GBS Shortlisted for Financial Services Law Firm of the Year in Vietnam – 2025

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GBS – Global Business Services LLC has been named a finalist in the prestigious Corporate INTL 2025 Global Awards for the category of Financial Services Law Firm of the Year in Vietnam. This recognition highlights GBS’s outstanding contribution to the financial services industry and its commitment to delivering exceptional legal solutions.

The selection process was rigorous, with the organizer’s research team conducting in-depth evaluations over the past six months. By gathering insights from global business leaders, legal advisers, and investors, as well as considering thousands of nomination forms submitted by the publication’s vast database, the shortlist represents the top firms in the field.

Sophie Dao, Senior Partner at GBS, expressed her gratitude for the nomination, saying, “We’re honored to be recognized for our work in the financial services sector. Our team deeply understands the legal challenges foreign investors face when entering the Vietnamese market, and we take pride in providing practical, effective solutions that enable our clients to succeed. This nomination is a testament to our commitment to excellence.”

The winner of the Financial Services Law Firm of the Year award will be recognized as a market leader in the jurisdiction by the readers of Corporate INTL Magazine, solidifying their position as a top provider of legal services in Vietnam’s financial sector.

About GBS – Global Business Services LLC

GBS is a full-service business and legal consulting firm based in Vietnam, specializing in corporate formation, investment advisory, and compliance services for both foreign and domestic businesses. With a proven track record of helping international clients navigate Vietnam’s regulatory landscape, GBS has earned its reputation as a trusted partner for companies looking to establish and grow their presence in the country.

Ho Chi Minh City has once again set a new completion date for Metro Line 1, following multiple delays

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According to the latest decision by the Ho Chi Minh City People’s Committee, the Ben Thanh – Suoi Tien metro line will finalize construction and begin full commercial operations by the end of the fourth quarter.

All other aspects of the project remain unchanged from the investment policy previously approved by the relevant authorities.

The People’s Committee has tasked the Ho Chi Minh City Urban Railway Project Management Board (MAUR) — the project’s investor — with ensuring compliance with regulations and adhering to the new completion and operation schedule.

MAUR is expected to develop a detailed plan to complete the remaining tasks on time, including measures that hold all parties accountable and provide penalties for delays, while identifying potential risks.

The People’s Committee also emphasized that MAUR should proactively address disputes with contractors, preventing any issues from affecting the project timeline.

Furthermore, MAUR must avoid incurring additional costs due to project timeline adjustments. If any such costs arise, the investor and associated parties must find legal solutions to address them.

The reason for the schedule adjustment stems from the fact that the previous completion date was set for the end of the fourth quarter of 2023. While the project is 98% complete, key tasks remain unfinished, preventing the project from being finalized and accepted.

As a result, the construction completion date has been extended from the fourth quarter of 2023 to the fourth quarter of 2024 to allow for continued project funding.

Metro Line 1 is currently 98% complete, stretching 19.7 km, including 2.6 km underground and 17.1 km elevated. The project’s total adjusted investment stands at 43.7 trillion VND. The route passes through District 1, Binh Thanh, Thu Duc City (HCMC), and Di An (Binh Duong).

The line features three underground stations — Ben Thanh, Opera House, and Ba Son — and 11 elevated stations, including Van Thanh, Tan Cang, Thao Dien, An Phu, Rach Chiec, Phuoc Long, Binh Thai, Thu Duc, High-Tech Park, National University, and Suoi Tien Bus Station.

The Rise of Non-Fungible Tokens (NFTs)

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NFTs enable artists to monetize their work while offering new experiences to consumers. For instance, digital photo collections could be tokenized and sold, enabling the artist to receive part of any future resales proceeds.

NFTs can also be used to establish ownership of real-world assets; recently a home in Florida was sold using an NFT on the blockchain.

SevenTHheaven OU?

Ancient cosmology recognized seven heavens, each housing one of the classical planets. However, technological experts now consider artificial intelligence (AI) technologies a gateway to an additional seventh heaven and their titans often refer to this group of innovators as The Mag 7. Here we explore this tech god and how their invention may shape tomorrow’s age of abundance, wealth and peace.

Not many companies can boast having two former Pink Floyd members and eighties junk bond tycoon Michael Milken as major shareholders, yet Seventh Level does just that in Richardson, Texas – game maker Seventh Level is poised to capitalize on an expanding virtual goods market.

