The Ha Long (Quang Ninh) – Cat Ba (Hai Phong City) route began trial operations from the Ha Long International Cruise Port on October 18, with plans to officially commence services on November 15.
The Ha Long – Cat Ba high-speed ferry is expected to launch on November 15. Photo: Tuan Chau Express.
On the morning of October 18, the Tuan Chau Express, operated by Havaco Investment Corporation, conducted a trial run of the high-speed ferry connecting Ha Long and Cat Ba at the Ha Long International Cruise Port. This trial run is in preparation for the official inauguration event on November 15.
According to the operator, the travel time between the two points is approximately one hour.
The ferry will depart daily at 7:30 AM from Tuan Chau International Cruise Port (Ha Long) and arrive at Dong Ho Bay, located in the center of Cat Ba Town (Hai Phong City), at 8:30 AM. After that, the ferry will continue to Dong Bai Port and return to Dong Ho Bay. The return trip back to Ha Long International Cruise Port will depart at 3:00 PM on the same day.
The ticket price for this journey is set at 250,000 VND per person per trip.
Inside the high-speed boat route connecting Ha Long Bay – Cat Ba heritage. Photo: Tuan Chau Express.
This high-speed, twin-hull ferry operates at a maximum speed of 28 knots, equipped with noise reduction and anti-seasickness features. It can function in adverse weather conditions, including winds of up to level 7, and has a capacity of up to 300 passengers.
According to the Quang Ninh Provincial People’s Committee, this ferry service is the first modern high-speed sea passenger transportation route to be operated, connecting the Ha Long Bay – Cat Ba Archipelago heritage region.
Additionally, the Ha Long – Cat Ba high-speed ferry provides both residents and tourists with an enhanced travel experience, strengthening the connection between the Ha Long Bay – Cat Ba Archipelago area. It also helps alleviate the pressure and congestion on ferry services during busy weekends.
Currently, parking facilities in the city can only meet about 10% of the demand, while the number of newly registered vehicles, especially private cars, continues to rise, leading to a severe shortage of parking spaces.
Additionally, many drivers disregard traffic regulations, and enforcement remains lax, allowing violations to persist. Despite no-parking signs, vehicles are frequently seen blocking sidewalks, storefronts, or even areas designated for pedestrians. This shortage of parking, especially in city centers, has become a growing issue as the number of cars increases.
While Hanoi has several fee-based parking lots, most do not meet safety and regulatory standards, and some operate illegally. “We hope for temporary permits to ensure security, fire prevention, and environmental safety, while also following the law,” said Bui Minh Tan, a resident of Thanh Xuan District.
Despite previous government proposals, efforts to allocate long-unused land for parking lots have stalled. Bui Danh Lien, former President of the Hanoi Transport Association, remarked, “It’s challenging to establish legal parking areas.”
In theory, Hanoi should allocate at least 3% of its land for parking, but currently, only 0.3 to 0.4% is used for this purpose. This shortfall is one of the main reasons behind the persistent illegal parking and encroachment on sidewalks and streets.
Bridge, which has raised $54 million in funding, previously said it aspired to become the blockchain version of Stripe, operating a global system in which other developers could integrate
Looking to advance its cryptocurrency ambitions, payments processor Stripe has finalized a deal to buy stablecoin platform Bridge for $1.1 billion, according to a Sunday X post from TechCrunch founder Michael Arrington.
Bridge, which has raised $54 million in funding, was founded by Square and Coinbase alumni Zach Abrams and Sean Yu, and counts SpaceX and Coinbase (COIN) among its customers.
The startup previously said it aspired to become the blockchain version of Stripe, operating a global system in which other developers could integrate.
Stripe, which enables companies to accept payments online or in-person, has this year been exploring extending its offering to cryptocurrency through Circle’s USDC stablecoin.
The hub is in collaboration with Ghaf Group, a blockchain firm in the region.
Dubai – The Sui blockchain has launched a hub in Dubai which will act as an incubator for blockchain developers and entrepreneurs, one of its founding developers told CoinDesk in an interview.
Kostas Chalkias, co-founder and chief cryptographer at Mysten Labs, which developed the Sui network, is originally from Greece and has moved to Dubai from California. He said his vision is to bring an army of solution engineers to Dubai.
