On September 26, a passenger on Vietjet Thailand flight VZ961 from Da Nang to Bangkok falsely reported a bomb on board. The crew immediately implemented safety protocols and alerted security at Suvarnabhumi Airport in Bangkok.
Upon landing, the plane and all luggage were thoroughly inspected, and authorities confirmed there was no bomb. The passenger who made the false claim, a Polish woman, was detained and will face legal action. The incident did not disrupt airport operations, and all passengers and crew proceeded with standard arrival procedures.
Flight VZ961 had 121 people on board, including one infant and six crew members. Thailand’s law mandates severe penalties for those who spread false threats, with potential imprisonment of up to 15 years and fines up to 600,000 baht (approximately $18,500).
High-speed rail is considered an advanced form of public transportation worldwide. Experts agree that constructing a high-speed railway along the North-South axis is essential and aligns with Vietnam’s current socio-economic development needs. Key factors supporting this project include high travel demand between the North and the South, the railway’s competitive advantages over other modes of transport, and Vietnam’s improved financial capacity, making the project viable.
The proposed high-speed railway will connect Ngoc Hoi station in Hanoi to Thu Thiem station in Ho Chi Minh City, passing through 20 provinces and cities. The route will include 23 stations, spaced an average of 67 km apart, with five freight stations linked to major logistics hubs. The goal is to complete and launch the railway by 2035.
“Currently, the highest rail speeds globally exceed 500 km/h, averaging around 380 km/h. However, due to Vietnam’s complex terrain, particularly the steep slopes in the Central region, building for such high speeds could raise safety concerns, especially during floods and storms. The decision to cap speeds at 350 km/h is, therefore, a wise and safe choice,” stated Dr. Le Xuan Nghia, a member of the National Monetary and Financial Policy Advisory Council.
Regarding funding, experts believe the government can secure the necessary capital through bonds and other financial channels without significantly impacting public debt. To ensure the project’s success, synchronized policies are required, such as addressing land clearance compensation, closely monitoring the design and construction phases, and involving modern technology companies.
“Vietnam’s financial system now exceeds $600 billion. Each year, the government issues $6 billion in bonds, just 1% of total assets—a small fraction compared to our financial capacity. We have never been in a better financial position to undertake such projects. Additional funding sources, such as local project bonds, can also be considered. But the main source of capital can come from government bonds,” Dr. Nghia emphasized.
The project management board must handle land clearance and compensation transparently and fairly, ensuring the rights of affected people are respected. Effective management and oversight systems are essential during construction, along with the integration of modern technology. Collaboration with technology firms is also necessary, creating mechanisms for risk-sharing and benefit-sharing with top contractors.
Countries across Asia have experienced significant social and economic development through high-speed rail networks. Recognizing this trend and the need for early investment, the Central Executive Committee has directed the Government Personnel Committee to expedite project documentation and submit it for consideration at the 8th session of the 15th National Assembly. Careful planning and timely execution will be crucial to avoid delays similar to those experienced with elevated railway projects in Hanoi and Ho Chi Minh City.
Navigating the UK visa process can be a daunting endeavour for Vietnamese students. With numerous requirements and strict regulations, understanding the nuances of the visa application can become overwhelming.
This blog aims to shed light on the common challenges faced by Vietnamese students and offer practical solutions to help ease the journey. For comprehensive guidance, consider seeking professional advice and more information on the tier 4 student visa.
Understanding Visa Requirements
A major challenge for Vietnamese students is grasping the complex visa requirements imposed by the UK. These requirements often include proof of adequate financial resources, English language proficiency, and a confirmed offer from a recognised educational institution. Misunderstandings or oversights in meeting these requirements can lead to delays or even visa denials.
Financial Proof
One of the primary considerations is demonstrating financial stability. Students must provide evidence that they can cover their tuition fees and living expenses while studying in the UK. This often involves submitting bank statements or financial guarantees. Ensuring all documents meet the specified criteria is crucial to avoid any complications.
English Language Proficiency
Proving English language proficiency is another critical step. Vietnamese students must pass an approved English language test, such as IELTS. The required scores can vary based on the course and institution. Preparation and timely scheduling of these tests are essential to meet the visa application deadlines.
