Canada’s central bank has said it is shifting its focus to broader payments system research and policy development.
Canada is shifting its focus away from a retail central bank digital currency after years of research, its central bank announced last week.
“With this work completed, and with other payments issues gaining prominence, the Bank is scaling down its work on a retail central bank digital currency and shifting its focus to broader payments system research and policy development,” a document vaguely titled “Digital Canadian Dollar” said.
CBC News, Canada’s public broadcaster, reported that “The Bank of Canada confirmed” it has “shifted its focus away from the idea of introducing a digital Canadian dollar.” The story also said the Bank “is shelving” the idea of a Canadian dollar.
It isn’t clear whether the bank’s official statement saying it was “scaling down” its retail CBDC work and “shifting its focus to broader payments” research means it has shelved the retail CBDC idea completely.
Particularly because the Bank also said it would “continue to monitor global retail CBDC developments and publish some related research,” there would “be further opportunities for Canadians to provide input on a potential digital dollar,” and that all the research done so far would be “invaluable if, at some point in the future, Canadians … decide they want or need a digital Canadian dollar.”
Canada’s latest position comes as the debate over CBDC’s became a presidential election issue in the U.S. despite the Federal Reserve’s Chair, Jerome Powell, saying it was nowhere near recommending – or let alone adopting – a CBDC in any form” and that “people don’t need to worry about it.”
But the Bank of Canada’s update does come less than three months after a staff discussion paper which said that cash is “likely to decline” in relevance going forward then a “properly designed CBDC would help fill the gap” and maintain the relevance of a retail public money in the economy.”
At the end of 2023, the Bank received almost 90,000 responses to a public consultation paper, with most reflecting privacy concerns.
On September 20, the Quang Binh Provincial People’s Committee reported that more than 600 households across the province had been flooded due to storm No. 4, with Tan Hoa commune in Minh Hoa district being the hardest hit. Over 400 households in Tan Hoa were submerged.
Tan Hoa village, recognized by the World Tourism Organization (UNWTO) as the “Best Tourist Village in the World” in October 2023, is known for its natural beauty and tranquil scenery. However, its location in a basin, surrounded by rocky mountains, makes it highly prone to flooding during heavy rains.
Many houses in Tan Hoa commune were flooded from 0.5 – 2 m deep. (PHOTO: T.L)
According to Mr. Truong Thanh Duan, Chairman of Tan Hoa Commune People’s Committee, despite the severe flooding, the locals have adapted to the seasonal floods. Most households have moved to floating houses, ensuring their safety and protecting their property. The local government has also ensured that residents have sufficient food supplies.
Embracing this unique situation, Oxalis Adventure has created a special experience for adventure tourists. Visitors to Tan Hoa can stay in floating homestays and enjoy a variety of activities that blend daily life with the challenges of flooding. Residents continue their routine, rowing wooden boats to collect grass for livestock on higher ground, and using boats as their primary means of transportation.
Tourists SUP in flooded area of Tan Hoa commune. (PHOTO: T.L)
Guests are invited to participate in this lifestyle, staying in floating houses, enjoying local meals, and exploring the area by boat, kayak, or paddleboard.
“Flooding is a challenge that Tan Hoa faces every year, but rather than fight it, we’ve found ways to adapt and operate”, said Mr. Nguyen Chau A, General Director of Oxalis Adventure.
By 2025, the goal is for Tan Hoa to become a leading weather-adaptive tourist destination, offering unique experiences such as exploring Tu Lan Cave, off-road motorbike tours through the forests, dining in local homes, and weather-adaptive homestay stays.
The recent Federal Reserve interest cut will fuel increased onchain activity, and this will strongly benefit the Ethereum blockchain, the report said.
Ether’s (ETH) recent bout of underperformance may be over and the world’s second largest cryptocurrency could be ready to shine again, both in fiat terms and relative to bitcoin (BTC), Steno Research said in a report on Thursday.
The native token of the Ethereum blockchain has risen nearly 8% year-to-date, while bitcoin has surged 43% and the CoinDesk 20 index (CD20) has gained nearly 11%.
