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Bitcoin $100K Bullish Bet Draws Nearly $1B Open Interest on Deribit

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The $100,000 call is the most popular bitcoin option on Deribit.

Need evidence of just how bullish the bitcoin (BTC) market sentiment is? Look no further than crypto exchange Deribit, where traders have locked in nearly $1 billion in call options at a $100,000 strike, providing buyers with an asymmetric upside above the said level.

As of writing, the dollar value of the number of active call options contracts at the $100,000 strike price was over $993 million, the highest among all other BTC options listed on the exchange, according to data source Deribit Metrics. On Deribit, one options contract represents one BTC.

The second most popular option was the $70,000 call, boasting an open interest of over $800 million. More importantly, call options accounted for over 50% of the total BTC options open interest of $14.15 billion on the exchange.

“The highest open interest across all expirations appears at $100K and $70K for bitcoin, which some market participants interpret as supporting the bullish sentiment that seems to be pervading the market,” crypto trading firm Wintermute said in a note shared with CoinDesk.

A call buyer has the right but not the obligation to purchase the underlying asset at a predetermined price on or before a specific date and is implicitly bullish on the market. Traders, anticipating price rallies, often buy cheap out-of-the-money options like the $100,000 call, which are relatively cheaper than those closer to the ongoing spot price.

U.S. elections options

BTC options expiring on Nov. 8, the day when the results of U.S. election results will be announced, boast a cumulative open interest of $938 million, with $117 million concentrated in the $45,000 strike put options.

The popularity of the $45,000 points is consistent with the tendency of traders to seek downside hedges ahead of a binary event like the election results.

“The volatility surface indicates a bias toward the downside until late October/November when the market begins to favor calls over put protection. Current positioning suggests support for a post-election rally,” Jake Ostrovskis, OTC Trader at Wintermute, told CoinDesk in an email.

Open interest in December expiry is concentrated heavily in call options, with the $100,000 strike being the most popular in a sign of expectations of a year-end surge.

Polymarket traders are unsure

Traders over decentralized betting platform Polymarket see a low probability of the cryptocurrency tapping the !00,000 mark by the end of the year.

At press time, the Yes side shares in the “Will Bitcoin Hit $100K in 2024” contract traded at 15 cents, representing a minuscule probability of a rally into six figures. The contract will automatically resolve to yes should BTC’s price Coinbase hit a high of $100,000 on or before Dec. 31.

Meanwhile, traders see just over 50% chance of bitcoin surpassing the record high of $73,798 by the year’s end.

Cryptocurrencies Continue to Outperform the Stock Market: Canaccord

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A potential bitcoin rally could start between now and April if the crypto follows historical patterns post halving, the report said.

The digital assets sector continues to outperform the stock market this year, with bitcoin (BTC) leading the charge, broker Canaccord said in a quarterly report on Monday.

The broker noted that the world’s largest cryptocurrency finished the last quarter up around 140% year-on-year (y/y), outperforming ether (ETH) which gained about 60% and the S&P 500 stock index, which rose almost 30%, over the same period.

If bitcoin follows historical patterns it tends to rally 6-12 months following the halving, and reach new highs 2-6 months later, meaning a potential rally could start between now and April, the broker said.

The Federal Reserve’s 50 basis points (bps) interest rate cut triggered a move higher for both equities and digital assets, Canaccord noted.

“We think the most healthy reaction for crypto’s long-term future in a scenario like this would be a decline in BTC,” the report said, given the lesser need for an inflation hedge, and a rise in ether and other digital assets alongside risk equities, as “investors become more willing to underwrite longer-term growth and innovation.”

Bitcoin is still performing like other risk assets for now, and is reacting positively to the “lower-rate environment,” analysts led by Michael Graham wrote.

BTC’s correlation to risk assets is 0.4, down from all-time highs of 0.6 in June 2022, the authors wrote.

While the timing of any future rate cuts is unclear, beneficial supply and demand dynamics following the bitcoin halving in April could add to the positive tailwinds from exchange-traded funds (ETFs), the report added.

Stablecoin supply grew 7% in the third quarter, the report noted.

