Vietnam Insider - Page 152 of 1529

Handling the Enormous Piles of Trash in Ha Long Bay

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The Ha Long Bay Management Board in Quang Ninh has mobilized over 1,100 personnel and 301 vehicles to continuously collect floating styrofoam debris and bamboo rafts in the bay.

Mr. Vu Kien Cuong, Head of the Ha Long Bay Management Board, shared with the press that due to the impact of Typhoon No. 3 and subsequent flooding, a large amount of waste from coastal fish farming areas had flowed into Ha Long Bay.

Waste from aquaculture cages in coastal areas has been dumped into Ha Long Bay.

Most of the debris consists of broken styrofoam buoys and fish farming rafts that drifted from coastal areas, causing floating trash on the bay’s surface, affecting the landscape, environment, and tourist activities in Ha Long Bay.

To address this issue, the Ha Long Bay Management Board maximized its manpower, equipment, and vehicles, collaborating with agencies, organizations, and the local community to collect trash from the bay’s islands.

Mr. Also noted that between September 14 and 23, the board mobilized more than 1,100 personnel and 301 vehicles to continuously remove styrofoam debris and bamboo rafts floating in the bay. These teams collected styrofoam and rafts washed up on the islands and beaches, gathering 643 cubic meters of waste and 94 fish farming rafts. After this intensive clean-up, the tourist areas in Ha Long Bay will be ready to welcome visitors again.

Authorities and the Ha Long Bay Management Board launched a campaign to collect garbage in Ha Long Bay.

Regarding the challenges of handling the enormous volume of waste, Mr. Cuong explained that Ha Long Bay covers a vast area with many rocky islands, and the complex meteorological and oceanographic conditions make trash collection and environmental clean-up difficult.

As for future solutions, the Ha Long Bay Management Board will continue to strengthen its manpower, equipment, and vehicles to collect waste resulting from Typhoon No. 3. The board will also intensify environmental patrols and monitoring in the bay and coastal areas, ensuring timely detection and handling of violations and concentrating waste areas for collection and disposal.

After storm YAGI, garbage drifted to the rocky islands in Ha Long Bay.

“With limited manpower, handling such a large amount of waste is not easy and cannot be completed quickly. This effort requires the collaboration of various forces and local authorities within the province to expedite waste collection and prevent environmental damage to the bay,” Mr. Cuong emphasized.

As previously reported, after Typhoon Yagi, the marine farming industry in areas such as Van Don, Cam Pha, Ha Long, and Quang Yen suffered heavy losses, leaving fish farmers bankrupt and in debt. In particular, millions of cubic meters of trash, mainly consisting of bamboo rafts, styrofoam buoys, fishing gear, and household waste, are surrounding the Ha Long Bay heritage site. These “mountains” of trash are being carried by the tides into the core of Ha Long Bay, threatening the heritage site with an unprecedented environmental disaster.

@Znews

Ho Chi Minh City’s Total Tourism Revenue for 9 Months Reaches Nearly 140.4 Trillion VND

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According to the Ho Chi Minh City Department of Tourism, the total revenue from the city’s tourism sector in the first nine months of 2024 is estimated at 140.398 trillion VND, marking an 11.9% increase compared to the same period in 2023, and reaching 73.9% of the 2024 target.

In its report on tourism activities over the first nine months and key tasks for the last three months of 2024, the department revealed that international arrivals to Ho Chi Minh City during this period are estimated at over 4 million, a 12.4% increase year-on -year, reaching 66.9% of the 2024 target. Domestic tourist arrivals are estimated at nearly 27.4 million, an increase of 1.3% over the same period in 2023, achieving 72% of the 2024 target.

Tourists experience a double-decker bus in Ho Chi Minh City. Photo: SGTT

The city’s tourism industry continues to promote cultural and historical tourism, river tours, medical tourism, and MICE (Meetings, Incentives, Conferences, and Exhibitions) tourism, while enhancing the quality of its culinary services to increase the city’s appeal as a tourist destination.

Additionally, efforts to promote and market the city’s tourism offerings have been intensified, with a focus on leveraging information technology and bringing tourism activities to online platforms to boost engagement and expand reach.

For the full year of 2024, Ho Chi Minh City aims to welcome approximately 6 million international tourists, 38 million domestic tourists, and generate total tourism revenue of around 190 trillion VND.