Ether’s performance in the last bull market could provide some guidance. ETH surged during the last altcoin season, and in under two months it more than doubled in value compared to bitcoin, the report noted.
This shift was sparked by a surge in onchain activity, the report said, including decentralized finance (DeFi), stablecoin issuance, and the boom in non-fungible tokens (NFTs), all of which happened mainly on the Ethereum blockchain.
The Federal Reserve interest rate cut, earlier this week, will result in increased onchain activity, which will strongly benefit Ethereum, Steno said.
Bitcoin exchange-traded funds (ETFs) are unlikely to continue outperforming ether versions as much, Steno said, noting that ETH has shown its ability to suddenly outperform its larger rival in the past.
There have been three main reasons for bitcoin’s recent outperformance over ether. “The impact of U.S. spot ETFs for both bitcoin and ether, the persistent buying pressure from MicroStrategy (MSTR), and a notable decline in Ethereum’s transactional revenue in recent months,” analyst Mads Eberhardt wrote.
“Ethereum’s active addresses remain strong, particularly when factoring in the growing adoption of rollups,” Eberhardt wrote, adding that the network’s transactional revenue looks to have bottomed in August.
Asset manager Bitwise is also bullish about ether’s prospects. The cryptocurrency is potentially a contrarian bet into the year-end, it said in a report on Tuesday.
It is unclear if all these wallets belong to the same person or entity.
Hundreds of bitcoin (BTC) acquired by mining them during the network’s early stages were moved on Friday – joining the rare instances where bitcoin from the so-termed “Satoshi era” have been active.
Satoshi era refers commonly to the period when bitcoin’s pseudonymous creator, Satoshi Nakamoto, was active on online forums from late 2009 to 2011.
Over 250 BTC from that period, worth nearly $16 million at current prices, were moved within an hour during the European morning hours, on-chain tracker Whale Alerts flagged on X. Each transaction was a batch of 50 BTC with the tokens being moved to new wallets.
It is unclear if all these wallets belong to the same person or entity. There hasn’t been a movement from the new wallets to crypto exchanges as of press time.
Blockchain data shows these bitcoin were received as a block reward in 2009, just months after the network started. These wallets have shown no activity since then except for the movement on Friday.
Several ‘Satoshi era’ bitcoin have been active in the past few years. In July 2023, a wallet dormant for 11 years transferred $30 million worth of the asset to other wallets, while in August, another wallet transferred 1,005 BTC to a new address.
In December last year, over 1,000 BTC were sent to crypto exchanges – where they were likely sold off – marking one of the largest amounts from the Satoshi era moved to exchanges.
This scenic route leads to the ancient fishing village of Nhon Ly, located in Nhon Ly commune, Quy Nhon city, just 20 kilometers northeast of the city center. Nhon Ly has long been admired for its charming coastal architecture, featuring low-roofed houses and stone fences nestled among golden sandbanks. Now, with the newly constructed bypass, the village has become even more accessible and visually stunning.
The road, which stretches 2.6 kilometers through the sand dunes, connects the Nhon Hoi Economic Zone to Nhon Ly. It is part of a larger bypass project that ranges from 18 to 45 meters in width, offering travelers the opportunity to experience not only the beauty of the sand dunes but also the sight of towering wind turbines as they make their way toward the fishing village.
What makes this route especially remarkable is its sweeping views of the Phuong Mai sand hill, a natural wonder in itself, and the panoramic vistas of Quy Nhon city, Thi Nai lagoon, and Nhon Ly village that unfold as you travel. The route begins at the T8 intersection of National Highway 19B and is lined with casuarina trees, which help protect the road from wind and sand.
The bypass is expected to be completed by October 2024, and although construction is still ongoing, the road has already become a sensation thanks to its stunning landscape. This new route not only offers a more convenient way for locals and tourists to access Nhon Ly but also highlights the natural beauty of the region, making the journey just as memorable as the destination.
Chicken noodle soup, glutinous rice dumplings, mixed noodles, and boiled chicken are the four Vietnamese dishes featured in the list of the best ginger-infused foods in the world , according to Taste Atlas.