Vietnam to Invest Over $67 Billion in North-South High-Speed Railway Project

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While the massive sum may raise eyebrows, experts argue that the project’s scale is both realistic and manageable given Vietnam’s current economic outlook and thorough planning.

For nearly 15 years, Vietnam has been researching this high-speed rail link, which would significantly shorten travel times between the country’s two economic hubs, Hanoi and Ho Chi Minh City. Back in 2010, when Vietnam’s GDP was only $147 billion, the estimated $56 billion required for the project represented a staggering 38% of the country’s economy, pushing the public debt to nearly 57% of GDP—a figure close to the maximum allowable limit.

Fast forward to 2024, and Vietnam’s economic landscape has changed dramatically. This year, the economy is forecast to exceed $465 billion, more than three times its size in 2010. With this growth, the $67 billion investment in the high-speed railway is no longer viewed as a prohibitive financial burden.

Shantanu Chakraborty, the Asian Development Bank’s Country Director for Vietnam, emphasized the project’s potential: “If executed correctly, this high-speed railway could be a game-changer for Vietnam. Globally, similar projects have been catalysts for economic growth, and we expect the same here. The strategic importance of this project cannot be overstated, and we are excited to see it move forward.”

According to assessments from Vietnam’s Ministry of Finance, key public debt indicators—public debt, government debt, and external national debt—are projected to remain 5% to 15% below the allowable limits through 2030, even with this significant investment.

National Assembly Finance and Budget Committee member Hoang Van Cuong noted that “Our current public debt stands at 37%, well below the 60% limit. This gives us ample room to raise funds, potentially up to $100 billion, without exceeding safe levels of public debt.”

The timeline for the completion of the high-speed railway is estimated at around 10 years. This means Vietnam will need to allocate approximately $5.6 billion annually, or around 145 trillion VND, to the project over the next decade.

This yearly investment will represent around 24.5% of the medium-term public investment budget from 2021 to 2025 and will decrease to 16.2% during the 2026-2030 period. These proportions are considered manageable within the context of Vietnam’s projected economic growth, making the high-speed rail project an ambitious yet attainable goal.

Northern Vietnam to Experience Cold Front, Temperatures Drop Below 16°C with Rain

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According to the National Center for Hydro-Meteorological Forecasting, a cold air mass from the north is moving southward.

Within the next 24 to 48 hours, by the early morning of October 1st, this cold front will reach the northeastern region, followed by the North Central, some parts of the northwestern region, and the central provinces. Winds will shift to the northeast, reaching level 3 in inland areas and levels 4-5 along coastal regions.

This cold front will cause cooler weather across the Northern and North Central regions, with cold conditions at night and early morning. The mountainous areas in the North will experience even colder conditions, with temperatures in high-altitude areas dropping below 16°C. Temperatures in Northern provinces and Thanh Hoa will range from 19-22°C, with mountainous areas between 17-19°C, and some places in high-altitude regions falling below 16°C. In Nghe An and Ha Tinh, temperatures will drop to 20-23°C.

In Hanoi, from the night of September 30 to the morning of October 1, there will be showers and thunderstorms. On the night of October 1, the weather will turn cooler, with temperatures between 21-23°C. Between October 2-4, the lowest temperatures will range from 19-21°C.

On the Gulf of Tonkin, from noon on October 1, northeast winds will strengthen to level 6, with gusts up to levels 7-8, causing rough seas and waves reaching 2-3 meters in height.

From the night of September 30 to the morning of October 1, northern provinces, Thanh Hoa, and Nghe An will experience moderate to heavy rain, with some areas receiving 20-40 mm of rain, and localized areas getting more than 100 mm.

The weather agency warns that from the afternoon of October 1 to 2, areas from Ha Tinh to Thua Thien Hue will experience moderate to heavy rain and thunderstorms, with rainfall amounts ranging from 30-70 mm, and localized areas receiving over 150 mm.

Tornadoes, lightning, hail, and strong winds may accompany thunderstorms.

Heavy rains in localized areas could lead to flooding in low-lying regions, flash floods in small rivers and streams, and landslides on steep slopes.