Documentation Challenges
Accurate and thorough documentation is pivotal in the visa application process. Missing or incorrect documents can result in severe setbacks. Common documentation issues include:
Incomplete application forms;
Incorrectly translated documents;
Outdated or inconsistent information;
It is advisable to double-check all documentation and seek professional assistance if needed.
Application Timing
The timing of the visa application is another critical factor. The UK visa process can be time-consuming, and students must adhere to specific timelines. Applying too late can jeopardise the chances of receiving the visa on time, causing disruptions to the academic schedule.
Early Preparation
Starting the visa application process early is highly recommended. This includes gathering necessary documents, preparing for English language tests, and arranging financial proof. Early preparation can help mitigate unexpected delays and provide ample time to address any potential issues.
Another significant hurdle in the UK visa process is the interview stage. Many Vietnamese students find this phase particularly stressful, as it involves direct questioning by visa officers. The purpose of the interview is to confirm the authenticity of the application and to ensure that the student’s intentions align with the visa’s purpose.
Preparation Tips
Preparing for the interview is crucial. Students should be ready to discuss their educational plans, reasons for choosing their specific course and institution, and their financial situation. Practising common interview questions and maintaining a calm, confident demeanour can significantly enhance the chances of a successful outcome.
Unexpected Financial Hardship
Financial planning is a critical element of studying abroad, but unexpected circumstances can arise. Changes in personal or family financial situations can create significant stress and complications for students. In such cases, it’s important to know where to turn for assistance.
Adapting to a new culture and social environment can be challenging for Vietnamese students. The cultural differences between Vietnam and the UK can be stark, affecting everything from communication styles to educational practices. This adjustment period can impact a student’s overall well-being and academic performance.
Building a Support Network
To ease the transition, it’s beneficial to build a robust support network. Engaging with student organisations, joining cultural societies, and seeking support from international student services can help Vietnamese students feel more at home. Building friendships and connections with fellow students can also provide emotional support and practical advice on navigating life in the UK.
Understanding Immigration Policies
Keeping abreast of immigration policies is essential for Vietnamese students. UK immigration laws and policies can change, and staying informed about these changes can prevent potential issues with visa status. It’s important to regularly check official websites and reliable sources for updates.
Handling Rejections and Appeals
Despite meticulous preparation, visa rejections can still occur due to various reasons such as insufficient documentation, failure to meet financial requirements, or suspicion of fraudulent activity. Understanding how to handle a visa rejection is crucial for Vietnamese students.
In the event of a visa refusal, it’s important to carefully review the reasons provided by the visa office. Students have the right to appeal the decision or to reapply with the necessary corrections and additional information. Seeking professional advice can be beneficial in navigating the appeals process effectively.
Common Challenges Vietnamese Students Face in the UK Visa Process…
While the UK visa process presents several challenges for Vietnamese students, understanding and addressing these issues can significantly enhance the likelihood of a successful application.
Thorough preparation, timely action, and seeking reliable support and information are key to overcoming these obstacles. By staying informed and proactive, Vietnamese students can embark on their educational journey in the UK with confidence and clarity.
A Federal Bureau of Prisons rule states that an inmate whose release date falls on a Saturday, Sunday, or legal holiday, may be released on the last preceding weekday.
Binance founder Changpeng “CZ” Zhao, could be released on Friday, two days ahead of his scheduled release date of September 29th (Sunday), according to an interpretation of the law.
The U.S. Department of Justice’s Federal Bureau of Prisons rule states that “The Bureau of Prisons may release an inmate whose release date falls on a Saturday, Sunday, or legal holiday, on the last preceding weekday unless it is necessary to detain the inmate for another jurisdiction seeking custody under a detainer, or for any other reason which might indicate that the inmate should not be released until the inmate’s scheduled release date.”
The decision may depend on the discretionary authority given to Wardens. The Bureau of Prisons did not immediately respond to a request for clarification and comment sent outside of office hours from CoinDesk.
CZ was sentenced to four months in prison in April after pleading guilty to violating the Bank Secrecy Act by failing to set up an adequate know-your-customer (KYC) program at Binance.
If released on Friday, CZ would have spent 116 days in prison. He spent three months at a low-security prison, Lompoc II, on California’s central coast before being moved to a halfway house in San Pedro, California in late August.
