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Bitcoin and other Cryptocurrencies: Time to Regulate

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In the financial space, anything unregulated and unregistered would cause doubts and uneasiness. In the case of cryptocurrencies, such as bitcoin, financial regulators all over the world have started to find ways to oversee the blockchain, or the record of all cryptocurrency transactions, as well as to address the irregularities presented by these virtual currencies that mostly bypass financial firms, exchanges, and regulated banks. The most popular of all cryptocurrencies, bitcoin, chiefly operates outside of the conventions of a financial system; and this worries regulators as it has the potential to be linked to money laundering, tax evasion, fraud, and terrorist funding.

According to a report by Hogan Injury, in November of last year, a businessman from Brooklyn was charged in a case with promoting currencies, which are backed by investments in diamonds and real estate that, according to the US prosecutors, do not exist. The Securities and Exchange Commission also filed charges.

Earlier this year, more than half a billion dollars in cryptocurrencies from a Japanese exchange called ‘Coincheck’ had been stolen by hackers. Experts say that more of such attacks can be expected in the future, as all of the hackers in the world may now be targeting cryptocurrencies.

For investors and owners of cryptocurrencies, this is worrisome. Here’s what the US regulators are currently doing to address doubts on cryptocurrencies:

Securities and Exchange Commission

SEC is a federal agency responsible for protecting investors and keeping order in markets. In a statement released in March, the SEC argued that under US security laws, digital assets such as coins and tokens offered and sold in initial coin offerings (ICOs) fall under the definition of “security.” The statement may mean that trade digital currencies would be required to be registered with the SEC, just like all of the national securities exchanges such as the New York Stock Exchange.

Internal Revenue Service

For tax purposes, the IRS states that bitcoin must be considered as property; therefore a capital gain or loss must be recorded, or be accessed through the blockchain as if it were an exchange that involves property. If it is used as payment, it should be treated as currency, and the bitcoin price must be converted to its fair market value checked on an exchange.

Department of Treasury

The department is taking the lead and is bringing federal agencies together to coordinate regulation on cryptocurrencies. It has formed a virtual currency working group, which includes the Federal government and the Securities and Exchange Commission, which will be watching bitcoin and other cryptocurrencies closely.

State Laws

Cryptocurrencies started out as “stateless” entities, but the cynicism towards them eventually drew a realization that regulation is necessary. In introducing cryptocurrency regulations, California and New York, which are home to a large number of crypto businesses, are taking the lead. Other states are quickly catching up. The National Conference of Commissioners on Uniform State Laws had voted in favor of providing a model act for the regulation of cryptocurrency businesses at the state level.

There had been measures in regulating cryptocurrency, and we can expect more developments in the future. Reports on irregularities, scams, and fraud surrounding cryptocurrency are indeed alarming, which is why it is important to remain vigilant and cautious in all of your investment activities; and be on the lookout for bitcoin news and other updates on cryptocurrencies.

Notes: None of the content on Hoganinjury.com is legal advice nor is it a replacement for advice from a certified lawyer. Please consult a legal professional for further information.

Feature image source: Pexels.com

Startups see blockchain opportunities in ad industry

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Only one percent of companies around the world are starting to research the application of blockchain in online advertising, but the potential is great, including in Vietnam.

According to Zenith, in 2018, the global ad market had revenue of $579 billion, of which online ads brought $269 billion. The revenue from online ads is expected to reach $350-400 billion by 2022.

The potential of the online ad industry is great, but according to Bigbom’s CEO Nguyen Van Vung, there are four problems that the world online ad industry is facing.

First, the rampant invalid clicks. The situation is so serious that many companies have developed a tool to discover invalid clicks and report them to Google.

Second, the statistical frauds. No one can say for sure if Facebook and Google’s reports are 100 percent exact, because no one can penetrate into their systems for examination.

Third, the money repudiation. The repudiation ratio in Vietnam is very high. Fourth, the incorrect implementation of contracts. Each side implements in its own way.

WFA (the World Federation of Advertisers), which includes big brands such as McDonald’s, Visa and Unilever, predicted that the online ad industry would lose $50 billion a year from now to 2025 because of fraud.

Facebook users do not have the right to use the content created by them. Only the owners of Facebook, Instagram and Youtube have the proprietorship.

“Social networks use your data to build their ad systems and make money on the data. Vietnam’s big content firms such as Orion and Cat Tien Sa produce good content and join YouTube, attracting users. But can they do business on the network of users? The answer is no,” said Nguyen Minh Thao, CEO of Umbala.

All these problems would be settled by blockchain.

The number of companies using blockchain in advertisement and marketing is modest, just one percent. Vung from Bigbom, which is developing technology apps for advertisement and marketing industry on the basis of blockchain, said that opportunities are available for all.

To date, there is no blockchain platform that can settle the problems in the ad industry. Blockchain is growing but not developing in depth. However, Vung said a specific blockchain app for the ad industry will be available in three to five years.