These storms, with accompanying strong winds, lightning, hail, and tornadoes, could damage agricultural crops, uproot trees, and damage homes, infrastructure, and transportation networks.

Strong winds and high waves at sea may disrupt fishing and other maritime activities.

Bitcoin Tumbles Back Below $64K as Surprise Japan Prime Minister Choice Triggers 5% Plunge in Nikkei

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Overbought conditions also surely played a role in bitcoin’s Monday decline.

After a quick roughly 14% run higher following the U.S. Federal Reserve’s 50 basis point rate cut nearly two weeks ago, conditions seemed ripe for something to set off a sizable selloff in bitcoin (BTC), and the selection of a new prime minister in Japan over the weekend appeared to be the trigger.

In a surprise choice, that country’s ruling party selected Shigeru Ishiba to be its next prime minister. Without getting too much into the inside baseball of Japan’s Liberal Democratic party, it’s commonly believed that Ishiba is supportive of the Bank of Japan’s plan to return monetary policy to normalcy, i.e. higher interest rates. Following his selection as prime minister, Ishiba called for snap elections to be held in late October.

Recall, it was the BOJ’s very modest rate hike in late July that caused a violent unwind in the so-called yen carry trade and subsequent global panic in financial markets, sending bitcoin plunging from about $70,000 to below $50,000 in the space of a few days.

The selling was so ugly that the BOJ had to send out a former official to try and calm markets by saying the bank wasn’t going to hike rates again in 2024.

The selection of Ishiba over the weekend, however, triggered another rise in the yen and a quick 5% decline in Japan’s Nikkei stock average, with the selling apparently spreading to bitcoin, which quickly fell from about the $66,000 to as low as $63,300. It’s bounced to $63,800 at press time, down about 3% from late Friday.

European stocks are lower by roughly 1% at midday and U.S. stock index futures are showing just modest losses.

Bitcoin vulnerable after big run higher

Prior to the weekend action, bitcoin had been enjoying a strong bull run since the Fed slashed its benchmark interest rate by 50 basis points in mid-September. Helping the move was China launching its own wave of monetary and fiscal stimulus to help boost that country’s economy and markets. After enjoying its best week in more than a decade, the Shanghai Composite soared another 8% on Monday.

A number of indicators late last week, pointed to overbought conditions, among them, said CoinDesk analyst James Van Straten, were perpetual funding rates for bitcoin futures. Van Straten noted that they’ve risen to levels near those seen just prior to the late July and last August selloffs.

Looking ahead

This week brings the start of a new month and with it a number of key economic reports and central bank talk. Later on Monday, Fed Chair Jerome Powell could comment on the economic and monetary policy outlook in a speech at the annual meeting for the National Association for Business Economics.

Tuesday and Thursday will see U.S. manufacturing and service sector reports from the Institute for Supply Management (ISM) and the main event will be Friday with the September jobs report.

The data could go a long way in influencing the Fed’s rate decision at its next policy meeting in early November (right after the presidential election). At the moment, markets are giving about a two-in-three chance of a 25 basis point Fed rate cut, according to CME FedWatch. It was the Fed somewhat surprisingly moving 50 instead of 25 at its September meeting which triggered this most recent bull move. A sizable change in the November rate cut odds might again affect the price path.

Man Pleads Guilty to Illegally Operating Crypto ATM Network in the UK

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This marks the first U.K. conviction for running a crypto ATM operation.

Olumide Osunkoya pleaded guilty to illegally operating a crypto ATM network, according to a press release by the Financial Conduct Authority (FCA) on Monday. This marks the first U.K. conviction for running a crypto ATM operation.

Osunkoya, 45, pleaded guilty to five offenses at a hearing held on Monday at Westminster Magistrates’ Court.

Earlier this month he was charged by the FCA for running crypto ATMs that processed british pounds 2.6 million ($3.4 million) in crypto transactions across various locations without having the required registration.

“The court heard evidence that those likely committing money laundering or tax evasion were using his machines,” the press release said.

Sentencing for the offenses will take place at Southwark Crown Court at a date that will be confirmed.

