Ethereum ICO-Era Stalwart Golem Sent $100M Ether to Exchanges in the Past Month

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The protocol was one of the first ICOs on Ethereum, raising $8.6 million worth of ether in 29 minutes and setting the precedent for thousands of other ICOs in the years since.

Golem, one of the earliest Ethereum initial coin offerings (ICOs), has sent over $100 million worth of ether (ETH) to exchanges in the past month, possibly adding selling pressure to the market.

ICOs were a popular way to raise funds to build cryptocurrency projects, with billions of dollars raised from 2016 to 2019. These lost charm among investors in the following years, however, amid regulatory tussles and a general lack of demand.

Data tracked by Arkham shows that Golem’s main wallet has transferred millions of ETH to other wallets, which were later sent to exchanges such as Binance, Bitfinex, Coinbase, and others. Most of these transactions are below $10 million in value and are sent daily.

Independent journalist Colin Wu first reported on Golem’s wallet movements. Golem’s X account did not immediately respond to requests for comment, and the project has not publicly revealed any major upcoming product releases on its X account.

Golem is working on artificial intelligence (AI) based tools as the sector gains interest among traders, as per a roadmap spotlight released in May.

Transactions to crypto exchanges usually imply an intention to sell holdings, as large amounts of tokens are usually not held on an exchange service for a long time for security reasons.

Golem raised over $8.7 million worth of ETH in 2016, becoming one of the biggest benefactors of the ICO frenzy in those years as its decentralized computing narrative did the rounds on social media sites. It positioned itself as a marketplace for computing power, where users can rent out their unused computational resources in return for Golem’s GLM tokens.

But popularity has waned since: Golem currently trades at just 30 cents with a market cap of $300 million, down from an all-time high of $1.32 in January 2018.

How do I find the best Vietnam buying offices for SMEs?

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Vietnam has been developing as one of the hot spots for businesses seeking to relocate part of their production in this era of diversification of global supply chains.

Often, buying offices can initiate this shift, taking upon themselves a wide variety of services that set up smooth operations and high-quality output.

Among the key activities the buying offices would handle for their clients are supplier search and quality inspection.

How to find the right supplier?

Finding the right supplier is the basis for a successful sourcing strategy. This usually starts by visiting wholesale markets, factories, and exhibitions where you, or your buying office, will meet many potential suppliers.


The first thing to do is state your product requirements, quality standards, target price, and timeline. That’s the primary input for starting the supplier search. Once potential suppliers are shortlisted, the track record of suppliers in terms of quality control procedures, delivery times, and financial stability are considered. This step ensures that the selected suppliers can consistently meet your needs.

>> Related article : The Best of ‘Made in Vietnam’ products for Sourcing

Further checks and analysis, such as factory audits and risk assessments, verify the legitimacy of suppliers to ensure they comply with legal and ethical standards. It may include site visits, reference checks, or reviews of business licenses and certifications.

Benefits of using a buying office partner in Vietnam

Here are some reasons to consider using a Vietnam buying office partner in Vietnam:

  • A good buying office will have professionals that speak the local language fluently (Vietnamese, in this case) and English. They should have strong communication channels, be quick to respond to inquiries, and be available for calls when needed.
  • Some sourcing agents might specialize in manufacturing projects like furniture, handicrafts, or metalwork. Check if the experience of the buying office being considered aligns with the area in which your business needs assistance.
    A third-party company hired to handle your procurement can be thought of as a connection between the buyer and supplier. The acquired company will know the demands and limitations of both parties. Negotiation skills must be assessed in this regard, especially in rates, payment terms, and minimum order quantity (MOQ).
  • Having a buying office with attached warehousing facilities can provide a host of benefits. They can supervise the logistics and warehousing, manage orders from many suppliers in mixed container consolidations, and assure cost savings. They can also provide quality control, proper packing, and customization of the packaging that would enhance the visibility and appeal of your brand.

Top 3 recommended Vietnam buying offices

As a new entrant or SME, partnering with small to mid-scale sourcing agencies can be highly advantageous due to their flexibility and adaptability in handling small-scale projects.

These agencies can effectively deploy their teams to meet the specific needs of emerging businesses, ensuring tailored support and personalized service.

  1. MovetoAsia: As a professional buying office agency based in Vietnam, they offer specialized services to help businesses leveraging sourcing and manufacturing in Vietnam. Find more detailed resources and insights on this Vietnam sourcing playlist.
  2. SourcingAgentVietnam.Com: Based in Vietnam, this sourcing agency has served international buyers for six years. With a small-scale team, they have built a reputation for trustworthiness. They excel in connecting buyers with reliable manufacturers and suppliers in Vietnam, ensuring smooth communication, quality control, and timely delivery.
  3. Nordcham Consulting: Established in Ho Chi Minh City, this Vietnamese sourcing agency offers factory audits, quality assessments, and consulting for sourcing.

>> Related article : How do I find the best sourcing agents in Vietnam?

Quality checks within sourcing agencies

These processes are vital for maintaining product standards. They fall into three main categories: pre-production, during production, and final random control of goods.

Each plays a role in eliminating potential risks and ensuring clients receive products that meet their specific requirements.

Vetting new suppliers

Pre-production due diligence is crucial for discovering potential issues before they become significant problems. As the saying goes, “garbage in, garbage out”; faulty parts or raw materials do not give quality products. Buying offices may arrange to have random samples of inputs visually inspected or sent to laboratories for testing. This step is vital for customized and complex products.

Experienced inspectors verify the factory’s capability to interpret the technical files and ensure effective communication between development and manufacturing teams. They confirm that the machinery for large-scale manufacturing is the same as that used for prototypes. Although production is underway, finding problems earlier saves significant impediments.

Quality Control

Inspecting products during production, also called in-line quality check, prevents the creation of many defective goods, which would cost much to rework or require a completely new production cycle. During an in-line quality check, the first few pieces produced are checked for compliance.

This allows the factory to make immediate amends and reduces the risk of delays, keeping the order on track. In-line inspections also enable buyers to verify the production location, ensuring transparency and accountability.