Of four problems the ad industry is facing, Bigbom decided to deal with the third – the repudiation and late payment. It has built up Bigbom Eco, an ecosystem for platform, product and services related to digital advertisements. Advertisers, ad platforms, ad agencies or publishers could join the system.

By Mai Thanh

Source: Vietnamnet

More Vietnamese startups jump into ride-hailing app market

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Uber’s departure from the Vietnamese market has created a space for Vietnam’s apps to develop. Vato, Aber, 123xe and the newcomer Fastgo are among them.

To date, Vietnam has 8-10 apps to compete with Grab, while Go-Jek from Indonesia has joined the market and MVL from Singapore plans to debut in July.

Huynh Le Phu Phong, CEO of Aber, said the riding app is still full of potential. Just several days after debut, Aber received many clients.

Two days after launching its app, FastGo got 1,500 drivers.

Both FastGo and Aber follow specific policies to retain users and drivers. FastGo, for example, has committed not to collect fees based on revenue, but to collect no more than VND30,000 a day from drivers. It has also committed to maintain a VND7,900 per kilometer fee and not to raise fees in rush hours.

Le Phu Phong from Aber said to retain drivers, Aber has promised not to collect fees from them if the monthly revenue is less than VND500,000.

Phong believes that the advantage of the startup is the low operation cost. Aber created its own map on iPad.

Meanwhile, Xelo pursues a special pricing policy under which drivers set up prices for services. As such, in order to get clients, drivers need to offer good prices and the prices must not be 30 percent higher in bad weather.

VATO received a huge investment from Phuong Trang Transport JSC. Two weeks after launching Vato, the ride hailing app which has spent VND2.2 trillion has attracted tens of thousands of people registering to use the service each day, while at least 5,000 drivers have joined the network. However, after a period of operation, VATO had to re-build its business strategy as the number of drivers and clients was beyond expectations.

An analyst commented that with limited financial capability, made-in-Vietnam apps cannot run big sale promotion programs as Uber and Grab did in the past to compete with rivals.

Who will be the winner?

Vietnam is a potential market for investors, which explains why big foreign players still plan to jump into the market though Uber has left.

Analysts noted that Grab has big advantages with a large amount of clients and drivers who joined Grab staff after leaving Uber.

However, Vietnamese investors are optimistic about their future. Xelo’s founder Nguyen Truong Giang said that if Vietnamese apps receive investments and have good development strategies, competing with Grab will not be an impossible mission.

By Thanh Mai

Source: Vietnamnet

ANALYSIS: Bamboo who? Vietnam startup’s ever-shifting strategy

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Vietnamese start-up Bamboo Airways’ commitment to 20 Boeing 787-9s represents a startling growth in ambition, but the prospective carrier’s strategy is far from clear.

Bamboo Airways is nothing if not ambitious. First announced by local property conglomerate FLC Group in early 2017, Bamboo Airways would initially serve Vietnam leisure destinations. Congested airports such as Ho Chi Minh City’s Tan Son Nhat and Hanoi’s Noi Bai would be avoided. flightglobal.com‘s analysis

Early plans called for Bamboo to fly international passengers direct to secondary cities, addressing the clear market opportunity of flying North Asian tourists to Vietnam.

“With new flights connecting provinces with tourism potential, Bamboo Airways will not create additional pressure on overloaded airports, and will help fully exploit under-used infrastructure,” said general manager Dang Tat Thang.

EARLY 2018 COMES…AND GOES…

A media report in early 2017 quoted FLC Group chairman Trinh Van Quyet as saying that the carrier would lease seven Airbus aircraft and start services in early 2018.

The early 2018 service start never happened, but in March 2018 a memorandum of understanding was signed with Airbus for 24 A321neos. This despite the carrier’s lack of approval to start services. Should all go well, it said it would even go for an additional 24 A321LRs.

In April, FLC revealed that it was recruiting for 92 pilots, 250 cabin crew, 90 technical staff, and nearly 100 administrative employees. It said that it wants to operate 40 routes by 2023, consisting of 24 domestic and 16 international destinations.

In the first two years of operation, the carrier said that it planned to operate between eight and 10 domestic routes. Internationally, China, Hong Kong, Japan, Singapore, South Korea, Taiwan and Thailand were identified as targets.

LATE 2018 START?

FLC added that it expected to start services at the end of 2018. Curiously, it said that it would only submit its official application for an air operator’s certificate in July. Why this hadn’t been done to ensure a launch in early 2018 wasn’t clear.

But, just in case anyone doubted its ambitions, Bamboo committed to 20 787-9s at the end of June. Apparently, it has even paid deposits to Boeing. The deal was announced in a Washington DC ceremony attended by no less than Vietnam’s deputy prime minister, Vuong Dinh Hue.

During all this there was little mention of the 2017 strategy of flying leisure passengers to secondary Vietnamese cities. The new plan, which presumably complements the 2017 leisure destination plan, calls for operating 787-9s from Ho Chi Minh City and Hanoi – Dang’s “overloaded airports” – to Europe and that holy grail of Vietnamese airlines, the USA.