“We are delighted that CZ will be home with his family. While he is not managing or operating Binance, we are excited to see what he does next,” a Binance spokesperson said. “Since last year, Binance has continued to thrive under the leadership of our current team, surpassing 230 million users globally.”
U.S. President Joe Biden said “to counter Russian sanctions evasion and money laundering, the Department of Justice, the Department of the Treasury, and the U.S. Secret Service have taken action today to disrupt a global cryptocurrency network, in coordination with international partners.”
Russian nationals Sergey Ivanov and Timur Shakhmametov have been charged for their involvement in operating money laundering services that catered to cybercriminals using cryptocurrencies, U.S. authorities announced on Thursday.
The U.S. Department of State has announced rewards amounting to $10 million each for information leading to the arrests of Shakhmametov and Ivanov.
U.S. authorities also seized websites associated with three illicit cryptocurrency exchanges, in what was termed a “coordinated international effort” involving authorities in the Netherlands, Latvia, Germany, U.K, Europol, and multiple U.S. agencies. The websites relate to Russia linked payment and exchange platforms Cryptex.net, UAPS, PinPays, and PM2BTC.
A statement from U.S. President Joe Biden on U.S. support for Ukraine said “To counter Russian sanctions evasion and money laundering, the Department of Justice, the Department of the Treasury, and the U.S. Secret Service have taken action today to disrupt a global cryptocurrency network, in coordination with international partners.”
Ivanov conducted transactions worth over $1.15 billion in value in the past 11 years. He was charged with one count of conspiracy to commit bank fraud for providing payment processing support to the carding website Rescator and one count of conspiracy to commit money laundering for carding website Joker’s Stash. The unlawful use of stolen credit and debit card data for fraudulent purposes is known as “carding.”
Shakhmametov, known online as “JokerStash” and “Vega,” was charged with the same offences as Ivanov, but he also faces one count of conspiracy to commit access device fraud for his role in operating the carding website Joker’s Stash, which offered for sale data from 40 million payment cards annually.
“The two Russian nationals charged today allegedly pocketed millions of dollars from prolific money laundering and fueled a network of cyber criminals around the world, with Ivanov allegedly facilitating darknet drug traffickers and ransomware operators,” said U.S. Deputy Attorney General Lisa Monaco.
The operation involving the U.S. Secret Service saw the seizure of two website domain names used to support the cryptocurrency money laundering exchange “Cryptex.net,” where “37,500 transactions” amounting to $1.4 billion were made.
Vietnam has a long tradition of producing crafts, including decades-old household goods manufactured through generations from bamboo, rattan and palm leaves. As one of the world’s most well known artisans for handcrafted goods, also with a great variety of high-quality handmade materials the country is turning the tide and becoming a world leader in mass production as well as sustainability.
With a growing consciousness about the environment in Vietnam and around the world, artisans are designing with more eco-friendly materials. The emphasis on sustainability pays off in the sustainable materials like water hyacinth, seagrass, jute, and rattan that are so prevalent. Beyond environmental benefits, these materials enable the Vietnamese handicraft sector to maintain its competitiveness and relevance as a global player.
Vietnam’s Sustainable Handicraft Materials
This video is exploring a leading Vietnamese handicraft and home decor manufacturer, discussing the company’s use of sustainable materials, such as FSC-certified and recycled elements, and its competitive advantage in meeting European and American consumer demands.
Topics covered:
Blending traditional craftsmanship with modern home decor trends.
The rise of sustainable, eco-friendly products using natural and recycled materials.
Vietnam’s growing role in the global home decor market, surpassing China and Indonesia.
Here are some of the top natural materials that can be sourced locally and used to create stunning decorative and handicraft items.
Water Hyacinth
An aquatic invasive plant, water hyacinth, is helping Vietnam weavers create a thriving handicraft industry. Water hyacinth was once regarded as an enemy of the environment because when grown in water bodies, it also grows rapidly from their plants; but now the plant is becoming a valuable handicraft material.
Advantages of Using Water Hyacinth
There are a number of advantages to using this plant in composting, the main one being that water hyacinth is easily available as an abundant resource in many rural areas of Vietnam.
The plant’s fiber is very durable, and companies can rely on it to make quality products. It is also really versatile and can be used to make baskets, furniture, rugs or simply dried.
