The People’s Committee of Tam Duong District, Lai Chau Province, has announced plans to host the first Putaleng Festival with the theme “Return to the Land of Rhododendrons”.
Rhododendron season on Putaleng peak. Photo: Lang Binh
The Putaleng Festival will take place from November 22 to November 24, 2024, in Tam Duong District, Lai Chau Province. The opening ceremony is scheduled for 8:00 PM on November 22 at Muong Lu Lake in Tam Duong town. During the ceremony, the organizers will also announce the recognition of the ancient rhododendron forest concentrated on Mount Putaleng at an elevation of 2,619 meters, which boasts the largest area of its kind in Vietnam.
Another highlight of the festival is the third Putaleng Vietnam Open Cross-Country Paragliding Competition, featuring two categories: powered and non-powered paragliding. The competition will take place at the multifunctional performance hall at the Tam Duong Cultural, Sports, and Media Center and the district’s stadium. The paragliding flights will take off from Si Thau Chai village in Ho Thau commune and land at the Tam Duong district stadium.
The festival will also include a series of other activities such as the second Putaleng Traditional Run, the challenge to conquer Tac Tinh waterfall, a raft race on Muong Lu Lake, a community cooking contest, a photo exhibition showcasing the beauty of Tam Duong, the second Tam Duong Mong Khen (reed pipe) Festival, traditional ethnic sports competitions, and a variety of local tourism promotion activities and OCOP (One Commune, One Product) product displays.
Additionally, visitors to Tam Duong in November will have the opportunity to experience the traditional cultural values of local ethnic settlements through community-based tourism villages, attend highland markets, and go cloud hunting atop Ta Lien Son and Putaleng Mountain.
Recently, Hanoi has successfully surpassed famous destinations such as Bangkok (Thailand), Seoul (South Korea), and Tokyo (Japan) to earn the title of “Asia’s Best Culinary City.”
Recently, Hanoi has successfully surpassed famous destinations such as Bangkok (Thailand), Seoul (South Korea), and Tokyo (Japan) to earn the title of “Asia’s Best Culinary City”.
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The World Culinary Awards is a global initiative aimed at outstanding achievements in the culinary industry. The results are based on votes from experts and the public throughout the year.
In the category of “Asia’s Best Culinary City Destination 2024,” Hanoi outshined other contenders like Bangkok, Seoul, and Tokyo to take the top spot. Several restaurants and hotels in Hanoi also received awards for their culinary services.
The World Culinary Awards is part of the World Travel Awards, which was established in 1993 to honor excellence in the tourism and hospitality industry.
In 2023, Hanoi triumphed over strong competitors like Kuala Lumpur (Malaysia) and Taipei (Taiwan, China) to win the title of “Asia’s Best Emerging Culinary City” at the World Culinary Awards.
Hanoi continuously receives international awards honoring cuisine and tourism.
Earlier this year, Vietnam’s capital was also ranked as one of the top 15 culinary destinations in the world by the readers of Tripadvisor, the world’s largest travel guidance platform.
Famous Hanoi dishes such as pho, bun cha, fish cake, and pho roll continue to be popular among international visitors.
The appearance of a sea turtle in the Hon Mun Marine Protected Area suggests that the marine ecosystem of Nha Trang Bay is improving, with signs that sea turtles are returning to their birthplace to lay eggs.
On October 8th, the management of Nha Trang Bay announced that on October 4th, a sea turtle was spotted in the Hon Mun Marine Protected Area in Nha Trang Bay, Nha Trang City. The turtle was captured by a camera carried by a conservation specialist from the Nha Trang Bay Management Board.
Sea turtles are rarely seen in many marine areas, and the presence of sea turtles requires an abundant food supply and clean water quality in the region. Therefore, the appearance of the turtle in the Hon Mun marine area indicates that the ecological environment of Nha Trang Bay is improving, and the sea turtles are showing signs of returning to their birthplace to lay eggs.