Final product inspection

The most popular quality check among importers is the final product inspection, which takes place when products are fully finished and ready to ship. Inspectors examine the conformity of products with a predetermined list of criteria regarding quantity, workmanship, functionality, safety, appearance, size, and packaging. This form of inspection allows a genuinely random sample to be drawn, representing views of the entire batch. Although the findings of such verifications are commonly promising, buyers should remember that they do not fully guarantee the quality of the total order. To minimize risks, the buying office may advise supplementary measures, such as container-loading supervision, to safeguard shipment integrity. This helps avoid frauds like shipping smaller quantities or substituting products after the final inspection.

Contracting vs setting up a buying office team

Vietnam’s manufacturing sector offers good products at competitive prices. The remaining question for businesses is whether to use an existing local buying office or setup their own team. Owning an office in Vietnam gives you full control over operations, including staff and brand representation, potentially leading to long-term savings. However, it requires a high initial investment, takes time to build a reliable network, and carries higher risks due to the complexities of navigating a new market.

>> Related article : Setting up an Export Company in Vietnam

Contracting an existing local buying office allows for faster, cost-effective entry with less risk. Local sourcing agents have established networks and knowledge of regulations, ensuring smoother operations. However, this approach offers less control and flexibility over sourcing strategies and brand representation. Finding a partner whose values align with your business needs is crucial to ensure a successful partnership.

Vietnam Confronts New Challenges as Global Corporations Halt Billion-Dollar Investments

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Several global corporations, including LG, Samsung, and Intel, have halted billion-dollar projects in Vietnam, primarily due to inadequate investment incentives.

Samsung announced it will relocate its production line to India, while LG has paused a $5 billion investment plan for electronics production. Japan’s SMC is contemplating investing $500 million to $1 billion in Dong Nai, according to the Ministry of Planning and Investment.

A recent draft decree on the establishment, management, and use of the Investment Support Fund reveals that many large corporations have explored investment opportunities in Vietnam but eventually opted for other countries. For instance, LG Chemical proposed a battery production project in Vietnam, requesting 30% production cost support, but later moved to Indonesia. Intel considered a $3.3 billion chip manufacturing project in Vietnam with a 15% cash support request, but chose Poland instead. Austria’s AT&S Semiconductor Group also shifted its plans to Malaysia due to unmet cost support and high-tech labor requirements in Vietnam.

A Shoe Factory in Vietnam

The Ministry highlighted that Vietnam’s current investment incentive policies are outdated, relying solely on income-based incentives like tax exemptions and land rental reductions, with no cost-based incentives. These policies have not kept pace with global changes, particularly the introduction of the Global Minimum Tax. Additionally, Vietnam’s budget law lacks provisions for budget spending on forms of investment support outlined in the Investment Law.

Urgent measures are needed to address the impact of the Global Minimum Tax and prevent a wave of investment shifts away from Vietnam. Consequently, the Ministry’s latest draft proposes the creation of an Investment Support Fund. This fund will derive revenue from the state budget, additional corporate income tax revenue, contributions, aid, sponsorships, interest from deposits, annual fund balances, and other sources.

The fund aims to support high-tech enterprises, investment projects for high-tech product production, high-tech application projects, and research and development centers. Cost supports will cover human resource development training, research and development, fixed asset investments, high-tech product production, and social infrastructure system investments.

Airlines lease more planes, sharply reduce prices for many peak summer flights

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National airline Vietnam Airlines is boosting early morning and late-night flights with attractive fares and is preparing to receive additional Airbus A320neo and Boeing 787-10 aircraft this July.

Vietnam Airlines is preparing to receive more Airbus A320neo and Boeing 787-10 aircraft

A representative from Vietnam Airlines stated: During the peak summer season, the airline recorded high occupancy rates of 75% – 94% for flights from 9 PM to 5 AM in May and June to major tourist destinations such as Hanoi, Ho Chi Minh City, Da Nang, Nha Trang, Da Lat, Quy Nhon, Phu Quoc, etc. This positive performance is the result of the swift and comprehensive implementation of activities and extensive cooperation programs between the national airline and provinces, cities, and partners.

To offer attractive fares, Vietnam Airlines is launching the “Fly at Night, Get Great Rates” program. Accordingly, passengers can purchase domestic flight tickets starting from VND 1.098 million per one-way ticket for economy class and from VND 1.905 million per one-way ticket for business class. These prices include taxes and fees and are easily available for early morning or late-night flights.

Many domestic flights are offering attractive prices for early morning and late evening flights on Vietnam Airlines’ website and mobile application.

Vietnam Airlines is also partnering with Vinpearl to offer up to 50% discounts on airfare and hotel rooms for customers taking flights departing from 9 PM to 5 AM to destinations with Vinpearl hotels. A notable program is the “Night Flight Combo, Great Summer Vacation,” where customers can enjoy a package deal of round-trip Vietnam Airlines flights and 2 or 3 nights at Vinpearl hotel rooms, including breakfast, starting from VND 3 million per person.

For individual Vietnam Airlines customers booking rooms, the parties are implementing the “Special Offer for Individual Room Bookings” program. Customers can enter the code VNAVP30 to receive a 30% discount on room rates on Vinpearl.com and the My Vinpearl app.

Vietnam Airlines recorded a high occupancy rate for late-night flights to some key tourist destinations

These promotional programs are specific activities within the cooperation agreement that Vietnam Airlines signed with provinces, cities, and partners in mid-June. Under this agreement, the airline has coordinated with parties to create linked aviation-tourism products at attractive prices to stimulate domestic tourism.

It is known that the national airline is also preparing to receive additional Airbus A320neo and Boeing 787-10 aircraft this July to meet the high demand of the summer peak season, in accordance with the directives of the Civil Aviation Authority of Vietnam.

@Thanhnien.vn

Quang Nam establishes the ‘International Kite Festival’ brand

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International Kite Festival – Quang Nam 2024 will take place from July 25 to 28, featuring around 100 types of kites from 12 countries and territories. The festival will include a colorful kite exhibition space, aiming to establish its own unique brand.