The renowned culinary website released the list on September 17. Ranked 12th, chicken pho was introduced as “one of Vietnam’s traditional dishes.”
Chicken Pho. Photo: Buffet Sedon
The broth of chicken pho is typically lighter and clearer compared to beef pho. Other ingredients used in this dish include ginger, fish sauce, shallots, green onions, coriander, lime leaves, and rice noodles.
It is believed that this chicken pho dish first appeared around the 1930s when beef was in short supply in northern Vietnam.
Ranked 23rd, sweet glutinous rice dumplings captivates diners with its sweet, fragrant flavor, featuring dumplings cooked in a syrup made from palm sugar and ginger. The soft, chewy rice dumplings are filled with a smooth mung bean paste.
Banh troi nuoc. Photo: Cookpad
This dessert is especially loved during the cooler months.
Mixed pho, featuring meat marinated with salt, ginger, pepper, garlic, and lime juice, is ranked 25th on Taste Atlas’ list.
The final Vietnamese representative, boiled chicken, is ranked 38th. According to the culinary website, this dish is indispensable in northern Vietnam during Lunar New Year celebrations.
Boiled chicken. Photo: Cooky
The chicken is cleaned, rubbed with salt, and then boiled whole in water with added ginger, shallots, and turmeric for a bright yellow, shiny skin. A perfectly boiled chicken is judged by its intact skin and non-bruised meat.
After boiling, the chicken is cut into pieces, garnished with lime leaves, and served with a dipping sauce made of salt and lime. Boiled chicken symbolizes prosperity and is often eaten with sticky rice.
Founded in 2015, Taste Atlas, based in Zagreb, Croatia, is known for mapping traditional dishes from around the world.
According to Matija Babić, the founder of Taste Atlas, the rankings of dishes and beverages are based on the opinions and evaluations of experts and food critics to ensure the credibility of the awards.
More than 2,000 businesses from over 45 provinces and cities across the country have registered to participate in the 2024 Supply-Demand Connection Conference, according to the Ho Chi Minh City Department of Industry and Trade.
In addition to direct activities, this year’s Supply-Demand Connection Conference between Ho Chi Minh City and other provinces and cities also has online activities. Photo: Lan Anh.
On the afternoon of September 19, during a press conference providing information on the economic and social situation of Ho Chi Minh City, Mr. Nguyen Minh Hung, Deputy Head of the Trade Management Department of the Ho Chi Minh City Department of Industry and Trade, announced that the city will organize the Supply-Demand Connection Conference from September 26-29. The aim is to build a sustainable supply chain and create opportunities for linking production and consumption from raw material areas to the marketplace.
The Ho Chi Minh City Department of Industry and Trade noted that over 2,000 businesses from more than 45 provinces and cities have already registered to explore opportunities to connect with Vietnamese retail corporations and e-commerce platforms.
With the theme “Connecting with Responsibility – Towards a Green Supply Chain,” this year’s conference will feature direct B2B connections between 13 of Vietnam’s leading retail corporations, four e-commerce platforms, wholesale markets, and production businesses from across the country.
“The event won’t stop at just meetings between parties. Businesses whose products are selected by distribution systems will be supported in finalizing their products and completing supply dossiers. Additionally, challenges related to receivables, delivery methods, payment, and inventory during the initial stages will also be addressed,” the Department of Industry and Trade representative stated.
Moreover, the conference will include online activities, such as the “Super Live Vietnam Goods” campaign on e-commerce platforms. The city will host 19 live sessions led by 19 content creators, promoting over 200 products from more than 45 provinces.
Additionally, the event exhibition will feature spaces showcasing unique regional products, services, and cuisine, with a scale of approximately 700 booths.
As in previous years, the Department of Industry and Trade emphasized that this year’s conference will continue to focus on facilitating both buyers and sellers to meet and connect both directly and online, while also setting standards to bring products into modern distribution channels.
This will help reduce intermediary costs in the distribution of goods, allowing distributors to save on sourcing costs and suppliers to save on the cost of introducing their products to distribution channels.
Also, during the meeting, Mr. Bui Duc Anh, a representative from the Ho Chi Minh City Institute for Development Studies, shared that the organization is running a program titled “A Hundred Businesses, Thousands of Orders, Millions of Accounts.”