“Like Leonidas, the Greek war hero, we are bringing an army of developers and if it is super successful in the very first month we will probably make it like Leonidas’ 300,” said Chalkias. “”Initially, we are bringing a small army but with big brains.”
Chalkias painted a scenario where a government entity would want a blockchain based solution to a problem and instead of spending days to create the solution, this hub would have the capacity to build the solution as a smart contract more or less on the spot.
“When you’re preaching an idea we will be able to sit down for two hours and build the proof of concept there. No other blockchain can do a POC on the spot. This hasn’t happened before,” Chalkias said.
The hub is in collaboration with Ghaf Group, a blockchain firm in the region.
The Dubai hub will be first in a global series of hubs, the entity announced. Dubai has been attracting the Web3 community with reasonably clear regulations and licensing processes which has seen crypto exchanges like Binance, Crypto.com and OKX win approvals this year.
“UAE is top for deals UAE but not the actual development,” said Chalkias. “The vision is to be the heart of hackathons and implementation even in Dubai.” Initially, the hub would be hoping to help the government with digitalization, he added.
“We are building solution engineering here in Dubai,” said Chalkias. “We want to invest in the region. We want to bring engineering capacity. I am bringing solution engineers. I want to run hackathons every month in Dubai where we don’t sleep for three days.
The Sui network which was built by former Meta (META) employees, including Chalkias, overtook the likes of Cardano, Near and Aptos in terms of total value locked (TVL) in February this year. For some, Sui has emerged as the chosen blockchain over Solana.
Lắng nghe nhu cầu của các Giám đốc Văn phòng Tổng Đại lý, xây dựng chương trình đào tạo linh hoạt và phát triển kỹ năng quản trị doanh nghiệp… là cách thức Prudential đang thực hiện để giúp các giám đốc bảo hiểm đủ sức thích nghi với những thay đổi của thị trường bảo hiểm.
Là khách mời trong chuỗi talkshow “Thành công vẫn cần thay đổi” hợp tác giữa Prudential và Cafebiz phát sóng ngày 15/10, anh Trần Văn Trung Châu – Giám đốc Huấn luyện Đào tạo kênh Đại lý Prudential – lần đầu chia sẻ những câu chuyện chưa từng bật mí về công tác đào tạo bảo hiểm đặc biệt vào thời điểm “ngược gió” của ngành nói riêng và thị trường nói chung.
Mở đầu tập 3 với chủ đề “Tư vấn viên bảo hiểm: Dục tốc bất đạt?”, anh Châu cho biết công việc chính của bộ phận phát triển và huấn luyện kênh đại lý bao gồm: xây dựng nội dung đào tạo, biên soạn giáo trình cho đội ngũ tư vấn viên bán hàng; Thiết kế các quy trình đào tạo; Tuyển chọn và quản lý đội ngũ giảng viên giỏi để truyền đạt kiến thức, kỹ năng cho đại lý.
Không chỉ bật mí về vai trò tại Prudential, với hơn 20 năm kinh nghiệm trong ngành, anh Châu còn mang đến góc nhìn sâu sắc về câu chuyện đào tạo đội ngũ tư vấn viên và các Giám đốc Văn phòng Tổng Đại lý trong những giai đoạn đầy thách thức của ngành.
Theo anh Châu, so với mô hình đào tạo tư vấn viên, việc đào tạo Giám đốc Văn phòng Tổng Đại lý trong bối cảnh hiện nay cũng đang có những khó khăn nhất định. Dẫn chứng điều này, Giám đốc Đào tạo của Prudential cho biết khách hàng ngày nay có nhu cầu đa dạng, điều này đòi hỏi những người làm trong lĩnh vực bảo hiểm phải không ngừng nâng cao chuyên môn và chất lượng phục vụ.
Mặt khác, những thay đổi về yếu tố vĩ mô cùng sự ra đời của Luật Kinh doanh bảo hiểm cũng đưa ra các bài toán mới cần tìm lời giải. Do đó, việc thiết kế các chương trình và cách thức đào tạo phù hợp dành cho các Giám đốc Văn phòng Tổng Đại lý để “trúng” nhu cầu thị trường cần, khách hàng muốn là những điều khiến anh Châu cùng các cộng sự luôn trăn trở.