Recently, at Hoiana Resort – Golf (Duy Hai Commune, Duy Xuyen District, Quang Nam), the Department of Culture, Sports, and Tourism of Quang Nam Province, in coordination with Nam Hoi An Development Co., Ltd., held a press conference to announce the International Kite Festival – Quang Nam 2024.

This event is part of the 2024 tourism promotion activities series “Quang Nam – Green Heritage Region”. The festival will take place from July 25 to 28 at the beach near Hoiana Resort (Tay Son Tay Village, Duy Hai Commune).

The beach where the International Kite Festival – Quang Nam 2024 takes place

This international kite art event aims to promote and preserve the art of making and flying kites. It also aims to establish an annual international cultural, artistic, and tourism event in Quang Nam, attracting both domestic and international visitors to Quang Nam and other tourist destinations in Central Vietnam.

This year, the festival will feature kite teams from more than 12 countries and territories, including China, Singapore, Taiwan, South Korea, Japan, Indonesia, the Philippines, Malaysia, Australia, India, Cambodia, and more.

The teams will showcase artistic kite flying with around 100 different types of kites, alongside a colorful kite exhibition space.

A highlight of the International Kite Festival – Quang Nam 2024 is the LED kite flying program on the evenings of July 26, 27, and 28. Especially on the evening of July 27, there will be a grand music night featuring performances by famous young singers.

In addition to enjoying the artistic kite performances, visitors will have the opportunity to participate in kite-making classes under the guidance of artisans, explore local cuisine, and enjoy magic shows and fire dance performances.

In support of this event, accommodation providers in the province, including Hoiana Resort – Golf, have launched many attractive promotional packages to welcome visitors.

Speaking at the press conference, Mr. Steven Wolstenholme, Chairman and CEO of Hoiana Resort – Golf, stated that the International Kite Festival – Quang Nam 2024 is an international event in kite art, expected to strongly promote Quang Nam’s image to international visitors.

According to Mr. Steven Wolstenholme, as the organizing unit, Hoiana promises to create a colorful kite art performance and exhibition space along with exciting and high-class entertainment activities.

“We believe that with thorough preparation and dedication, the 2024 International Kite Festival will bring unique and memorable experiences to every visitor to Hoiana in particular and Quang Nam Province in general during this special occasion,” said Mr. Steven Wolstenholme.

Mr. Steven Wolstenholme also hopes that the International Kite Festival will soon become a unique brand of the locality, making Quang Nam a “magnet” for tourists in Central Vietnam.

@Thanhnien.vn

International media buzzes with drone light tournament in Nha Trang

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Nha Trang Bay of Lights International Festival 2024 (Ever Glamour Nha Trang 2024) is an international drone light competition featuring top teams from around the world, taking place on the nights of July 13 and July 20.

For the first time globally, a unique light show competition using thousands of unmanned aerial vehicles is being organized, not only creating excitement among locals and tourists but also attracting international media attention.

In recent days, over 1,000 international news outlets in the US, Germany, France, Japan, South Korea, China, Malaysia, and Indonesia have reported on the Nha Trang Bay of Lights International Festival 2024. Prominent headlines from major news agencies like AP, Business Insider, Yahoo, Morning Star, Asiaone, Fox, Daum, and HapsKorea stand out.

International media have noted that this is the first time a drone light competition is being held globally; it’s a grand and highly anticipated light show festival of 2024.

Nha Trang International Bay of Light Festival 2024 has the theme “Brilliant Milky Way”.

The large-scale, heavily invested event promises to bring unprecedented experiences to audiences, locals, and tourists in Nha Trang. The festival will feature four teams representing the leading countries in drone light performances: China, South Korea, France, and the UAE.

Each participating team will use at least 1,000 drones to perform for 15-20 minutes, combined with modern music performances on stage, creating a lively, captivating, and emotional overall picture.

Mr. Đinh Văn Thiệu, Vice Chairman of the Khanh Hoa Provincial People’s Committee, affirmed that the Nha Trang Bay of Lights International Festival 2024 is the “highlight” event of Khanh Hoa’s summer tourism season in 2024. This is the first large-scale drone light show competition to be held in Vietnam and also the first globally.

“Images of historical, cultural, and tourism landmarks characteristic of Nha Trang – Khanh Hoa will be designed and performed by the teams to bring the audience the most vivid visual experiences of the beautiful, friendly, and hospitable land of Khanh Hoa,” said Mr. Dinh Van Thieu.

The opening ceremony and the first competition night will be held at 2/4 Square, Nha Trang City, on the evening of July 13. This will be a showdown between two South Korea and China teams, with the theme “Nha Trang Shines – Glamour Nha Trang.”

The second competition night between the teams from France and the UAE, with the theme “Night of the Wonders,” followed by the closing ceremony, will be held at Vinpearl Harbour (Hon Tre Island, Nha Trang) on the evening of July 20. There will also be rehearsals for the teams before the competition nights (July 12 and 19).

With a minimum of 1,000 drones used by each competing team, this is the largest drone demonstration festival of 2024.

The number of international visitors to Nha Trang in July is expected to increase by at least 60% compared to last year. Domestic and international airlines have also scheduled additional flights to Nha Trang during this period.

According to the Khanh Hoa Provincial Department of Tourism, over 80% of accommodation capacity in Nha Trang has already been booked for the event period, and this number continues to rise. Many hotels and resorts in the city center are nearly fully booked in advance.

The year 2024 holds many hopes for the robust development of tourism in particular and the socio-economic status of Khanh Hoa province in general through unique programs and events. The province aims to welcome 9 million overnight visitors, including 3 million international tourists and strives to achieve tourism revenue of about VND 40,000 billion.

Large-scale, unique activities and events such as EGN 2024 and WonderFest Nha Trang are being organized throughout the year in the province to effectively exploit cultural, tourism, and entertainment values to stimulate demand, attract tourists, and promote tourism growth, contributing to establishing Nha Trang – Khanh Hoa as a destination for exciting festivals and events, leaving a lasting impression on domestic and international tourists.