NFTs are unique digital assets

NFTs are digital assets used to represent ownership or authenticity for various digital or tangible items, from art pieces to gaming items. NFTs have proven invaluable across industries, ranging from giving artists new methods for monetization to revolutionizing gaming by verifying ownership of in-game items. Platforms like a site for NFT creators provide essential spaces for artists and innovators to showcase, trade, and manage their unique digital assets, further expanding their reach and opportunities. Furthermore, NFTs can be used as revenue-generating real estate tokens or to digitize existing records such as educational diplomas, bringing greater transparency and automation into operations.

NFT markets are rapidly developing with innovative applications in both virtual and real life settings. NFTs have emerged as a new form of collectible, allowing people to buy and transfer unique digital items that have never existed before – most often encoded on blockchain technology for security and transparency purposes.

CryptoPunks’ NFTs, for instance, consist of 10,000 unique 8bit-style characters algorithmically generated so no two are exactly alike – this makes them easy to sell or transfer in seconds, providing collectors and investors alike with instantaneous profits.

They represent ownership or proof of authenticity

Non-fungible tokens are digital representations of tangible assets like art and real estate that are built using blockchain technology and can easily and securely transferred between users – providing an ideal way to tokenize valuable items.

NFTs are unique tokens, making them invaluable collectables like digital art. Not only can NFTs serve as proof of ownership but they also act as authenticating agents; artists can create their work and sell it through NFT, which will then be verified as genuine by other users.

NFTs are also programmable, which enables them to carry out automated functions via smart contracts for faster, more efficient transactions at lower costs. Not only are NFTs popular among artists; they’re increasingly being adopted across other industries such as Kings of Leon’s new album which will be sold using this payment model.

They are a form of digital property

NFTs are a new form of digital property which utilizes blockchain, the world’s most secure and decentralized ledger. Buyers can purchase real estate worldwide in just a few clicks without incurring traditional transaction fees or legal documents, plus NFTs enable smart contracts which automate complex operations while simultaneously cutting costs.

NFTs can be an efficient and affordable way to buy artwork, sports highlights, video games and domain names as well as memes. Open marketplaces allow anyone to buy and sell NFTs. However, closed marketplaces typically require artists to apply and undertake the minting process themselves while also having more restrictions for trading of NFTs.

NFTs add an innovative dimension to property rights, but they still fall short. Most NFTs don’t add significant utility; at the upper end of the market they often appear as more of an expensive form of brag rights than an investment decision.

They are a form of virtual real estate

NFTs enable artists to monetize their creations more easily while making it simple and secure to prove ownership. Utilizing blockchain technology – a decentralized ledger with immutable transactions that allows users to trace back the history of tokens as well as any associated metadata – NFTs make monetization of art easy, while making ownership verification effortless.

NFTs represent both digital and physical items, including assets like artwork or land. As digital currencies gain prominence in the metaverse, where players purchase virtual worlds and create avatars for sale, NFTs have become more prevalent – the global market for NFTs is estimated at an estimated $25.4 billion by DappRadar by 2022.

NFTs differ from regular digital creations in that they typically possess unique identifiers and can be stored in crypto wallets that do not restrict their availability on specific platforms, giving owners more control and increasing value of their digital creations. Furthermore, NFTs may be used to verify media such as music videos, art exhibits or NBA highlights.

They are a form of music

NFTs allow individuals to own pieces of art, games or virtual worlds digitally. Each NFT has a distinct identity – much like how rare Pokemon cards cannot be traded for common ones – making NFTs an ideal way for musicians to promote their music while building connections with fans.

Many artists are capitalizing on the rise in popularity of NFTs by bundling them as part of larger packages – such as live show tickets or behind-the-scenes content – thus bypassing traditional platforms and channels while increasing earnings.

NFTs are revolutionizing how fans engage with music. Artists can easily create and trade NFTs as an effective means to expand their audiences and increase engagement with songs they write or perform, creating new revenue streams through fractional ownership of songs purchased by fans.

 

Foreign murder fugitive arrested in Vietnam after fleeing Thailand

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Kim HyeonggWon, wanted for murder in Thailand, was apprehended in Hanoi after fleeing through several countries. He has since been extradited to South Korea to face legal proceedings.

Kim HyeonggWon, 38, was arrested in Dong Da District, Hanoi, after being identified as a suspect with an international arrest warrant for his involvement in a murder in Pattaya, Thailand. The crime, committed on May 3, involved Kim and two accomplices. They allegedly killed their victim and concealed the body in a plastic container, which was later discarded in a lake to hide the evidence.

Following the murder, Kim fled Thailand, passing through Laos before entering Vietnam illegally via land routes. He traveled to Da Nang and eventually to Hanoi, where he continued to evade capture by moving between various small hotels.