According to the Nha Trang Bay Management Board, during its life cycle, a sea turtle experiences various habitats. During the breeding season, sea turtles return to coral reefs and seagrass beds to mate, build nests, and lay eggs. It takes a sea turtle 30 to 50 years to reach maturity, but only one out of every 1,000 hatchlings survives to adulthood. The migration process takes several months as the turtles both migrate and feed during the day, and at night, they rest in coral reefs and rocky areas.
In 2009, a mother turtle came ashore at Dam Tre to lay three nests of eggs, which were protected by authorities until the hatchlings returned to the sea. Authorities also discovered an adult sea turtle at Hon Tre in August 2015 and a nest of eggs at Dam Tre beach in June 2016. In 2022, the Nha Trang Bay Management Board proposed designating a protected area for turtles to lay eggs at Bai Bang Lon – Dam Tre to further conserve this marine species.
Bitcoin ETFs enjoyed their highest net inflows since Sept. 27, with FBTC and IBIT leading the way.
Ether (ETH) exchange-traded funds (ETFs) in the U.S. saw zero flows on Monday for only the second time since their listing in July, according to data gathered by SoSoValue.
Bitcoin (BTC) ETFs, meanwhile, enjoyed their highest inflows since Sept. 27, adding a net $235.2 million. Fidelity’s product (FBTC) led the gains with $103.7 million while BlackRock’s fund (IBIT) garnered $97.9 million.
In contrast, the nine ether ETFs registered zero flows in either direction. The only other time this has occurred was Aug. 30.
The figures underline the differing fortunes of BTC and ETH products in the U.S. Bitcoin ETFs have seen inflows of nearly $18.75 billion since they listed in January, while their ether equivalents are $500 million in the red since becoming available in July.
New information over the weekend shattered the consensus on who Satoshi Nakamoto might be.
The odds of the late Len Sassaman being revealed as the elusive pseudonymous founder of Bitcoin, Satoshi Nakamoto, in an HBO documentary slumped to 14% after his wife, Meredith L. Patterson, said he was not and that the company had not approached her when making the documentary.
A Polymarket contract asking bettors who the documentary would name saw the odds on Sassaman, who died in 2011, as high as 55% over the weekend. They dropped sharply after DLNews published an interview with Patterson. The program will be screened at 02:00 UTC on Wednesday (9 p.m. Tuesday ET).
“I kind of wonder whether I’m screwing with the prediction markets by answering honestly when people ask me questions, but long story short, f*ck em,” Patterson told DL News.
The early speculation on Sassaman led to a number of memecoins named after him, and some even after his cat, trending on social media and within crypto circles focused on various blockchains. Some people contacted Patterson for confirmation and received an address on the Solana blockchain for token donations in return.
Patterson was not the only contender. Bitcoin proponent and businessman Samsow Mow said Blockstream CEO and early Bitcoin developer Adam Back would be unveiled as Nakamoto. Another, smart-contracts pioneer Nick Szabo, briefly led odds on Polymarket in the late U.S. hours Monday, before Sassaman retook the flag.
Back refuted Mow’s assertion, calling it a joke and tweeting a denial, saying he doesn’t know who Satoshi is. Mow is expected to appear in the documentary.
Despite no conclusive leak of the reveal, the deluge of rumors and speculaton was enough to move millions of dollars among various candidates on Polymarket in the past 24 hours.
As of Tuesday afternoon Hong Kong time, “Other/Multiple” has over 56%, with Sassaman taking 13%, ahead of Back who has just over 11%, with over $13 million bet on the question.
52% of Vietnamese families value family bonding as the top benefit of intergenerational trips, along with reconnection (50%) and diverse activities for all age groups (37%)
However, increased health and safety concerns (31%), conflicting interests (36%) and varying dietary needs (22%) add layers of complexity to the travel experience
Booking.com, one of the world’s leading online travel platforms unveiled its Gen.Voyage! research on intergenerational travel showcasing insights garnered from over 8,000 travellers across 11 markets and territories in Asia Pacific (APAC) including Vietnam. This research, the first of its kind in APAC, examines the prevalence of intergenerational travel where grandparents, parents, children and other extended family members travel together for leisure.