@Znews

Proposal to charge 600,000 VND/person for visiting Ha Long Bay

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The Management Board of Ha Long Bay in Quang Ninh province has proposed a fee for half-day tours to visit Ha Long Bay, covering all five tour routes at a price of 600,000 VND per adult.

Proposal to charge fees for some new routes to visit Ha Long Bay.

The Ha Long Bay Management Board has recently issued a draft resolution to amend and supplement the sightseeing fees for Ha Long Bay’s scenic spots to gather feedback from agencies, organizations, and individuals.

According to the Ha Long Bay Management Board, they are currently collecting opinions from relevant parties affected by the sightseeing fees for Ha Long Bay’s scenic spots, with plans to complete and report to the provincial People’s Committee by July.

Accordingly, the Ha Long Bay Management Board proposed to collect fees to visit Ha Long Bay for 3 new routes, including Ha Long Bay – Gia Luan tourist tour itinerary: Departing from Ha Long International Passenger Port or Tuan Chau international passenger ship port – Chan Voi island – Ba Cua village – Tung Lam island – Cap Bai island – the last point of the journey adjacent to Gia Luan, Lan Ha Bay (Hai Phong). Fees range from 75,000 to 150,000 VND.

Tourists jostle to buy tickets to visit Ha Long Bay.

General Ha Long Bay tour: Starting from Ha Long International Cruise Port or Tuan Chau International Cruise Port, covering all five day-tour routes as per Resolution 62/2017/NQ-HDND. The fee ranges from 300,000 to 600,000 VND for a 12-hour journey.

Coastal Ha Long Bay tour: Starting from Tuan Chau International Cruise Port or Ha Long International Cruise Port to Nam Cau Trang Port (for restaurant boats and other authorized vehicles). The fee ranges from 50,000 to 100,000 VND.

Previously, Tuan Chau International Cruise Port and Ha Long International Cruise Port increased the ticket prices and mooring fees for boats from April 1st. According to the management of the two ports, the passenger fee increased from 40,000 VND per person per trip to 60,000 VND per person per trip. Seniors receive a 50% discount, and children aged 7-15 receive a 20% discount.

For tourist boats, the service fee increased by 50,000 VND per trip; the security and public lighting fee increased by 100,000 VND per boat per month; and the mooring fee for boats increased from 6,300 VND per square meter of water surface per month to 9,000 VND per square meter per month.

With the increase in passenger tickets through the port, the Ha Long Bay sightseeing fee for each passenger increased from 440,000 VND to 460,000 VND for route 1 (310,000 VND for sightseeing and 150,000 VND for the boat ticket). For route 2, the ticket price increased from 490,000 VND to 510,000 VND (310,000 VND for sightseeing and 200,000 VND for the boat ticket). The 310,000 VND sightseeing ticket includes a 60,000 VND port fee collected by the ports.

@Znews

3 tourist destinations in Vietnam among the most popular in Asia

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The ancient town of Hoi An, the War Remnants Museum in Ho Chi Minh City, and the Cu Chi Tunnels are three representatives of Vietnam that made it to the list of the 25 most beloved tourist destinations in Asia, as voted by TripAdvisor readers.

Located along the Thu Bon River, Hoi An is famous for its iconic yellow ancient houses and rich traditional heritage, proudly ranking seventh on the list of the world-renowned travel guide platform.

Once a convergence point for Asian merchants, Hoi An leaves a lasting impression on many foreign visitors with its peaceful, rural charm, yet it does not lack unique experiences.

The War Remnants Museum on Vo Van Tan Street, District 3, Ho Chi Minh City, ranks 10th among the 25 most beloved tourist destinations in Asia.

Established in 1975, the museum is a must-visit for anyone interested in learning about Vietnamese history.

Photo: Miavn.

The museum houses more than 20,000 artifacts, images, and documentaries highlighting the most significant aspects of the Vietnamese people’s experiences during two wars.

TripAdvisor notes, “With engaging exhibits and useful information, visitors will gain the most authentic perspective on how the war impacted lives.”

Located about 60 kilometers northwest of Ho Chi Minh City, the Cu Chi Tunnels, a symbol of the protracted resistance of the Vietnamese army and people, ranks 14th among the 25 most beloved tourist destinations in Asia.

The tunnels were built in the late 1940s and endured many intense bombings in the 1960s.

Photo: SinhTour.

TripAdvisor writes, “The Cu Chi Tunnels offer an impressive and immersive adventure, allowing visitors to appreciate the historical significance and gain a deep understanding of the local culture.”

Meanwhile, Gardens by the Bay in Singapore is named the most beloved tourist attraction in Asia.

@Znews

Multicoin Pledges up to $1M for Pro-Crypto Senate Candidates

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The investment firm is eager to flip the Senate for Republicans.

Multicoin Capital, one of the largest U.S. investment firms focused on cryptocurrency, is pledging up to $1 million to support Senate candidates with favorable views of the industry.

The investment manager plans to financially support four Republican candidates – Sam Brown in Nevada, David McCormick in Pennsylvania, Bernie Moreno in Ohio and Tim Sheehy in Montana – through donations to the conservative super political action committee (PAC) Sentinel Action Fund.

How much Multicoin gives depends on the outcome of Sentinel’s crypto donation drive. According to the group’s website, Multicoin will match 100% of (SOL) token donations sent to Sentinel by July 14. Gemini is hosting the group’s crypto donations portal and appears to be accepting a variety of tokens, including SOL.

“We’re doing this because we realize that political engagement matters, and it starts with supporting the candidates who believe America needs to remain free for innovation,” said Multicoin Managing Partner Kyle Samani in a statement.

Multicoin – as well as its leaders Samani and Tushar Jain – have previously supported pro-crypto candidates on a bipartisan basis. That isn’t changing with the donation to Sentinel, despite its status as a decidedly conservative group, a person familiar with the firm’s thinking said.

That said, Multicoin identified Sentinel as being aligned with its crypto interests by way of the specific candidates it is backing this cycle, the person said. These four republicans Sentinel is supporting all receive “A” ratings from the Coinbase-led crypto advocacy group Stand With Crypto.