After two weeks of implementation, Mr. Duc Anh reported that the program has trained and assisted 25 businesses in setting up shops and establishing operational processes on e-commerce platforms.
“Moving forward, the program will support and organize live streaming sessions for these businesses, with expected revenue of each live stream session estimated to be between 200-300 million VND,” Mr. Duc Anh added.
The National Tourism Year and Hue Festival 2025 are expected to feature 62 activities throughout the year. The highlight will be the opening ceremony of the National Tourism Year combined with the Hue Festival opening, scheduled for the end of March 2025 in Hue City.
The National Tourism Year and Hue Festival 2025 are expected to have 62 activities, spanning across four seasons. Photo: Hoang Le
According to the Thua Thien Hue Provincial Information Portal, the Ministry of Culture, Sports, and Tourism recently held a meeting with the People’s Committee of Thua Thien Hue to discuss plans for organizing the National Tourism Year – Hue 2025. This is a significant cultural, economic, social, and tourism event with both national and international reach, held in conjunction with Hue Festival 2025.
Key events and activities will mainly take place in Thua Thien Hue province. Supporting programs and events will be organized by the Ministry of Culture, Sports, and Tourism, along with several other ministries, agencies, and provinces, in Thua Thien Hue and other related localities.
The Department of Tourism of Thua Thien Hue announced that about 62 activities will be hosted by the province. Some notable events include the official announcement of Hue Festival 2025, a theatrical reenactment of the “Nguyen Dynasty Ban Soc Ceremony,” the Royal New Year celebration, the Hue Symphony, the Hue – Culinary Capital Festival, the Hue Lotus Festival 2025, the Hue Ao Dai Art Program, Vietnam Cuisine Week, traditional boat races on the Perfume River, the International Lantern Festival Hue 2025, and the Lion Dance Parade and Performances in Hue.
Thua Thien Hue also proposed that the Ministry of Culture, Sports, and Tourism collaborate to organize a national or international culinary festival in the province to create a highlight event, as well as to support promotional activities for the event.
Vietnam is ranked as one of the top 10 countries globally for all types of travelers, according to the latest survey by the global travel company Flight Centre.
Flight Center, one of the world’s largest travel agencies based in Australia, recently released the results of a survey based on feedback from over 170,000 travelers worldwide. The survey highlights the top 10 countries and cities that received the highest ratings this year.
Portugal topped the list with a 94% satisfaction rate among travelers. The Cook Islands, a Pacific island nation, closely followed in second place with a 93% satisfaction rate.
Illustration: Pinterest
Vietnam proudly stands as one of the two Southeast Asian representatives in Flight Center’s list.
Andrew Stark, Global Managing Director of Flight Center, stated, “The surprising names on this year’s list show that popular destinations don’t always provide the most special experiences for travelers.”
In a previous article, Flight Center noted: “Vietnam is the gem of Southeast Asia, a safe and affordable country that offers a wide range of experiences suitable for travelers of all ages and preferences.”
“Vietnam boasts charming rural villages, UNESCO World Heritage sites, and diverse, fresh local cuisine that leaves visitors in awe. It is the perfect place to explore the beautiful blend of ancient destinations and bustling modern cities.”
The rise in cases of passengers denied entry to Vietnam has caused losses for carriers and created pressure on airports.
600 international visitors were denied entry to Vietnam in the first 6 months of the year. Photo: Duy Hieu.
According to statistics from the aviation sector for 2023 and the first half of 2024, the number of international passengers denied entry at airports across Vietnam has significantly increased.
Specifically, in 2020, there were 506 cases. In 2021, due to the impact of the Covid-19 pandemic, there were very few international commercial flights to Vietnam, resulting in only 5 cases of passengers being denied entry. In 2022, there were 404 cases, in 2023 there were 886 cases, and in just the first six months of 2024, there were already over 600 cases.
According to the Civil Aviation Authority, the increase in passengers denied entry causes financial losses for airlines and adds pressure on airports where passengers must be managed before being returned to their point of origin. Additionally, this situation poses potential security, safety, and order risks at airports and on aircraft.