The FCA has been clamping down on illegal crypto ATMs. In May last year the FCA alongside the police carried out raids across sites in Exeter, Nottingham and Sheffield. By the end of 2023 it had carried out 34 inspections.

Why Vietnam is a TOP Business Destination for Foreign Entrepreneurs

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Over the last few years, Vietnam has turned out to be one of the most attractive hubs for SMEs wanting to leverage their growth. Being one of the southeast’s booming markets, Vietnam has overtaken itself as a go-to destination for individuals, both investors and entrepreneurs, as well as companies to expand their exposure and sourcing opportunities.

>> Related article : Rising Economy of Vietnam – Asia’s Next Powerhouse?

Vietnam’s thriving economy, strategic location, and business-friendly environment attract entrepreneurs seeking opportunities in various sectors.

1. Rapidly Growing Economy

The country has a record of constant economic growth packed with a 6-6.5% GDP rate growth for 2024. This consistent quality is not only a result of the manufacturing, exports, and domestic consumption of the country’s economy, but it is also the ultimate factor underpinning the country’s economic development. Vietnam’s stable prices, exchange rate, and increasing foreign investment demonstrate its strong appeal as a business destination.

For the Vietnam, the growing middle class, migration to urban centers, and government impelled economic reforms are plus points in its growth success. The state’s determination to create a business market, oriented by the market, e.g. through reforms in taxation, investment, or even trade policy, is unchanging thus attracting foreign businesses too.

2. Favorable Business Environment

A big advantage of investing in Vietnam is its good business environment due to low costs of labor, taxation and a number of preferences trade agreements. Vietnam joined many free trade agreements (FTAs), including the Comprehensive and Progressive Agreement for Trans-Pacific Partnership (CPTPP) and EVFTA with the European Union. This allows businesses to lower tariffs, while expanding market access for their own products.

In this video, a foreign entrepreneur shares insights on doing business in Vietnam and his involvement in import / export from Vietnam to multiple countries.

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

Vietnam possesses an increasingly skilled a large number of young and dynamic people in the country are available for joining the workforce at a low cost, making it a profitable place for manufacturing especially of export oriented businesses of different industries such as electronics, textiles and footwear. Vietnam government’s pro-business policies such as tax holiday for several years and incentives to the foreign investors have made easy setting up of foreign venture.

3. Strategic Location

Vietnam’s position in Southeast Asia makes it the perfect gateway for businesses in import-export activities. Being a member of Association of Southeast Asian Nations (ASEAN), Vietnam has the best preferential trade access to a market of more than 650 million people. Not only that, with its boundary connected to China – one of the largest markets in the world and other big players such as Japan and South Korea, you would have an added advantage in global business.

Vietnam’s advanced shipping ports, expanding infrastructure, and improving access through highways, railways, and airports makes the country an ideal trade and logistics gateway. Its geographical location offers businesses the opportunity to effectively manage their supply chain as well as effortlessly reach markets in Asia and beyond.

4. Diverse Business Opportunities

Vietnam is one of the fastest developing economies in the world and with that come several business areas where expats continue to be in high demand.

Vietnam is one of the largest global exporter of electronic, textiles and footwear. With competitive labor cost and increased industrial zone for production and export, Vietnam emerges as one of the attractive location for manufacturing and export.
The technology sector is on fire with e-commerce, fintech and software development undergoing hyper-growth. Combine Vietnam’s young, tech-savvy population and surging digital economy and it becomes an attractive market for tech startups and investors.

On the other hand, Vietnam has also become an attraction for renewable energy projects such as solar energy, wind, hydro-power and biomass thanks to the policies of the government. The incentives being provide by the government for development of renewable energy makes this sector one of the most attractive areas for investment.

Vietnam is one of the world’s largest exporters of agricultural products so there are plenty of opportunities in agribusiness, food processing and export for the taking.
The fast growing consumer base and middle class in Vietnam are like the perfect garden for the businesses dealing with wholesale, retail, and distribution.

Vietnam is for sure one of the most attractive places in South East Asia to do business. It has a fast growing economy, qualifies as the best environments for businesses and is situated in an ideal location. Foreign entrepreneurs and investors have a really great place to enter business in Vietnam.