Strong Family Ties Shape Travel Decisions in Vietnam
In Vietnam, where it is quite common to live in multigenerational households with strong family bonds, this close-knit living style is in turn reshaping how families travel. Rather than conventional vacations, families are opting for trips that bring together grandparents, parents, children and extended family. These adventures turn travel into a canvas for shared experiences and meaningful connections. Moving beyond simple sightseeing, these journeys bridge generational divides and create lasting memories, offering enriching experiences that cater to everyone. Booking.com conducted this research to better understand how family dynamics across generations could impact travel behaviour and decision making
Memorable trips that unite generations
Intergenerational travel brings families closer together, with 52% of Vietnamese travellers highlighting the joy of bonding and creating lasting memories with loved ones, while 50% value reconnecting with family they don’t often meet. 38% enjoy learning from different generational perspectives, 21.6% appreciate the support with childcare and 36% cherish watching their children learn from different role models.
Planning a trip that delights every generation
Embarking on an intergenerational trip is a wonderful way to create lasting memories with loved ones, but it comes with its own set of challenges. Planning a family vacation that satisfies everyone—from seasoned grandparents to the energetic kids and even the occasionally moody cousin—is no small feat.
Planning a trip that pleases everyone is like solving a puzzle, with 36% grappling with clashing interests, 31% concerned about safety and health, and 22% dealing with diverse dietary needs. Balancing energy levels (26%) and navigating family dynamics (24%) can further complicate the travel experience. It’s all about compromising and ensuring that everyone has something to look forward to.
The secret to a successful trip? Creating experiences that resonate across generations. In fact, 31% of Vietnamese families enjoy travelling for reunions or special occasions, seeing these moments as a chance to unite and celebrate milestones together. Food experiences (21%) and sightseeing (18%) are also popular vacation activities, providing opportunities to explore new cultures and cuisines as a family.
Vacation types popular with families
Families are drawn to special occasions as opportunities to unite and mark milestones (27%). Visiting relatives (21%) serves not only as a chance for cultural immersion, but also as a way to deepen familial ties. Food experiences (21%) and sightseeing (20%) rank high as well, offering opportunities for families to explore new cultures and cuisines while bringing them closer together.
Perfect stays for all generations
Accommodation choices are as varied. Resorts with their extensive facilities and amenities catering to all ages are the most popular option for 44% of Vietnamese families. Hotels come in second place, favoured by 38% of families who prefer convenience and amenities. A growing trend is emerging towards unique stays—around 6% of families are drawn to culturally immersive stays such as ryokans, hanoks, homesteads, treehouses, adding a touch of local flavour and authentic, enriching adventure to their trips. Regardless of the type, practical considerations are paramount: affordability (37%), proximity to attractions (32%), and convenient on-site dining (27%) lead the decision-making process.
Destinations capturing the hearts of families
When choosing destinations, Vietnamese families prioritise safety (48%), affordability (40%), and accessibility for all age groups (31%). While cultural immersion (12%) and sustainability (10%) are valued, they are secondary considerations.
Varun Grover, Country Head, Vietnam at Booking.com said, “Vietnamese families have a deep-rooted tradition of valuing extended family bonds. Intergenerational travel offers a unique opportunity to strengthen these connections and create lasting memories. Our research highlights the unique way families are planning such trips, from balancing diverse interests to ensuring safety and creating shared experiences. Booking.com is committed to supporting Vietnamese families in making the most of their intergenerational adventures”.
The study was created in collaboration with global consumer research platform GWI.
The General Secretary of the Communist Party and President of Vietnam, Tô Lâm, concluded an official visit to France, marking the elevation of bilateral relations to a comprehensive strategic partnership.