Examples of Water Hyacinth Handicrafts
Vietnamese artisans skillfully transform water hyacinth into a wide variety of products. From intricately woven baskets to large, hand-crafted furniture pieces, these goods are celebrated for their natural aesthetic and durability. Water hyacinth products are particularly popular in eco-conscious markets across the US and Europe, where consumers appreciate the sustainable and unique nature of these handicrafts.
Seagrass
Seagrass, a delicate seaweed, has long been a valuable resource for coastal communities in Vietnam. For generations, locals have harvested this versatile material and turned it into a variety of useful products including baskets, clothing and other woven items.
The conventional seaweed painting technique involves careful drying and weaving. Families pass this knowledge down through the generations, and each member contributes to these sustainable and environmentally friendly practices. Dried seaweed fibers are carefully woven on canvas, creating intricate patterns and functional objects.
Artificial seagrass offers far more environmental benefits than aesthetics. These materials are completely biodegradable, ensuring minimal impact on the ecosystem. Furthermore, seagrasses play an important role in carbon sequestration, carbon dioxide sequestration, and climate change mitigation. By embracing seagrass as a sustainable resource, coastal communities in Vietnam are contributing to a cleaner, healthier planet.
Jute and Rattan
Vietnamese artisans have traditionally utilized the abundance of jute and rattan in their crafts, harnessing the strength of these materials jute and rattan are highly adored for their unique tensile strength, which they provide it is central to the fabric of traditional Vietnamese handicrafts
Sustainable characteristics
Jute is known for its fast growth and low water consumption, and jute is grown without the need for pesticides This eco-friendly characteristic makes it ideal as the most sustainable craft. On the other hand, rattan is a renewable resource that can be harvested with minimal environmental impact, and helps to conserve forest areas Both fibers have incredible strength, flexibility and power weaving it into a collection of forms
Innovative uses in contemporary handicrafts
For centuries, jute and rattan have been the staple of Vietnamese home handicrafts, serving as the basis for a wide variety of products from functional textiles to sophisticated furniture and decorations. continues to be popular with international markets.
“Made in Vietnam” Exports
Global Demand for Vietnamese Handicrafts
The international demand for Vietnamese artisanal products has exhibited notable expansion in the past few years. This surge in interest can be largely attributed to the global trend towards environmentally responsible consumption, with consumers seeking sustainable and handcrafted items.
The exportation of Vietnamese handicrafts has registered substantial growth, particularly in key markets such as the United States and Europe. In the year 2020, the export value of these goods exceeded $2.5 billion, a figure that continues to ascend as the world’s demand for sustainable and handcrafted products remains on an upward trajectory.
Challenges of exporting from Vietnam
Despite favorable market conditions, Vietnamese artisans and export enterprises face significant challenges in the competitive global market.
One of the most pressing obstacles is adhering to international quality and environmental standards. Vietnamese exporters are implementing stringent quality control (QC) measures, from sourcing raw materials to final inspection, to ensure products meet the high expectations of foreign markets. They are also acquiring certifications for sustainability and ethical manufacturing to align with global demands.
Many Vietnamese factories struggle to scale production while maintaining competitive pricing, especially when competing against more established export markets like China.
To stay relevant, Vietnamese manufacturers need to continuously innovate their product designs, catering to ever-changing consumer tastes in international markets. Leveraging local craftsmanship and blending it with modern design trends helps Vietnamese exporters differentiate themselves from competitors in China, Indonesia, and beyond.
Vietnam is increasingly well-positioned to conquer new export markets in the home decor and handicraft sectors. With a strong focus on quality control, innovation, and supply chain resilience, the country is poised to outperform regional competitors like China, Indonesia, Thailand, and Cambodia, capturing a larger share of the global market.
Ninh Thuan will adjust the timing of the 6th Ethnic Cham Cultural Festival 2024, moving it from the end of September to December 2024.
Due to the ongoing complex weather patterns of rain and floods, as well as efforts to recover from the aftermath of Typhoon Yagi, the Ministry of Culture, Sports, and Tourism has agreed to delay the event.