International fugitive Kim HyeonggWon was arrested by Dong Da District Police. Photo credit: Provided by the Police.

Local authorities in Dong Da District became suspicious of Kim’s behavior. After an investigation, his identity as the internationally wanted fugitive was confirmed. In coordination with the Ministry of Public Security’s Foreign Affairs Department, the police swiftly moved to arrest him.

Kim was fined 4 million VND ($170) for illegal entry into Vietnam, but due to the severity of his crime, he was handed over to South Korean authorities on September 23 for further prosecution.

Vietnam’s Top 10 Richest Universities Report Growing Revenues, Reliance on Tuition Fees

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As the 2024-2025 academic year kicks off, many Vietnamese universities have released their financial statements for 2023, with several reporting impressive revenue figures.

Among them, the top 10 highest-earning institutions—both public and private—have cemented their positions as the wealthiest universities in the country, though concerns about the increasing reliance on tuition fees persist.

Leading the rankings among private universities is FPT University, which reported nearly VND2.92 trillion in revenue, a staggering 125% increase from 2021. This growth highlights FPT University’s expanding student body and solid financial performance, allowing it to maintain its spot as one of Vietnam’s richest educational institutions.

In second place is the Hanoi University of Science and Technology (HUST), one of the nation’s leading public universities, which doubled its revenue from the previous year to reach VND2.14 trillion in 2023. HUST saw significant gains not only from tuition fees but also from its growing income from research and other sources, which increased from VND97.4 billion in 2022 to VND506 billion in 2023.

Third on the list is RMIT University Vietnam, the foreign-invested institution that reported revenues of AUD226.2 million, or approximately VND3.8 trillion. As one of the most prestigious private universities in Vietnam, RMIT continues to attract a high number of international students, contributing to its strong financial performance.

Other universities in the top 10 include several public institutions with substantial revenue streams. The University of Economics Ho Chi Minh City saw its revenues rise from VND1.44 trillion to VND1.68 trillion, securing its place as a top earner. Similarly, the National Economics University reported VND1.41 trillion in revenue, up from VND1.06 trillion the previous year, reflecting its continued financial stability.

Two new additions to the list of universities earning over VND1 trillion in 2023 are the Industrial University of Ho Chi Minh City and Ho Chi Minh City University of Technology under the Vietnam National University system. Their entrance into this exclusive group highlights their expanding influence and financial growth in recent years.

On the private university front, apart from FPT University, Nguyen Tat Thanh University and HCMC University of Technology (HUTECH) also made it into the top 10, each generating over VND1 trillion in 2023. These universities, like their public counterparts, rely heavily on tuition fees, with student payments comprising more than 98% of their revenues. Van Lang University, which earned VND1.758 trillion in 2022, has not yet disclosed its 2023 figures.

Despite the impressive revenue growth across these institutions, experts have raised concerns about the increasing dependence on tuition fees as the primary source of income. Four of the top five universities in Vietnam reported over VND1 trillion coming solely from tuition, a trend that raises questions about financial sustainability and affordability for students.

Last year, the government approved a raise in the tuition fee cap for public universities, which had been frozen for years due to the impact of Covid-19. Public universities without financial autonomy can now charge between VND12-24.5 million per year, while autonomous institutions are allowed to charge up to 2.5 times more. For accredited programs, universities can set their own tuition fees, and students in 2024 are expected to pay between VND10.6-250 million, with an average of VND20-40 million per year. Most universities have projected annual tuition increases of 8-15% going forward.

Crypto Exchange Kraken Said to Hire Natasha Powell as UK Head of Compliance

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Powell will start in her new role at the crypto exchange in November.

Crypto exchange Kraken has hired Natasha Powell as U.K. head of compliance, according to two people familiar with the matter.

Powell will be starting in November, said the people, who spoke on condition of anonymity because the matter is private.

“We’re always exploring new opportunities to enhance our offering with talent from the industry,” a Kraken spokesperson said in emailed comments.

Powell declined to comment.

Powell joins from crypto payments firm BCB Group, where she was employed as chief compliance officer.

She started her career with the Financial Conduct Authority (FCA), the U.K. regulator responsible for overseeing the financial services industry, and later held positions at RBS and Barclays Capital, according to her LinkedIn profile.

Ethereum ETFs Record Biggest Outflows Since July in Sign of Low Institutional Appeal

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The outflow comes despite a broader crypto market rally fueled by recent Federal Reserve rate cuts that helped lift ether prices by 11% over the past week.

Ether (ETH) exchange-traded funds (ETFs) recorded their largest net outflows since July, with over $79 million exiting on Monday in a sign of waning institutional demand for the world’s second-largest token.