Conventional airline thought would suggest that the 787s would provide feed in Hanoi and Ho Chi Minh City for the carrier’s fleet of A321neos, but again this would contradict the 2017 idea of avoiding big, congested hubs.

While the 787s are only due for delivery from 2020-2021, Bamboo apparently feels this is too late, and hopes to push this to 2019. The aircraft will have four classes: first, business, premium economy and economy.

During the June ceremony, incidentally, FLC chairman Trinh told FlightGlobal that the carrier continues to make progress toward a local AOC, and that he expected it soon. Just two months earlier, however, the carrier had said that the AOC application would only be made in July.

ORIGINAL THINKING: THE HANOI-HO CHI MINH CITY ROUTE

Anyway, Trinh added that Bamboo would launch sales in October 2018, with flights to begin in the fourth quarter. The airline’s headquarters will be in the coastal city of Qui Nhon, which it plans to link with Hanoi in Bamboo’s inaugural route. It also plans to begin flights between Hanoi and Ho Chi Minh City. This is one of Asia’s most competitive routes and in sharp contradiction to the 2017 plan to avoid hubs.

Irrespective of its strategy, several obstacles remain in Bamboo’s path: it is not a given that Vietnam will achieve FAA category 1 status, although there appears to be progress in this area. Despite apparently high-ranking connections, FLC also has yet to receive its local AOC. Other parties, including AirAsia and local MRO firm Aerostar, have tried for years to launch airlines, but to no avail.

Even if Bamboo gets off the ground, getting up to scale and becoming profitable competing against the likes of VietJet is far from easy.

POTENTIAL A380 CUSTOMER?

The carrier’s website adds little clarity. While it states that it hopes for a late 2018 launch, it acknowledges the regulatory challenges.

Aviation enthusiasts, however, will enjoy the site’s casual use of pictures. On one page is an artist’s depiction of a pure white A380 taking off. The caption reads “Bamboo Airways will take off at the end of 2018.” Another page has a 747-400 landing at dusk. The caption reads “No one knows when Bamboo Airways can take off.”

The two pages could well have been posted at different times, but this is not clear.

The site also makes much of the carrier’s plans to avoid Vietnam’s big hubs – although recently it seems company leadership has changed tack on this.

For the time being, Flight Fleets Analyzer shows that Bamboo Airways has LOIs to order for 24 A321s and 20 787-9s. Airbus and Boeing will, of course, hope these are firmed up. The upstart unit of FLC Group has made headlines, but it remains to be seen if Bamboo’s strategy, or lack of one, will deliver a success story.

By GREG WALDRON

Most marketes in SEA Stocks has falling, Vietnam plunges over 4 percent

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July 3 (Reuters) – Most Southeast Asian stock markets fell on Tuesday with Vietnam declining over 4 percent to a seven-month closing low, while Thailand rose more than 1 percent.

Broader Asian markets also fell amid escalating worries a bitter trade dispute between the United States and major economies could derail global growth.

Investors have been jittery ahead of a July 6 deadline, when the United States is set to slap tariffs on $34 billion worth of Chinese goods that Beijing has vowed to match with tariffs on U.S. products.

In Southeast Asia, Vietnam shares slumped 4.3 percent in moderately heavy trading and posted their lowest close in more than seven months.

“Investors are concerned about the possible return of high inflation and possible capital outflows triggered by higher interest rates in the U.S. Today’s strong selloff was also triggered by margin calls,” said Tran Anh Tuan, chief analyst at Vietcombank Securities.

Real estate and financial stocks were among the top losers with Vinhomes JSC and Vingroup JSC shedding 7 percent each.

Vietnam shares have declined more than 25 percent from a record high hit on April 10.

Indonesian shares plunged 2 percent to their lowest close since mid-May 2017 in broad-based losses. Lender Bank Central Asia and personal care products maker Unilever Indonesia fell over 2 percent each.
An index of the country’s 45 most liquid stocks declined more than 2 percent. Thai shares erased early losses and closed 1.2 percent higher, helped by industrial, health care and real estate stocks.

Airports of Thailand rose 2.3 percent, while Bangkok Dusit Medical Services added over 5 percent. Philippine shares extended gains into a third session and posted a two-week closing high, led by a rally in industrials.

Index heavyweight SM Investments Corp rose 1.7 percent, while Aboitiz Equity Ventures gained 2.7 percent.

Philippine annual inflation likely quickened for a sixth straight month in June, a Reuters poll showed, leaving the door open for a third interest rate hike this year. The data is due this week.
The peso has declined 6.6 percent against the dollar so far this year, making it the second worst performing currency in the region after the Indian rupee. For Asian Companies click;

 

SOUTHEAST ASIAN STOCK MARKETS
 Change on the day                            
 Market             Current   Previous close  Pct Move
 Singapore          3235.9    3238.94         -0.09
 Bangkok            1626.62   1607.27         1.20
 Manila             7267.34   7227.96         0.54
 Jakarta            5633.937  5746.77         -1.96
 Kuala Lumpur       1680.37   1685.05         -0.28
 Ho Chi Minh        906.01    947.15          -4.34
                                              
