Vietnam Insider - Page 140 of 1522

Crypto Neobank Banq’s Bankruptcy Case Dismissed by U.S. Judge

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The filing was dismissed because a U.S. judge who called the application a “bad faith” tactic.

Crypto neobank Banq, which filed for Chapter 11 in a U.S. bankruptcy court in the district of Nevada, has had its application rejected.

The bank’s bankruptcy application was called a “bad faith” tactic to “gain an advantage in pending litigation” and not to reorganize by Judge Natalie M. Cox, who presided over the case.

Judge Cox wrote in her ruling that this bankruptcy proceeding was a ploy to shield Banq and its founder, Jon Jiles, from an investor lawsuit launched by N9 – a major creditor in the company with a $3 million stake – which alleges Jiles failed to uphold his fiduciary duties by prioritizing Prime Trust’s interests (where he was founder and managing member) over Banq’s.

“Jiles quickly showed that his loyalty belonged to Prime Trust, not Banq,” the N9 lawsuit reads.

N9’s lawsuit also alleges that Jiles, in his capacity as Banq’s chair, failed to create a non-compete agreement with former Banq CEO Scott Purcell, instead only putting one in place between Purcell and Prime Trust. N9 claims in the lawsuit that Jiles leveraged his control over Banq to benefit Prime Trust, prioritizing its interests and leading to Banq’s downfall.

Banq is suing Purcell after he allegedly shifted the company’s focus from crypto payments to NFTs before transferring $17.5 million in assets and technology to a competitor he founded called Fortress NFT Group, which is a central part of its bankruptcy claims.

In her ruling, Judge Cox wrote that Banq’s bankruptcy plan was not a legitimate business reorganization because the firm had no sources of revenue. Instead, the company’s business operations “relate almost exclusively” to pursuing litigation against Purcell.

“It is apparent from the totality of the circumstances that Debtor’s actual purpose in filing this case is not to successfully reorganize,” Cox wrote, noting that Jiles had funded the bankruptcy proceedings with a $225,000 loan through his company NVF LLC.

The case, Cox wrote, was designed to obstruct the ability for N9 to go after Jiles for breach of fiduciary duty.

“In essence, this case appears to be filed as a litigation tactic to advance the self-interest of the Jiles parties,” the filing reads.

Instead, Cox wrote, this case is a dispute between Banq, Purcell, and Jiles – not a bankruptcy.

MSB Ranks Among Top 37 Most Valuable Brands in Vietnam for 2024

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Vietnam Maritime Commercial Joint Stock Bank (MSB) has been recognized as one of the 37 most valuable brands in Vietnam, according to the latest rankings by Brand Finance, the world’s leading brand valuation consultancy. The announcement highlights MSB’s impressive growth and resilience in a challenging market environment.

Brand Finance’s 2024 report revealed that despite market volatility and weakened domestic demand, Vietnam’s banking sector continues to thrive. Of the 20 banks listed in the Top 100 Most Valuable Brands, 17 recorded notable growth. Collectively, the total brand value of these 20 banks increased by 10% compared to 2023, reaching an impressive USD 13.8 billion.

Commenting on this achievement, Mr. Duong Ngoc Dung, Chief of Marketing and Communications of MSB, said, “Being ranked by Brand Finance is a testament to MSB’s ongoing efforts to enhance both our brand value and customer trust. We are committed to building on this momentum, and our brand will continue to achieve even greater milestones in the future.”

MSB has been evaluated by Brand Finance twice, in 2023 and 2024, and its brand value has been recognized in multiple prestigious rankings, including the strongest and most valuable banking brands, the biggest ASEAN brands, and the top brands in Vietnam.

These accolades not only affirm MSB’s leading position in the Vietnamese banking sector but also underscore its potential for further growth and competitiveness in both domestic and international markets.

In terms of financial performance, MSB continues to deliver solid results. The bank’s audited financial report for the first half of 2024 shows a pre-tax profit of nearly VND 3,690 billion, marking a 4% increase year-on-year. As of the end of the second quarter, MSB’s total assets reached VND 295,537 billion, up 11% from the beginning of the year. Additionally, MSB recently completed a capital increase plan by issuing shares to pay dividends at a rate of 30%, bringing its charter capital to VND 26,000 billion.

MSB is a leading commercial bank in Vietnam, committed to providing innovative financial solutions and enhancing customer experiences. With strong growth across key financial indicators, MSB is well-positioned to continue driving value and expanding its market presence in the years ahead.

Robust Growth in Value of Food and Banking Brands Brightens Vietnam’s 2024 Outlook

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Despite a challenging economic environment and weaker domestic demand, Vietnamese brands, particularly in the food and banking sectors, have demonstrated remarkable resilience and growth in 2024. The country’s top brands have not only maintained their rankings but also recorded substantial value increases, defying global and local market pressures.