Those figures are the highest since July 29, when ETH ETHs recorded a cumulative $98 million, and the four-highest since they first went live on July 23, data from SoSoValue shows.

Nearly all of Monday’s outflows came from Grayscale’s ETHE product. Bitwise’s ETHW recorded just over $1.3 million in inflows. Other products showed no inflow or outflow activity.

The outflow came despite a broader crypto market rally fueled by last week’s Federal Reserve interest-rate cuts, which helped lift ether prices by 11% over the past week. The disconnect between ETH’s price momentum and ETF flows suggests that investors remain uncertain about the asset’s long-term growth prospects.

A closely watched ratio tracking the relative price strength of ether and bitcoin (BTC) has dropped to its lowest level since April 2021, as CoinDesk previously reported, a sign the broader market favors bitcoin’s perceived stability over ether’s riskier, high-yield potential.

According to Peter Chung, head of research at Presto Labs, the Ethereum blockchain’s “world computer” narrative does not resonate as easily with traditional finance (TradFi) investors as bitcoin’s “digital gold” meme.

“TradFi investors may not respond as enthusiastically to ETH’s investment thesis than to BTC’s. Gold’s investment thesis as an inflation hedge is well-known, and therefore, it is not a leap for TradFi investors to wrap their heads around the idea of ‘digital gold,” Chung said in a message to CoinDesk, referring to an August report by the firm on the topic. “On the other hand, ETH’s ‘world computer’ narrative is much more difficult for non-technicals to grasp.

“Even if they manage to come around, their conviction level would need to be high enough to justify adding a second digital asset exposure after a BTC ETF. This could be challenging because, for those who have already allocated to a BTC ETF in their portfolio, adding another digital asset exposure provides substantially less incremental diversification benefit than the first exposure,” he said.

Bitcoin set fresh lifetime highs in March in U.S. dollars (before tumbling 20%), while ether is yet to break its highs from 2021 and is still about only half that level. Year-to-date, bitcoin has returned over 50% , while ether has gained just under 15%.

Augustine Fan, head of insights at SOFA.org, noted that while ETH has gained on the back of the Fed’s dovish turn, the heavy ETF outflows indicate a fragile sentiment.

“Will a continued price rally rescue ETH ETF inflows from their current doldrums? The answer likely depends on whether we see another blow-off top in equity markets before November,” Fan said. “Ethereum has gained 11% over the past week on no new developments. However, the latest heavy outflow from Ether ETFs indicates uncertain sentiment among investors on its future growth momentum.”

Nick Ruck, an independent market analyst, pointed out that the recent outflows could be linked to broader pessimism about ether’s growth narrative.

“The surge in ETH ETF outflows may stem from investors allocating capital elsewhere due to the ongoing pessimistic outlook for ETH, and the current increase in the price of ETH is a good opportunity to exit the market,” Ruck said in a Tuesday message to CoinDesk. “Ethereum has been criticized recently for failing to push any narratives that could help attract more inflows. However, the new Pectra upgrade set to launch in Feb 2025 aims to enable users to pay gas fees with altcoins, among other benefits.”

“Institutional investors may feel there are better opportunities elsewhere for the time being,” Ruck added.

Five Storms Expected in the East Sea During the Final Quarter of 2024

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The East Sea is forecasted to experience five storms and tropical depressions in the last three months of the year, surpassing the long-term average. Of these, 2-3 may make landfall in Vietnam.

According to the Institute of Meteorology, Hydrology, and Climate Change, the ENSO (El Niño–Southern Oscillation) is currently neutral, with sea surface temperatures in the equatorial Pacific averaging around minus 0.5 degrees Celsius from mid-August to early September. However, a shift to La Niña is predicted between October and December, with a 50-70% probability. As a result, the number of storms and tropical depressions in the East Sea and those affecting Vietnam could be at or above the long-term average, with 4-5 storms in the East Sea and 2-3 impacting the mainland.

The National Center for Hydro-Meteorological Forecasting also anticipates La Niña conditions to persist throughout the last three months of 2024. This could lead to more complex storm patterns, with a 1.9 storm increase above the usual average, mainly impacting the Central and Southern regions. “Vigilance is required for storms and tropical depressions forming directly in the East Sea,” the center warned.

Increased Rainfall Expected

Northern regions are projected to experience 10-20% more rainfall than usual in October and November, with increases of 5-10 mm in mountainous areas. By December, however, rainfall is expected to decrease by 5-10 mm, remaining 20-40 mm below the long-term average.