 Change on year                               
 Market             Current   End 2017        Pct Move
 Singapore          3235.9    3402.92         -4.91
 Bangkok            1626.62   1753.71         -7.25
 Manila             7267.34   8558.42         -15.09
 Jakarta            5633.937  6355.654        -11.36
 Kuala Lumpur       1680.37   1796.81         -6.48
 Ho Chi Minh        906.01    984.24          -7.95
                                              
 
 (Reporting by Sumeet Gaikwad in Bengaluru; Editing by
Subhranshu Sahu)

Vietnam: Bamboo Airways is ready to take off at the end of 2018

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HO CHI MINH CITY — Bamboo Airways is set to take off by the end of this year, complementing Vietnamese peers including flag carrier Vietnam Airlines and Vietjet, the country’s biggest low-cost carrier, said Dang Tat Thang, chairman and CEO, in a recent interview with the Nikkei Asian Review.

Both Thang and Trinh Van Quyet, chairman of parent company FLC, said they were confident of securing a license to press ahead with their launch plan. Thang told Nikkei, “Vietnam has great potential for aviation and we have prepared all the steps, including the flying license, for [our] first commercial flight before the end of 2018.”

Thang, the 37-year-old CEO, said he was confident about entering the aviation market at this time, as passenger numbers were rising sharply. Vietnam airports reported serving 94 million passengers in 2017, an increase of 16% from the previous year. The country welcomed around 13 million arrivals last year, an increase of 29% year on year.

Bamboo Airways was established in May 2017 as a subsidiary of resort developer FLC Group. According to the company, Bamboo reflects the spirit of the Vietnamese people, who are known for their flexibility.

Quyet confirmed at FLC’s annual meeting in June that Bamboo Airways would launch its first flight this year. Should it be successful, Bamboo will become the fifth local airline. Vietjet came into operation in 2011.

“We aim to become a medium-cost carrier, targeting both local and foreign passengers who fly to locations where FLC Group runs facilities,” Thang said.

Dang Tat Thang, chairman and chief executive of Bamboo Airways

FLC Group operates six golf course resorts across Vietnam and expects to increase that to 10 by 2020. The company, which is also the biggest organizer of golf championships in Vietnam, welcomes more than 3,000 golf players each month to its resorts, mainly from South Korea, Japan and China.

As Ho Chi Minh City, the country’s main transport hub, is suffering from congestion and out-of-date infrastructure, the plan is to depend on Noi Bai airport near Hanoi, Van Don International Airport and Quynhon Airport, Thang said. Regarding its fleet, Bamboo Airways will rent 10 aircraft this year then increase the fleet to 50 over the next three years, before receiving its first purchased delivery.

The FLC chairman has signed a $5.6 billion deal to buy 20 Boeing 787-9 aircrafts and a $3 billion agreement to buy 24 A321 NEO in the past three months.

Bamboo Airways is making a big recruitment drive in operations, services and flying crew, in order to fill 600 vacancies this year. “We have no experience in aviation, but we are hiring senior [people] from Vietnam Airlines, such as a deputy director, and other talent from other carriers as we [have a tight launch] schedule this year, but we will start training courses from next year,” Thang said.

FLC Group, which wholly owns Bamboo Airways, owns the largest amount of hotels, golf resorts and other apartment projects in Vietnam, ranging in size from 1,000 to 3,000 rooms. It is also planning to develop other beach-front projects, including in the Van Don special economic zone, where it intends to invest in a casino and golf course on an island near China’s southern border.

Along with two colleagues, lawyer Quyet founded Vietnam Trade Corp. in 2001 at the age of 26. In 2010, after expanding and listing on the Ho Chi Minh City Stock Exchange, the company was renamed FLC Group.

Quyet, 41, is one of the prominent Vietnamese entrepreneurs of his generation, which includes Pham Nhat Vuong of Vingroup, Nguyen Phuong Thao of Vietjet, Tran Dinh Long of Hoa Phat group and Tran Ba Duong of Auto Truong Hai. FLC is among the wealthiest enterprises on Vietnam’s stock market.

However, Quyet has said he does not care how rich he is, but does care about his company’s market ranking. “Real estate will make wealth for both the individual and company,” Quyet said.

Quyet has recently appeared with high-ranking politicians, particularly during overseas deal trips. The recent aircraft purchases were carried out during visits by Communist Party General Secretary Nguyen Phu Trong to France and by Vietnam’s Deputy Prime Minister Vuong Dinh Hue to the U.S, where Vietnam is working to minimize the impact of trade tensions between Vietnam’s two biggest export partners — China and the U.S.

Overcrowded hospital in Hanoi in scorching heat

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Patients, staff and visitors in Hanoi’s Bach Mai Hospital are suffering as the temperature reaches nearly 40 degrees Celsius.According to the National Centre for Hydro-meteorology Forecasting, the northern region, including Hanoi, will suffer from scorching heat for more days to come.

At midday, the temperature could reach 40-50 degrees Celsius outdoor.

Despite the hot weather, the number of patients coming to Bach Mai Hospital has remained very high.