Top 3 Brands Maintain Dominance

The top three most valuable Vietnamese brands have retained their 2023 rankings. Viettel leads the pack with a brand value of USD 8.9 billion, followed by Vinamilk and VNPT. Viettel, a telecommunications giant, has held its top position for nine consecutive years since 2015. The company’s brand strength has also seen notable improvement, with its Brand Strength Index (BSI) rising by 4.2 points to 89.4, along with an excellent AAA brand rating. Contributing to this growth are stronger perceptions of its customer service, product quality, marketing efforts, and sustainability initiatives.

Vinamilk, the leading food brand in Vietnam, comes in second with a brand value of USD 2.6 billion, though it recorded an 11% drop compared to 2023. VNPT, the national telecommunications provider, holds third place with a brand value of USD 2.6 billion, a slight decrease of 3% from last year.

Banking and Food Sectors Show Strong Growth

In the banking sector, 17 out of 20 listed banking brands saw increases in their brand value, leading to a combined growth of 10%, reaching a total of USD 13.8 billion. Vietcombank, the nation’s most valuable banking brand, posted a 7% increase to USD 2 billion. VIB stood out as the strongest performer, with a brand value increase of 51% to USD 273 million.

The food industry also showed robust performance, with 7 of the 11 listed brands posting double-digit increases. Chin-Su, a popular sauce brand, registered the highest growth in brand value, surging by 71% to USD 123 million. Despite the challenges, Vinamilk remains the leading food brand, holding its spot as the second-most valuable Vietnamese brand overall.

Vinpearl Surpasses Viettel as Strongest Brand

In a significant shift, Vinpearl, a leading hospitality brand, has overtaken both Viettel and Vietcombank to become the strongest brand in Vietnam based on the BSI. Vinpearl’s brand value rose by 34% to USD 230 million, reflecting its successful business strategies and consumer trust. Viettel improved its ranking by three places compared to last year and is now the second strongest brand, followed by Vietcombank.

Largest Brand Value Performers Drive Economic Optimism

Vietnam’s top brand value gainers across different sectors are fueling optimism amid an otherwise uncertain economic forecast. Leading the charge is VinFast, the country’s rapidly growing electric vehicle maker, which posted a remarkable 142% increase in brand value, reaching USD 181 million. Vinschool, an education brand, saw a 109% surge to USD 45 million, while Wake-up 247, a popular energy drink, climbed 83% to USD 149 million.

Viettel Leads in Sustainability Perception

Viettel also holds the highest Sustainability Perceptions Value among Vietnamese brands, valued at USD 756 million, according to the 2024 Sustainability Perceptions Index. This highlights Viettel’s commitment to sustainability, a factor that increasingly resonates with both consumers and investors alike.

Despite a cloudy economic forecast for 2024, the strong performance of Vietnam’s leading brands, particularly in the food and banking sectors, underscores the resilience and adaptability of the country’s businesses. The robust brand value growth reflects strategic efforts to enhance product quality, customer service, and sustainability, setting a positive tone for the year ahead.

Alex Haigh, Managing Director – Asia Pacific at Brand Finance, notes, “Vietnamese brands, especially in the food and banking sectors, have shown remarkable resilience, continuing to grow in value despite market challenges. The success of brands like Chin-Su underscores the strategic importance of maintaining brand strength.”

This growth not only supports Vietnam’s economic outlook but also positions its brands for sustained success on both local and global stages.

Water Puppetry: A Unique Experience for Tourists

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A Unique Art Form of Vietnam

Originating and flourishing during the Ly Dynasty (1010–1225), water puppetry has been passed down through generations, evolving from a rural folk art into a traditional performance with a distinctive place in Vietnam’s national theater scene.

The stage for water puppetry, known as the “water pavilion” or “thủy đình,” uses the surface of a pond or lake as the platform for performances. Behind the curtain, puppeteers manipulate wooden puppets via rods and strings, making them dance and perform on the water’s surface. The stage is often adorned with colorful flags, fans, parasols, elephants, and ceremonial gates, creating a lively atmosphere that’s enhanced by the sounds of drums and fireworks.

Vietnam’s vast repertoire of water puppet performances includes 30 traditional acts and hundreds of modern scenes, depicting folklore and the everyday lives of the Vietnamese people.

Below are scenes from a performance by the Lotus Water Puppet Troupe, part of the Vietnam Contemporary Art Theatre under the Ministry of Culture, Sports, and Tourism. Signature acts, such as “Dragon Dance,” “The Scholar’s Procession,” and “Le Loi Returns the Sword,” have captivated audiences, particularly international visitors. The troupe usually performs twice daily, with a fixed show at 5:15 p.m. and other shows at 6:30 p.m. or 4:00 p.m., depending on demand.