The Central region is forecast to see significantly heightened rainfall over the next two months, with October and November rainfall 10-30 mm above average. In December, Quang Binh and Quang Tri are expected to receive 100-200 mm of rain, 10-15 mm above normal, while Thua Thien Hue to Quang Binh may see 250-500 mm, 30-60 mm higher than average. In the Ninh Thuan and Binh Thuan areas, rainfall could reach 30-80 mm, 15-30 mm higher than usual.

In the Central Highlands and Southern regions, rainfall in the next two months is expected to be 5-20% higher than normal. December forecasts predict 30-50 mm of rain in the Central Highlands, while the southern parts of the region may see 50-80 mm, 10-30 mm above the long-term average.

Floods May Become More Severe

The increased rainfall is likely to cause more severe flooding across the country. In the next three months, river water levels in the North are expected to rise 10-20% above average, with Tuyen Quang Lake on the Gam River and Thac Ba Lake on the Chay River potentially exceeding normal levels by 30-70%.

Between now and November, Thanh Hoa’s rivers may experience 1-2 floods, while rivers in Nghe An and Ha Tinh could see 3-4 floods. The downstream peak of the Ma River may reach flood level one, while the Ca and La Rivers could surpass level two. In December, water levels on these rivers are expected to gradually recede.

The Central region is expected to face 3-5 significant floods between October and December, particularly in October and November. Some rivers may see flood peaks reaching level three. Overall, flood activity in 2024 is expected to be near or above the historical average.

In the Southern Central region, 2-4 floods are anticipated from October to December. Rivers in Binh Dinh and Khanh Hoa could reach flood level two, with some areas exceeding level three. Rivers in Phu Yen, Ninh Thuan, and Binh Thuan are forecast to rise above level two, with upstream flows expected to increase by 20-50%.

From late September to December, the flow of the Mekong River into the Mekong Delta is expected to increase gradually. In September, the total flow is projected to be 5-10% below the long-term average, while from October to December, it is expected to align with the historical average.

Stronger Northeast Monsoon Expected Later in the Season

The Institute of Meteorology, Hydrology, and Climate Change predicts that the intensity of the winter monsoon will vary this year. From November to December 2024, the northeast monsoon is expected to remain weak or close to the long-term average. However, from January to March 2025, the monsoon could intensify beyond normal levels. Severe cold spells are likely to occur in the core winter months, starting in mid-December.

October temperatures across the country are expected to be 0.5-1 degrees Celsius higher than the long-term average. By November and December, temperatures are likely to return to normal. In the North and North Central regions, temperatures may be approximately 0.5 degrees Celsius lower than the average for the last two months of the year.

Typhoon Yagi’s Impact

So far, the East Sea has experienced four storms this year, with Typhoon Yagi causing significant devastation across Northern Vietnam. The storm resulted in 299 deaths, 34 missing persons, and severe flooding of over 70,000 homes. Economic losses from Yagi amounted to VND 61 trillion, making it the most destructive storm on record for the region.

Hue Launches “Coloring Heritage” Program

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This is an educational initiative aimed at raising awareness of Hue’s cultural heritage among children in the city.

The program is organized by the Hue Monuments Conservation Center in collaboration with the German Cultural Heritage Protection Association (GEKE).

Participants will learn about traditional decorative patterns in the imperial citadel and practice coloring using watercolor painting techniques. Experts will explain traditional painting techniques and introduce the use of colors and coloring methods. The children will explore and discover traditional patterns found on the screen walls and main gates of the palace.

Experts introduce traditional decorative motifs in the royal court

As part of the heritage education journey, children will choose printed A3 pattern drawings and experience coloring with professional watercolors and brushes at the project office located in the Phung Tien Palace area.

Additionally, the program includes a memory game called “Hue: The Memory Game,” designed to teach children about the meanings of the patterns in an engaging way. The children will also work together to research and search for patterns used in the Phung Tien Palace.

Children enthusiastically participate in the memory training game.

Along with raising awareness of Hue’s cultural heritage, the program helps children develop focus, artistic inspiration, and creativity while encouraging them to stay away from electronic devices.

According to the Hue Monuments Conservation Center, in 2023 alone, the center successfully collaborated with Hue City’s Department of Education and Training to implement the school heritage education program in 85 schools, involving over 25,000 students.

Phung Tien Palace restoration model

In the near future, the center plans to collaborate with partners, heritage sites, and schools to develop additional Hue heritage education programs targeted at young people, students, and international and out-of-province students.

@vtv.vn

Ha Long Welcomes Tens of Thousands of Tourists After Typhoon Yagi

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Tens of thousands of tourists have flocked to Ha Long City after the area restored its tourism activities.