“Đó là thách thức cho người làm đào tạo. Nhưng khó thì cần phải gỡ”, anh Châu nói. Tuy nhiên, khi đã hình dung được bài toán cần giải, anh Châu cùng nhân sự làm công tác huấn luyện, đào tạo kênh đại lý tại Prudential từng bước tìm ra câu trả lời. Đầu tiên, thay vì “nghĩ” xem các Giám đốc Văn phòng Tổng Đại lý cần gì, những chuyên gia đào tạo trực tiếp đối thoại với từng Giám đốc xem họ thực sự muốn một chương trình ra sao, những kỹ năng nào là cần thiết để phát triển bền vững.
Thực tế, Giám đốc Văn phòng Tổng Đại lý đang phải đóng ba vai trò khác nhau: Bán hàng, Quản lý đại lý, và Giám đốc điều hành doanh nghiệp (CEO). Phần lớn những người thành công kỳ cựu rất có kinh nghiệm trong vai bán hàng và tuyển dụng, phát triển hệ thống đại lý. Còn với “vai CEO”, họ sẽ phải đối mặt với nhiều thách thức hơn trong câu chuyện quản trị, đòi hỏi kỹ năng quản trị phải thật “cứng”.
“Đây là thời điểm trọng yếu nhất để hướng các Giám đốc Văn phòng Tổng đại lý về công việc lớn và quan trọng nhất của một người điều hành doanh nghiệp, đó là CEO. Với hệ thống chương trình dành cho các anh chị tổng đại lý năm nay, chúng tôi tập trung vào đúng vào góc độ đào tạo CEO”, anh Châu nói.
Cụ thể, với chương trình đào tạo này, Prudential tập trung phát triển các kỹ năng giải quyết vấn đề, quản trị doanh nghiệp của CEO. Chương trình đào tạo dài hạn và mang tính thực chiến cao giúp các Giám đốc văn phòng tổng đại lý giải quyết hầu hết các vấn đề tại doanh nghiệp.
Cùng với đó, chương trình được phát triển theo hướng “đo ni đóng giày”, từng bài giảng nhằm phát triển các kỹ năng của CEO – người làm chủ, điều hành doanh nghiệp, giúp đại lý bảo hiểm có thể đi dài và bền hơn với nghề. Với lộ trình đào tạo 6 tháng, các Giám đốc Văn phòng Tổng Đại lý có thể “thực hành” ngay với nghề, giải được những bài toán khó thị trường đang đặt ra.
Để tiếp tục nâng cao chất lượng đào tạo, Prudential đã hợp tác cùng các đối tác uy tín trên thị trường nhằm giải quyết bài toán này, xác định những kỹ năng “sống còn” của một giám đốc bảo hiểm cần có vào chương trình đào tạo. Tháng 8 vừa qua, Prudential kết hợp với Viện Quản trị và Công nghệ FSB của Đại học FPT triển khai chương trình đào tạo “Nâng cao năng lực quản trị doanh nghiệp” dành riêng cho các Giám đốc Văn phòng Tổng Đại lý.
Không chỉ đầu tư vào đội ngũ giám đốc, Prudential còn hỗ trợ phát triển toàn bộ hệ thống nhân sự cốt lõi trong văn phòng tổng đại lý. Các chương trình đào tạo sẽ được mở rộng cho các vị trí như nhân viên hỗ trợ kinh doanh, kế toán tài chính… nhằm tạo sự phối hợp hiệu quả và nâng cao năng lực toàn diện cho cả hệ thống.
“Khi đứng trước cú sốc của ngành bảo hiểm vừa qua, các anh chị Giám đốc Văn phòng Tổng Đại lý đứng trước ngã rẽ: thay đổi hoặc buộc phải thay đổi”, anh Châu cho biết thêm. Đồng hành cùng các Giám đốc trên hành trình đó, Prudential cam kết không để ai lại phía sau, tiếp tục mở rộng và nâng cao các khóa đào tạo để nâng cao năng lực cho toàn bộ đội ngũ, vững vàng trước mọi thách thức.
On the morning of October 21, Quang Ninh city of Vietnam welcomed its 3 millionth international visitor of the year, who arrived aboard the luxury cruise ship Viking Orion, alongside nearly 900 other travelers.
The 3 millionth visitor, an American tourist, arrived in Ha Long Bay from Hong Kong. This marks a significant milestone for the city’s tourism sector, as Quang Ninh province continues to recover and thrive following the challenges posed by the global pandemic. The Viking Orion, known for its high-end amenities such as a cinema, theater, bar, and health care center, has a maximum capacity of 930 guests and has made multiple visits to Ha Long Bay.