The water puppeteers are controlling the puppets.

Preparing to go underwater and control puppets.

Artist Tuan Anh practices before the performance.

Over the past three decades, the Vietnam Contemporary Art Theatre has invested in its facilities, stage design, and equipment, while introducing new, vibrant performances that blend water puppetry with contemporary music and dance. Despite modern elements, the performances maintain a deep connection to traditional Vietnamese culture, ensuring a rich and enjoyable experience for both locals and tourists alike. To attract more visitors, the theater has partnered with travel companies to introduce this unique cultural experience to a broader audience, contributing to the development of Vietnam’s tourism industry.

Places to Experience Water Puppet Shows in Hanoi

In Hanoi, visitors can enjoy water puppet shows at several venues. The Thang Long Water Puppet Theatre, located at 57b Dinh Tien Hoang Street, offers daily performances from Monday to Saturday at various times, including 1:45 p.m., 3:00 p.m., 4:10 p.m., 5:20 p.m., 6:30 p.m., 8:00 p.m., and 9:15 p.m. On Sundays, shows start as early as 9:30 a.m. and continue throughout the day. Visitors are required to collect their tickets at least 30 minutes before the show, which typically lasts around 45 minutes. A small additional fee is applied for camera use (20,000 VND) or video recording (60,000 VND).

Another popular venue is the Lotus Water Puppet Theatre, situated at 16 Le Thai To Street in the Hoan Kiem district. This theatre is known for its vibrant performances that attract both locals and tourists alike.

For those interested in experiencing water puppetry in a different setting, the Vietnam National Puppetry Theatre at 361 Truong Chinh Street in Thanh Xuan district also offers performances.

Ticket prices for water puppet shows in Hanoi range from 60,000 VND to 150,000 VND, making it an accessible and worthwhile cultural experience that showcases the beauty of this traditional Vietnamese art form.

Sea Turtles Reappear in Nha Trang Bay, a Positive Signal for Marine Conservation

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A recent sighting of a sea turtle swimming gracefully in the crystal-clear waters of Nha Trang Bay has captured the attention of the online community. This marks the first time in many years that sea turtles have been spotted in the bay, a significant moment for both marine enthusiasts and conservationists.

The return of these majestic creatures is not only a positive sign for the health of the ecosystem but also serves as a reminder of the importance of protecting our oceans. Currently, several species of sea turtles in Vietnam face the threat of extinction due to environmental pollution and over-exploitation.

During routine ecological surveys, experts from the Nha Trang Bay Management Board recorded the presence of the sea turtle species. In the past, these turtles were regularly seen at Bai Bang, Hon Tre Island, where they came to lay their eggs. However, for many years, their presence has been alarmingly absent.

Vietnam is home to five species of sea turtles, including the leatherback, green, and hawksbill turtles, all of which are listed in Vietnam’s Red Book of endangered species. The number of turtles coming ashore to lay eggs has plummeted dramatically, from 10,000 individuals annually in the 1980s to just 450 in 2019.

In Nha Trang Bay, protecting sea turtles involves not only establishing protected areas for nesting but also maintaining a pollution-free marine environment and reducing threats to their survival. Since October 1st of last year, regulations have been in place prohibiting tourists from bringing single-use plastics onto tour boats. This is one of the many measures aimed at reducing plastic waste in the ocean, a critical effort to safeguard the turtles from potential hazards.

With these conservation actions and the recent sighting of sea turtles, there is renewed optimism that Nha Trang Bay could once again become a thriving habitat for these ancient mariners.

Over 200 Billionaires Set to Cruise to Ha Long Bay

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An event in January 2025 at Ha Long Bay is expected to attract 80,000 participants, including more than 200 billionaires from Europe and Asia.

Ha Long Bay attracts international tourists, including MICE (meetings, incentives, conferences and events) visitors. Photo: Ha Pham.

According to the Quang Ninh Provincial Information Portal, Ha Long City will host the Art for Climate Halong Bay festival in January 2025. The event is anticipated to draw approximately 80,000 screenings.

Notably, over 200 US-dollar billionaires from Europe and Asia are expected to participate, arriving at Ha Long Bay on their personal yachts.

Earlier, on the evening of September 16, during the official launch ceremony of the festival held at the French Embassy in Vietnam, French Ambassador to Vietnam Olivier Brochet remarked that the event would serve as a bridge between art and humanity’s responsibility towards the environment, raising awareness about the protection of the planet.

Speaking at the ceremony, Ha Kim Ngoc, Vietnam’s Deputy Foreign Minister and Chairman of the Vietnam National Commission for UNESCO, emphasized: “This festival is an important initiative to promote local solutions to global challenges, highlighting Vietnam’s key programs. Vietnam is committed to working closely with UNESCO and other stakeholders to advance this initiative in upcoming programs.”