According to information from the Ha Long Bay Management Board, more than 40,000 tourists visited Ha Long Bay from September 10 to 21. Notably, 90% of the visitors were international tourists.

Ha Long is peaceful after storm number 3

After Typhoon No. 3, popular destinations among international tourists included: Thien Cung Cave, Ga Choi Islet, Dau Go Cave, Ti Top Island, Luon Cave, and Ba Hang Cave. Most of the foreign tourists came from South Korea, India, Europe, and America. In particular, there was a significant increase in visitors from South Korea, India, and Malaysia.

A representative from the Ha Long Bay Management Board mentioned that the fall and winter seasons mark the peak time for welcoming international tourists to Ha Long Bay. This is the most beautiful time of the year to visit Ha Long Bay. Many international tourists stay overnight, experience kayaking, and enjoy the magnificent atmosphere within this UNESCO World Heritage site.

Ha Long Bay cruise ships refurbished to welcome guests back

To ensure a smooth and welcoming experience for visitors, the Ha Long Bay Management Board, along with businesses, quickly cleaned up and prepared safety measures following Typhoon No. 3. Approximately 359 boats are docked at Ha Long International Cruise Port and Tuan Chau International Cruise Port, with 315 boats, accounting for 88%, ready for operation.

According to a report from Quang Ninh’s Department of Transport, Typhoon No. 3 sank 27 cruise ships and 4 transfer boats. However, businesses promptly began recovery efforts, with nearly 90% of the total fleet now ready for service.

Starting on the morning of September 13, Quang Ninh Inland Waterway Authority began allowing overnight guests to embark on certain routes in Ha Long Bay.

From the beginning of the year until now, Ha Long Bay has welcomed approximately 2.5 million tourists, with nearly 434,000 staying overnight. Since early September, nearly 80,000 tourists have visited Ha Long Bay.

Despite the significant impact of Typhoon No. 3, Quang Ninh Province remains committed to its goal of welcoming 19 million visitors in 2024.

@Thanhnien.vn

 

Opportunity for Vietnam’s Tourism to Attract the U.S. Market

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The U.S. is one of Vietnam’s key tourism markets, ranking 5th among the largest source markets for visitors to Vietnam.

From 2015 to 2019, the number of American tourists visiting Vietnam saw continuous growth. In 2015, Vietnam welcomed 491,000 American visitors, and by 2019, this figure had risen to 746,000, a 1.5 times increase. The average annual growth rate for this period was 11%.

Following the COVID-19 pandemic, the U.S. market rebounded quickly, with 717,000 visitors in 2023, recovering approximately 96% of the 2019 level. In the first eight months of 2024, Vietnam received 529,000 American visitors, an 8% increase compared to the same period in 2023 and 1.7% higher than pre-pandemic levels.

American Visitors to Vietnam, 2015 – 2024 (Number of Visitors).

The market of American tourists to Vietnam recovers quickly after the COVID-19 pandemic (Source: Compiled from data of the General Statistics Office)

Overall, American tourists in Vietnam tend to have high spending and extended stays. According to a 2019 survey by the Vietnam National Administration of Tourism, the average spending per U.S. visitor was USD 1,570.8, and the average length of stay was 12 days. This is significantly higher than the overall average for international tourists to Vietnam, who spent USD 1,074 and stayed for an average of 8.1 days.

Vietnam has immense potential to attract the U.S. market with its stunning landscapes, rich cultural heritage, and unique cuisine. Notably, several famous Vietnamese locations have been featured in American films, including the blockbuster movie Kong: Skull Island, which showcased breathtaking scenes in Ha Long Bay, Quang Binh, and Ninh Binh. This provides an excellent opportunity to bring Vietnam closer to the U.S. market and promote it globally through cinematic exposure.

From September 23 to 25, the Ministry of Culture, Sports, and Tourism will host the Vietnam Tourism and Cinema Promotion Program in San Francisco and Los Angeles, California, U.S., under the theme “Vietnam – A New Destination for World Cinema.” This event is a highlight of the Ministry’s 2024 promotion plan, aiming to introduce Vietnam’s tourist destinations and film locations, attracting Hollywood studios to shoot films that could generate international media attention and further promote Vietnam’s tourism.

The potential for growth in tourism exchange between Vietnam and the U.S. is vast. With the two countries officially elevating their diplomatic relations to a Comprehensive Strategic Partnership in September last year, many U.S. companies have already invested in Vietnam’s tourism sector. Additionally, Vietnam Airlines has launched direct flights between the two countries. There is high anticipation that this first-ever Vietnam Tourism and Cinema Promotion Program by the Ministry of Culture, Sports, and Tourism will lead to a breakthrough in collaboration with U.S. partners, boosting tourism through cinema and promoting Vietnam’s image and brand in the U.S. and globally.