During their two-day stay, the group of tourists is expected to explore Ha Long Bay, visit the Quang Ninh Museum, and discover other key attractions in the province.
Provincial leaders highlighted the significance of reaching the 3 millionth international visitor milestone, the highest number of foreign arrivals since 2020. This achievement underscores the rapid recovery of Quang Ninh’s tourism industry, which was severely affected by Typhoon Yagi earlier in the year.
Looking ahead to the 2024-2025 cruise season, Quang Ninh expects to welcome more than 60 cruise ships, bringing over 100,000 passengers from renowned luxury lines such as Viking Orion, Costa, Seven Seas, Noordam, Celebrity Solstice, Le Lapérouse, Seabourn, and Mein Schiff. By the end of 2024, Ha Long is projected to receive nearly 20 cruise ship visits.
Quang Ninh province has set an ambitious goal of attracting 19 million tourists by the end of 2024, including over 3.5 million international visitors, solidifying its position as a premier destination in Vietnam.
To many foreign visitors, Vietnam is perceived as a safe country. With strict bans on guns and lethal weapons, the main concerns for tourists tend to revolve around motorbike accidents and noise pollution from traffic.
Recently, the question “Is Vietnam a livable country?” has sparked widespread discussion on Quora, a popular question-and-answer platform with millions of users worldwide. In 2020, Quora boasted over 300 million monthly visitors, underscoring its global reach.
One user shared that Vietnam is indeed a livable country, citing several key factors that make it attractive to foreigners.
Low Cost of Living
One of the most appealing aspects of life in Vietnam is the low cost of living compared to Western countries. Affordable housing, food, and transportation make the country accessible for a wide range of budgets.
Rich Culture and History
Vietnam offers a wealth of historical and cultural experiences, from its diverse heritage to the many traditional festivals held throughout the year. Whether in bustling cities or serene landscapes, the country’s natural beauty and vibrant culture captivate visitors.
Cuisine
The local cuisine is another draw. Known for its fresh ingredients and diverse cooking methods, Vietnamese food is both healthy and flavorful. The growing expat community, particularly in major cities, also provides a support network and opportunities for cultural exchange.
Challenges
Despite its many benefits, Vietnam does present challenges. The language barrier is a significant one, as Vietnamese is the primary language, and not everyone speaks English. This can make day-to-day life difficult for newcomers.
The country’s hot and humid climate can also be uncomfortable for those unaccustomed to it. Traffic congestion, particularly in large cities, is another frequent complaint, as are the sometimes complex administrative procedures involved in securing visas and residency.
Foreigners’ Perspectives
Mary Lee Grant, a long-time resident of Vietnam, shared her positive experience living in Hanoi. She described life there as “pleasant and liberating,” noting that Vietnam is on the rise, with hard-working people who still make time for each other. Mary was particularly drawn to Hanoi’s beautiful French colonial architecture and its rich history, stating, “You could spend a lifetime exploring this city.”
She also praised the Vietnamese lifestyle, particularly the habit of buying fresh food at local markets, and highlighted the affordability of dining out, with street food meals costing as little as 1.5 USD (approximately 40,000 VND). Mary considers Vietnam a safe place to live, where children can play outside after dark, and residents enjoy a sense of security.
However, Mary noted that traffic remains her biggest concern. When she first moved to Vietnam, the noise and chaos of motorbike traffic were overwhelming.
Similarly, James Mollis praised Vietnam, calling it “one of the best countries in Southeast Asia.” While he acknowledged that traffic can be stressful, especially in big cities, he emphasized that Vietnam’s focus on development sets it apart from neighboring countries. Over the past decade, James has frequently returned to Vietnam for tourism, finding it both pleasant and livable.
Ross Symonds, another expat, pointed out the job opportunities available to foreigners, particularly in teaching. He earns around 20 USD per hour at local English centers and spends his free time exploring Vietnam’s stunning landscapes by motorbike.
Global Recognition
According to a recent survey by Internations, a global expat network, Vietnam ranked 14th among the 53 best countries for foreigners. The survey, which included responses from over 12,000 participants in 171 countries and territories, evaluated 56 factors affecting life abroad, such as cost of living, housing affordability, job opportunities, and internet access.