These candidates’ opponents aren’t uniformly critical of cryptocurrency on the level of Elizabeth Warren, the Massachusetts senator despised by the crypto industry for her rhetoric of hosting an “anti-crypto army.” Three of the four are rated as “neutral” or better by Stand With Crypto, though Ohio Senator Sherrod Brown touts an “F.”

Still, Multicoin’s decision-makers are eager to invest in races that could flip the Senate to Republican control, the person said. Doing so would shift the balance of power in agency appointments and other key areas where crypto companies intersect with the federal government, such as the courts.

The matching pledge marks a high-profile test of Dialects’ recently debuted “Blink” technology, through which users of X can execute on-chain Solana transactions with their social media posts.

In this case, Blink will allow Solana users to donate to Sentinel through X (formerly Twitter). It will prompt donors to fill out required Federal Election Commission documentation, too, people familiar with the matter said.

Crypto Crash Pushes Fear & Greed Index to Lowest Since Traded at $17K in Early 2023

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The widely-followed sentiment metric hit extreme greed levels earlier in March near the local top of the crypto market, but now is pushing its limits in the opposite direction.

Crypto investor sentiment cratered to the most negative levels since the tail-end of the 2022 crypto winter as bitcoin’s (BTC) plunge below $54,000 pulled down digital asset markets.

The widely-followed Crypto Fear & Greed Index, created by data source Alternative.me, shows market enthusiasm towards bitcoin and other large cryptocurrencies, with 0 being extreme fear and 100 translating to extreme greed.

The gauge dropped to 29 on Friday, its deepest dive into the fear zone since early January 2023 when bitcoin was trading around $17,000 after 2022’s crushing bear market.

The metric notably sent out a contrarian sell signal this past March when it reached the 90 level at near what turned out to be (so far) the 2024 top of the broader crypto market and bitcoin’s all-time high of about $73,500. Since then, BTC and ether (ETH) are 25%-30% lower, while altcoin majors plunged around 50% and smaller tokens lost even more.

Is the bottom in?

Extreme levels of fear may present buying opportunities, but the reality is more nuanced with several factors to be considered.

The key catalysts behind the downturn was the unloading of seized bitcoin by German and U.S. governments, along with “preemptively selling” as the estate of defunct Japanese exchange Mt. Gox started to refund investors this month, Rachel Lin, CEO and co-founder of derivatives trading venue SynFutures, said in a market update.

The selling pressure is unlikely to abate in the short-term, she said. The German government still holds some $2.2 billion worth of BTC, the U.S. government has over $12 billion and the Mt. Gox estate has more than $8 billion of assets, data by blockchain tracing platform Arkham Intelligence shows.

“The direction of bitcoin in the coming days will be determined by the selling pressure from Mt. Gox users,” Lin added.

“The market expects most Mt. Gox users dump their tokens, but we might see a bounce back if the selling is lower than anticipated, she said. “On the other hand, if there is enough selling to push the price lower, we might be looking at the $50,000 level soon.”

Markus Thielen, founder of 10x Research trimmed his $55,000 price target to $50,000. “This situation may compel ETF holders and miners to liquidate more positions,” he said in an emailed note, adding that August and September are historically “challenging months” for bitcoin. However, he added, “if the Federal Reserve cuts interest rates in September, bitcoin could see another rally attempt.”

US Welcomes Vietnam’s Direct Electricity Trading Initiative

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US Ambassador to Vietnam Marc Knapper commended the Ministry of Industry and Trade for bringing this mechanism to life. The US Agency for International Development (USAID) has been providing technical support to Vietnam’s Ministry of Industry and Trade since 2017 to design and implement this mechanism.

The new decree, No. 80/2024/ND-CP, was issued on July 3 and regulates direct electricity trading through private connection lines or the national grid. Businesses and energy producers can now negotiate prices directly, though the Ministry will regulate certain prices. Renewable energy sources, including solar, wind, hydro, biomass, and geothermal, can be traded through these private lines, provided they have the necessary operating licenses.

This policy allows businesses in Vietnam to purchase renewable energy directly, helping them meet their sustainability commitments and reduce greenhouse gas emissions. The US Embassy believes this will attract private investment in renewable energy and support Vietnam’s goal of achieving net-zero emissions by 2050. USAID Vietnam Director Aler Grubbs emphasized that the US will continue to support Vietnam in expanding access to clean energy.

The direct electricity trading mechanism has been highly anticipated by foreign direct investment (FDI) enterprises, particularly those in the US, Europe, and Asia, operating in high-tech and manufacturing sectors. These companies require assurances that their production electricity is 100% clean to meet global climate goals and emission reduction commitments.

6 trên 10 ca bồi thường bảo hiểm tại Prudential nằm trong độ tuổi lao động “Vàng”

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Trong báo cáo kết quả kinh doanh công bố đầu tháng 4/2024, Prudential Việt Nam cho thấy số liệu chi trả bồi thường bảo hiểm năm 2023 là 1.900 tỷ đồng với 179.000 trường hợp .

Là doanh nghiệp bảo hiểm nằm trong nhóm dẫn đầu thị trường, sau 25 năm hoạt động, doanh nghiệp đã và đang phục vụ, đáp ứng nhu cầu tham gia bảo hiểm nhân thọ và bảo vệ tài chính của hơn 7 triệu khách hàng. Nhiều năm liền, tổng chi trả bồi thường và quyền lợi bảo hiểm của Prudential luôn chiếm khoảng 1/4 thị trường (⁓23-25% toàn thị trường bảo hiểm với 19 doanh nghiệp bảo hiểm nhân thọ). 

Theo số liệu thống kê về bồi thường bảo hiểm tại Prudential Việt Nam từ năm 2020 đến 2023, tổng số tiền và số ca bồi thường đều có xu hướng tăng. Tính tới cuối năm 2023, khoản chi trả bảo hiểm cho bệnh hiểm nghèo, tử vong, thương tật toàn bộ và vĩnh viễn lần lượt tăng 2,1 lần về số tiền và 1,3 lần về số ca chi trả so với năm 2020. Nếu tính cả số liệu chi trả bồi thường cho chi phí khám chữa bệnh và chăm sóc y tế thì con số này tăng cao hơn trong cùng giai đoạn, gấp 2,7 lần tổng số tiền, và 2,3 lần tổng số ca bồi thường. 