Patients and their relatives have to lie on the corridors at midday.

More security guards have been arranged due to the high number of patients

Anywhere can be the place for patients to take a rest on a hot day.

According to many patients, the hospital is overloaded so between two and three patients usually have to share a bed. In the evening, many patients have to sleep under beds along with their personal items. It is lucky to find such a seat because many others have to stay outside.

Each patient is only supposed to have a maximum of one relative to take care of them, the others have to remain outside, where they often sleep

By Tran Thanh, Dtinews

A Guide to Traditional Women’s Fashion in Vietnam

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Most modern Vietnamese women don Western-style fashion. You’ll see these fashion-forward women wearing smart black business suits, crisp blouses, and high heels on a bustling day in Vietnam’s cosmopolitan cities, as they head to work or grab lunch with colleagues. However, many Vietnamese women still proudly wear elegant, beautiful pieces of traditional clothing that have withstood the test of time. Here is a brief introduction to traditional women’s fashion in Vietnam.

Ao Dai

Pronounced similarly to “ow yay” in the South, this demure staple of Vietnamese fashion is worn by students and secretaries, as well as hotel and restaurant staff. Translated to “long shirt,” the ao dai is also worn on special occasions and is usually made of gorgeous Vietnamese silk.

This classic dress dates back to 1774, when Lord Vu Vuong of the Nguyen Dynasty announced a uniform dress for both men and women, comprised of trousers underneath a long, buttoned shirt. It wasn’t until the 1930s that the ao dai was designed the way it looks today, with its curve-hugging, flattering design. The long shirt is usually cut to where the midriff is slightly exposed, and the long flowing pants graze the floor. The ao dai is a symbol of elegance and beauty in Vietnam.

Conical Hat (Non La)

The famous conical hat seen in Vietnam | © Martin Garrido/Flickr

The iconic Vietnamese conical hat has mythical origins dating back hundreds of years. Legend has it that during a particularly harsh rainfall, an enormous woman descended from the heavens, protecting mankind from the rain with her hat, made of four bamboo leaves that stretched endlessly across the sky. The Vietnamese followed her example by stitching palm leaves together on a bamboo frame, and the ubiquitous non la was born. The hat has been crucial to farmers, fishermen, and travelers wishing for a brief respite from the blazing Vietnamese sun.

Ao Yem

This cousin of the ao dai still maintains elegance and beauty, but—arguably—with a tad less modesty. The ao yem is comprised of a diamond or square piece of cloth covering the chest, and is held together by two strings: one that ties behind the neck, and another across the back. It was once considered an undergarment and worn underneath a blouse or coat to preserve the wearer’s modesty.

The material and colors used to make an ao yem vary, based on class and occasion. Common women usually wore an ao yem in simple blacks and whites but opted for brighter colors during a special occasion, such as Tet. A great amount of Vietnamese poetry has been dedicated to the beauty of women wearing an ao yem.

The Southern Fashion Revolution

Prior to the 1800s, Vietnamese women wore an ao tu than (“four-piece blouse” ) with a bodice, a skirt, and a headscarf, but the South underwent a cultural reform in the early 1800s that discarded the old dress and brought in long, five-flap shirts with black loose trousers—the origins of the modern ao dai.

A group of students posing for a picture in Hue, 1931 | © manhhai/Flickr

Common women wore long black shirts made from coarse materials, while upper-class women wore shirts made from colored, smooth silks and cloths. They all wore their hair in a high bun and usually walked barefoot at work and in the town, as did most Vietnamese. If they weren’t barefoot, they had fashionable wooden clogs protecting their feet!

By Katie Kalmusky, Theculturetrip

Thailand cave rescue: What now for the boys?

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A video grab taken from footage released by The Royal Thai Navy late Jul 2, 2018, shows missing children inside the Tham Luang cave of Khun Nam Nang Non Forest. (Screengrab: Royal Thai Navy)

MAE SAI, Thailand: The rescuers dubbed it “mission impossible” but they defied the odds to locate the 12 boys and their football coach deep in a cave complex. However, the hard part may yet be ahead: getting them out safely.

Here are a few ways the hungry and weak boys could get out, none easy options.

Could they dive out?

In theory yes: but it is an extremely difficult task. Cave diving is already very risky, especially for young boys in a weakened state who have no diving experience.

Tham Luang cave, where the boys have been trapped in, is one of Thailand’s longest at 10 kilometres and one of the hardest to navigate with its winding and, at times, narrow corridors.

If they dive, they have no choice but to follow the steps that rescuers took through tiny passageways clogged with mud and silt.

That journey takes a healthy – and skilled – Navy SEAL diver about six hours.

Officials said they would attempt to train the boys to use crucial diving gear after they are rehabilitated with food, water and medical support.

“Cave diving is a very technical skill and it’s extremely dangerous, especially for an untrained diver,” Anmar Mirza, coordinator of the US National Cave Rescue Commission, told AFP.

“So they may end up being better off trying to supply them in the cave until they can be gotten out by other means.”

Explorers have spent days scouring the mountaintop for possible alternative openings. They have found a few “promising” leads and have tried to drill deeper.