It is not plain sailing with the issues to understand the rules and adapt, as well as logistically, but the opportunity – cost balance of doing business in Vietnam remains very much in favor of the positives. Given its further expansion and modernization, Vietnam remains an extremely promising destination of global business.

Aeon Opens New General Merchandise Store in Ho Chi Minh City

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The CEO of Aeon Vietnam has stated that the company is constantly seeking partnerships with real estate developers to open more general merchandise stores and supermarkets.

Aeon Ta Quang Buu is located in Parc Mall. Photo: Aeon.

On September 26, Aeon Vietnam officially inaugurated the Aeon Ta Quang Buu General Merchandise Store and Supermarket in District 8, Ho Chi Minh City. The supermarket is located within the Parc Mall, developed by Van Thai Land.

Mr. Furusawa Yasuyuki, a member of Aeon’s Executive Board (Japan) in charge of the Vietnamese market and CEO of Aeon Vietnam, explained that the new model of Aeon Ta Quang Buu is part of the company’s strategy to expand and diversify its business models to meet the growing needs of Vietnamese consumers.

Previously, Aeon had launched other general merchandise stores and supermarkets within shopping centers developed by partners or located in residential areas and city centers, such as Aeon The Nine (Hanoi), Aeon New City (Binh Duong), and Aeon Nguyen Van Linh (Ho Chi Minh City).

According to Mr. Furusawa Yasuyuki, during more than a decade of development, Aeon Vietnam has continuously sought partners to expand its reach and increase “touchpoints” with customers. However, it is only in recent years that the company has found suitable retail real estate developers that meet its requirements.

He also pointed out that rising rental costs in shopping centers have posed a significant barrier to the expansion of this model. As a result, Aeon has had to work harder to find locations that fit within its budget.

“Aeon’s presence in shopping centers consistently attracts a large number of shoppers, not just to our stores but also to other brands within the same complex. This is a positive factor, so I hope that real estate developers in Vietnam will consider offering reasonable rental rates that allows for mutually beneficial cooperation,” added Mr. Furusawa Yasuyuki.

The executive noted that Aeon’s business saw a growth of around 15% in the first eight months of the year compared to the same period last year. However, he remains cautious about the year-end business outlook due to rising prices and tighter consumer spending.

In its long-term vision, Vietnam is seen as the second most important market for Aeon, alongside Japan, as part of the group’s overall strategy.

@Znews

World Tourism Day 2024: Tourism Promotes Peace

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The United Nations World Tourism Organization (UNWTO) aims to emphasize the role of tourism in promoting peace with the theme “Tourism and Peace.”

By bringing together stakeholders from various sectors, World Tourism Day 2024 seeks to generate creative ideas and strategies to foster peace and reconciliation through tourism. Tourism increasingly plays a crucial role in promoting economic growth and innovation, while also bringing people closer together. It has the potential to contribute to peace in numerous ways, and these potentials need to be properly explored and evaluated.

The UNWTO also encourages entrepreneurship and innovative solutions, as tourism can create opportunities for young people and contribute to sustainable development. By investing in the youth, providing educational and training opportunities, and encouraging their active participation in the tourism sector, young talents can bring fresh perspectives, creativity, and the energy necessary for the continued growth of tourism as a force for good.

Ho Chi Minh City Waterway Tourism (Ho Chi Minh City Department of Tourism)

According to Graham Cooke, Chairman and founder of the World Travel Awards, Vietnam is not only a top tourist destination in Asia but also a global tourism representative with significant potential.

In the first eight months of 2024, Vietnam welcomed 11.4 million international visitors, up 45.8% compared to the same period in 2023, and up 1.0% compared to the same period in 2019, prior to the COVID-19 pandemic. In August 2024, despite being the low season, international arrivals reached over 1.4 million, a 17.7% increase compared to the previous year, indicating positive signs for the tourism industry.

World Tourism Day, celebrated annually on September 27 since 1980, is an opportunity to raise global awareness about the significance of tourism.