As a result, the Authority has requested that airlines operating regular international flights to Vietnam take effective measures to minimize the number of passengers being denied entry.
The aviation regulatory body also emphasized that airlines must implement necessary preventive measures when allowing passengers to board to ensure that they meet the required documentation as per the transit and destination countries. They must also stay updated on entry, exit, and transit regulations set by Vietnam and other countries.
Additionally, the authorities at the departure airports must closely check passenger documents to minimize cases of passengers being ineligible to enter or transit through Vietnam due to incomplete travel documents.
Airlines are also required to carry out awareness campaigns through various means, including informing passengers and relevant travel companies about the regulations regarding travel documents.
Priority should be given to collaborating and communicating with the relevant authorities at departure airports to ensure the most appropriate awareness-raising methods.
At RMIT’s CEO Talks, leaders from Schneider Electric, McKinsey & Company, and Ericsson offered insights on how to embed sustainability into core business operations, balancing profit with purpose-driven initiatives.
In the aftermath of typhoon Yagi, companies across Vietnam have rushed to provide much-needed relief to impacted communities through donations or on-site support campaigns. Such acts of corporate social responsibility are among the many ways a company can show its commitment to the greater good.
But how can businesses truly make environmental, social, and governance (ESG) principles a central part of their long-term corporate strategy? What can they do to harmonise profitability with sustainability goals in their daily operations?
The recent CEO Talks held by RMIT University addressed these questions and gave company leaders, academics, and students the opportunity to discuss the future of responsible business.
Themed ‘Profit and Purpose: Redefining Success in Tomorrow’s Business’, the conference featured keynote speeches from top leaders of Schneider Electric Vietnam and Cambodia, Ericsson Vietnam, and McKinsey & Company Vietnam.
“Be an Impact company and bring everyone along”
As a global industrial technology leader of energy management and automation, Schneider Electric was named the world’s most sustainable company in 2024 by Time Magazine and Statista.
At CEO Talks, Mr Dong Mai Lam, Cluster President at Schneider Electric Vietnam and Cambodia,highlighted how five mega trends (New Global Equilibrium, Evolution of Wealth, Climate Change, Digitisation & Artificial Intelligence, and Energy Transition) are reshaping the world and aligning with Schneider Electric’s ESG and sustainability strategies.
Mr Lam said, “Schneider Electric is as an Impact company, committed to empowering all to make the most of our energy and resources, leading in ESG and striving for net zero across its value chain.”
First, “do well to do good and vice versa”. This implies that sustainability is a source of performance and growth. At the same time, good business performance enables organisations to have the resources to make an environmental and social impact.
Second, “bring everyone along”. Mr Lam explained: “In our corporation, we invite all our stakeholders – suppliers, customers, employees, shareholders – to be a part of our ESG and sustainability journey.”
For example, as part of its climate commitments 2021-2025, Schneider Electric is committed to helping its customers save and avoid 800 million tons of CO2 emissions. The company also targets a 50 per cent reduction in the CO2 emissions from its top 1,000 suppliers’ operations.
Mr Lam emphasised, “We cannot be sustainable alone. We need to do it together.”
“Map your business strategy to your ESG agenda”
Since publishing its first environmental report in 1993, Ericsson has been a pioneer of sustainability. The company aims to achieve net zero in its own operations by 2030 and in its supply chain by 2040. It is also active in bridging the digital divide through technology and connectivity, notably through its Connect to Learn program.
According to Dr Rita Mokbel, CEO of Ericsson Vietnam, the ESG agenda should underpin the business strategy of every company.
“For example, in pursuing the strategy of extending Ericsson’s leadership in 5G mobile networks, we are supporting the environmental agenda as 5G networks are more energy efficient than the previous generations. In Vietnam, our next-gen mobile networks can carry 10 times more traffic with up to 30 per cent less energy consumption.
“Mobile networks support the social agenda with digital inclusion, helping more people to connect to the internet. A study has also estimated that for every 10 per cent increase in mobile broadband adoption, there is at least 0.8 per cent growth in GDP. So, the potential impact on society is huge,” Dr Mokbel said.