France thus becomes the first EU country to establish such a partnership with Vietnam. This meeting, held at the invitation of President Emmanuel Macron, strengthens the political and economic ties between the two nations.
A historic summit for Franco-Vietnamese relations
From October 3 to 7, 2024, Vietnamese President Tô Lâm made an official visit to France at the invitation of President Emmanuel Macron. This visit, the first by a Vietnamese leader in 22 years, also coincided with the 19th Francophonie Summit in Paris. Emmanuel Macron expressed his gratitude for Vietnam’s active participation in this significant international event.
During their meeting, the French president congratulated Tô Lâm on his recent election and expressed solidarity with the Vietnamese people following the damages caused by Typhoon Yagi. Macron pledged France’s support in recovery efforts. >> Related article : Rising Economy of Vietnam – Asia’s Next Powerhouse?
A new comprehensive strategic partnership
During this visit, France and Vietnam took a significant step forward in their diplomatic relations. The two countries announced the elevation of their partnership to a comprehensive strategic partnership, making France the first European Union country to establish such a relationship with Vietnam. This partnership aims to strengthen cooperation in key areas such as defense, security, the economy, and sustainable development.
In addition to these commitments, both leaders agreed to enhance cultural and educational exchanges, and to support strategic autonomy in various sectors. A joint declaration was signed to formalize the agreement, underscoring the importance of this relationship in the current global geopolitical context.
The two leaders met at the Élysée Palace on October 7. Photo: AFP
“Francophonie” at the center of discussions
Alongside his visit, Tô Lâm also actively participated in the 19th Francophonie Summit. Together with international leaders, he attended official welcoming ceremonies and plenary discussions on critical topics such as creativity, innovation, and entrepreneurship.
The French Business Forum (FFA) was a key moment, highlighted by the presentation of the French Economic Award, in which Vietnam played a role.
Diplomatic and symbolic meetings
During his stay, Tô Lâm also met with several international dignitaries, Vietnamese intellectuals living abroad, and representatives of global organizations. Notably, he held a working session with the Director-General of UNESCO and paid tribute to President Hồ Chí Minh by laying a wreath at his statue in Montreuil.
According to the General Statistics Office, the total number of international visitors to Vietnam in September reached 1.27 million. Compared to the previous month, there was a decline in the number of visitors in September.
International visitors to Vietnam in September reached 1.27 million.
The General Statistics Office reported that the total number of international visitors to Vietnam in September was 1.27 million. In the third quarter of this year, more than 3.8 million international visitors came to Vietnam. When compared to the previous month’s figure of 1.43 million, there was a significant decrease in September.
During the first nine months of the year, international visitors totaled 12.7 million. Visitors arriving by air extracted for nearly 10.8 million, representing 84.9% of the total, an increase of 38.7% compared to the same period last year. Meanwhile, 1.8 million visitors arrived by land, representing 13.8%, an increase of 68.1%.
South Korea remains the largest source market in September, with over 355,000 visitors. China ranked second with over 257,000 visitors. Other leading markets included Taiwan (China), Japan, and the United States.
At the end of September, the Ministry of Culture, Sports, and Tourism (MOCST) successfully implemented a tourism and film promotion program in the U.S. from September 23-25, under the theme “Vietnam – The New Destination for Global Cinema.”
The program introduced and promoted Vietnam as a tourism destination and a potential location for film production, aiming to attract Hollywood film studios to shoot major films in Vietnam that could create international media buzz, thereby promoting tourism and attracting more visitors to the country.
Despite the decrease in visitors in September, the tourism industry is determined to achieve its target of 17-18 million international visitors this year, as the last three months of the year are the peak season for international arrivals.
“Based on these factors, we believe that the goal of welcoming 18 million international visitors this year is achievable,” said Nguyen Le Phuc, Deputy Director General of the Vietnam National Administration of Tourism.