Vietnam’s strong security rating was particularly appreciated, placing it among the top Asian countries for expat safety.
While Vietnam presents some challenges—particularly regarding traffic, language, and climate—it remains a popular destination for expats, offering an affordable lifestyle, rich cultural experiences, and a sense of safety.
In Quang Tien Commune, Hoa Binh City, local authorities had to shut off electricity across the entire area to rescue a skydiver who became entangled in a 35kV power line on the afternoon of October 20.
At around 1:00 PM, during a landing attempt, the skydiver got caught in the power lines and was left suspended mid-air, about 30 meters from the Hoa Lac-Hoa Binh Expressway. The individual was identified as Nguyen Hoang H., a 35-year-old resident of Hoa Binh City’s Thong Nhat Ward.
Emergency teams were immediately dispatched to the scene, bringing in rescue personnel and equipment to safely retrieve the stranded athlete. For safety reasons, the power supply to Quang Tien Commune was temporarily cut off during the operation.
After nearly two hours, the skydiver was successfully rescued, and power was restored to the area shortly afterward.
On October 18th, customs officers at Noi Bai International Airport, in coordination with Hanoi’s Economic Crime Investigation Police (Unit 6) and the airport’s border police, discovered a male foreign passenger hiding approximately 7 kg of suspected gold while going through customs upon arrival from a flight from Hong Kong.
At around 9:30 AM, during routine customs procedures for passengers arriving at Terminal 2, the customs inspection team noticed suspicious behavior from the passenger. Upon further investigation, officers found seven metal bars hidden on his person—five around his waistband and two inside the soles of his shoes.
The passenger admitted he was hired to transport the gold from Hong Kong to Vietnam and was promised a fee of 100 Hong Kong dollars per bar upon successful delivery. He was instructed that someone would meet him outside Noi Bai Airport to collect the gold.
The case has been handed over to Hanoi’s Economic Crime Investigation Police for further investigation and legal proceedings.
Every woman is the author of her own life story, with unique chapters filled with diverse experiences, emotions, and aspirations. Each chapter reflects her dreams, journeys, and goals.
Some chapters may be painted in vibrant, joyful colors, while others demand patience, perseverance, and strength to overcome obstacles and finish the stories left unfinished.
Regardless of the challenges, women continue to push forward, turning a new page every day, filled with inspiration and hope, spreading positivity along the way.
At Vietnam Insider, we encourage every modern woman to take pride in her journey, crafting meaningful personal stories each day.
On the occasion of Vietnamese Women’s Day, October 20, Vietnam Insider wishes all our female readers happiness and love.
Live your passion to the fullest. Dream boldly and write new, brilliant chapters for your life. If you’d like, let Vietnam Insider help share your story and inspire others. Email us at editor@vietnaminsider.vn.
As a country, with a high growth, trade and manufacturing sector, Vietnam has a strategic location for any entrepreneurs who wish to interface into its world of suppliers. Enhanced productivity for companies seeking products from multiple suppliers, mixed-container consolidation helps rationalize logistics. In mixed-container consolidation, products coming from varied suppliers are consolidated into a single shipping container that helps lower shipping costs and simplifies supply chain management.
Nevertheless, there are challenges that mixed container consolidation has for start-ups new to the Vietnamese market. The article considers the complexity of vendor management, reasons for the sourcing strategy challenges, and the relevance of appointing the right warehouse partner to meet logistical efficiency.
For businesses operating in Vietnam, sourcing from multiple suppliers can present logistical hurdles that need to be addressed to maintain efficient operations. To gain a deeper understanding of how to overcome these challenges, check out the video:
Key Challenges Faced by Businesses in Vietnam
For businesses operating in Vietnam, sourcing from multiple suppliers can present logistical hurdles that need to be addressed to maintain efficient operations.
Diverse Supplier Standards Leading to Logistical Complexities: Dealing with multiple suppliers further complicates matters for businesses through varying standards of packaging and/or labeling. Each supplier may have different practices regarding the packing of their goods. This can lead to difficulties in consolidation. Packaging that fails to meet the size requirement, uses the wrong materials, or does not use appropriate techniques can lead to problems: goods may need repacking or change in appearance, leading, for example, to delays in delivery.