Điều này cho thấy bảo hiểm đã và đang là giải pháp bù đắp thiệt hại tài chính và dự phòng cho người tham gia bảo hiểm cho các rủi ro tai nạn, bệnh tật xảy ra. Mặt khác, số tiền chi trả bồi thường tăng cũng tới từ một nguyên nhân khách quan là số lượng người tham gia bảo hiểm tăng nhanh trong vài năm gần đây. Người Việt cũng đã nhận thức tốt hơn về bảo vệ tài chính cá nhân và gia đình. Các sản phẩm bảo hiểm y tế bổ sung, hay bảo hiểm nhân thọ vì thế đã và đang làm nhiệm vụ bổ trợ và bù đắp các khoản chi phí thiếu hụt bên cạnh bảo hiểm y tế bắt buộc, mang đến nhiều quyền lợi tốt hơn và phù hợp với nhu cầu dịch vụ chăm sóc sức khỏe đa dạng, chất lượng cao cho người dân.

60% số ca bồi thường mắc bệnh lý hiểm nghèo thuộc nhóm tuổi “lao động vàng”

Nhìn vào số liệu chi trả bồi thường tại Prudential năm 2023, số ca bồi thường cho các trường hợp mắc bệnh lý hiểm nghèo thuộc độ tuổi từ 25-50 chiếm lên đến 60%. Con số này có thể khiến nhiều người suy ngẫm bởi đây là độ tuổi được coi là “sung sức”, đồng thời cũng là giai đoạn quan trọng của đời người vì cần chăm sóc gia đình, tạo ra tài sản và tích lũy cho tương lai. Số liệu cũng cho thấy, có khoảng 76% trường hợp bồi thường xảy ra ngay trong 10 năm đầu của hợp đồng bảo hiểm nhân thọ. 

Theo đánh giá từ Tổ chức Y tế thế giới (WHO), trong 10 quốc gia Đông Nam Á, tuổi thọ nam giới Việt Nam đứng thứ 5 và tuổi thọ phụ nữ Việt Nam đứng thứ 2, song số năm sống có bệnh tật lại cao so với các nước. Cụ thể, mỗi người Việt trung bình có tới 10 năm sống chung với bệnh. Số năm sống khỏe mạnh giảm, gánh nặng chi phí y tế cũng theo đó mà gia tăng.  Thông tin từ lãnh đạo Bảo hiểm xã hội Việt Nam vào tháng 7/2023 cho biết, người Việt đang phải tự trả khoảng 40% chi phí khám chữa bệnh, gấp đôi so khuyến nghị của tổ chức WHO, cao hơn mặt bằng chung các nước trong khu vực. 

Cũng trong một báo cáo của WHO, các bệnh lý nghiêm trọng như ung thư, tim mạch, đái tháo đường… là nguyên nhân gây ra trên 70% ca tử vong trên thế giới. Do nhiều yếu tố như ô nhiễm môi trường, cuộc sống hiện đại nhiều áp lực, sinh hoạt thiếu khoa học… Bệnh lý nghiêm trọng đang có xu hướng trẻ hóa và xuất hiện ngày càng nhiều hơn ở độ tuổi lao động. Việc phải đối mặt với các rủi ro, không chỉ đặt một người vào tình thế phải tiêu tốn một khoản tiền nhất định để khắc phục hậu quả rủi ro, mà còn đứng trước nguy cơ mất đi khả năng lao động, cũng như giảm hoặc mất nguồn thu nhập hiện có. 

Chính vì thế, theo nhiều chuyên gia thì độ tuổi từ 25 cho tới 39 chính là thời điểm “vàng” để mỗi người trang bị cho bản thân một giải pháp dự phòng tài chính cho các rủi ro hay biến cố bất ngờ. Bởi lẽ ở giai đoạn này, nguồn thu nhập bắt đầu ổn định, các điều kiện về sức khỏe đáp ứng, rủi ro về sức khỏe còn ở mức thấp.

Hàng năm, với con số hàng chục ngàn tỷ đồng chi trả, ngành bảo hiểm nhân thọ với vai trò “tấm lá chắn” đã giúp giảm nhẹ các thiệt hại về tài chính cho người dân trước các rủi ro không mong muốn. Cùng với đó, quy trình chi trả đơn giản, nhanh chóng và liên tục được cải tiến bởi các đơn vị bảo hiểm đã giúp nâng cao chất lượng dịch vụ và mang lại sự hài lòng cho người trải nghiệm.

Năm 2023, quy trình giải quyết quyền lợi bảo hiểm tự động hóa Prudential ghi nhận 82% yêu cầu được nộp trực tuyến, 77% yêu cầu được xử lý trong ngày. Tỷ lệ chấp thuận hồ sơ yêu cầu bảo hiểm của Prudential trong 2023 ghi nhận trên 90%, có nghĩa cứ 10 hồ sơ yêu cầu bảo hiểm thì 9 trường hợp được Prudential chấp thuận chi trả. Vừa qua, Prudential cũng vừa được vinh danh tại Insurance Asia Awards cho hạng mục Claims Initiative of The Year – Vietnam (Giải thưởng Sáng kiến trong Chi trả bồi thường bảo hiểm), là một trong những điểm sáng về chi trả của ngành. Bà Nguyễn Thanh Hà, Phó Tổng Giám Đốc Giao Dịch Bảo Hiểm – Prudential Việt Nam chia sẻ:“Chúng tôi tin rằng vai trò của mình sẽ không chỉ dừng lại ở bồi thường bảo hiểm, mà còn là tạo dựng niềm tin, mang tới nhiều hơn những giá trị cho khách hàng trên hành trình đồng hành cùng Prudential. Mục tiêu này thúc đẩy chúng tôi can đảm thực hiện nhiều thay đổi quan trọng, từ việc nâng cấp giá trị cốt lõi của sản phẩm, nâng cao chất lượng kênh phân phối, thúc đẩy chuyển đổi số, tự động hóa quy trình từ khâu tham gia cho tới bồi thường, chi trả bảo hiểm nhằm mang lại sự hài lòng, trải nghiệm cá nhân hóa cho mỗi khách hàng của mình.” 

