Rising Economy of Vietnam – Asia’s Next Powerhouse?

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From its war-torn past, Vietnam has transformed into a leading Southeast Asian market, experiencing impressive growth rates of 6-7% per year over the last decade.

This significant upward trend is reflected in the tripling of its per capita income over the past twenty years. Currently recognized as a frontier market by MSCI, the Vietnamese government aims to elevate the country’s status to an emerging market by 2025, opening up a plethora of opportunities for both new entrants and established businesses in crucial sectors.

Even during challenging times like the COVID-19 pandemic, Vietnam demonstrated resilience and strength. The country acted swiftly and effectively, recovering faster than many others. Remarkably, Vietnam was one of the few countries to avoid a recession in 2023, achieving a 5% economic growth.

Key Factors Fueling Growth

How does a nation achieve such rapid economic growth?

Vietnam’s secret lies in its market-oriented economic policies. Here are some key drivers of Vietnam’s growth:

Economic Policies

Vietnam’s shift to market-based economic policies has been crucial to its growth. By transforming state-owned enterprises into private companies and reducing state intervention, the country has fostered a dynamic and competitive economic environment, leading to increased productivity and investment opportunities.

Exports and Foreign Investments

Vietnam’s success is also driven by its emphasis on boosting exports and attracting foreign investment. The country has diversified its export portfolio, becoming a vital player in global supply chains.

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

In 2023, despite global economic challenges, Vietnam attracted $36.6 billion in foreign direct investment (FDI), highlighting its appeal to international businesses.

Trade agreements with key markets, such as the EU-Vietnam Free Trade Agreement (EVFTA) and the Comprehensive and Progressive Agreement for Trans-Pacific Partnership (CPTPP), facilitate the global distribution of Vietnamese goods.

Political Stability

Vietnam’s stable political environment and competitive labor costs have made it a magnet for foreign investors. The ease of setting up 100% foreign-owned companies in key sectors and its strategic location in Asia have encouraged international companies to establish manufacturing bases and distribution points in Vietnam.

Key Sectors for Business Opportunities

If you’re an entrepreneur looking to capitalize on Vietnam’s booming economy, here are three sectors full of opportunity:

Import/Export

Despite a 15.5% decline in 2023, Vietnam remains a significant player in the global furniture market. The country’s textile and apparel exports reached $40.3 billion, and its footwear industry exported $20.24 billion, showcasing Vietnam’s strong presence in these sectors.

>> Related article : How to Implement a Global Sourcing Strategy with Vietnam?

IT

Vietnam’s IT market, driven by the outsourcing sector, is projected to reach $594.40 million by 2024. The country’s thriving startup ecosystem includes internationally recognized ventures like Sky Mavis and VNPay.

Hospitality and F&B

Ho Chi Minh City and Hanoi are prime locations for hospitality ventures, offering opportunities from street food stalls to upscale restaurants. The hospitality sector is competitive but rewarding for those with a passion for food and strong financial backing.

Future Prospects

As Vietnam continues its ascent, the country’s potential as an Asian powerhouse is undeniable. The future looks bright, with ongoing infrastructure development, a young and skilled workforce, and a commitment to attracting foreign investment.

Vietnam’s economy is diversifying, with rapid growth in the IT, tourism, and finance sectors, contributing to a more balanced and resilient economic landscape.

>> Related article : Starting a business in Vietnam: Pros and Cons

With its robust growth trajectory, Vietnam is set to become a major economic player in the region and beyond, overcoming challenges and seizing new opportunities for a prosperous future.

Ho Chi Minh City’s First Metro Line Encounters Additional Delays Yet Again. Here’s Why

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Ho Chi Minh City has once again proposed a delay in the completion of the Metro Line No. 1 project, pushing the expected finish to the end of the fourth quarter. The city faces mounting challenges and complications, marking yet another setback for the much-anticipated Metro 1 project.

Originally approved in 2007 with an anticipated operational date in 2015, Metro Line No. 1 Ben Thanh – Suoi Tien has seen its launch date pushed back multiple times, with adjustments made in 2011, 2015, 2019, and most recently in 2023, aiming for a fourth-quarter start.

As of June 2024, Metro Line No. 1 has achieved 98% completion, with trains undergoing smooth route testing. This progress has bolstered the confidence of Ho Chi Minh City residents that the metro’s inauguration is imminent.