Luxury cruises exploring Ha Long Bay (Quang Ninh) are a prominent waterway tourism product, attracting a large number of international visitors. Photo: Hoang Hiep.

The Art for Climate Halong Bay festival is organized by Arsuprema, a company specializing in high-value art business, with headquarters in France and Spain.

Previously, in December 2023, this organization introduced the event at the 28th Conference of the Parties (COP 28) to the United Nations Framework Convention on Climate Change in Dubai, UAE.

The selection of Ha Long Bay as the festival’s venue not only celebrates the value of art but also raises awareness about heritage preservation, climate change response, and environmental protection.

The wedding of groom Vivek Dinodiya and bride Anmol Garg on Ha Long Bay. Photo: V.P.

In recent years, Vietnam has become a popular destination for high-spending tourists. With its breathtaking natural beauty, luxurious resorts, and unique culinary experiences, Vietnam has increasingly attracted high-profile visitors, including stars, billionaires, and millionaires.

At the end of August, Indian billionaire and founder of Sun Pharmaceutical Industries Limited (Sun Pharma) brought 4,500 employees to Vietnam for nearly two weeks, visiting Hanoi, Ninh Binh, and Ha Long Bay.

Ha Long Bay has also become a popular destination for extravagant weddings among India’s elite, such as the wedding of billionaire groom Dinodiya and bride Anmol Garg, which took place from February 16-18.

@Znews

Ha Long Bay Opens 7 Luxury Beaches for Billionaires

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Quang Ninh Province has planned to designate seven pristine island areas in Ha Long Bay to cater to the ultra-wealthy, representing the top 1% of the world’s population.

The People’s Committee of Quang Ninh recently held a meeting to discuss solutions for promoting and developing tourism towards the end of the year. During the meeting, they proposed designating seven areas on remote islands with beaches in Ha Long Bay to serve the billionaire segment, targeting the ultra-luxury market.

Hang Co beach in Ha Long Bay is determined to serve the world’s super-rich guests

According to a report by the Quang Ninh Department of Tourism, despite the impact of Typhoon No. 3, the province welcomed 15.6 million visitors in the first nine months of 2024, a 20% increase compared to the same period in 2023, achieving 98.1% of its growth target for that period.

Additionally, total tourism revenue is estimated to reach nearly VND 37 trillion, a 39% increase compared to the same period in 2023, meeting 97.8% of the projected growth scenario for nine months.

Notably, nearly 2.6 million international visitors were recorded, mainly from markets such as China, South Korea, Taiwan (China), the U.S., India, France, Australia, the U.K., Germany, and Japan.

Virgin Beach on Ha Long Bay is peaceful and private

In the last three months of 2024, Quang Ninh aims to attract over one million more visitors, including over 900,000 international tourists. The province is determined to reach the goal of welcoming 19 million visitors by the end of the year.

Nguyen Thi Hanh, Vice Chairman of the People’s Committee of Quang Ninh, has involved the Department of Tourism and related units to urgently open three beaches on Ha Long Bay: Soi Sim Island, Co Cave, and Trinh Nu Cave. The plan includes organizing art performances with light refreshments inside some qualified caves on Ha Long Bay, as well as identifying seven remote islands and beaches for the billionaire segment of the ultra-wealthy 1%.

Additionally, the province will hold an event to mark the milestone of welcoming the 17 millionth visitors and the 3 millionth international visitors to Quang Ninh.

Furthermore, to expand new maritime tourism products, Quang Ninh has directed relevant departments to expedite the development of the tourist boat fleet, aiming to have 100 high-quality new boats operating in Bai Tu Long Bay.

@Thanhnien.vn

BenThanh Tourist Announces the Most Anticipated Tour of 2025

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On the morning of October 11, BenThanh Tourist announced the results of a survey conducted with over 42,000 customers regarding the most anticipated travel destinations for 2025. The most favored destination will be selected for the company’s “Tour of the Year 2025”.

BenThanh Tourist has introduced to tourists the product “Tour of the year 2025” which is a journey through three countries France – Spain – Portugal. In the picture is the city of Marseille in the South of France. Photo: TL

This independent survey was carried out by BenThanh Tourist over a period of 12 months, from September 2023 to September 2024, through survey forms and direct interviews with customers. With around 42,000 responses recorded, the company identified the top 10 most popular destinations for 2025.

Leading the list is France, chosen by 8,432 customers, followed by Spain with 7,388 votes, and Japan in third place with 6,779 votes. The United States ranked fourth with 4,902 votes, and South Korea came in fifth with 2,980 votes. Other countries in the top ten include Singapore, Thailand, Switzerland, Taiwan, and China.

Based on the survey results, BenThanh Tourist introduced the “Tour of the Year 2025,” a journey through three countries: France, Spain, and Portugal.