Image of Cham people in Thuan Nam district, Ninh Thuan province. Illustration photo: DucHieuMedia
Originally planned to take place in Phan Rang-Thap Cham from September 27 to 29, the festival, themed “Preserving and Promoting the Cultural Identity of the Cham People in the Era of National Integration and Development,” would have involved the participation of provinces such as Binh Dinh, Phu Yen, Binh Thuan, An Giang, Tay Ninh, Quang Nam, Da Nang, and Ho Chi Minh City.
The event is not only a cultural gathering but also an opportunity for the Cham people to showcase their unique cultural traits. Nearly a thousand artists, artisans, athletes, and performers, representing over 179,000 Cham people across the country, were expected to attend. The festival serves as a platform to honor and introduce the traditional cultural values of the Cham people to both domestic and international friends.
Additionally, the festival’s opening ceremony will include the announcement of the Prime Minister’s decision to recognize two national treasures: the statue of King Po Klong Garai and the Phuoc Thien inscription, both part of the Cham cultural heritage in Ninh Thuan.
At noon on September 24, Malaysia Airlines, the national carrier of Malaysia, operated its first flight from Kuala Lumpur to Da Nang City, carrying 160 passengers.
Upon arrival at Da Nang International Airport, a grand welcoming ceremony was organized by the Da Nang Department of Tourism, Central Airport Authority, Da Nang International Airport, Danang International Terminal Investment and Operation JSC, and the Da Nang Tourism Association. The celebration included a water cannon salute, artistic performances, and the presentation of flowers and souvenirs to Malaysia Airlines and its passengers.
Tourists from Kuala Lumpur are given souvenirs at Da Nang airport
The Kuala Lumpur – Da Nang route by Malaysia Airlines will operate with a frequency of 7 flights per week using B737-800 aircraft. This brings the total frequency of flights on this route, in combination with other airlines, to 28 flights per week.
According to Mr. Tan Van Vuong, Deputy Director of the Da Nang Department of Tourism, Malaysia has consistently ranked in the top 10 international tourist markets for Da Nang. This new flight route is a tangible result of Da Nang’s leadership’s business trip to Malaysia in August, where they worked with Malaysia Airlines to promote and boost tourism.
Mr. Cao Tri Dung, Chairman of the Da Nang Tourism Association, mentioned that with the new Kuala Lumpur – Da Nang route, Malaysia has become another potential market for Da Nang. Not only has Malaysia become a major source of tourists for Da Nang, thanks to its attractive tourism products, but the opening of this direct flight route by Malaysia Airlines marks a new, deeper, and more sustainable development for Da Nang. This also serves as a bridge, helping the city expand its tourism market to other appealing global destinations.
The transportation authority has reported an increase in economy-class airfares compared to the same period in 2023, but these prices remain within the regulated price framework.
Since the beginning of the year, the average economy class ticket price on some routes has increased compared to the same period in 2023. Photo: Trong Hieu.
The Ministry of Transport (MOT) recently issued a document in response to local voters’ concerns about rising domestic airfare prices, which directly affects people’s travel needs, especially during holiday periods.
To balance the interests of consumers and airlines, voters suggested that the MOT review the cost structure and closely monitor airfare prices, contributing to price stabilization and better service for public travel needs.
In response to the cost structure of flights, based on data from the two largest carriers (Vietnam Airlines and Vietjet Air), the MOT outlines the proportion of total flight costs in 2023.
Of these, fuel costs accounted for 37-42%; aircraft equipment, maintenance, and repair costs made up 32-41%; flight services, such as ground handling and air traffic control, were 6-7%; and other costs, including direct labor, sales, management, and passenger services, ranged from 16-19%.
Since the beginning of the year, the regulatory authority noted that the average economy-class ticket prices on several domestic routes have increased compared to the same period in 2023. However, after inspecting ticket sales, they confirmed that airlines are tickets selling within the regulated price framework.
The MOT emphasizes that the increase in airfares aligns with global trends, driven by factors such as market supply-demand imbalances (due to a reduction in the size of airline fleets and high travel demand during holidays and festivals) and fluctuations from rising fuel prices and exchange rates.
To help reduce the pressure on ticket prices in the coming period, the MOT will continue implementing measures to stabilize the aviation transport sector. This includes balancing supply and demand on both domestic and international routes to meet passenger air travel needs.