Bitcoin Nosedives Under $58K Amid Mt. Gox, German Government Wallet Movements

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A wallet belonging to a German official entity moved its largest stash of BTC to exchanges earlier today, while Mt. Gox wallets showed activity for the first time in a month.

Bitcoin (BTC) plunged under $58,000 in European morning hours, extending 24-hour losses to nearly 5% and dropping to prices not seen since early May.

The sell-off came as wallets belonging to defunct crypto exchange Mt. Gox showed signs of activity for the first time in a month and the German Federal Criminal Police Office moved over $75 million to crypto exchanges.

“Among the top reasons for the price drop was the German government moving more than $50 million to crypto exchanges, creating sell speculation in the market,” Lucy Hu, a senior analyst at crypto investment firm Metalpha, said in a Telegram message.

Mt. Gox is scheduled to start distributing assets stolen from clients in a 2014 hack this month, although it is unclear when, after years of postponed deadlines. The repayments will be made in bitcoin and bitcoin cash (BCH) and could add selling pressure to both markets, as previously reported.

Wallets tracked by Arkham show Mt. Gox wallets conducted test transactions in during the Asian morning, moving a total of $25 worth of bitcoin across three transactions to different wallets.

Entities holding large amounts of tokens are known to move insignificant amounts between wallets before larger transfers – which may indicate an intention to sell.

Arkham data also showed the German entity moved $175 million in BTC to various wallets, $75 million of which was sent to crypto exchanges Kraken and Coinbase. Arkham CEO Miguel More previously told CoinDesk that transfers from a wallet to an exchange may indicate an intent to sell tokens.

Meanwhile, bitcoin has now fallen below a widely followed technical indicator for the first time since October, signaling a possible downtrend in the months ahead.

Bitcoin Drops Below 200-Day Average, Brings Bull Market Trendline Into Focus

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Markets that consistently trade below the 200-day moving average are said to be in a downtrend.

Bitcoin’s (BTC) decline gathered pace as the largest cryptocurrency fell for a third straight day, dropping below the 200-day simple moving average (SMA), a good indicator of long-term price trends in both traditional and crypto markets.

The cryptocurrency slid below the average’s $58,492 level during European hours on Thursday to less than $57,300, a price last seen on May 2, according to data on charting platform TradingView.

Markets that consistently trade below the 200-day average are said to be in a downtrend, while those trading above the average are considered bullish. BTC rose past the 200-day SMA in October, when the average value was $28,000. The breakout – fueled by expectations for a spot bitcoin ETF in the U.S. – paved the way for a rally to record highs above $70,000 by March.

One factor in bitcoin’s price movements is the U.S. interest rate. As rates fall, the attraction of riskier investments such as cryptocurrencies increases. The minutes of the Federal Reserve meeting released Wednesday showed policymakers led by Chairman Jerome Powell do not want to cut rates until more data emerges to give them greater confidence that inflation is moving sustainably to their 2% target. That may come as early as tomorrow, when the Labor Department releases its non-farm payrolls figure for June.

“We believe hawkish comments from Jerome Powell and the ongoing selling pressure are likely to push BTC down to 52,000,” Valentin Fournier, a digital assets analyst at advisory firm brn, said in an email. “However, we recommend viewing this as a buying opportunity, as improving regulations around cryptocurrencies and cooling inflation in the US have not been fully priced in and are likely to bring strong momentum once investors shift focus to a longer-term vision.”

The sell-off may run out of steam if the payrolls data shows the labor market weakened in June. The figure is forecast to show payrolls increased by 195,000, a notable slowdown from 272,000 a month before, according to FXStreet. The jobless rate is forecast to have held steady at 4.0%, while average hourly earnings are projected to have slowed to 3.9% from 4.1% year-on-year.

The bull market progression can be identified by a rising trendline connecting October and January lows. BTC’s latest break below the 200-day line has put the focus on the bull market trendline support at $57,590.

A close (midnight UTC) below that level could lead to further selling and downward price momentum, as traders often use trendline breakdowns as indicators to make trading decisions.

Fournier is not alone in seeing further declines. According to Alex Kuptsikevich, a senior market analyst at FxPro, prices could slide to as low as $51,500 in the short term.

“From the current position, a 12% drop to $51.5k (February consolidation area) is more likely than the same amount of growth to $65.8k (50-day MA),” Kuptsikevich said in an email.

A Guide to UK Property Investment for Expats in Vietnam

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As a UK expat living in Vietnam, you may be considering investing in property back home. 

This guide will walk you through the process, requirements, and considerations for buying UK property while residing in Vietnam. Whether you’re looking for a future home or an investment opportunity, understanding the intricacies of the UK property market and expat mortgages is crucial.

Understanding UK Mortgages for Expats in Vietnam

UK mortgages for expats in Vietnam are specifically designed to cater to the unique circumstances of British citizens living abroad. These mortgages allow you to purchase property in the UK while residing in Vietnam, opening up opportunities for investment or securing a future home.

Key Features of Expat Mortgages

  • Available for both residential and buy-to-let properties
  • Borrowing amounts starting from £100,000
  • Loan-to-value (LTV) ratios up to 80% for residential and 75% for buy-to-let
  • Acceptance of complex income structures
  • Options for new purchases and refinancing

Eligibility Criteria for UK Expat Mortgages

Before diving into the property market, it’s essential to understand the eligibility criteria for UK expat mortgages. While each lender may have specific requirements, here are some general factors that can influence your eligibility:

Income and Employment

Lenders typically look for a stable income source. As an expat in Vietnam, you may need to provide:

  • Proof of employment or self-employment
  • Recent payslips or tax returns
  • Employment contracts

Credit History

A strong credit history can significantly improve your chances of mortgage approval. Lenders may consider:

  • UK credit history (if available)
  • International credit reports
  • History of timely bill payments

Age and Retirement Plans

Your age and retirement plans can impact mortgage eligibility. Lenders often consider:

  • Your current age
  • Planned retirement age
  • Ability to repay the mortgage within a specific timeframe

Settlement Plans

Your long-term plans can affect your mortgage application. Lenders may ask about:

  • Duration of stay in Vietnam
  • Future plans to return to the UK

 

Types of UK Mortgages Available to Expats in Vietnam

UK expats in Vietnam have access to various mortgage options, depending on their investment goals and financial situation.