The tour will begin in the port city of Marseille, passing through Avignon, Nimes, Montpellier (France), Barcelona, Madrid, the ancient city of Toledo, Salamanca (Spain), Porto, Fatima, the westernmost point Cabo Da Roca, and ending in the capital Lisbon (Portugal). The tour will use Turkish Airlines for air travel, with a full package price of 99.99 million VND.

Speaking with Saigon Times, Mr. Thi Quoc Duy, Director of BenThanh Tourist’s Retail Travel Center, stated that the destinations most favored by customers serve as inspiration for designing the Tour of the Year—a series of travel products that define the company’s brand. This year, Southern Europe was chosen as the focus for the 2025 Tour of the Year.

“The increasing interest in destinations in Southern Europe reflects a major shift in tourists’ preferences and travel trends. Today’s travelers are prioritizing unique, novel experiences,” Mr. Duy said.

@SGtiepthi

Vietnam Among Top 20 Best Countries to Travel in 2024

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Vietnam has been ranked among the top 20 best countries in the world for tourists in 2024 by the prestigious American travel magazine Condé Nast Traveler.

In the recently announced list, Vietnam secured 15th place with a score of 89 points. The rankings are part of Condé Nast Traveler’s annual Readers’ Choice Awards, which evaluate travel experiences based on input from over 575,000 readers. The assessments cover aspects such as culture, landscapes, tourism services, and infrastructure. Another Southeast Asian nation, Thailand, ranked third with 92.29 points, while Japan claimed the top spot with 95.32 points.

Condé Nast Traveler praised Vietnam for its “rustic and charming beauty,” noting that the country has transformed from a hidden gem into a must-visit destination. The magazine highlighted the increasing number of foreign visitors to Vietnam since 2019, a trend that continues to grow.

Foreign tourist traveling in Hanoi by Cyclos

According to Vietnam’s General Statistics Office, the country welcomed over 12.7 million international visitors in the first nine months of 2024, surpassing the total number of visitors for 2023, which was 12.6 million. The National Tourism Administration predicts that Vietnam is on track to reach its target of attracting 17-18 million international visitors by the end of the year.

Meanwhile, Thailand was recognized for its diverse landscapes, efficient transportation network, and vibrant street food culture, including its bustling night markets. As of August 2024, Thailand had welcomed more than 20 million international visitors, a 34% increase compared to the same period last year. The country aims to attract 36-37 million visitors by the end of 2024, generating around $95.5 billion in tourism revenue.

Condé Nast Traveler, established in 1987, is known for its influential travel rankings, such as the Readers’ Choice Awards, which are highly regarded for being based on the opinions of millions of travelers worldwide.

Former FTX Customer Sues Hedge Fund, Says It Reneged on Bankruptcy Payout Deal

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Alexander Nikolas Gierczyk of California says the hedge fund he sold his FTX bankruptcy claim to isn’t paying out what it promised.

A California-based former customer of FTX is suing hedge fund Olympus Peak alleging that the firm’s bankruptcy claims purchasing desk has withheld promised payments on a claim he sold to it.

In documents filed with the U.S. District Court Southern District Of New York, Alexander Nikolas Gierczyk says he agreed to sell a $1.59 million FTX bankruptcy claim at a 42% discount to Olympus Peak Trade Claims Opportunities Fund with an “excess claim provision.”

The agreement provided that “if the Claim is ultimately allowed … in an amount that is greater than the Claim Amount, Buyer will purchase such Excess Claim Amount by paying … the Excess Claim Amount multiplied by the Purchase Rate.”

Gierczyk agreed to the sale only because “the purchase agreement contained a clause that expressly gave him the right to receive additional recovery in the event his claim was paid above par through the bankruptcy proceedings,” according to the filing.

Gierczyk’s attorneys write in the filing that the most recent FTX disclosure statement says that claims similar his are estimated to receive as much as 146% of their value in distributions. But, they allege, Olympus Peak, “made clear that they would not be fulfilling their end of the bargain.”

“We disagree with your position that you have a retained any economic interest in the claim,” an Olympus Peak representative wrote to Gierczyk.

Olympus Peak did not immediately respond to a request for comment from CoinDesk.

In the early days of FTX’s bankruptcy, claims were going for 13 cents on the dollar on bankruptcy marketplaces.
Bloomberg reported on the case earlier.

Sentiment More Bearish for Ether Than Bitcoin Even as Trump Widens Leads Over Harris

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Ether traders display a stronger inclination to mitigate potential downside risks than bitcoin,

The bearish sentiment toward ether (ETH) remains pronounced relative to bitcoin (BTC) even as DeFi enthusiast Republican candidate Donald Trump extends his lead over Democrat rival Kamala Harris in prediction markets tied to the outcome of the Nov. 5 U.S. presidential election.