@vtv.vn

Can Tho – Phu Quoc Flight Route to Resume on October 28

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After nearly a year of suspension, the Can Tho – Phu Quoc flight route will be reopened starting October 28, with five round-trip flights per week.

Recently, a representative from the Southern Airports Authority in Can Tho announced that the Can Tho – Phu Quoc flight route will officially resume operations on October 28, 2024.

Specific, there will be five round-trip flights per week on Mondays, Tuesdays, Wednesdays , Thursdays, and Saturdays. The Can Tho – Phu Quoc flight departs at 10:40 AM, while the Phu Quoc – Can Tho flight departs at 12:15 PM. Each flight takes over an hour, depending on weather conditions.

Vietnam Airlines will operate the route using ATR 72 aircraft, which can accommodate around 72 passengers.

In November 2023, Bamboo Airways, the only airline operating the Can Tho – Phu Quoc route, withdrawing from this service, leaving the route inactive until now.

A representative from the Southern Airports Authority in Can Tho stated that the reopening of the Can Tho – Phu Quoc route will help promote tourism and trade development between the two localities.

@vtv.vn

Discover Chu Dang Ya Volcano During the 2024 Wild Sunflower Week

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The 2024 Wild Sunflower – Chu Dang Ya Volcano Week is scheduled to take place from November 6 to 12 at the Ia Gri village communal house yard and the area surrounding the Chu Dang Ya Volcano, Chu Pah district, Gia Lai province.

This year’s event will feature 11 main activities, including gong performances, Xoang dancing, bamboo weaving, statue carving, musical instrument crafting, showcasing traditional brocade clothing, cultural artifacts, local handicrafts, and indigenous products. The celebration will also include a recreation of the Jrai people’s new rice ceremony, along with rice pounding demonstrations.

Wild sunflower season at Chu Dang Ya volcano. Photo: Nguyen Tan Kan

In addition, visitors can participate in sports competitions like stick pushing, stilt walking, tug-of-war, and sack jumping. Traditional games will be offered for tourists to experience, and a photo exhibition highlighting the province’s cultural heritage and tourism potential will be on display. The program will also feature a competition to conquer the summit of Chu Dang Ya Volcano, as well as contests for bamboo weaving and traditional brocade weaving.

Furthermore, during the Wild Sunflower – Chu Dang Ya Volcano Week, there are plans for hot air balloon flights, offering panoramic views of Chu Nam Mountain, Chu Dang Ya Volcano, and the scenic city of Pleiku from above.

At this time, the 2024 half marathon “Awakening Chu Pah’s Countryside – A Journey Connecting Mountains and Flowers” will also take place, with race distances of 21km, 10km, 5km, and 2km on a mixed course that combines road and trail running, through city streets, trails, and hills.

Chu Dang Ya volcano seen from Chu Nam peak. Photo: Nguyen Hong Son

Located about 30 kilometers northeast of Pleiku city center, Chu Dang Ya Volcano in Chu Pah district stands approximately 975 meters above sea level. According to archaeologists, Chu Dang Ya is a volcanic crater formed by lava flows millions of years ago.

Although it has been inactive for millions of years, the remnants of volcanic lava have made the land around Chu Dang Ya fertile. Local people have taken advantage of this fertile soil to cultivate a variety of crops, including arrowroot, corn, pumpkins, and sweet potatoes. Chu Dang Ya is at its most beautiful during the wild sunflower season when the entire mountain is covered in a brilliant golden yellow, stretching from the hillsides all the way to the crater.

@SGtiepthi

Over VND 860 Billion Allocated to Expand and Upgrade Ca Mau Airport

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Ca Mau province has announced a budget of over VND 860 billion to acquire land, expand, and upgrade Ca Mau Airport.

Ca Mau invests more than VND860 billion to expand and upgrade the airport. Photo: VNA

On September 26, Nguyen Duc Thanh, Director of the Ca Mau Department of Planning and Investment, stated that the province plans to allocate over VND 860 billion for land clearance, expansion, and upgrading of Ca Mau Airport. The project aims to promote tourism, trade, and attract investments in the near future.