Residential UK Mortgages for Expats

If you’re planning to purchase a property for personal use, a residential mortgage might be suitable. Key features include:

  • Borrowing from £100,000
  • Up to 80% LTV
  • Options for new purchases and refinancing
  • Acceptance of complex income structures

Buy-to-Let UK Mortgages for Expats

For those looking to invest in rental properties, buy-to-let mortgages offer an attractive option. These mortgages typically feature:

  • Borrowing from £100,000
  • Up to 75% LTV
  • New BTL purchases and refinancing options
  • Acceptance of rental income and salary for affordability assessments

The UK Expat Mortgage Application Process

Securing a UK mortgage as an expat in Vietnam involves several steps. Understanding this process can help you prepare and increase your chances of approval.

1. Check Your Eligibility

Start by assessing your eligibility. Many mortgage brokers offer online forms where you can input details such as:

  • Your current location (Vietnam)
  • Employment status
  • Income details
  • Property specifics

2. Consultation Call

After checking your eligibility, you’ll typically have a consultation call with a mortgage broker. During this call, you can:

  • Clarify any details about your application
  • Explore your borrowing potential
  • Discuss your property investment goals

3. Finding the Right Mortgage

Your mortgage broker will search across various lenders to find the best fit for your needs. This may include:

  • High street banks
  • International building societies
  • Specialist lenders catering to expats

4. Agreement in Principle

If you’re happy with the proposed mortgage terms, you’ll receive an Agreement in Principle (AIP). This document outlines:

  • Potential mortgage terms
  • Loan amount
  • Interest rate
  • Repayment period

5. Full Mortgage Application

With an AIP in hand, you can proceed with your full mortgage application. Your broker will guide you through this process, ensuring all details are accurately provided.

6. Liaising with Relevant Parties

Throughout the process, your mortgage broker will handle communications with:

  • Estate agents
  • Solicitors
  • Other involved parties

This ensures a smooth process from application to property purchase.

7. Completing the Purchase

Once your mortgage is approved and all checks are complete, you’ll be ready to finalize the property purchase and receive the keys to your new UK property.

Challenges and Considerations for UK Expats Buying Property

While it’s certainly possible for UK expats in Vietnam to purchase property back home, there are several challenges and considerations to keep in mind.

Brexit Impact

Brexit has introduced some additional complexities for expats looking to invest in UK property. While it hasn’t made it impossible, you may face:

  • Stricter lending criteria
  • Potentially higher interest rates
  • More extensive documentation requirements

Currency Fluctuations

As an expat earning in Vietnamese dong, you’ll need to consider the impact of currency fluctuations on your mortgage repayments. This can affect:

  • The affordability of your mortgage over time
  • The overall cost of your property investment

Tax Implications

Owning property in the UK while residing in Vietnam can have tax implications. Consider:

  • UK income tax on rental income (if applicable)
  • Capital gains tax on property sales
  • Potential double taxation issues

Property Management

If you’re investing in a buy-to-let property, you’ll need to consider how to manage it from Vietnam. Options include:

  • Hiring a property management company
  • Relying on friends or family in the UK
  • Using online platforms for remote management

Benefits of UK Property Investment for Expats in Vietnam

Despite the challenges, there are numerous benefits to investing in UK property as an expat in Vietnam.

Potential for Capital Growth

The UK property market has historically shown strong capital growth, offering the potential for significant returns on investment over time.

Rental Income Opportunities

Buy-to-let properties can provide a steady stream of rental income, which can be particularly attractive if you’re planning for your eventual return to the UK or looking to diversify your income sources.

Currency Diversification

Investing in UK property allows you to diversify your assets across different currencies, potentially providing a hedge against fluctuations in the Vietnamese dong.

Preparing for Future Plans

Purchasing a UK property can be a strategic move if you’re planning to return to the UK in the future, providing you with a ready home or a familiar investment.

Tips for Successful UK Property Investment from Vietnam

To maximize your chances of a successful UK property investment while living in Vietnam, consider the following tips:

Work with Experienced Professionals

Partner with mortgage brokers, solicitors, and real estate agents who have experience working with expats. They can navigate the complexities of cross-border transactions and provide valuable insights.

Stay Informed About the UK Property Market

Keep yourself updated on UK property market trends, tax laws, and regulations affecting overseas investors. This knowledge will help you make informed decisions.

Plan for the Long Term

Property investment typically yields the best results over the long term. Consider your investment horizon and how it aligns with your future plans.

Understand All Costs Involved

Beyond the property price and mortgage costs, be aware of additional expenses such as:

  • Stamp duty
  • Legal fees
  • Property management costs (for buy-to-let investments)
  • Potential refurbishment or maintenance costs

Consider Your Exit Strategy

Even if you’re planning a long-term investment, it’s wise to have an exit strategy. Consider how and when you might sell the property in the future.

Conclusion

Investing in UK property as an expat in Vietnam presents both opportunities and challenges. By understanding the mortgage options available, navigating the application process, and considering the various factors involved, you can make informed decisions about your UK property investment.

Remember that while this guide provides a comprehensive overview, every individual’s situation is unique. It’s always advisable to consult with financial advisors, tax specialists, and experienced mortgage brokers who can provide personalized advice based on your specific circumstances.

With careful planning, thorough research, and the right professional support, UK expats in Vietnam can successfully navigate the process of buying property in the UK, whether for personal use or as an investment opportunity.

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