After aligning ESG objectives with business strategy, the next step is to incorporate ESG reporting into performance reviews for leaders, in addition to enterprise-wide reports. This approach ensures that ESG considerations are embedded in decision-making and accountability across the organisation.
“In addition to business goals, every leader in our organisation is measured on specific environmental, social and governance targets,” the CEO of Ericsson Vietnam shared.
“Take a holistic approach”
Mr Bruce Delteil, Managing Partner of strategy consulting firm McKinsey & Company Vietnam, said nowadays it is important to take a holistic view when defining business success.
“When I started my consulting career a long time ago, every company would start with an ambition related to company size or profitability when crafting their strategies, ‘We want to be the largest, we want to be the most profitable’, and so on,” he said.
“A few years later, it was all about performance management and quantification and scorecards. Now, the definition of success has become more holistic for large companies but also for smaller organisations. It includes ESG, employee satisfaction, and other things.”
Mr Delteil highlighted that companies achieve superior performance by harmonising growth, profitability, and ESG. In fact, McKinsey & Company research found that ‘triple outperformers’ are more than twice as likely to grow their revenues by more than 10 per cent, than their peers.
Such outperformers tend to embed ESG deeply into their core strategy and ensure ESG priorities are an integral part of the organisational DNA. They continuously innovate their ESG-focused offerings and report on ESG transparently. Outperforming organisations also use mergers and acquisitions strategically to capture ESG growth.
“We are reinventing economic models and business models. The most exciting thing is that we know for a fact that it leads to value and that it is good for everyone,” Mr Delteil said.
On behalf of the organising team of CEO Talks, Associate Professor Burkhard Schrage, Associate Head of the Management Department at The Business School, RMIT Vietnam said, “The job of a CEO is becoming tougher today because there are so many different goals to balance. We hope that through CEO Talks, we can exchange practical insights and drive meaningful change in the corporate world.”
In today’s fast-paced and evolving business landscape, the traditional office cubicle is increasingly seen as a relic of the past. What was once designed as a solution for privacy and focus has often become synonymous with monotony and isolation. However, the cubicle’s fall from grace is not inevitable. With some thoughtful redesign and strategic interventions, these spaces can be transformed into dynamic environments that foster creativity, collaboration, and well-being.
The Shift from Static to Dynamic Workspaces
The modern workforce values flexibility, innovation, and a sense of community. Static, uniform cubicles do little to inspire these qualities. In contrast, dynamic office environments are designed to adapt to different tasks and workflows, offering employees the autonomy to choose how and where they work throughout the day.
This shift reflects a broader understanding of how work environments impact productivity and morale. Dynamic spaces are not just about open layouts but about creating a variety of settings within the office that cater to different needs—whether it’s a quiet nook for focused work, a collaborative area for brainstorming sessions, or a lounge space for informal meetings.
Personalization and Ownership
One of the key elements of transforming cubicles into dynamic environments is personalization. Allowing employees to personalize their workspaces can have a profound impact on their engagement and productivity. When employees feel a sense of ownership over their space, they are more likely to take pride in their work and contribute positively to the office culture.
This can be as simple as allowing employees to choose the color of their cubicle walls, adding personal touches like plants or artwork, or incorporating adjustable furniture that lets them tailor the space to their preferences. The goal is to make the workspace feel less like a generic box and more like a personal studio where creativity can thrive.
Integrating Technology for Flexibility
Technology plays a critical role in transforming static cubicles into dynamic work environments. Modern offices need to be equipped with the tools that allow for seamless communication and collaboration, regardless of whether employees are working from their cubicles or remotely.
For example, incorporating movable screens, wireless charging stations, and modular furniture can help create a flexible environment that can be easily reconfigured to meet changing needs. Video conferencing setups, interactive whiteboards, and smart desks are other technological enhancements that can make cubicles more dynamic and responsive to the needs of the workforce.
Promoting Collaboration Without Sacrificing Privacy
One of the main criticisms of the open office trend is that it often sacrifices privacy for collaboration. However, dynamic office environments can strike a balance by creating spaces that allow for both.