@SGtiepthi

Bitcoin ETF Demand Grows Among U.S. Investors as China Considers Massive $142B Capital Injection

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Data from SoSoValue shows that the total daily net inflow cracked $100 million for the second day in a row for the BTC ETFs amid global monetary easing. PLUS: Worldcoin is up double digits as World ID expands to more countries.

Bitcoin (BTC) traded above $63,000 for the first half of the Asian trading hours on Thursday, down 1.4%, but up 2% on-week as inflows into BTC exchange-traded funds (ETFs) remain positive.

Asian stocks surged higher amid reports that China is considering injecting up to 1 trillion yuan ($142 billion) of capital into its biggest state banks to increase their capacity to support the struggling economy.

This follows an easing decision from earlier in the week that saw The People’s Bank of China (PBOC) cutting the reserve requirement ratio for mainland banks by 50 basis points (bps) while also lowering the seven-day reverse repo rate – the interest rate at which a central bank borrows funds from commercial banks – by 20 bps to 1.5%.

Data from SoSoValue shows that the total daily net inflow cracked $100 million for the second day in a row for the BTC ETFs. This marks a five-day streak of positive net inflow for the funds.

That has flipped an indicator tracking 30-day net holdings among ETFs to positive for the first time in September, data from CryptoQuant shows, suggesting a rising trend of accumulation as opposed to sales.

Meanwhile, ether (ETH) is trading above $2,500, down 1.3% on-day and up 8% for the week. Data shows that spot ETH ETFs had daily net inflow of $43 million, marking a second day of positive net inflow.

In a recent note, Presto Research wrote that rising Ethereum gas fees, driven by an increase in network transactions, have coincided with ETH outperforming BTC following the Fed’s 50 basis points rate cut.

While on-chain yields remain below the three-month treasury bill, some investors are positioning for a potential recovery in total value locked (TVL), Presto Write. However, a broader capital migration may not happen until 2025.

Sam Altman-backed WorldCoin’s WLD jumped 14% in the past 24 hours to become one of the only gainers in the broader crypto market. The company on Wednesday said it had begun its verification services in Poland, Malaysia and Guatemala over the past week – onboarding more users and boosting the project’s fundamentals.

The rise came amid an executive shuffle at OpenAI – another Altman company – and a switch in the company’s status from a nonprofit to a for-profit benefit corporation. WLD tokens have historically tended to move on development at OpenAI as crypto traders may consider the two closely related.

SpaceX Plans $1.5 Billion Investment in Vietnam

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SpaceX executives have recognized the potential for expanding satellite Internet services in Vietnam and are preparing to invest $1.5 billion in the country.

Tim Hughes, Senior Vice President of SpaceX, a global leader in spacecraft, satellite launches, and satellite communications, announced the company’s plan during a meeting with General Secretary and President To Lam in New York on September 25.

Hughes noted that SpaceX launched its satellite Internet projects five years ago and now operates over 6,000 low-Earth orbit satellites, which enable Starlink Internet services to provide coverage in nearly every corner of the globe. The Starlink project aims to deliver reliable global Internet access via these satellites.

General Secretary and President To Lam expressed strong support for SpaceX’s investment proposal, viewing it as a significant milestone in promoting bilateral cooperation. He emphasized that digital transformation is a crucial component of Vietnam’s strategy to advance into a new era of development.

The General Secretary also confirmed that the Vietnamese government is currently reviewing SpaceX’s proposal. He encouraged the company to collaborate closely with relevant authorities and local partners to streamline the investment process. Additionally, he highlighted that Starlink could play a key role in improving Vietnam’s ability to respond to natural disasters.

Hughes reaffirmed SpaceX’s commitment to helping Vietnam achieve widespread Internet access and expressed optimism about partnering with the Vietnamese government and local stakeholders to drive the project forward.

Earlier, during a meeting with Prime Minister Pham Minh Chinh on September 6, Hughes confirmed SpaceX’s readiness to introduce Starlink to Vietnam. He urged Vietnam to ensure the necessary infrastructure is in place to maximize the project’s effectiveness, with the ultimate goal of enhancing Internet coverage across the country.

Founded by billionaire Elon Musk, SpaceX initially floated the idea of bringing Starlink to Vietnam during the September 2023 meeting between Hughes and Prime Minister Pham Minh Chinh. SpaceX leaders expressed their intention to help provide broadband Internet services to areas with limited connectivity.