But there is no indication that any of those chimneys connect to the chamber where the boys have been stranded.

Again, the boys need to spend time getting stronger in the depths of the cave before they can attempt to climb up a second entry – if one is found – or be lifted out.

What about walking out?

This would be the safest option, but at the moment, it is impossible because parts of the route remain flooded.

So, in theory, they could wait, but that means hoping that flood waters subside.

Water pumps are working around the clock to drain the floods though it has been an uphill battle for much of the week as heavy rains refused to let up.

If the current break in bad weather sticks, this option could be more promising.

But weather forecasters warn downpours may soon return as monsoon season sets in.

“If the rain fills up the cave system then that might take months before the water drops again,” Belgian diver Ben Reymenants, owner of Blue Label Diving in Thailand, who is assisting the search, told AFP.

How long could it take?

Hard to say for sure. It depends how long it takes for them to regain strength.

Experts say they could remain inside for weeks – or even months – as rescuers work out the safest option for their extraction.

The military said Tuesday it was preparing enough food for four months but did not speculate they could be in there that long.

Are the boys even in the right mindset to move?

They clearly want to leave. In the footage that emerged after the boys were found by two British divers late Monday, one asks to “go outside”.

One of the divers replied: “I know, I understand … no, not today.”

Fortunately, they seem in pretty good shape, considering.

“They’re mentally stable which is actually pretty good,” Reymenants said.

“Luckily the coach had the sanity of mind to keep them all together, huddled together to conserve their energy, that basically saved them.”

Source: Channelnewsasia/AFP

World Cup: Japan fall short to exit in cruellest fashion

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It was the most agonising way for Japan to go out of the World Cup.

Their players slumped to the turf as Nacer Chadli slammed the ball into the net at the end of a 94th-minute counter-attack, the last move of the game in Rostov-on-Don allowing Belgium to clinch a stunning 3-2 victory and a place in the quarter-finals.

Among the pre-tournament favourites in Russia, Eden Hazard and the Belgians march on to a last-eight meeting with Brazil.

But a crushed Japan head home having been two goals ahead midway through the second half on a steamy night on the banks of the Don River.

They will feel they deserved better than this after a superbly disciplined performance, with Maya Yoshida marshalling their back line and Eiji Kawashima – a goalkeeper who has been relegated in both Scotland and France in the past three seasons – making several vital interceptions.

There was plenty of technical quality on display as well, with the two goals scored early in the second half by Genki Haraguchi and the excellent Takashi Inui both worthy of the biggest stage.

Winger Haraguchi, of Fortuna Duesseldorf in Germany, somehow beat the giant frame of Thibaut Courtois to find the far corner and put Japan ahead just after the break.

Then Inui – operating on the other flank and who has just signed for Spanish side Betis – showed what he can do with a magnificent strike from outside the area after being teed up by Shinji Kagawa.

Japan looked to be heading for the quarter-finals of the World Cup for the first time in their history.

But a side who scraped through the group phase only by virtue of receiving fewer yellow cards than Senegal were finally undone in the final quarter of the game.

The Samurai Blue contained Hazard, Kevin De Bruyne and Romelu Lukaku for more than an hour, but it was the substitutes sent on by Belgium coach Roberto Martinez who made the difference, along with a stroke of luck.

Jan Vertonghen, undone by Gaku Shibasaki’s through ball for Japan’s opening goal, was fortunate to see his header loop over Kawashima and in under the crossbar to pull one back in the 69th minute.

Five minutes later, however, it was Marouane Fellaini, the classic Plan B, on for Dries Mertens, who headed in the leveller from Hazard’s stellar assist.

Belgium’s captain had stirred, and his side had the momentum.

At 2-2, it was a repeat of the last World Cup meeting of these teams, at the 2002 tournament in Japan.

Akira Nishino’s side could have settled for taking the tie into extra time but instead they were punished for taking a chance on a last corner kick, and Chadli, another substitute, finished off the move.

Nishino – only appointed in April after the controversial sacking of veteran coach Vahid Halilhodzic – deserves credit for taking Japan so close against one of the finest sets of players around.

That will be little consolation just now, however.

Source: VIR

Vietnam Airlines announces flight price hike

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Vietnam Airlines will continue raising flight prices following Vietjet Air and Jetstar Pacific, doubling overall ticket prices after taxes and increased fees.

According to Vietnam Airlines, it will start collecting fees for system maintenance in the next five to seven days in order to improve the management of its customer database. The applied fee for short domestic routes is VND80,000 (USD3.48) and VND150,000 for domestic routes that are longer than 850km. The fee for international routes is USD7.

The fee is exempted for business class, elite class and club economy class.

Meanwhile, Vietnam Airlines will scrap the ticket charges for web purchases, which is VND50,000 (USD2) for domestic routes and USD7 for international routes to encourage more online bookings.

Both Vietjet Air and Jetstar Pacific had increased their system maintenance fees right before the summer holiday period. Jetstar Pacific applied a fee of VND210,000 (USD9), an increase of VND70,000. Vietjet Air also increased the fees to VND210,000-VND370,000.