Cubicles can be redesigned to be semi-open, offering visual and acoustic privacy while still fostering a sense of connection with the broader office. Incorporating soundproofing materials, strategic furniture placement, and movable partitions can help create zones within the office that cater to different levels of interaction and focus.
In addition, shared spaces adjacent to cubicles—such as breakout areas or communal tables—can encourage spontaneous collaboration without disrupting those who need quiet and concentration.
Incorporating Wellness and Comfort
Finally, transforming cubicles into dynamic office environments involves paying attention to the physical and mental well-being of employees. Ergonomic office furniture Miami, access to natural light, and good air quality are essential components of a healthy workspace.
Consider adding elements like adjustable desks that allow employees to alternate between sitting and standing, incorporating greenery to improve air quality and reduce stress, and ensuring that the layout allows for ample natural light. These changes not only enhance comfort but also boost productivity and reduce absenteeism.
Conclusion
The transformation of cubicle office environments is not just about aesthetics; it’s about creating a workspace that supports the diverse needs of the modern workforce. By embracing personalization, integrating technology, promoting a balance between collaboration and privacy, and prioritizing wellness, companies can revitalize their offices. In doing so, they create spaces that inspire creativity, foster collaboration, and enhance the overall well-being of their employees.
The cubicle, with a few strategic changes, can evolve from a symbol of the old office environment into a cornerstone of the modern, dynamic workplace.
Vietnam has been identified as one of the potential countries for attracting centi-millionaires, with the number of individuals possessing over $100 million in assets in one city projected to grow by more than 150%.
The Centi-Millionaire Report 2024, published by Henley & Partners in collaboration with New World Wealth, reveals that Asian cities are rapidly emerging as key hubs for the ultra-wealthy. Notably, a city in Vietnam is expected to witness a significant increase of over 150% in the number of individuals with assets exceeding $100 million over the next 16 years.
As of the report’s publication, there are currently 29,350 individuals worldwide with liquid investment assets of $100 million or more. The term “Centi-Millionaire” is used to describe individuals whose net worth falls between $100 million and $1 billion, a distinction primarily used in finance and economics to differentiate between the affluent and billionaires.
Over the past decade, this demographic has experienced a global growth rate of 54%. Of particular interest is the shifting geographical distribution of the ultra-wealthy. The U.S. and China have seen rapid increases in their millionaire populations, outpacing growth in Europe. China, in particular, has witnessed an impressive 108% increase in millionaires over the past decade, surpassing the U.S., where growth was 81% over the same period. In contrast, Europe has seen a more modest 26% growth in its millionaire population during the last decade.
The report highlights that one-third of these centi-millionaires reside in 50 major cities worldwide. Among the top 50 cities, 15 are located in the U.S., with New York leading the way, home to 744 centi-millionaires, followed by the Bay Area (encompassing San Francisco and Silicon Valley) with 675, and Los Angeles with 496.
These cities have not only maintained their global leadership over the past decade but are also expected to experience more than 50% growth in their ultra-wealthy populations in the next 10 years.
Asian cities, however, are quickly becoming key centers for the ultra-wealthy. The report identifies four Asian cities and territories within the top 10 global rankings for millionaire populations. These include Beijing, China, ranked 5th with 347 centi-millionaires; Singapore in 6th with 336; followed by Shanghai and Hong Kong, China, with 322 and 320 centi-millionaires, respectively.
By 2040, the growth trajectory of centi-millionaires is anticipated to present a dynamic shift in wealth accumulation and migration patterns. Several cities in Asia and the Middle East are projected to experience explosive growth. Emerging markets are also expected to leave their mark, with cities such as Riyadh, Saudi Arabia, and Bengaluru, India, forecasted to see more than a 150% increase in their millionaire populations over the next 16 years.
Ho Chi Minh City is also forecasted to be among the cities witnessing a substantial rise in its millionaire community, with growth exceeding 150% by 2040.