Documentation Discrepancies Causing Customs Delays and Complications: Document inconsistencies or inaccuracies are common challenges associated with sourcing from multiple providers. Indeed, any differences among the invoices, certificates of origin, and/or product descriptions could result in longer clearance delays associated with customs. These documentation-related issues could impose costly stoppages, resulting in growing shipping times and occasional rejections of shipments.
The Necessity for a Unified Strategy to Manage Multiple Suppliers Effectively: With no uniform strategy to handle the multi-supplier approach, it may become difficult for businesses to attain coherence across delivery schedules, harmonize packaging, or optimize documentation. When lacking an organized approach, the consolidation process can quickly devolve into chaos, leading to unnecessary delays, higher costs, and compromised efficiency.
To overcome the logistical challenges associated with mixed-container consolidation, businesses must adopt targeted solutions that streamline operations.
Utilizing Temporary Warehousing as a Strategic Solution: This is a more viable solution for companies when consolidation is required for goods arriving from multiple suppliers. Temporary warehousing provides a centralized location for cargo where it can be consolidated so that all goods in shipment will arrive concurrently
Benefits of Consolidation Services Offered by Local Warehouses: Many Vietnamese warehouses offer consolidation services in which they receive, store, and prepare shipments for export. Those consolidation services also include inspection, re-packaging, and quality control to guarantee the fulfillment of export standards. With the application of this consolidation, companies enjoy reduced shipping costs while avoiding logistical bottlenecks.
Importance of Inspection and Repackaging to Meet Export Standards: The inspection services offered by warehouses serve to guarantee the complete compliance of products with export regulations. In most cases, they also provide some sort of packaging service that offers the company the opportunity to present its goods in a standard format, eliminating the possibility of customs problems. This makes sure that exported items are well labeled and packed in accordance with international shipping regulations, thus reducing the risk of delays or outright rejection.
Choosing the right warehouse partner can ensure that your logistics operations are smooth, especially with multiple suppliers involved.
Accessibility to Major Transportation Networks and Ports: One of the most critical factors to consider while selecting a warehouse is its location. Located close to big ports, highways, or airports, a warehouse can almost cut down on unnecessary time and cost of transportation. In Vietnam, in particular, access to critical transportation hubs allows goods to be moved easily and shipped without unplanned delays.
Sufficient Space for Accommodating Diverse Shipments: The warehouse should be able to accommodate a mixture of containers from multiple suppliers when needed by a business that is involved in mixed-container consolidation. A warehouse should hold a large enough area to handle different shipments, organize goods efficiently, and prepare them for export without resulting in a bottleneck.
Cost-Effectiveness and Inclusion of Additional Services: Cost varies for warehousing charges and is therefore critical to pick just the warehouse that caters to more services at a reasonable price. Search for warehouses that will offer additional services, such as packaging, labeling, and logistics assistance at a competitive price. These value-added services ease the bottlenecking process when consolidating shipments and save time and cost.
Required Infrastructure for Efficient Operations: Supply chain solutions must include modern infrastructure. Make sure the warehouse has reliable power supply, internet connections, and security measures that are state-of-the-art. A well-equipped warehouse is able to accelerate shipments while maximizing accuracy; this means that goods will get shipped in time.
Availability of Logistics Support Services Tailored to Local Needs:Local know-how is very important to getting things done in the Vietnamese logistics environment. Warehouses providing tailored logistical support-customs clearance assistance, local transportation coordination support, compliance with local regulations, etc., help in streamlining business processes. These services can reduce delays, lower costs, and ensure that shipments meet all local and international regulations.
Consolidation of mixed containers is a challenge and an opportunity for the businesses operating in Vietnam. Understanding the complications due to multiple suppliers and temporary warehousing solutions helps companies in reducing their logistics operations’ costs. Equally important is the selection of an appropriate warehouse partner, as it guarantees that the consolidation will be efficient, timely, and compliant with any shipping requirement.
Logistical challenges are the key for businesses entering the Vietnamese market in order to gain a competitive edge. A professional warehousing service, coupled with a well-managed logistics plan, is the avenue leading toward operational efficiency and, therefore, long-term success.
A court in Vietnam on Thursday sentenced prominent real estate tycoon Truong My Lan to life imprisonment on financial fraud charges. This follows her earlier death sentence handed down in April in a separate case.