Despite this optimism, city authorities have now requested a fifth extension to the project’s timeline, delaying operations until the end of 2024—a full nine years behind the original schedule.

The project has been plagued by continuous delays. In 2007, Metro Line No. 1 was greenlit with an investment of over 17,387 billion VND and a 2015 launch target. By 2011, the budget ballooned to 47,325 billion VND, and the operational date was postponed to 2018—marking the first of several delays due to site clearance issues and redesigns for the Ben Thanh underground station to accommodate multiple metro lines.

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In September 2019, the Ho Chi Minh City Urban Railway Management Board announced a further delay to the fourth quarter of 2021 due to legal and financial complications and design alterations.

October 2020 saw the arrival of the first train at Long Binh depot when Metro Line No. 1 was over three-quarters complete. This milestone signified a shift from construction to testing and operation phases.

Early in 2021, it became clear that the project would not meet its year-end deadline but aimed for full line testing and commercial operation by Q4/2022. However, two months before this target date, in October 2022, the Ho Chi Minh City People’s Committee sought approval from higher authorities to extend completion to Q4/2023.

The Covid-19 pandemic’s disruption to foreign expert arrivals and material imports was cited as reasons for delays affecting key construction packages CP1a, CP1b, CP2, and CP3 (mechanical and electrical equipment procurement).

This fourth postponement came when the project was at a 92% completion rate. Following approval from relevant authorities, commitments were made to tightly control progress to ensure completion by the end of 2023.

Ho Chi Minh City’s Metro Line No. 1, after several delays, has raised the anticipation of residents eager to experience the city’s first urban railway powered by Japanese technology.

In August 2023, a significant milestone was achieved when Metro Train No. 1 underwent its inaugural full-route test, with the project at 95% completion—a momentous occasion following 11 years of construction.

Yet, the completion schedule has been deferred once more, with the latest proposal pushing the end date to the fourth quarter of 2024. This fifth postponement is attributed to various factors including construction delays, final acceptance, safety certification, operational training, and asset handover at project conclusion.

Experts estimate that each year’s delay in Metro Line No. 1’s progress costs Ho Chi Minh City approximately $1.3 billion due to traffic congestion. The city also faces additional repercussions concerning contract legality and potential litigation with foreign contractors.

The protracted delay in commencing commercial operations of Metro Line No. 1 not only represents a significant resource drain but also hampers the city’s public transport infrastructure development plan. As a pivotal element of this plan, the metro’s efficiency and the investment’s intended outcomes are compromised.

In response, the city is urged to decisively clear legal hurdles, expedite dispute resolution with contractors, and secure resources to meet the newly proposed deadline pending Prime Ministerial approval.

Presently, three lawsuits have emerged between the project investor and main contractors: two involving the Sumitomo – Cienco 6 Joint Venture and one with Hitachi, totaling billions of dong in claims.

To date, an agreement has been reached with the CP2 package contractor (Sumitomo and Cienco 6 Joint Venture), and preparations are underway to finalize an agreement with the CP1b package contractor (Shimizu – Maeda Joint Venture).

For the CP3 package, efforts are being coordinated with the contractor to establish a Dispute Adjudication Board (DAB) to expedite progress on CP3 and training for trial operations.

Financial Stability Board to Extend Its Work on Stablecoin Risks in Emerging and Developing Economies

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Members of the global financial stability body discussed areas that “warrant further attention” in the crypto sector during a meeting in Toronto last week.

The Financial Stability Board (FSB), which monitors the global financial system for systemic risk, said it will undertake further work on the challenges posed by stablecoins in emerging and developing economies.

The decision was taken during a meeting in Toronto of the FSB’s plenary, the sole decision-making body of the standard-setting and advisory organization, according to a Friday statement. A stablecoin is a cryptocurrency whose value is pegged to another asset, such as the dollar or gold.

The FSB has been one of the main architects of global crypto policy. Last year, along with the International Monetary Fund, it framed a joint policy paper on crypto, warning against implementing blanket bans to mitigate risks associated with the sector. At last week’s meeting, FSB members discussed areas that “warrant further attention” in the crypto sector.

“In emerging market and developing economies (EMDEs), crypto-assets pose particular challenges for monetary policy and capital flow management,” the FSB said. “Members discussed the challenges posed by the relatively higher levels of adoption and risks of global stablecoin arrangements in EMDEs. The FSB will undertake further work to consider how these challenges can be addressed.”