The project will be implemented in 2024 and 2025, utilizing the province’s medium-term public investment funds. Approximately 105.2 hectares of land in Ward 6 and Tan Thanh Ward will be acquired for the airport upgrade.

In 2024, Ca Mau province will focus on completing investment procedures, surveying, compensating, and handling over part of the land to ensure that the airport upgrade project can begin as soon as possible.

The province will continue the compensation, resettlement, and support procedures, aiming to hand over the entire site to the Airports Corporation of Vietnam (ACV) by the first quarter of 2025.

According to survey, nearly 750 households and five organizations will receive resettlement and livelihood support. The Ca Mau People’s Committee has issued authorities to implement compensation, support, and resettlement policies in a transparent and public manner.

The Department of Natural Resources and Environment will develop a land clearance plan, prioritizing stable living conditions for residents, particularly regarding housing and production needs.

@Thesaigontimes

Vietnamese in Hong Kong Found Guilty of Selling Dog and Cat Meat

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Tran Quang Tan, 51, his wife Le Thi Oanh, 44, and their son-in-law Nguyen Manh Dat, 26, were found guilty of working at a restaurant in Mong Kok earlier this year, according to the SCMP. Tan owned the establishment, while Oanh and Dat worked there illegally.

The trio, illegal immigrants in Hong Kong, admitted to selling dog and cat meat at the restaurant during their trial on Friday.

Authorities raided the premises in February following a tip-off from an undercover officer. They discovered several Vietnamese nationals at the location, which contained a kitchen, cooking utensils, Vietnamese-language menus for dog and cat meat dishes, and business records, as reported by Dimsum Daily.

During the search, 34 bags of animal flesh, believed to have been smuggled into Hong Kong by boat, were found. Prosecutors stated that the bags contained dog and cat meat.

Tan and Oanh were found to have either managed bills or prepared food in the kitchen, according to court testimonies. Their son, Tran Nhat Minh, was also accused of assisting but pleaded not guilty.

The sale and slaughter of dog and cat meat are prohibited in Hong Kong, with violators facing up to six months in prison.
Additionally, illegal immigrants in Hong Kong are barred from any form of employment or starting businesses, offenses that can result in prison sentences of up to three years.

While Vietnam does not ban the consumption of dog meat, the government is taking steps to curb the practice. Hoi An, a popular tourist town in central Vietnam, began phasing out dog and cat meat in 2021 to eliminate rabies and create a tourist-friendly environment.

In Hanoi, several dog and cat meat establishments have been shutting down as the capital moves away from this practice. The Hanoi Department of Animal Health reported in 2018 that the number of dog and cat meat shops in Hanoi had dropped from 1,100 to around 800.

Why no luxury car brand will be present at major auto exhibition Vietnam Motor Show 2024

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No luxury car brands will participate in the upcoming Vietnam Motor Show 2024, as high-end automakers shift towards alternative promotional strategies. Volvo, the last luxury brand considering attendance, has now confirmed its absence, following earlier withdrawals by Volkswagen, Audi, Mercedes, Lexus, and Porsche.

While luxury brands have traditionally been part of the show, industry experts say these automakers are now focusing on hosting exclusive events that directly engage their target customers.

From October 23-27, VMS 2024 will feature 19 car and motorbike brands, including Toyota, Mitsubishi, and Honda. First-time exhibitors such as GAC, Skoda, BYD, and UM Motorcycles will also join. The event is expected to spotlight electric vehicles, with BYD as the only fully electric car brand. Other manufacturers are anticipated to showcase various hybrid models, ranging from mild to full hybrids.

The Vietnamese car market has seen rapid growth in recent years, with increasing demand for a wide range of vehicles, from affordable compact cars to luxury models. With a rising middle class and a growing appetite for automobiles, Vietnam’s auto sales surged by 30% in 2022, despite global supply chain disruptions. Japanese brands such as Toyota, Mitsubishi, and Honda continue to dominate the market, while domestic carmaker VinFast is making strides, particularly in the electric vehicle segment.