Lan, chairwoman of Van Thinh Phat Holdings Group, was convicted of charges including fraud, money laundering, and illegal cross-border transfers, according to reports from the state-run Tuoi Tre newspaper.
She is one of the prominent figures ensnared in Vietnam’s ongoing anti-corruption campaign, commonly known as the “Blazing Furnace.” Lan’s companies were accused of illegally raising more than 30 trillion dong ($1.2 billion) through bond issuances, according to a police report issued prior to the trial.
Authorities also charged Lan with illegally transferring $4.5 billion in and out of Vietnam and laundering 445 trillion dong ($18.1 billion).
While the court noted that Lan admitted to several offenses, she denied involvement in directing the illegal bond issuances, Tuoi Tre reported.
In April, Lan received a death sentence after being found guilty of embezzlement, bribery, and banking violations in connection with a financial fraud case involving 304 trillion dong, Vietnam’s largest on record. Her arrest in 2022 triggered a deposit run on Saigon Joint Stock Commercial Bank (SCB), one of the country’s largest private banks, which was heavily connected to Lan’s business dealings.
Documents seen by media revealed that by April, the central bank had injected $24 billion into SCB as part of a massive rescue effort.
Germany’s international broadcaster Deutsche Welle (DW) recently published an article highlighting the key factors behind Vietnam’s robust economic growth. According to the World Bank, Vietnam’s GDP is projected to grow by 6.1% by the end of 2024, and by 6.5% in 2025. Both forecasts mark an upward revision from earlier predictions in April, with the boost in growth linked to a resurgence in manufacturing exports, tourism, and investment.
The report also noted that Vietnam is likely to outpace other emerging economies such as Thailand, Cambodia, Malaysia, Indonesia, and the Philippines in 2025. Foreign direct investment (FDI) was cited as a major driver of this growth, as Vietnam, like many of its Southeast Asian neighbors, relies heavily on FDI to fuel its economy.
According to the ASEAN Investment Report 2024, Vietnam, along with Thailand, Indonesia, Malaysia, Singapore, and the Philippines, attracted an average of 236 billion USD in FDI annually between 2021 and 2023. The article emphasized that Southeast Asia is increasingly becoming a preferred destination for foreign investment from the US, Japan, and the EU, as companies seek to diversify supply chains amidst global geopolitical tensions.
Vietnam, in particular, has benefited from the “China-plus-one” strategy, with its geographical proximity and cultural similarities making it an attractive alternative for firms looking to reduce reliance on China. Dr. Bich Tran, an adjunct fellow at the Centre for Strategic and International Studies, noted that Vietnam is one of the top choices under this policy.
The US has become Vietnam’s second-largest trading partner and its largest export market. The two countries elevated their diplomatic relationship to a comprehensive strategic partnership in 2023, further enhancing economic cooperation. This stronger bilateral relationship has spurred significant investments, particularly from US companies. The article pointed out that US tech giant Apple has invested over 15 billion USD in Vietnam over the past five years, making the country a crucial manufacturing hub for the company.
Vietnam’s attractiveness as an investment destination is further bolstered by its low labor costs and youthful population, with 58% of its nearly 100 million people under the age of 35. These factors, according to the article, make Vietnam a compelling option for foreign investors seeking growth opportunities.
Vietnam has received its largest group of U.S. Peace Corps volunteers since the program was established, with 20 volunteers arriving this month to support English education in Vietnamese high schools.
This milestone comes as part of the 2020 Implementing Agreement between the governments of the United States and Vietnam, with the Peace Corps and the Ministry of Education and Training (MOET) as the key agencies.
Starting in December 2024, the volunteers will be stationed at high schools in Hanoi and Ho Chi Minh City, working alongside local teachers to help Vietnamese students improve their English skills. The initiative aims to provide students with greater access to educational and employment opportunities. Some volunteers will also co-teach at schools where current volunteers are completing their service.
“This is the largest group of Peace Corps volunteer trainees arriving to serve in Vietnam,” said Mikel Herrington, Peace Corps Vietnam Country Director. “It heralds continued goodwill as Peace Corps builds relationships and trust with our partners.” He also noted that the arrival of this group marks a significant milestone, as the two nations prepare to celebrate the first five years of the Implementing Agreement in 2025.