At press time, ether’s 25-delta risk reversals for shorter and longer duration expiries were more negative than bitcoin’s, according to data sources Amberdata and Deribit. That’s a sign of stronger bearish sentiment toward the native token of the Ethereum blockchain, which dominates in decentralized finance (DeFi).

Risk reversals measure the premium required to hold a call option relative to a put. Negative values suggest a bias for put options, which reflect expectations of a price drop in the underlying asset.

Traders often use options to hedge their spot/futures market exposure. Therefore, a trader with a bullish spot/futures bet may buy a put option when expecting downside volatility. Both bitcoin and ether traders seem to be doing just that, with ether traders displaying a stronger inclination to mitigate potential downside risks.

The risk reversal for Oct. 11 ether options is -7.3%, while bitcoin’s is -5.8%. A similar pattern is observed for expiries up to the end of October.

A curious pattern has emerged: While BTC risk reversals are positive for Nov. 8 and beyond, ether’s don’t turn bullish until late December. In other words, traders expect upside volatility in BTC once the election results are out on Nov. 8. Ether isn’t expected to turn the corner until later.

DEX traders see limited upside in ETH

On the dominant decentralized exchange (DEX) Derive, Ethereum call options saw a 2.5:1 sell-to-buy ratio in September. The flow was much more balanced in bitcoin options.

The relatively greater interest in writing (selling) ether calls means traders do not foresee a notable upside volatility in the cryptocurrency.

“The skew in ETH open interest, with nearly 2.5 times more calls sold than bought, suggests that traders see the upside as limited for now. This divergence between the two assets will be key to watch as we get closer to election day,” Nick Forster, founder of Derive, told CoinDesk in an exclusive monthly report.

Trump’s lead widens

Trump’s odds of winning the election soared to a two-month high of 55.8% on prediction platform Polymarket, leaving Harris behind at 43.8%.

The popular narrative is that a potential Trump win would be positive for both BTC and DeFi. The perception likely stems from Trump’s decision to debut DeFi protocol World Liberty Financial in September.

On Oct. 9, the protocol submitted a proposal on Aave to link the two projects, focused on providing stablecoin liquidity for ETH and WBTC and growing Aave’s user base.

Still, some observers, including Standard Chartered, say a Trump victory would be better for Ethereum rival Solana, and Ethereum will prosper more under Harris’ presidency.

Sustainable Practices in “Made in Vietnam” Handicraft Products

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The issue of sustainability cuts across all walks of life, and even handicraft production is no exception. Sustainability in this regard denotes practices that will enable handicrafts artisans to reduce their impact on the natural environment, while at the same time preserving their traditional knowledge and ensuring the well-being of their livelihood.

The need for sustainability within the craft industry has been felt over time. The artisans only contribute to the conservation of the earth by catering to the increased demand for products made using eco-friendly materials, hence assuring themselves a sustainable source of livelihood.

As global interest in sustainable, Vietnam’s handicraft sector is increasingly noted as a leader in striking a balance between cultural heritage and environmental responsibility, thus enabling this country to position itself as a key player in this growing market.

For a glimpse of some of the finest handicraft and handmade products, this video offers a showroom tour in Vietnam:

Sourcing Materials Responsibly

Material selection is key to sustainable handmade production. Today, many craftsmen are turning to natural, renewable, and locally sourced materials. which provides environmental and economic benefits. Popular sustainable materials used in crafts include:

The Vietnamese handicraft industry has a long tradition of using sustainable materials, a prime example is bamboo. It is a fast-growing and versatile resource that requires minimal resources to cultivate. This makes bamboo an excellent choice for producing a wide variety of products, from baskets, furniture to home decorations.
Another sustainable material that is popular is jute. Jute is known for its natural strength and biodegradability. It is ideal for producing eco-friendly bags, rugs and textiles.
Vietnamese artisans can also turn used paper and fabric scraps into decorations and household items. This approach not only reduces waste. But it also introduces a new way of thinking about sustainability in handicraft production.

>> Related article : The Best of ‘Made in Vietnam’ products for Sourcing

Using local resources such as bamboo and jute reduces the carbon footprint associated with transporting materials from remote locations. It also supports the local economy by providing jobs for those involved in collecting and processing these materials.

Environmental Impact

The environmental benefits of manual production are significant. Especially when compared to mass-produced products. Crafting usually uses fewer resources, creates less waste and there is a lower carbon footprint. In many cases, the production process itself is environmentally friendly.

One notable example is the use of natural dyes in textile production. They are natural, biodegradable dyes such as plants, minerals, or insects, rather than synthetic chemicals and do not cause water pollution like chemical dyes.