Starlink made its debut in Southeast Asia in early 2023, launching services in the Philippines and Malaysia, with plans to expand to more countries in 2024. However, Vietnam and Thailand are still awaiting formal approval, according to the Starlink website.

Utah Judge Rules SEC’s Case Against Alleged Crypto Mining Scam Green United Can Proceed to Trial

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And no, she didn’t rule that crypto mining devices were securities.

The U.S. Securities and Exchange Commission’s (SEC) lawsuit against Green United can proceed to trial, a Utah judge ruled Monday.

Last March, the SEC accused the Utah-based operation of scamming investors out of $18 million by selling them phony crypto mining equipment via a multi-level marketing scheme in which the company’s affiliates received a portion of the proceeds from each of the $3,000 “Green Boxes” they sold.

According to the SEC’s complaint, investors were told that the so-called Green Boxes were specialized crypto miners that mined GREEN tokens on the Green Blockchain – which they allegedly claimed supported a “public global decentralized power grid” – and could generate 40% to 50% monthly returns. Investors never physically received their equipment, and were told that the machines would be remotely hosted at a Green United-controlled data center.

In reality, the Green Blockchain didn’t exist, but the Green Boxes did – sort of.

Green United’s founder, Will Thurston (who, along with promoter Kristoffer Krohn, is also named as a defendant in the lawsuit), allegedly used the money investors gave him for the phony Green Boxes and used it to buy S9 Antminers – commercially-available bitcoin mining machines – which he then used to mine bitcoin for himself. According to the SEC, investors didn’t see any of the actual bitcoin (BTC) their purchases mined, but instead received periodic distributions of worthless GREEN tokens created by Thurston on the Ethereum blockchain.

Though Green United’s lawyers attempted to have the case dismissed, U.S. District Court Judge Ann Marie McIff Allen ruled that the SEC has “sufficiently alleged a security in the form of Green Boxes” to allow the case to proceed to trial, as well as its allegations of fraud.

The ruling caused something of a stir in online crypto circles, with at least one large X account claiming (in a since-deleted post) that the “SEC says crypto mining devices are securities.”

“This is wrong. Remain calm,” responded Neeraj Agrawal, director of communications at crypto lobbying group Coin Center. “This has no bearing on managed crypto mining. It’s garden variety ‘cloud mining’ scamming.”

The judge’s Monday ruling makes no mention of the real S9 Antminers – or bitcoin – Green United was allegedly buying with investor funds.

Essential Guide to Vietnamese E-Visas for Foreigners Entering Vietnam

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Vietnamese visa is a kind of travel documents granted by Vietnamese competent authorities, providing permission to travel to and enter Vietnam.

An electronic visa (E-visa) is one of visa types issued to foreigners by Vietnamese Immigration Department via electronic system. Vietnam E-visa is valid for maximum of 90 days, single or multiple entry.

Outside Vietnam foreigners who want to enter Vietnam can personally apply for E-visa or through the requesting agencies and organizations.

E-visa fee is paid via electronic payment gateway as prescribed by the Immigration Department. The fee will not be refunded if the application is refused.

List of Ports that allowed foreigners enter and exit Vietnam by E-visa.

Conditions for being granted e-visa:

Outside Vietnam foreigners;
Holding valid passport;
Not falling into the cases of suspension from entry prescribed in Article 21 of Law on foreigners’ entry into, exit from, transit through, residence in Vietnam.

Selections:

For outside Vietnam foreigners, click here,
For requesting agencies, organizations, click here,
For airlines, click here.

Notes: E-visa holders in Vietnam may be considered to get new visa if being invited/guaranteed by authority/organization/individual in Vietnam in accordance with Law on foreigners’ entry into, exit from, transit through, residence in Vietnam.

Foreigners who entry Vietnam must comply with Vietnamese law.

Inviting/guaranteeing foreigners in accordance with section 1, Article 16, Law on foreigners’ entry into, exit from, transit through, residence in Vietnam; can be applied through electronic system (click here).

Notice: Foreigners falling into the cases prescribed in Clauses 1, 2, 3 and 4, Article 8 of the Law on foreigners’ entry into, exit from, transit through and residence in Vietnam, shall not apply for e-visa on this Website. They should send visa applications via the inviting or guaranteeing agencies and organizations to the competent agency of the Ministry of Foreign Affairs. (Click for detail)

Source: Vietnam Immigration Department

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