Key solutions the ministry plans to implement include facilitating airlines in leasing additional aircraft, adjusting flight operation times, optimizing daily aircraft utilization, and increasing night flights. These measures aim to compensate for the supply shortage caused by fleet reductions.
Additionally, the regulatory authority will continue to strengthen the implementation and oversight of measures related to price registration, price listing, and the disclosure of pricing information in accordance with legal regulations. Passengers will also be encouraged to plan their ticket purchases early to have more options and access suitable ticket prices.
The Ha Long Bay Management Board in Quang Ninh has mobilized over 1,100 personnel and 301 vehicles to continuously collect floating styrofoam debris and bamboo rafts in the bay.
Mr. Vu Kien Cuong, Head of the Ha Long Bay Management Board, shared with the press that due to the impact of Typhoon No. 3 and subsequent flooding, a large amount of waste from coastal fish farming areas had flowed into Ha Long Bay.
Waste from aquaculture cages in coastal areas has been dumped into Ha Long Bay.
Most of the debris consists of broken styrofoam buoys and fish farming rafts that drifted from coastal areas, causing floating trash on the bay’s surface, affecting the landscape, environment, and tourist activities in Ha Long Bay.
To address this issue, the Ha Long Bay Management Board maximized its manpower, equipment, and vehicles, collaborating with agencies, organizations, and the local community to collect trash from the bay’s islands.
Mr. Also noted that between September 14 and 23, the board mobilized more than 1,100 personnel and 301 vehicles to continuously remove styrofoam debris and bamboo rafts floating in the bay. These teams collected styrofoam and rafts washed up on the islands and beaches, gathering 643 cubic meters of waste and 94 fish farming rafts. After this intensive clean-up, the tourist areas in Ha Long Bay will be ready to welcome visitors again.
Authorities and the Ha Long Bay Management Board launched a campaign to collect garbage in Ha Long Bay.
Regarding the challenges of handling the enormous volume of waste, Mr. Cuong explained that Ha Long Bay covers a vast area with many rocky islands, and the complex meteorological and oceanographic conditions make trash collection and environmental clean-up difficult.
As for future solutions, the Ha Long Bay Management Board will continue to strengthen its manpower, equipment, and vehicles to collect waste resulting from Typhoon No. 3. The board will also intensify environmental patrols and monitoring in the bay and coastal areas, ensuring timely detection and handling of violations and concentrating waste areas for collection and disposal.
After storm YAGI, garbage drifted to the rocky islands in Ha Long Bay.
“With limited manpower, handling such a large amount of waste is not easy and cannot be completed quickly. This effort requires the collaboration of various forces and local authorities within the province to expedite waste collection and prevent environmental damage to the bay,” Mr. Cuong emphasized.
As previously reported, after Typhoon Yagi, the marine farming industry in areas such as Van Don, Cam Pha, Ha Long, and Quang Yen suffered heavy losses, leaving fish farmers bankrupt and in debt. In particular, millions of cubic meters of trash, mainly consisting of bamboo rafts, styrofoam buoys, fishing gear, and household waste, are surrounding the Ha Long Bay heritage site. These “mountains” of trash are being carried by the tides into the core of Ha Long Bay, threatening the heritage site with an unprecedented environmental disaster.
According to the Ho Chi Minh City Department of Tourism, the total revenue from the city’s tourism sector in the first nine months of 2024 is estimated at 140.398 trillion VND, marking an 11.9% increase compared to the same period in 2023, and reaching 73.9% of the 2024 target.
In its report on tourism activities over the first nine months and key tasks for the last three months of 2024, the department revealed that international arrivals to Ho Chi Minh City during this period are estimated at over 4 million, a 12.4% increase year-on -year, reaching 66.9% of the 2024 target. Domestic tourist arrivals are estimated at nearly 27.4 million, an increase of 1.3% over the same period in 2023, achieving 72% of the 2024 target.
Tourists experience a double-decker bus in Ho Chi Minh City. Photo: SGTT
The city’s tourism industry continues to promote cultural and historical tourism, river tours, medical tourism, and MICE (Meetings, Incentives, Conferences, and Exhibitions) tourism, while enhancing the quality of its culinary services to increase the city’s appeal as a tourist destination.
Additionally, efforts to promote and market the city’s tourism offerings have been intensified, with a focus on leveraging information technology and bringing tourism activities to online platforms to boost engagement and expand reach.