Consumer Awareness and Demand

In the past few years, consumer demand has shifted toward ethical and environmentally friendly products. This shift is driven by increased awareness of environmental issues, such as climate change and plastic pollution. Nowadays, consumers are looking for products that have values matching their own. Thus, handicrafts made of sustainable materials can do that.

To endorse the sustainability approach, the Vietnamese government has made significant strides forward. Among these initiatives are the popularization of the campaign for green manufacturing, the incentives for enterprises adopting green technologies, and the enactment of laws on waste management stricter than those currently in place. This would allow sustainable development and promote environmental goods.

Social media and marketing play an important role in positioning sustainable handicrafts. The works made by artisans are showcased online directly to the consumer through platforms like Instagram and Pinterest, highlighting their eco-friendly properties. This interaction is thought to build trust and facilitate consumer buying, allowing them to make decisions informed about what they will purchase.

>> Related article : How to Implement a Global Sourcing Strategy with Vietnam

Plus, online marketplaces dedicated to sustainable and fair trade products, such as Etsy, make it easier for consumers to find and buy handmade crafts that suit them.

Challenges and Opportunities

This is despite the increasing demand for sustainable products, many artisans face many challenges in adopting sustainable practices. One of the main obstacles is the cost of durable materials. This can be higher than traditional alternative materials. In addition, switching to environmentally friendly production methods often requires training and investment. This can be difficult for small craftsmen.

But these challenges present important opportunities. This is because consumer demand for sustainable products is increasing. The market for eco-friendly handicrafts continues to grow. Artisans who adopt sustainable practices will have access to this market. Positioning themselves as leaders in the environmentally conscious movement, government organizations and non-governmental organizations (NGOs) are also increasingly providing support in the form of grants or training programs. To help artisans switch to more sustainable production methods.

Sustainability in the craft industry is not just a trend. It is a necessary development for the future of the environment and the craft community. By sourcing materials responsible maintaining a balance between traditional and modern techniques and respond to the increasing demand for environmentally friendly products. Artisans can continue to thrive by contributing to a more sustainable world.

Consumers have an important role to play in this shift by supporting sustainable artisans and choosing products that reflect their values. By making a conscious purchasing decision We can all play our part in a greener future for the craft industry.

Popplife Wins SME100 Asia Award 2024 for Remarkable Growth

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Popplife Joint Stock Company has been honored with the prestigious SME100 Asia Award 2024, in recognition of its exceptional business achievements and significant growth. The award ceremony took place on October 9, 2024, in Ho Chi Minh City.

Since its inception in 2009, the SME100 Asia Award has drawn participation from thousands of businesses across the region. This year’s theme, “Rise and Roar Above the Best – Breakthrough and Conquer the Peak,” celebrates businesses that demonstrate innovation, impressive achievements, and strong growth potential in both Vietnam and Asia.

To secure its place among the winners, Popplife underwent rigorous evaluations based on international standards, emerging as one of the top-performing businesses in terms of growth among this year’s nominees.

Innovative Ecosystem Enhancing Customer Experience

Founded in December 2022, Popplife set out to create a customer loyalty ecosystem, offering users a wide range of benefits and privileges through a seamless technology platform. The platform allows customers to accumulate and redeem points, providing them with exclusive rewards from a variety of brands and services. Users can earn Popp points through purchases in sectors like real estate, retail, travel, and credit card use with Popplife’s partners.

With over 3,000 vouchers from more than 1,000 partners offering discounts of up to 50%, the Popplife app ensures transparency in points accumulation, redemption, and management, while optimizing transaction speeds for both customers and partners. The platform is designed to be user-friendly, accommodating users of all ages on smartphones.

A Breakthrough Solution for Businesses

Popplife’s platform also provides businesses with a fast and efficient solution for launching and managing loyalty programs. The system integrates seamlessly with e-commerce platforms, mobile apps, digital kiosks, and more, allowing businesses to create personalized customer experiences. By centralizing customer data, businesses can design tailored campaigns to strengthen relationships and grow their customer base.

Popplife’s ecosystem further benefits businesses by linking them with other partners, opening up opportunities for cross-selling and collaboration, thereby boosting mutual growth.

In less than two years, Popplife has reached significant milestones, such as developing loyalty platforms for key partners like MSB Bank and the SOJO hotel chain. The company is also finalizing partnerships with major players, including Family Mart, Song Hong business lounges, and TNEX digital bank, broadening its ecosystem and enhancing user experiences.

A Popplife representative stated, “The SME100 Asia 2024 Award is international recognition of our efforts in building a loyalty ecosystem over the past two years. This motivates us to continually improve the customer experience and expand the Popplife model across various sectors.”

A Solid Foundation for Future Growth

As a subsidiary of ROX Group, Popplife benefits from a strong financial foundation and professional management. Its success also allows ROX Group to expand into loyalty and marketing services. Popplife continues to focus on growing its network of partners while leveraging big data to track customer behavior, providing businesses with insights to enhance their customer relationships.