@vtv.vn

Guide to Register for the ASEAN Tourism Awards 2025

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The Vietnam National Administration of Tourism has announced the opening of registration for the ASEAN Tourism Awards 2025. Entities such as homestays, tourism communities, public sanitation facilities, and spas in Vietnam are eligible to participate, with the deadline for submissions being October 22.

The ASEAN Tourism Awards 2025 will be held as part of the ASEAN Tourism Forum (ATF 2025) in Malaysia in January 2025. This event aims to promote national tourism branding and image while providing opportunities for Vietnam’s tourism service businesses to enhance international integration and outreach.

Tourists visit Thien Mu Pagoda in Hue City. In 2024, Hue City will receive the ASEAN Clean Tourism City Award. Photo: Ngoc Khuyen

Within the framework of the ASEAN Tourism Awards 2025, the tourism ministers of ASEAN member countries have agreed to present several awards: the ASEAN Homestay Award, the ASEAN Community-Based Tourism Award, the ASEAN Public Toilet Award, and the ASEAN Spa Services Award.

To participate, businesses need to complete the application form and submit it to the Administration by October 22. Information about ASEAN standards and application guidelines can be found on the official website of the Vietnam National Administration of Tourism via the link: https://vietnamtourism.gov.vn/post/58573.

At the ASEAN Tourism Awards 2024, Vietnam was recognized in categories such as the ASEAN Green Hotel Award, the ASEAN Clean Tourist City Award, the ASEAN MICE Award for Meeting Rooms, the ASEAN MICE Award for Exhibition Venues, the ASEAN MICE Award for Event Venues, and the ASEAN Sustainable Tourism Award, focusing on Culinary Tourism.

@SGtiepthi

What’s Exciting at Da Lat Flower Festival?

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With the theme “Da Lat Flowers – A Symphony of Colors,” the 10th Da Lat Flower Festival is scheduled to take place in December 2024.

The 2024 Da Lat Flower Festival will feature 10 main programs, 12 accompanying activities, and various other events.

The 2024 Da Lat Flower Festival has 10 main programs, 12 response programs and other activities. Photo: Dang Huy

The 10 main programs include the opening ceremony of the 10th Da Lat Flower Festival, a New Year’s Eve 2025 celebration combined with the festival’s closing ceremony, flower spaces, an international conference titled “Da Lat Green Tourism and Cultural Industry Development from Natural Resources to Biodiversity and Local Culture,” and an artistic performance: Bao Loc, City of Fragrance and Silk, welcoming the 10th Da Lat Flower Festival 2024.

Other key events include the OCOP product exhibition and trade promotion at the 2024 Da Lat Flower Festival, Wine – Tea – Coffee Street, celebrate Da Lat and Lam Dong’s specialties, the Da Lat Vegetable – Flower Market featuring miraculous harvests from fertile lands, an international cultural and artistic exchange between Da Lat and Chuncheon (South Korea), and the Street Carnival of Flowers and Heritage, with flower floats, floral fashion , and street art.

Tourists in Da Lat city. Photo: Dang Huy

In addition to the main programs, there will be 12 supporting events such as the “Da Lat Fun Color” Music Festival, the “Bao Lam – Legends and Gathering” Festival, the Korean – Da Lat Music Festival 2024, the Lam Dong Trail 2024 race, the Lang Biang Pink Grass Festival, a seminar on preserving and promoting the cultural values ​​of ethnic groups in Di Linh District in connection with tourism development, and the 19th “Green – Clean – Beautiful” Contest.

Other accompanying events include the “5AM Concert in Da Lat,” the second Prenn Trail Challenge 2024, the “Radiant Da Lat Flowers” ​​exhibition celebrating the 10th Da Lat Flower Festival 2024, the Bazan Music Band Festival, and a tourism tour titled “Da Lat – A Multicolored World of Flowers”.

@SGtiepthi

Foreign Teachers in Vietnam Struggle with Low Salaries and Fierce Job Competition

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Many foreign teachers are sending out hundreds of job applications and accepting lower salaries.

Many foreign teachers say that finding a high-paying job in the Vietnamese market is no longer easy due to increasing competition.

Over the past year, Stephen, an English teacher from Russia, has submitted more than 100 applications for a stable job with full benefits, but has not been accepted anywhere.