On the morning of October 6, Vietnam’s railway sector began selling tickets for the 2025 Lunar New Year at Saigon Station, other direct sales points, and online platforms.
People wait to buy train tickets for Tet at Saigon station on the morning of October 6. Photo: T.L.
At exactly 8:00 a.m. on October 6, the railway officially opened the sale of Lunar New Year train tickets across the entire system through train stations and authorized agents.
Mr. Thai Van Truyen, General Director of Saigon Railway Transport Joint Stock Company, stated that by 10:00 a.m. on the same day, over 26,000 tickets had been sold. Of these, around 17,000 were paid for online, and more than 9,000 were purchased via cash transactions.
The price of Lunar New Year train tickets for 2025 has increased by 4-5% compared to the same period last year, depending on the journey and type of train.
The highest ticket price applies to soft sleeper beds on the SE2 train during peak times (from January 21 to January 27, 2025, or the 22nd to the 28th of the Lunar New Year), priced at more than VND 3.2 million, higher than last year’s VND 3.1 million. Additionally, VIP tickets for two-bed cabins can cost up to VND 6.4 million.
The lowest price is for soft seats on TN4/6 trains during peak times, starting at over VND 2.2 million, unchanged since last year.
This year, 2025 Lunar New Year tickets do not include auxiliary seats, and the railway sector has converted 11 seating carriages into sleeper carriages, reducing the number of trains and available seats compared to last year.
specifically, there will be 388 train trips with 167,000 seats available during the 2025 Lunar New Year, a decrease of 38,000 seats compared to 2024. However, if demand increases, the railway will operate additional trains to passengers housed during the peak days before and after holiday.
In addition to direct ticket sales, passengers can book tickets through various channels such as the Vietnam Railway website, e-wallets (MoMo, VNPay, ZaloPay, ViettelPay), mobile apps, a ticket sales hotline, and other distribution platforms.
During this holiday season, from January 15 to February 16, 2025 (from the 16th of the Lunar calendar’s 12th month to the 19th of the Lunar calendar’s 1st month), Saigon Railways will operate nine pairs of Thong Nhat trains (Ho Chi Minh City – Hanoi and vice versa), including SE1/SE2, SE3/SE4, SE5/SE6, SE7/SE8, SE9/SE10, SE11/SE12, SE23/SE24, TN3/TN4, and TN5/TN6.
During the Tet holiday (from January 28 to January 31, 2025, or from the 29th of the Lunar calendar’s 12th month to the 3rd of the Lunar calendar’s 1st month), the company will also operate additional trains from Saigon Station to Da Nang, Tam Ky, Dieu Tri, Nha Trang, and other destinations to serve passengers traveling during the holiday season.
A data analysis reveals that spending by Korean tourists in Vietnam has surged significantly, second only to Japan.
Visa, an online payment company, recently released an analysis of foreign spending data by South Korean tourists in the first half of this year. According to Business Korea, the report highlights that in Asian countries, Japan and Vietnam have seen a significant increase in spending by Korean tourists.
The analysis examine transactions made using personal Visa cards issued in South Korea at offline merchant locations abroad in the first half of the year, revealing that 62% of total spending occurred in the Asia-Pacific region.
Da Nang is one of the top destinations for Korean tourists in Vietnam.
The top five destinations in the Asia-Pacific where South Korean tourists spent the most were Japan, Vietnam, Australia, Thailand, and Guam. Japan maintains its top position from last year into this year. The share of Japan’s total spending in Asia rose from 39% last year to 48% in 2024, driven by a weaker yen in the first half of the year and an increase in direct flights. Meanwhile, spending in Vietnam increased by 16%, Australia and Thailand by 6%, and Guam by 3%.
According to Visa, spending on accommodation by Korean tourists in Vietnam during the first six months of the year increased by 60% compared to the same period last year, accounting for 21% of total trip expenses. Spending on essentials also accounted for 21%, while dining made up 17%.