Stablecoin regulation has been a sticking point between the Group of 7 (G7) biggest industrialized nations and the larger G20. Those differences appear unresolved even as a G7 summit in Italy concluded last week.

Northern Vietnam Faces Soaring Temperatures: Tips for Staying Safe in the Heat

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Over the last three days, a western low-pressure area has affected the northern Vietnamese plains, leading to scorching sunny weather and temperatures soaring to 39 degrees Celsius in some regions, as reported by the National Center for Hydro-Meteorological Forecasting.

The plains are expected to remain hot, while mountainous regions are likely to experience rainfall, particularly in the afternoons and evenings.

According to U.S. weather service AccuWeather, Hanoi will see its highest daytime temperatures hover around 37-38 degrees this week, with nighttime temperatures dropping to 28-29 degrees. Higher elevations, such as Sa Pa in Lao Cai province, will enjoy cooler weather with temperatures ranging from 19-24 degrees.

Central Vietnam is also experiencing intense heat due to a low-pressure area and Foehn winds, with temperatures reaching up to 40 degrees in some places. The Thanh Hoa-Binh Dinh region is expected to face daytime highs of 40 degrees, while Phu Yen-Binh Thuan will see highs of around 37 degrees.

The southern regions and the Central Highlands are predicted to have fewer rainy days and more sunshine, with temperatures varying from 30-35 degrees.

Rains are forecasted for southern Vietnam and the Central Highlands around dusk until Friday, but by week’s end, more widespread rainfall is expected to return.

In light of the recent extreme heat conditions, health officials are urging the public to exercise caution and adopt safety measures to mitigate the risks associated with the sweltering temperatures.

Individuals are advised to maintain hydration by drinking ample water, even in the absence of thirst, and to avoid beverages containing caffeine or alcohol which can lead to dehydration. Staying indoors, particularly in air-conditioned environments, is recommended to avoid the health dangers posed by direct sun exposure.

Appropriate attire is also crucial; lightweight, light-colored, and loose-fitting clothing is ideal for staying cool. Additionally, taking cool showers or baths can effectively reduce body temperature.

For those requiring outdoor activity, scheduling such endeavors during cooler periods of the day, such as early morning or late evening, is suggested. The application of broad-spectrum sunscreen with a minimum SPF of 15 is essential for skin protection when outdoors.

A critical reminder issued is never to leave children, the elderly, or pets unattended in vehicles, as temperatures can escalate rapidly to life-threatening levels. Lastly, checking on vulnerable individuals, including young children, senior citizens, and those with underlying health conditions, is emphasized to ensure their well-being during this heatwave.

Vietnam Airlines Debuts Direct Route to Philippines, Boosting Tourism and Trade Ties

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Vietnam Airlines has recently initiated a direct flight service between Vietnam and the Philippines, marking its position as the first Vietnamese airline to provide a direct link to the archipelagic country.

The first flight, designated VN648, took off from Ho Chi Minh City at 12:50 AM on June 17 and arrived at Manila’s Ninoy Aquino International Airport at 4:20 AM on the same day.

The airline will schedule seven weekly flights connecting the two Southeast Asian nations, with four from Ho Chi Minh City to Manila and three from Hanoi to Manila.

The airline recognizes the Philippines as a market with significant potential and aims to cater to tourists, business travelers, and the Vietnamese community in the Philippines, which numbers close to 30,000, as well as the approximately 7,000 Filipinos residing in Vietnam.

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Vietnam has been gaining popularity among Filipino tourists due to its close distance, reasonable travel expenses, and vibrant cultural scene. Conversely, the Philippines is a favored travel choice for Vietnamese tourists.

With the strengthening strategic partnership between Vietnam and the Philippines, the commencement of Vietnam Airlines’s direct flights is anticipated to foster a multitude of prospects for tourism, commerce, socio-economic progress, and cultural exchange between the two countries.

Từ Tuyệt vọng đến Sự tái sinh trong 22 ngày! Liệu pháp CAR-T Trung Quốc Tạo nên Phép mầu Sinh tồn cho Bệnh nhân Myeloma Thái Lan

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Chiến đấu vì tình yêu! “Hồi phục” và thấy cuộc sống mới: Câu chuyện về một bệnh nhân myeloma giai đoạn cuối của Thái Lan đã thất bại trong tất cả các phương pháp điều trị và bước vào đếm ngược cuộc đời của mình. Sau khi nhận liệu pháp CAR-T ở Trung Quốc, cô ấy đã được tái sinh một cách kỳ diệu.