Upon arrival, the volunteers began a 10-week training program, which includes Vietnamese language lessons, Teaching English as a Foreign Language (TEFL) training, and a practicum with local teachers. The training is designed to equip the volunteers with the skills needed to adapt to Vietnam’s educational system. Those who successfully complete the program will be officially sworn in December 2024.
The arrival of this new group brings the total number of currently serving Peace Corps volunteers in Vietnam to 36. Their presence highlights the commitment of both nations to deepening people-to-people ties and strengthening bilateral relations, as the two countries look ahead to the 30th anniversary of diplomatic relations in 2025.
The Peace Corps is an independent U.S. government agency that provides volunteers to support the development priorities of host nations. Since its founding by President John F. Kennedy in 1961, more than 240,000 Americans have served as volunteers in over 142 countries. Vietnam became the 143rd country to partner with the Peace Corps. The agency’s mission is to promote world peace and friendship by fostering mutual understanding between Americans and the peoples they serve.
The Japan International Cooperation Agency (JICA) has signed loans totaling 102.2 billion yen for Vietnam in the 2023 fiscal year, marking the highest amount of official development assistance (ODA) since 2017. This excludes private sector investment funding. The announcement was made by Sugano Yuichi, Chief Representative of JICA Vietnam, at a press conference on October 17, 2024.
2023 is a significant year, as it marks the 50th anniversary of diplomatic relations between Japan and Vietnam. The two countries have elevated their relationship to a “Comprehensive Strategic Partnership for Peace and Prosperity in Asia and the World.” JICA’s financial and technical assistance has played a pivotal role in fostering Vietnam’s economic growth and development.
Largest Loan and Technical Assistance in Recent Years
In the Japanese fiscal year from April 2023 to March 2024, JICA signed loans amounting to 102.2 billion yen (approximately $678 million), representing the highest ODA level in the last six years. Technical cooperation reached 5.2 billion yen ($35 million), the largest JICA has committed worldwide this fiscal year. Additionally, non-refundable aid to Vietnam amounted to 1.1 billion yen ($7.5 million).
“JICA’s projects have significantly supported Vietnam’s post-pandemic economic recovery, focusing on infrastructure development and human resource training, laying the groundwork for medium- and long-term growth,” said Sugano.
Japan’s Continuing Interest in Vietnam
Japanese businesses and people continue to view Vietnam as a stable and sustainable growth market. JICA currently manages 45 Japanese Overseas Cooperation Volunteers in Vietnam and supports 36 investment projects by Japanese small and medium-sized enterprises. Vietnam also leads in grassroots technical cooperation projects, with 24 initiatives under JICA’s Development Partnership Program. Furthermore, Vietnam is the second-largest recipient of JICA’s “Private Sector Investment Finance” with nine active projects.
Key Pillars of JICA’s Work in Vietnam
JICA’s efforts in Vietnam focus on three pillars: high-quality growth, support for vulnerable groups, and human resource development.
High-Quality Growth
JICA’s loan-funded Binh Hung wastewater treatment plant in Ho Chi Minh City, the largest in Vietnam at the time of its inauguration in August, addresses severe water pollution. The agency is also constructing the Yen Xa wastewater treatment plant in Hanoi, another significant project expected to improve urban living conditions.
Additionally, Ho Chi Minh City’s much-anticipated Metro Line 1 has begun trial runs. Once operational, this urban railway is expected to ease traffic congestion and reduce carbon emissions, benefiting both residents and the environment.
Support for Vulnerable Groups
In response to storm No. 3, which caused extensive damage in northern Vietnam, JICA dispatched a senior disaster risk management expert to assist the Ministry of Agriculture and Rural Development. JICA also supported rural communities with the completion of the Northern Nghe An Irrigation System in March, which expanded the irrigated area and improved agricultural livelihoods.
In the health sector, JICA is preparing a new technical cooperation project to strengthen Vietnam’s prevention of viral hepatitis. It is also providing non-refundable aid to upgrade medical equipment at K Hospital to help meet the rising demand for cancer treatment.
Human Resource Development
2024 marks the 10th anniversary of the Vietnam-Japan University. A commemorative event was held in October to celebrate the partnership, which symbolizes the deep collaboration between the two nations in education and human resource development.
JICA’s multifaceted support for Vietnam continues to contribute to the country’s infrastructure, healthcare, and educational growth, strengthening its long-term development trajectory.