Andrew Amoils, Head of Research at New World Wealth, noted that over 60% of centi-millionaires are entrepreneurs and company founders, which makes them particularly significant in the context of wealth creation. “Businesses founded by centi-millionaires have a profound positive impact on the middle class, as they generate a considerable number of high-paying jobs in their home countries. It is also noteworthy that most companies in the Fortune 500, S&P 500, CAC 40, FTSE 100, and Nikkei 225 were founded by individuals who later became centi-millionaires,” Amoils explained.
In a significant regulatory move, the Vietnamese Ministry of Finance has approved Circular 68/2024/TT-BTC, which will take effect on November 2, 2024. This circular allows foreign institutional investors to purchase stocks without the need for full funds when placing orders. This change not only reduces financial costs and increases flexibility for investors but is also seen as a crucial step toward upgrading Vietnam’s market to Emerging Market status under FTSE Russell standards, according to a comment by Mirae Asset Securities.
Mirae Asset predicts that after the upgrade, Vietnam will have a 0.6% weight in the FTSE Emerging Markets Index, which could attract more than $500 million in investment just from ETFs tracking this index. The Mirae Asset research team also suggests that additional foreign capital could flow into Vietnam from funds beyond those tied to the FTSE Emerging Markets Index, further boosting market liquidity.
One notable ETF expected to invest in Vietnamese stocks is the Vanguard FTSE Emerging Markets ETF, with assets under management (AUM) nearing $79 billion. This fund alone is projected to contribute around $474 million to the Vietnamese market.
Vanguard Group, which manages the Vanguard FTSE Emerging Markets ETF, is the second-largest asset management company globally, with an AUM of $8.6 trillion in 2024, second only to BlackRock.
In a related development, BlackRock’s iShares Frontier and Select EM ETF, which once held the largest allocation of Vietnamese stocks, has completed its exit from the market. The ETF had 28% of its $425 million portfolio invested in Vietnam before BlackRock decided to close the fund in early June. Since then, the fund has been actively liquidating its assets in the Vietnamese market.
After making landfall in Quang Binh and Quang Tri provinces, Storm No. 4 weakened into a tropical depression. As of 4:00 p.m. on September 19, 305 communes across 10 provinces and cities were at risk of flash floods and landslides.
According to the National Center for Hydro-Meteorological Forecasting, the tropical depression was centered over Quang Binh and Quang Tri at 4:00 p.m., with winds reaching level 6 (50-61 km/h) and gusting up to level 8.
Due to the impact of the tropical depression, heavy to very heavy rainfall, along with scattered thunderstorms, is expected from Ha Tinh to Quang Tri between the evening of September 19 and September 20. Rainfall will generally range from 100-200mm, with some areas receiving over 350mm.
During the same period, heavy rain and thunderstorms are forecast for Thanh Hoa and Nghe An, with rainfall amounts between 100-200mm and some areas exceeding 300mm. Rainfall will gradually decrease from September 21 onwards.
In addition, scattered showers and thunderstorms are expected in the northern plains and coastal areas, as well as in Thua Thien Hue on the evening and night of September 19, with rainfall ranging from 10-30mm, and in some places over 70mm.
The Central Highlands and southern regions will experience scattered showers and thunderstorms, with localized heavy rains between 15-30mm, and some areas receiving over 70mm. Rain will be most concentrated in the afternoon and at night.
The National Center for Hydro-Meteorological Forecasting warned that by 4:00 p.m. on September 19, 305 communes in 10 provinces and cities, including Kon Tum, Quang Nam, Quang Ngai, Thua Thien Hue, Quang Tri, Quang Binh, Ha Tinh, Nghe An, Thanh Hoa, and Da Nang City, are at high risk of landslides and flash floods.
In particular, several districts in Da Nang City, including Hoa Vang, Lien Chieu, and Son Tra, and districts in Thua Thien Hue, such as A Luoi, Nam Dong, and Phong Dien, are facing severe landslide and flash flood risks.
Other areas at high risk include districts in Quang Tri such as Cam Lo, Dakrong, and Huong Hoa, as well as districts in Quang Nam like Bac Tra My, Dai Loc, and Nam Tra My. In Quang Binh, the districts of Bo Trach, Le Thuy, and Quang Ninh are also at risk, along with Huong Khe and Ky Anh in Ha Tinh.