Australia rose from fourth place last year to third this year due to the introduction of direct flights by low-cost airlines to major cities.
Spending in China, Hong Kong, and Macau saw significant growth, with transactions in China nearly quadrupling compared to last year. This increase was due to China reopening its borders early last year, leading to more visitors in the first half of this year. Spending in Hong Kong and Macau also tripled compared to last year.
The Culture and Tourism Week, along with the Ok Om Bok Festival, will take place from November 9 to 15, mainly in Tra Vinh City and centered at Ba Om Pond Cultural and Tourist Area.
Photo: The Binh/Tra Vinh Tourism Information Center
According to the Tra Vinh Provincial Government Portal, the event will feature activities such as the opening ceremony, the Southern Vietnam Culinary Space of Tra Vinh Province 2024, the exhibition space “Tra Vinh Tourism – Connection and Development,” and a trade promotion fair showcasing rural industrial and OCOP products linked to the Ok Om Bok Festival of Tra Vinh Province 2024.
Additionally, the event will include other activities such as the second Non-Professional Khmer Dance Festival of Tra Vinh Province 2024, exhibitions, demonstrations of traditional Khmer crafts and clothing, events celebrating Vietnam’s Cultural Heritage Day, water puppet performances, and various sports activities (cycling races, volleyball, soccer, motorbike races, traditional boat races, and folk games) along with the Ok Om Bok Festival night.
The total projected budget for the event is approximately 6.4 billion VND, with 3.7 billion VND from the provincial budget and 2.7 billion VND from socialized sources.
The Ok Om Bok Festival (Moon Worship Festival) is celebrated on the full moon of the 10th lunar month. It is a traditional festival to give thanks to the Moon God for a bountiful harvest and to pray for a favorable crop in the upcoming season. During the festival, people gather to perform the moon worship ritual with respect and seriousness, after which cultural activities like singing, dancing, and folk games take place.
The Culture and Tourism Week, together with the Ok Om Bok Festival, aims to preserve, promote, and preserve the Ok Om Bok Festival of the Khmer ethnic people in Tra Vinh Province, which has been recognized by the Ministry of Culture, Sports, and Tourism as part of the national intangible cultural heritage list.
The Jungle Boss expedition team recently discovered a mysterious lake, unexpectedly deep and cold, located in the core zone of Phong Nha – Ke Bang National Park (Quang Binh).
The lake, about 10 square meters in size, was discovered by Jungle Boss in July.
At the end of July, during a return visit to the Hanging Lake (discovered in early May), the Jungle Boss expedition team—a company specializing in adventure tours exploring caves in Quang Binh—accidentally found a strange lake near the entrance of Thung Cave (part of the Hung Thoong system), about 1 km from the hanging lake.
The lake is only about 10 meters wide, surrounded by a lot of mud and dirt, with clear, still water. The most remarkable features are its depth and temperature.
The lake is small but has a deeper depth than the main stream around it.
Speaking with Tri Thuc – Znews on October 7, Le Luu Dung, Director of Jungle Boss, stated that after a preliminary survey, the exploration team recorded the distance from the surface to the bottom of the lake as being over 12 arm spans, equivalent to nearly 18 meters—an incredible depth for such a small surface area.
“Initially, we didn’t pay much attention to this small depression filled with water due to its size. However, when we swam in it, the team noticed an overhanging structure at the bottom. We then used a fishing line with a stainless steel keychain attached and started lowering it to measure the depth. We were surprised by how extremely deep the lake was—deeper than the water level of the main river in Thung Cave,” Dung explained.
In addition to its unusual depth, the lake’s temperature is about 16 degrees Celsius, much colder than other lakes in Thung Cave, which range from 18-20 degrees Celsius. The company plans to include this area in its tourism offerings to provide visitors with a unique experience.
The lake has blue water and a temperature of about 16 degrees Celsius.
A representative from Jungle Boss suggested that the lake might be connected to another underground cave system within Thung Cave, potentially leading to a large cave at its base.