For the full year of 2024, Ho Chi Minh City aims to welcome approximately 6 million international tourists, 38 million domestic tourists, and generate total tourism revenue of around 190 trillion VND.
Data from SoSoValue shows that the total daily net inflow cracked $100 million for the second day in a row for the BTC ETFs amid global monetary easing. PLUS: Worldcoin is up double digits as World ID expands to more countries.
Bitcoin (BTC) traded above $63,000 for the first half of the Asian trading hours on Thursday, down 1.4%, but up 2% on-week as inflows into BTC exchange-traded funds (ETFs) remain positive.
Asian stocks surged higher amid reports that China is considering injecting up to 1 trillion yuan ($142 billion) of capital into its biggest state banks to increase their capacity to support the struggling economy.
This follows an easing decision from earlier in the week that saw The People’s Bank of China (PBOC) cutting the reserve requirement ratio for mainland banks by 50 basis points (bps) while also lowering the seven-day reverse repo rate – the interest rate at which a central bank borrows funds from commercial banks – by 20 bps to 1.5%.
Data from SoSoValue shows that the total daily net inflow cracked $100 million for the second day in a row for the BTC ETFs. This marks a five-day streak of positive net inflow for the funds.
That has flipped an indicator tracking 30-day net holdings among ETFs to positive for the first time in September, data from CryptoQuant shows, suggesting a rising trend of accumulation as opposed to sales.
Meanwhile, ether (ETH) is trading above $2,500, down 1.3% on-day and up 8% for the week. Data shows that spot ETH ETFs had daily net inflow of $43 million, marking a second day of positive net inflow.
In a recent note, Presto Research wrote that rising Ethereum gas fees, driven by an increase in network transactions, have coincided with ETH outperforming BTC following the Fed’s 50 basis points rate cut.
While on-chain yields remain below the three-month treasury bill, some investors are positioning for a potential recovery in total value locked (TVL), Presto Write. However, a broader capital migration may not happen until 2025.
Sam Altman-backed WorldCoin’s WLD jumped 14% in the past 24 hours to become one of the only gainers in the broader crypto market. The company on Wednesday said it had begun its verification services in Poland, Malaysia and Guatemala over the past week – onboarding more users and boosting the project’s fundamentals.
The rise came amid an executive shuffle at OpenAI – another Altman company – and a switch in the company’s status from a nonprofit to a for-profit benefit corporation. WLD tokens have historically tended to move on development at OpenAI as crypto traders may consider the two closely related.
SpaceX executives have recognized the potential for expanding satellite Internet services in Vietnam and are preparing to invest $1.5 billion in the country.
Tim Hughes, Senior Vice President of SpaceX, a global leader in spacecraft, satellite launches, and satellite communications, announced the company’s plan during a meeting with General Secretary and President To Lam in New York on September 25.
Hughes noted that SpaceX launched its satellite Internet projects five years ago and now operates over 6,000 low-Earth orbit satellites, which enable Starlink Internet services to provide coverage in nearly every corner of the globe. The Starlink project aims to deliver reliable global Internet access via these satellites.
General Secretary and President To Lam expressed strong support for SpaceX’s investment proposal, viewing it as a significant milestone in promoting bilateral cooperation. He emphasized that digital transformation is a crucial component of Vietnam’s strategy to advance into a new era of development.
The General Secretary also confirmed that the Vietnamese government is currently reviewing SpaceX’s proposal. He encouraged the company to collaborate closely with relevant authorities and local partners to streamline the investment process. Additionally, he highlighted that Starlink could play a key role in improving Vietnam’s ability to respond to natural disasters.
Hughes reaffirmed SpaceX’s commitment to helping Vietnam achieve widespread Internet access and expressed optimism about partnering with the Vietnamese government and local stakeholders to drive the project forward.
Earlier, during a meeting with Prime Minister Pham Minh Chinh on September 6, Hughes confirmed SpaceX’s readiness to introduce Starlink to Vietnam. He urged Vietnam to ensure the necessary infrastructure is in place to maximize the project’s effectiveness, with the ultimate goal of enhancing Internet coverage across the country.