Despite having a bachelor’s degree in education, a TEFL certificate, and seven years of teaching experience, Stephen, like many others, is struggling to secure a job. Each month, she has various expenses to cover in Vietnam, and without a stable job, the financial pressure is becoming overwhelming.

Every day, Stephen searches through different associations, groups, and websites, actively sending applications to employers across various sectors. She is even willing to work in the suburbs, as long as the job offers stability. However, there has been no response. She continues to take on temporary, hourly-paid jobs or works as a teaching assistant at some schools.

“It’s not as easy as I thought. The job market is too competitive. Some places require me to work unpaid trial periods or promise high salaries without providing any guarantee,” Stephen shared.

Jack, an American teacher who has been teaching in Vietnam for over 1.5 years, earns 350,000 VND per hour at a public school, which is higher than the rates offered by many English centers.

However, since the Covid-19 pandemic, his working hours have been cut as schools reduce costs and shift to online teaching. Jack now only has a few classes, making it difficult for him to cover his living expenses.

Three months ago, an English center where his colleague worked announced that student enrollment had dropped by more than 50%, and they were no longer hiring. The center is even struggling to pay rent and may relocate to a suburban area, which has led to further reductions in teachers’ hours.

Some teachers try to stay, while others leave for other countries.

Due to low salaries and a challenging job market, Jack has returned home to pursue other opportunities. He believes that the compensation offered by the centers is not proportional to the amount of work required, including preparing lesson plans, grading, writing reports, attending meetings, and other tasks that are often unpaid.

“For Vietnamese locals, this salary might seem high, but foreign teachers typically expect more. When the pay doesn’t meet expectations, many foreign teachers quickly move on to other countries,” Jack explained.

He believes that one reason foreign teachers face challenges finding jobs in Vietnam is the economic downturn, which has led many parents to stop sending their children to English centers. Moreover, the collapse of several centers has shaken parents’ confidence, making them more cautious and selective when choosing schools for their children.

“The salary is the main issue, but more and more English teachers are finding it hard to accept the current pay. Teachers from countries like the Philippines, India, or South Africa are more willing to work for these wages,” Jack added.

According to Debra Mann, a representative of the TEFL teaching community, requests for foreign teachers have dropped by 50% in the past year compared to previous years.

As the job market becomes more competitive, many Western teachers are shifting their job searches to countries like China, South Korea, and Japan.

Golden Opportunity for Vietnam Tourism to Attract the US Market

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From 2015 to 2019, the number of US tourists visiting Vietnam saw steady growth. In 2015, Vietnam welcomed 491,000 US visitors, and by 2019, this figure had risen to 746,000, marking a 1.5-fold increase. During this period, the average annual growth rate was 11%.

After the COVID-19 pandemic, the US market rebounded quickly, with 717,000 arrivals in 2023—about 96% of the 2019 level. In the first eight months of 2024, Vietnam received 529,000 US visitors, an 8% increase over the same period in 2023 and 1.7% higher than pre-pandemic levels.

The market of American tourists to Vietnam recovers quickly after the COVID-19 pandemic (Source: The General Statistics Office)

US tourists are known for their high spending and long stays. According to a 2019 survey by the Vietnam National Administration of Tourism, American visitors spent an average of $1,570.80 and stayed for 12 days—considerably higher than the overall averages for international visitors ($1,074 spent over 8.1 days).

Vietnam holds significant appeal for US tourists, offering stunning landscapes, rich cultural heritage, and renowned cuisine. Many American films have also featured Vietnam’s iconic locations, such as the blockbuster Kong: Skull Island, which was filmed in Ha Long Bay, Quang Binh, and Ninh Binh. This creates a valuable opportunity for Vietnam’s tourism industry to capture the interest of the US market through the lens of cinema.

From September 23 to 25, the Ministry of Culture, Sports, and Tourism will host the Vietnam Tourism-Cinema Promotion Program in San Francisco and Los Angeles, California, under the theme “Vietnam – New Destination of World Cinema.” This initiative aims to promote Vietnam as a prime location for international film production, attracting Hollywood studios to shoot in Vietnam. Such exposure has the potential to generate significant media attention and boost tourism.

With the recent upgrade of diplomatic relations between Vietnam and the US to a Comprehensive Strategic Partnership, along with increasing US investment in Vietnam’s tourism sector, the potential for growth in tourism exchange is enormous. Vietnam Airlines has already launched a direct flight connecting the two nations, further facilitating travel. The Vietnam Tourism-Cinema Promotion Program is expected to strengthen partnerships with US businesses and enhance Vietnam’s global image as a top destination for both tourists and filmmakers.

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