However, this is only a preliminary hypothesis, and further expeditions with more equipment will be required to conduct additional surveys.
In addition to this mysterious, as-yet-unnamed lake, the exploration team discovered the Hanging Lake in May, 1 km from the entrance of Thung Cave. The unique feature of this lake is that it sits about 15 meters higher than the main underground river in the cave, as if suspended on the cave wall.
According to Dung, the bottom of this lake remains a mystery, although its crystal-clear waters allow for visibility. The current estimated depth of the Hanging Lake is about 7-8 meters.
Metaplanet bought around 108.8 BTC at an average price of just under 9.2 million yen per coin
Japanese investment adviser Metaplanet (3350) said it bought another 1 billion yen ($6.7 million) worth of bitcoin (BTC), pushing its holding to 639.5 BTC, worth approximately $40.6 million at current prices.
The Tokyo-listed company purchased around 108.8 BTC at an average price of just under 9.2 million yen per coin, the company disclosed on Monday. It has now spent just shy of 6 billion yen on the largest cryptocurrency by market value, paying an average price of 9.3 million yen apiece.
The company adopted bitcoin as a reserve asset in May as a hedge against volatility of Japan’s native currency. It now has the second-largest bitcoin stash among Asia-listed companies, behind Hong Kong-based technology firm Meitu (1357), which holds around 941 BTC, according to Bitcoin Treasuries. Both companies trail behind Tysons Corner, Virginia-based MicroStrategy, which has more than 252,000 and is the largest publicly traded owner of the token.
Metaplanet recently began selling bitcoin put options, in order to use the premiums to purchase more BTC. The sale of 223 contracts on Oct. 3 earned Metaplanet a premium of 23.972 BTC ($1.44 million). A put option gives the holder the right, but not the obligation, to sell the underlying asset at a predetermined price.
Metaplanet’s shares rose 7.9% to 988 yen and are over 500% higher year-to-date.
The update in the law applies retrospectively from Jan. 1, 2018.
The United Arab Emirates has exempted crypto transactions from paying value-added tax (VAT), bringing the industry into line with several traditional financial services.
The change, which takes effect Nov. 15, applies retrospectively to transactions from as far back as Jan. 1, 2018. The Arabic version of the Federal Tax Authority’s update was made public on Oct. 2, 2024, and the English translation was made public on Oct. 4, 2024.
The exemption makes clear for the first time that the tax doesn’t apply to digital assets. It covers the exchange of and transfer of ownership of those assets, which means all cryptocurrency transfers and conversions will now be exempt from paying the 5% levy.
“The UAE has essentially classified virtual assets in the same bucket as traditional financial services – several of which are already exempt from VAT. This legitimizes VAs,” said Ankita Dhawan, a senior associate at Métis Institute, a dispute resolution think tank.
From the global perspective, Vietnam has appeared as the main country to consider in case businesses will decide to adopt a production tactic different from China’s.
As a result of the increase in costs for production in China, as well as ongoing trade disputes, the companies change their strategy and start to evaluate the strengths of the Vietnamese way.
Among the factors that condition the dynamic of the network of their trade are strong partnerships and the fact that they use both growing logistics and digital trading.
Vietnam’s Ascendance as a Manufacturing Powerhouse
Vietnam’s textile, furniture, and electronics industries have demonstrated remarkable achievements. The country’s efforts to enhance industrial relations within the garment sector have yielded positive results.
Electronics manufacturing has experienced remarkable growth. This is especially true with major global players like Samsung and Intel investing heavily in the country, with Samsung investing more than $17 billion in manufacturing operations in Vietnam, which produces about 60% of smartphones. Additionally, Intel’s $1.5 billion investment in a chip assembly and testing facility in Ho Chi Minh City underscores Vietnam’s growing role in the growing global semiconductor supply chain.