Khi tất cả các phương pháp điều trị đã cạn kiệt và căn bệnh tiến triển nhanh chóng, bác sĩ xót xa nói rằng bà M không phản ứng với bất kỳ loại thuốc nào. Tình hình này chỉ có thể vào giai đoạn chăm sóc dưỡng lão cuối cùng, có nghĩa là bà M không còn cơ hội để chiến đấu với căn bệnh này nữa, và cuộc đời của bà đã bước vào đếm ngược. May mắn thay, gia đình bà M đã tìm thấy một hy vọng mới ở Trung Quốc – liệu pháp CAR-T. Bà M đến Trung Quốc cùng gia đình. Chỉ sau 22 ngày nhận liệu pháp BCMA CAR-T toàn diện đầu tiên trên thế giới, các khối u trên khắp cơ thể của bà đã biến mất một cách kỳ diệu, và tỷ lệ phản ứng đạt đến hoàn toàn giảm bệnh (CR). Bà M đã lấy lại cuộc sống mới!

(Lưu ý: Để bảo vệ quyền riêng tư của bệnh nhân, bài viết sử dụng bí danh, và quá trình điều kiện và điều trị đã được lược bỏ một chút)

Vào tháng 7 năm 2017, bà M, 58 tuổi, phát triển đau lưng, kéo dài trong vài tháng và sau đó trở nên tồi tệ hơn. Cô đã đến bệnh viện để kiểm tra chi tiết và được chẩn đoán mắc bệnh myeloma đa dạng. Để kiểm soát tình trạng càng sớm càng tốt, bà M đã nhận các phương pháp điều trị bao gồm PCD, DVD, bortezomib và lenalidomide, và cấy ghép tế bào gốc huyết học tự thân tại bệnh viện địa phương tốt nhất ở Thái Lan. Vào tháng 6 năm 2023, căn bệnh tái phát và không còn phản ứng với tất cả các phương pháp điều trị. Các bác sĩ địa phương nói với gia đình bà M rằng họ không còn cách nào khác ngoại trừ chăm sóc giảm nhẹ, có nghĩa là cuộc sống của bà M đã bước vào đếm ngược! Chỉ khi bà M đang trong tình trạng khốn khổ và cuộc sống của cô đang treo lơ lửng trên sợi chỉ, vào ngày 30 tháng 6 năm 2023, liệu pháp BCMA CAR-T toàn diện đầu tiên trên thế giới – Iggy Oronce đã được ra mắt ở Trung Quốc. Sự xuất hiện kịp thời của liệu pháp này đã trở thành một sợi rơm cứu mạng cho bà M. Bà M và gia đình cô quyết định đi đến Trung Quốc để tìm kiếm điều trị.

Vào tháng 9 năm 2023, nhóm của Giáo sư Li Ping tại Bệnh viện Tongji Thượng Hải đã phát triển một kế hoạch điều trị BCMA CAR-T cá nhân hóa cho bà M. Vào ngày 8 tháng 9 năm 2023, bà M chính thức bước vào quá trình điều trị CAR-T. Sau khi tất cả các mục kiểm tra đều đáp ứng yêu cầu, việc lấy máu bằng phương pháp apheresis đã được tiến hành đầu tiên. Điều trị cầu nối bắt đầu vào ngày 11 tháng 9 năm 2023; Xạ trị địa phương để giảm đau xương vào ngày 24 tháng 9; Hóa trị hủy diệt bạch cầu bằng fludarabine + cyclophosphamide từ ngày 9 đến 12 tháng 10; Cuối cùng, vào ngày 14 tháng 10 năm 2023, một túi nhỏ chất lỏng màu trắng sữa đã được truyền trở lại vào cơ thể của bà M. Bác sĩ nói rằng có hàng chục tỷ “tế bào T đặc biệt” trong đó có thể giết chính xác myeloma. Một khi nó vào cơ thể, nó sẽ bắt đầu chế độ quét điên cuồng để giết tất cả các tế bào ung thư. Điều gây sốc cho mọi người là kết quả kiểm tra 22 ngày sau khi điều trị CAR-T cho thấy bà M thực sự đạt được CR huyết học. Điều này có nghĩa là không thể phát hiện được tế bào ung thư trong máu, và cơn đau và thiếu máu của cô đã được đảo ngược. Đây đơn giản chỉ là một phép mầu! Mỗi ngày bây giờ đều quý giá với bà M. Cô có thể đi mua sắm và trò chuyện với gia đình, thưởng thức thức ăn ngon cùng nhau như một gia đình, và du lịch vòng quanh thế giới. Mọi thứ đều trở lại thời gian hạnh phúc trước khi cô ốm. Sự khác biệt duy nhất là bà M và gia đình cô đến một điểm đến cố định mỗi tháng, Thượng Hải, Trung Quốc. Họ đã quen với việc nghe những thông báo thiêng liêng từ các bác sĩ ở đây rằng họ không còn ung thư và đang trong giai đoạn giảm bệnh. Đây là hình ảnh thu nhỏ của vô số bệnh nhân ung thư vượt qua căn bệnh. Sự xuất hiện của liệu pháp tế bào T CAR-T đã mang lại hy vọng mới cho bệnh nhân ung thư. Tôi tin rằng trong tương lai, nhiều bệnh nhân như bà M sẽ lấy lại cuộc sống của mình.