However, luxury car sales have remained niche, targeting the country’s affluent population. The shift away from large-scale auto shows like VMS reflects a broader trend of luxury brands opting for more tailored and personalized marketing strategies to directly connect with their high-net-worth clients.

How to Establish a Foreign-Owned Company in Vietnam

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As Vietnam emerges as a top destination for foreign investment, understanding how to establish a company in the country is critical for international investors. GBS – Global Business Services LLC, a leading legal and business consultancy, provides expert guidance on navigating Vietnam’s company formation process.

Here is a step-by-step guide to help foreign investors successfully set up their business in Vietnam.

1. Choose the Right Legal Structure

Foreign investors can establish their business presence in Vietnam through several legal forms. The most common options are:

Limited Liability Company (LLC): Suitable for investors who prefer to limit liability to their capital contribution.
Joint-Stock Company (JSC): Ideal for larger enterprises, especially those planning to list shares publicly.
Partnership: Typically chosen for professional firms, such as law firms or consulting practices.

How GBS Helps: GBS assesses your business objectives and investment strategy to help you choose the most appropriate legal structure that aligns with your long-term goals.

2. Name Your Company

Vietnam has specific regulations for naming a company. The name must be in Vietnamese, using characters from the Vietnamese alphabet, though it may also include the letters F, J, Z, and W, along with numbers and symbols. Importantly, the company’s legal form (e.g., LLC, JSC) must be part of the official name.

How GBS Helps: GBS ensures your chosen company name complies with local regulations while supporting flexibility in your branding strategy.

3. Understand Capital Requirements

For most business sectors in Vietnam, there is no minimum capital requirement. However, certain regulated industries—such as banking, real estate, financial services, and international tourism—do require a specific minimum level of capital investment.

How GBS Helps: GBS provides detailed guidance on capital requirements, ensuring you meet industry-specific regulations without overcapitalizing your venture.

4. Appoint a Legal Representative

Every company in Vietnam is required to appoint a legal representative who is authorized to enter into transactions and perform duties on behalf of the company. The representative must reside in Vietnam. If the representative travels abroad for more than 30 days, they must delegate their responsibilities to someone in the country.

How GBS Helps: GBS assists in appointing a qualified legal representative, guiding you through the selection process and ensuring compliance with residency requirements. For representatives frequently abroad, GBS advises on delegation procedures to maintain business continuity.

5. Select Your Business Lines

In Vietnam, companies can operate in one or more sectors, but some industries are classified as “conditional” for foreign investors. In these sectors, participation is restricted based on factors such as the nationality of the investor, the form of investment, or professional expertise.

How GBS Helps: GBS identifies the appropriate business lines for your company and ensures you meet the specific requirements for conditional sectors.

6. Register a Physical Office

Vietnam requires all companies to have a registered physical office address. This office serves as the official location for business activities and must be provided to the licensing authority during the incorporation process.

How GBS Helps: GBS supports you in finding and registering a suitable office address that complies with legal requirements and serves as a base for your operations.

7. Apply for the Investment Certificate

Once you have the necessary documentation, the next step is to apply for an Investment Certificate. The process varies depending on the scale of investment:

For companies with invested capital below 300 billion VND (approximately 15 million USD) and operating in non-conditional sectors, registration generally takes around 15 working days.
For larger or regulated investments, an in-depth evaluation is required, taking between 30 and 45 working days. This process involves an assessment of the entire investment project by the licensing authority.

How GBS Helps: GBS manages the entire application process on your behalf, from preparing documents to liaising with licensing authorities. Our goal is to ensure your Investment Certificate is approved in the shortest time possible.

8. Why Work with GBS?

The process of setting up a foreign-owned company in Vietnam can be complex and time-consuming. GBS simplifies the entire procedure, providing expert advice and tailored services to meet the unique needs of each investor. With extensive experience in Vietnam’s legal and business environment, GBS helps you avoid delays and costly mistakes, ensuring your company is set up for long-term success.

For more information on how to establish a company in Vietnam or to get personalized assistance, please visit https://gbs.com.vn or contact Sophie Dao, Senior Partner at GBS via email: sophie@gbs.com.vn mobile: +84903189033