Founded by billionaire Elon Musk, SpaceX initially floated the idea of bringing Starlink to Vietnam during the September 2023 meeting between Hughes and Prime Minister Pham Minh Chinh. SpaceX leaders expressed their intention to help provide broadband Internet services to areas with limited connectivity.
Starlink made its debut in Southeast Asia in early 2023, launching services in the Philippines and Malaysia, with plans to expand to more countries in 2024. However, Vietnam and Thailand are still awaiting formal approval, according to the Starlink website.
And no, she didn’t rule that crypto mining devices were securities.
The U.S. Securities and Exchange Commission’s (SEC) lawsuit against Green United can proceed to trial, a Utah judge ruled Monday.
Last March, the SEC accused the Utah-based operation of scamming investors out of $18 million by selling them phony crypto mining equipment via a multi-level marketing scheme in which the company’s affiliates received a portion of the proceeds from each of the $3,000 “Green Boxes” they sold.
According to the SEC’s complaint, investors were told that the so-called Green Boxes were specialized crypto miners that mined GREEN tokens on the Green Blockchain – which they allegedly claimed supported a “public global decentralized power grid” – and could generate 40% to 50% monthly returns. Investors never physically received their equipment, and were told that the machines would be remotely hosted at a Green United-controlled data center.
In reality, the Green Blockchain didn’t exist, but the Green Boxes did – sort of.
Green United’s founder, Will Thurston (who, along with promoter Kristoffer Krohn, is also named as a defendant in the lawsuit), allegedly used the money investors gave him for the phony Green Boxes and used it to buy S9 Antminers – commercially-available bitcoin mining machines – which he then used to mine bitcoin for himself. According to the SEC, investors didn’t see any of the actual bitcoin (BTC) their purchases mined, but instead received periodic distributions of worthless GREEN tokens created by Thurston on the Ethereum blockchain.
Though Green United’s lawyers attempted to have the case dismissed, U.S. District Court Judge Ann Marie McIff Allen ruled that the SEC has “sufficiently alleged a security in the form of Green Boxes” to allow the case to proceed to trial, as well as its allegations of fraud.
The ruling caused something of a stir in online crypto circles, with at least one large X account claiming (in a since-deleted post) that the “SEC says crypto mining devices are securities.”
“This is wrong. Remain calm,” responded Neeraj Agrawal, director of communications at crypto lobbying group Coin Center. “This has no bearing on managed crypto mining. It’s garden variety ‘cloud mining’ scamming.”
The judge’s Monday ruling makes no mention of the real S9 Antminers – or bitcoin – Green United was allegedly buying with investor funds.
Vietnamese visa is a kind of travel documents granted by Vietnamese competent authorities, providing permission to travel to and enter Vietnam.
An electronic visa (E-visa) is one of visa types issued to foreigners by Vietnamese Immigration Department via electronic system. Vietnam E-visa is valid for maximum of 90 days, single or multiple entry.
Outside Vietnam foreigners who want to enter Vietnam can personally apply for E-visa or through the requesting agencies and organizations.
E-visa fee is paid via electronic payment gateway as prescribed by the Immigration Department. The fee will not be refunded if the application is refused.
List of Ports that allowed foreigners enter and exit Vietnam by E-visa.
Conditions for being granted e-visa:
Outside Vietnam foreigners;
Holding valid passport;
Not falling into the cases of suspension from entry prescribed in Article 21 of Law on foreigners’ entry into, exit from, transit through, residence in Vietnam.
Notes: E-visa holders in Vietnam may be considered to get new visa if being invited/guaranteed by authority/organization/individual in Vietnam in accordance with Law on foreigners’ entry into, exit from, transit through, residence in Vietnam.
Foreigners who entry Vietnam must comply with Vietnamese law.
Inviting/guaranteeing foreigners in accordance with section 1, Article 16, Law on foreigners’ entry into, exit from, transit through, residence in Vietnam; can be applied through electronic system (click here).
Notice: Foreigners falling into the cases prescribed in Clauses 1, 2, 3 and 4, Article 8 of the Law on foreigners’ entry into, exit from, transit through and residence in Vietnam, shall not apply for e-visa on this Website. They should send visa applications via the inviting or guaranteeing agencies and organizations to the competent agency of the Ministry of Foreign Affairs. (Click for detail)