With its customer-centric approach, Popplife is set to expand its ecosystem and further establish itself as a leading player in the loyalty and rewards industry.

American Newspaper Amazed by Vietnam’s Beef Shake Dish

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The Washington Post, a leading American newspaper, expressed surprise at the recipe for Vietnam’s shaking beef.

Shaking beef made according to Nini Nguyen’s recipe. Photo: Lisa Cherkasky/Washington Post.

Aaron Hutcherson, a food writer for The Washington Post, was surprised to find that the beef, typically used by Americans for steak, is cut into small pieces and stir-fried with vegetables. The paper referenced the recipe for shaking beef from the cookbook Special by Nini Nguyen, a Vietnamese-American chef who competed in Top Chef in 2018.

The newspaper described this dish from Vietnam as being inspired by French cuisine but noted that the preparation is quite different from the original. A proper plate of shaking beef should feature tender beef cubes, cooked to the ideal doneness. The exterior should be slightly seared, browned, and firm, while the inside retains a light pink hue.

To make it, the beef is first marinated with sugar, salt, and pepper before being cooked in a hot pan. Then, the small beef cubes are stir-fried with cucumbers, bell peppers, onions, watercress, and soy sauce.

According to The Washington Post, the dish is also served with French fries, similar to steak.

Shaking beef is inspired by French cuisine. Photo: Lisa Cherkasky/Washington Post.

In her Vietnamese recipe collection, Nini Nguyen shares that most of her culinary inspirations come from her grandmother, mother, and aunts, who are Vietnamese and made a living as nail technicians in the U.S.

“I want to preserve and spread the diversity of Vietnamese cuisine to those living far from home in the U.S.,” the author told The Washington Post.

In addition to shaking beef, other Vietnamese dishes like crab noodle soup, grilled chicken feet, pyramid-shaped dumplings, and spicy beef noodle soup have also left an impression on the American newspaper.

The Washington Post frequently reviews Vietnamese cuisine through restaurants in the U.S., with a focus on preserving authentic flavors.

In 2019, the paper highlighted banh mi as one of the representative dishes of Vietnam’s culinary philosophy, emphasizing the balance of a variety of flavors and key ingredients to create a harmonious meal. A good bread should not be overloaded with pâté and butter, the paper noted.

@Znews

First International Talented Pastry Chef Competition Held in Vietnam

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The Vietnam Bakery Cup 2024, the first-ever International Talented Pastry Chef Competition in Vietnam, aims to create a meaningful and engaging platform for professional chefs in the country.

Vietnamese chefs make many types of western and traditional cakes for diners to enjoy when participating in the international pastry chef competition in Vietnam 2024.

On October 9, the Vietnam Bakery Association (under the Ho Chi Minh City Tourism Association) along with the Saigon Professional Chefs Association held an event to announce details about the 2024 International Talented Pastry Chef Competition in Vietnam.

This is the first international standard pastry competition in Vietnam, carrying significant meaning not only for Vietnamese chefs but also for the country’s food technology and culinary culture sectors.

The competition will take place from December 11 to 14 at the Saigon Exhibition and Convention Center (SECC), District 7, Ho Chi Minh City. It is expected to attract about 400-500 contestants from both Vietnam and abroad. According to Tran Thi Hien Minh, Vice President of the Saigon Professional Chefs Association, the participants will include professional pastry chefs, cooks, and sculptors recognized as MasterChefs, certified by the World Chefs Association. Each contestant must maintain the professionalism of an international competition, ensure food safety, hygiene, and security. The judging panel will consist of experienced Vietnamese and international judges, who have participated in numerous domestic and global competitions. These judges come from Vietnam and 20 other countries around the world.

Many young chefs come to learn about the competition.

Nguyen Thi Khanh, President of the Ho Chi Minh City Tourism Association, expressed that the competition offers contestants the opportunity to immerse themselves in Vietnam’s largest culinary event, showcasing their talent, skills, and creativity. For young chefs, this is a valuable opportunity to learn, improve, and prove themselves, thereby contributing to the development of the pastry industry in Vietnam.

“This event is not just a pastry competition; it also serves as a platform to promote and showcase the cultural and economic values of the Vietnamese pastry industry, helping to drive its growth alongside the wider Vietnamese culinary sector,” said Nguyen Thi Khanh.

Japanese Mochi products have been transformed and completely use domestic ingredients to suit Vietnamese tastes.

The event will also feature spaces for showcasing pastry ingredients and ingredients, as well as areas for performance, competition, and serving guests. In addition, attending will be able to participate in workshops, discussions, and talk shows centered around the topic of pastry.

@Thanhnien.vn