In 2023, Vietnam’s manufacturing expanded at an impressive rate, growing 8.5% year-on-year. Although Vietnam’s production scale is still smaller than China’s, this represents approximately 30% of global manufacturing output. But Vietnam’s rapid growth and strategic location in Southeast Asia is what makes Vietnam a popular destination for international businesses looking to diversify their sourcing.
For businesses looking to move or enhance their manufacturing operations outside of China. Vietnam has many interesting advantages. These benefits include cost-effective labor, favorable trade agreements and a relatively stable political environment
Cost-Effective Labor
Vietnam’s wages are much lower than in China, this makes Vietnam an attractive destination for labor-intensive industries such as textiles, clothing and electronic assembly. Manufacturing wages in Vietnam are approximately $3 per hour, while in China it has increased to around $6.50 per hour. These lower labor costs help companies reduce production costs without affecting product quality and improves the overall cost effectiveness.
Favorable Trade Agreements
Vietnam’s integration into global trade networks has been significantly enhanced by key trade agreements that reduce tariffs and provide better access to international markets. The EU-Vietnam Free Trade Agreement (EVFTA) removes most tariffs on Vietnamese goods entering the EU. Vietnam has made significant strides in its economic development. Participation in the Comprehensive and Progressive Agreement for Trans-Pacific Partnership (CPTPP) will further facilitate trade with countries in the Asia-Pacific region. By reducing costs for exporters, these agreements enhance Vietnam’s position as a global manufacturing center.
Political Stability
Vietnam’s relatively stable political environment adds another layer of attractiveness for foreign investors. While China has faced increasing geopolitical tensions, particularly in its trade relations with the United States, Vietnam has maintained a more neutral stance on global issues. This stability provides businesses with greater confidence in their long-term investments and partnerships in the country.
Sourcing Challenges and Considerations
Although there are many benefits, sourcing from Vietnam also faces a number of challenges that businesses should consider carefully. The main challenge lies in the integrity of Vietnam’s supply chain infrastructure which, although developing rapidly , is still not as advanced or integrated as China’s.
Supply Chain Sophistication
China has spent decades building highly complex and interconnected supply chains. Although Vietnam has made rapid progress, still developing the capabilities of the supply chain for industries that require highly specialized production factors and components. For example, although Vietnam is a major producer of electronic components, it often requires importing important components. This causes delays and additional costs. Businesses looking to source from Vietnam need to invest time in finding reliable suppliers to ensure a smooth supply chain and build strong relationships.
Quality Control
While Vietnam continues to increase its manufacturing operations, quality control remains a major concern. Although foreign investment has stimulated improvements in production standards, it is necessary to be diligent to ensure that the product meets its specifications. Strict quality control procedures includes regular factory inspections and quality checks. It is important to address this challenge and businesses must also consider potential variations in product quality. This is especially necessary when working with smaller or less experienced manufacturers.
To successfully overcome the challenges of sourcing from Vietnam, businesses must take a structured and systematic approach. The process begins with thorough market research to understand the local production situation and identify suitable suppliers. Screening and selecting suppliers is important to ensure that partners are competent and have the expertise and the necessary infrastructure to meet production needs.
Once a reliable supplier has been identified, businesses should develop strong contractual agreements that outline quality expectations, delivery schedule and pricing conditions including strict quality control measures with regular inspection to help reduce the risk associated with product defects or inconsistencies.
Vietnam’s infrastructure, particularly in logistics and rural areas, still lags behind that of more developed manufacturing countries. However, companies can overcome these challenges through strategic partnerships and proactive planning. By collaborating with experienced logistics providers and developing contingency plans for potential delays, businesses can ensure a smooth flow of goods.
Vietnam’s rise as a manufacturing hub provides key advantages for businesses looking to diversify their sourcing strategies away from China. With competitive labor costs, favorable trade agreements and a stable political environment, Vietnam is therefore an attractive option for companies looking to reduce production costs while maintaining access to global markets.
