value crop that serves as a primary income source for many local households.
Peach leaf stripping requires patience and meticulousness. (Photo: vtcnews.vn)
Farmers emphasize that weather plays a crucial role in their work. Warmer conditions allow for delayed care, while colder weather necessitates earlier interventions. The manual leaf-stripping technique, passed down through generations, helps control foliage growth and encourages flower bud development.
Peach blossom farming demands careful attention, especially under harsh weather conditions. Trees are highly sensitive to frost and cold snaps, requiring constant monitoring and timely measures to protect them. Despite the challenges, growers remain committed to delivering vibrant peach blossoms that are an essential part of Vietnam’s Lunar New Year celebrations.
As cryptocurrencies enter price-discovery mode, options market activity can help traders identify potential resistance levels.
When assets surge to lifetime highs or multimonth peaks, traders are often faced with the challenge of identifying key resistance levels, the price targets where the market could next take a breather. That’s precisely the situation facing bitcoin (BTC) and XRP (XRP) traders.
Bitcoin, the leading cryptocurrency by market value, is trading at record highs near $100,000, meaning it’s now in uncharted waters. XRP trades at $2.44, with the 2018 record high around $3.30 as the only chart resistance before we enter the price discovery mode like BTC.
One way to identify key resistances is to study the distribution of open interest, the dollar value of active option contracts, at various strike price levels.
On Deribit, the world’s leading crypto options exchange, BTC’s $120,000 strike call option is the most popular contract at the moment, with a notional open interest of $1.93 billion, according to data source Deribit Metrics.
A strike with the highest open interest often marks a resistance level because call sellers, typically institutions, face significant losses if prices rise above that point. As a result, they often act to keep prices from exceeding that level. Conversely, the strike level can also act as a magnet due to the hedging activity of market makers or entities tasked with creating order book liquidity.
Recall that before and immediately after the U.S. election, the $100,000 call was the most preferred in terms of notional open interest. The price has now consolidated around the six-figure mark.
At press time, the call option at the $100,000 strike is still the second-most popular contract, with open interest of $1.8 billion. It is followed by the $110,000 strike call, which boasts open interest of $1.68 billion.
We can also see that $500 million is locked in the $200,000 strike call, representing a bet that the bitcoin price will double. Most open interest is concentrated in the June 2025 and September 2025 expiries. Analysts at Standard Chartered say they expect the price to reach that level by the end of 2025.
Key levels for XRP
In XRP’s case, the $1 call option is the most popular strike, with over $3 million in open interest. The option is deeply in-the-money, or in profit, as the cryptocurrency currently trades near $2.42.
The focus now is on the $2.8 call option, where traders have locked in $2 million in open interest. The next potential target is at $5. The so-called deep out-of-the-money call is the third-most active open, with open interest of $1.12 million.
The Ripple CEO says crypto-backed political action committees (PACs) were a response to the war on crypto.
Ripple CEO Brad Garlinghouse in an interview with 60 Minutes, said that the 2024 election was a “major victory” for crypto as the majority of Fairshake, a crypto political action committee (PAC), backed candidates, won their seats.
And this was a non-partisan effort, as crypto, itself is non-partisan, he argued, pointing to the cross-aisle support for the digital assets bill FIT21.
“Of the 29 Republicans and 33 Democrats the industry backed in congressional races, 85% won. It’s incredible,” he said.
“We absolutely helped supercharge the candidates with the money in the coffers… That’s absolutely right,” he said, arguing that, like other industries, they took the electoral cycle as a chance to educate voters.
“Do I think we had an impact to elect a Democratic senator in Michigan—Elissa Slotkin? Yes, absolutely. Do I think we had an impact in Arizona? A Democratic senator in Arizona, Gallego? Absolutely,” he continued.
While Ripple-supported Fairshake was a non-partisan effort, one of the defining moments during the election was then-Republican candidate Donald Trump’s embrace of crypto, which was a transformation from his prior stance where he said he was “not a fan”.
“I think it’s clear that Donald Trump embraced crypto and crypto embraced Donald Trump,” Garlinghouse said.
Entering a new market can be both an exciting and daunting experience for entrepreneurs. Understanding the nuances of the local business culture is crucial for success, particularly in a dynamic and culturally rich country like Vietnam.
As an emerging economic hub in Southeast Asia, Vietnam presents vast opportunities, but it also requires a deep understanding of its business culture to navigate challenges and build sustainable growth.
Here are key lessons for entrepreneurs to adapt to Vietnam’s unique business culture and enhance their chances of success.
1. Understanding the Role of Relationships
In Vietnam, building strong personal relationships is often a key factor in business success. Unlike the more transactional nature of business in some Western countries, Vietnamese business culture places significant value on trust, loyalty, and mutual respect.
In this video, Guillaume Rondan, the CEO of MoveToAsia, a market-entry and sourcing agency in Vietnam, shares five key lessons from a decade of entrepreneurship that will transform the way you do business in Vietnam, whether you’re just starting out or looking to scale up your business.
2. Emphasizing Patience and Flexibility
In Vietnam, business decisions often take longer than anticipated. Entrepreneurs must be patient and flexible when working with local partners, suppliers, and clients.
Decisions can be influenced by various social factors, and direct confrontation or impatience is typically avoided.
3. Respecting Hierarchy and Authority
Vietnamese businesses typically have a hierarchical structure, and respect for seniority is an essential aspect of the culture.
Understanding this hierarchy, and addressing key individuals with the appropriate titles and respect, can go a long way in securing successful business deals.
4. Adapting to Communication Styles
Vietnamese communication tends to be more indirect than in many Western cultures. People may avoid saying “no” directly and may use subtle cues to express disagreement or reluctance. Entrepreneurs should be attentive to non-verbal signals and learn to read between the lines.
Additionally, maintaining a polite and respectful tone in both verbal and written communication is essential.
5. Understanding the Local Business Etiquette
In Vietnam, business etiquette plays an important role in establishing good relations. Entrepreneurs should be aware of formal greetings, proper attire, and appropriate meeting behavior. For instance, it is customary to exchange business cards with both hands, and addressing others with honorifics is important.
A little effort to observe these rituals shows respect for the local culture and can make a positive impression on Vietnamese business partners.
6. Embracing the Role of Government and Regulations
Vietnam’s government plays an influential role in the business environment, and entrepreneurs must be prepared to navigate its regulations, licensing processes, and bureaucracy.
While Vietnam is moving towards a more open market, the local government’s involvement in business can still be significant.
7. Cultural Sensitivity and Adaptation
Vietnam has a rich cultural heritage, and entrepreneurs who respect local customs will be better received. It is important to show cultural sensitivity by understanding and respecting local holidays, traditions, and celebrations.
For example, the Lunar New Year (Tết) is the most significant holiday in Vietnam, and most businesses are closed during this period. Entrepreneurs should plan accordingly to avoid disruptions in operations during these times.
Adapting to a new business culture is key to long-term success in any market, and Vietnam is no exception. Entrepreneurs who take the time to understand and respect the local culture, build meaningful relationships, be patient, and adapt their communication and business strategies will find greater opportunities for growth and success.