Other fees were also increased including airport, cancellation and change fees.

Mai Thanh, a ticket agent in HCM City, is worried that their business could face difficulties with higher prices. In September, a ticket from HCM City to Vinh cost VND500,000 (USD22) but with the new fees, the flight now costs VND1m.

“The original ticket prices displayed on websites are only VND299,000 (USD13) or VND499,000. But after adding in taxes and fees, it will double. Many customers think that we earn high commission fees and cause us trouble,” she said.

Since transport costs account for two-thirds of holiday spending, higher fees will also spell trouble for tourism companies.

Local airlines have increased various types of fees since early 2018 after the Civil Aviation Administration of Vietnam raised several airport service fees.

Source: VIR

Facebook updates map to remove Vietnamese islands from China’s territory

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An earlier version of the map wrongly showed the groups of islands as belonging to China

A map provided by the ad manager tool of Facebook no longer shows Vietnam’s Truong Sa (Spratly) and Hoang Sa (Paracel) Islands in the East Vietnam Sea as parts of China after the social media platform was made aware of the serious error.

Le Quang Tu Do, deputy director of Vietnam’s Authority of Broadcasting and Electronic Information (ABEI), said on Monday afternoon the U.S. tech giant had complied with the authority’s request to stop showing the groups of islands as parts of China on its map.

A test by Tuoi Tre News on Tuesday found that the social media had indeed updated its map to remove the archipelagoes from Chinese territory.

Earlier, users in Vietnam discovered that a map in Facebook’s ad manager tool had been showing Truong Sa and Hoang Sa, over which Vietnam exercises its sovereignty, as parts of China.

Facebook allows Page owners to promote their posts to a highly targeted audience through its Boost Post feature.

The ad manager tool enables Page owners to choose the age groups and geographical locations of the audience for their paid content.

Until Monday morning, when ‘China’ was selected as the target location, the archipelagoes became highlighted, which was not the case when users switched the location to ‘Vietnam’.

Vietnam asserts continuous and indisputable sovereignty over both groups of islands, while China has been condemned for its use of force to occupy Hoang Sa in 1974 and several shoals in Truong Sa in 1988.

In a previous statement, Facebook said the mistake was purely technical and was not politically motivated.

The social media platform is the next popular Internet service to get into hot water for wrongly identifying the Vietnamese maritime territories as China’s.

In 2016, Google also caused a stir among Vietnamese Internet users by labeling the Truong Sa and Hoang Sa archipelagoes as parts of China on its online maps, a mistake the tech giant has since corrected.

Around 53 million Vietnamese people, or over half of the Southeast Asian country’s population, use Facebook, making it the social media site’s seventh-biggest market as of 2017.

Source: Tuoitrenews

Vietnam stock market hits new low, could go lower

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VN-Index, fell 39 points to 908.26 by 2:25 p.m. Tuesday and VN30-Index fell 3.7 percent to 895.86.
Vietnam’s stock market fell 4.11 percent on Tuesday afternoon, hitting its lowest point this year, following a dramatic plunge in the second quarter.

The country’s benchmark stock index, VN-Index, fell 39 points to 908.26 by 2:25 p.m. Tuesday, while the VN30-Index, representing a group of 30 largest capitalization stocks in the country, also fell by 3.7 percent to 895.86.

The smaller HNX-Index on the Hanoi Stock Exchange and the UPCoM-Index for unlisted companies also dipped 3.7 percent and more than two percent, respectively.

Shares of banks, including Vietcombank and ACB, plunged 4-5 percent.

Meanwhile, blue chip stocks like Vinhomes JSC (VHM), Vingroup JSC (VIC), and steelmaker Hoa Sen Group (HSG) were being sold en masse, driving down the entire market.

This marks a further drop in Vietnam’s stock market after it plunged 18.19 percent in the second quarter this year, making it the worst-performing market in the world.

Local stock companies have anticipated that the VN-Index could fall to 900 points and even further.

Vietnam’s stock market had experienced its heyday since last year, when it hit a 10-year high and reached 984.24 points in the last trading session of 2017. It had not broken the 800-point barrier since 2008.

Continuing its good run, the VN-Index grew 19.33 percent in the first three months of this year, becoming the best-performing market in the world.

It passed the 1,200-point level on April 9, and has hovered at above 900 since then.

Source: Vnexpress

Vietnamese twenty-years draws striking portraits of World Cup stars

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Although the 2018 FIFA World Cup has just gone half its journey, 23-year-old guy now possesses a trove of 16 lifelike portraits of the event’s biggest football stars

A young Vietnamese has constantly kept his pencil busy during the ongoing 2018 FIFA World Cup, drawing more than a dozen charismatic portraits of his favorite stars at football’s biggest competition.

Bui Anh An, a resident in the central province of Thua Thien-Hue, takes pride in his trove of 16 drawing portraits of the World Cup stars, when Russia 2018 is only a couple of matches away from the quarterfinals.

The 23-year-old, who has never been to an art school, started drawing manga, a style of Japanese comics, and other cartoon characters since his elementary school years out of a great passion for painting.

He could create realistic depictions of different characters only after two months of practice.

Despite his love for and talent in painting, An ended up enrolling at the Hue University College of Foreign Languages, as his parents did not want him to pursue art.

But as his love for art never ceases to exist, the born-in-1995 always works hard, though secretly, to sharpen his skill.

An found international competitions to be a great chance to satisfy his hobby. The man has constantly drawn portraits of footballers with his pencil during the 2014 FIFA World Cup, the 2016 UEFA European Championship and this year’s World Cup in Russia.

Although Russia 2018 is about to enter its quarterfinals, An now possesses a ‘treasure trove’ of 16 striking portraits of the World Cup football stars, despite not being trained by any professional painting school.

“I like to watch football and love a lot of players and teams, so I draw and post pictures of them [on Facebook] before the ‘H-hour’ of the games,” An told Tuoi Tre (Youth) newspaper, explaining the motivation behind his drawings.

“In addition, I want to cheer for the players and help me feel part of the atmosphere of the World Cup,” he added.

Inspiration

It took the young man four to six hours to accomplish a sketch of one player on A3 or A4-sized papers.

The inspiration for the portraits often comes from the strong impression those players left in An during their recent matches, not from their daily looks.

For instance, An was so captivated by the mysterious smile of Cristiano Ronaldo, when he scored the first goal during Portugal’s group stage opener against Spain on June 16, that he finished drawing the portrait of the Portuguese star even before the first half ended.

The mysterious smile of Ronaldo after he netted a goal against Spain is depicted in this drawing posted on Bui Anh An’s Facebook page

When Portugal and Argentina both advanced into the knockout stage, An came up with the idea of drawing Ronaldo standing side by side his Argentine ‘rival’ Messi in their national jerseys, implying his hope that the two men would face each other in the quarterfinals.

Messi and Ronaldo stands side by side in their national jerseys in this drawing posted on Bui Anh An’s Facebook page.

But as both teams were eliminated after the round of 16, An edited his artwork, putting an air ticket in the hand of Messi, indicating that they were ready to fly home from Russia.

To An, the most important thing in portraiture is the proportion of the faces.

“The facial proportion has to be correct. If not, it will be impossible to recognize who the player is,” An said.

“It is also important to show their charisma, so that the portrait can become soulful,” the young man added.

An has received a few hundred likes on Facebook for every of his artworks.

An said that he took the praise and comments as motivations to draw more World Cup-themed paintings.

Below are some of the portraits by Bui Anh An:

Ronaldo’s face from a different angle is depicted in this drawing posted on Bui Anh An’s Facebook page.

By Bao Anh

Source: Tuoi Tre News

Billions of USD flowing to Vietnam from Asia

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Vietnam has been receiving big investments from Japan, Singapore and South Korea, and new capital from China.

Ban Won Ik, deputy chair of the The Association of High Potential Enterprises of Korea (AHPEK), confirmed that there is a strong South Korean investment wave in Vietnam.

With large investment projects, South Korean investors now play an important role in some of Vietnam’s key business fields, including electronics industry, energy, automobile manufacturers, textiles & garments and construction.

However, real estate & construction is the field which the three Asian investors are most interested.

Japanese Nomura Real Estate Asia has unexpectedly acquired 24 percent of capital in A-class Sunwah Tower.
Analysts said the value of the deal must be very high, if noting that the building is located on Nguyen Hue Road in the central business district 1 of HCMC, where large financial institutions such as Citi Bank, VinaCapital and Bank of China have their offices.

Prior to that, Japanese Mitsubishi bought 11,000 square meters of office area in Le Meridien Complex. The well-known A-class office building A&B Tower has also fallen in the hands of a Japanese investor.

While Japanese investors prefer offices for leasing thanks to stable profits (7-8 percent), Singaporeans target more complex assets, including commercial projects combined with housing.

CapitaLand has acquired the 9,000 square meter ‘golden land plot’ in Tay Ho district in Hanoi, while Keppel Land has spent $11.4 million for 10 percent more of shares in Saigon Sports City residential quarter project.

In the first five months of the year, total foreign direct investment in Vietnam reached $9.9 billion, more than half of which went to processing & manufacturing industries and 10.8 percent to the real estate sector.

The three biggest foreign investors in the first five months of the year were South Korea (26.5 percent), Japan (15.4 percent) and Singapore (11.25 percent).

Emerging China

Vietnam recently has begun receiving FDI flow from China, Hong Kong, Macau and Taiwan. Some analysts said with strong financial capability, the cash flow is very likely to lead the game in the coming years.

In 2012, China only ranked 13th among 100 foreign investors in Vietnam. But there are now more Chinese-invested projects in many key cities and provinces of Vietnam.

In HCMC, Hong Kong Land has acquired projects in Thu Thiem new urban area and the central area.

In the central region, the resort-casino project of the joint venture of Chow Tai Fook, Suncity Group and Vinacapital is worth $4 billion.

By Kim Chi

Source: Vietnamnet