 

Người giới thiệu:

[1] Yuting Yan và cộng sự. Blood Adv. 2019 8 tháng 10;3(19)：2895-2904.
[2] 2023 IMS. P-290.

Công ty: Công ty TNHH Công nghệ sinh học IASO Nam Kinh
Người liên hệ: Á Ma
Email: business@cartservice.org
Website: https://cartservice.org
Điện thoại: 400 966 5315
Thành phố：Nam Kinh, Trung Quốc
Địa chỉ: Tầng 8-10, tòa nhà D, Công viên Zhongdan, 3-1 Đường Xinjinhu, Khu mới Jiangbei, Quận Nam Kinh, Giang Tô 210018

 

Opening of Nha Trang beach tourism festival 2024

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On the evening of June 13th, at 2-4 Square, in Nha Trang City, Khanh Hoa Province, the opening ceremony of the Nha Trang Beach Tourism Festival 2024 took place under the theme “Nha Trang Bay Shining Bright.”

Nha Trang Beach Tourism Festival 2024 has the theme “Bright Nha Trang Pearl Bay” taking place from June 13 to June 16 with 200 tourism, service, trade and culinary booths. Photo: Khanh Hoa Newspaper

Speaking at the opening ceremony, Mr. Nguyen Trung Khanh, Director of the Vietnam National Administration of Tourism, remarked that Nha Trang is emerging as an attractive coastal tourist city for domestic and international visitors, serving as the gateway and heart of the South Central Coast and Central Highlands with increasingly synchronized infrastructure.

“The Nha Trang Beach Tourism Festival has become a gathering point, contributing extensively to the promotion and celebration of the beauty, potential, and strengths of the ‘Land of Agarwood, Sea, and Swallow’, attracting tourists and investors both domestically and internationally, and making practical contributions to local economic and social development,” Mr. Khanh shared.

The Nha Trang Beach Tourism Festival 2024 runs from June 13th to 16th, featuring over 200 booths showcasing tourism products, commerce, and cuisine in an open operating space, alongside a series of activities and events such as street art festivals, the “Hipfest Summer 2024” dance competition, the “Ocean Muse” bikini fashion show, culinary festivals, beer festivals, coffee festivals, fruit festivals, and local specialties.

Additionally, the festival includes other vibrant activities such as cyclo parades combined with ao dai performances, a Light Carnival parade, a Harley Davidson Motor parade, the Unique Nha Trang H-Marathon, and various outstanding sports activities on Nha Trang Bay.

According to the Khanh Hoa Province Department of Tourism, in 2022, the Nha Trang Beach Tourism Festival was successfully organized for the first time, leaving a strong impression on domestic and international tourists, promoting the image and distinctive tourism products of the region in general and specific enterprises.

This year’s Nha Trang Beach Tourism Festival is expected to attract between 350,000 to 400,000 domestic and international tourists to experience and engage in the vibrant activities of the festival.

@SGtiepthi

Hoi An holds a Sea Festival this weekend

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The “Hoi An – Summer Emotions” Sea Festival will take place on June 15th and 16th, marking the beginning of the 2024 sea festival season in Hoi An. The opening ceremony will be held on the afternoon of June 15th at Cua Dai Beach.

The Hoi An Sea Festival is a combination of maritime culture and traditional cultural heritage. The festival activities will take place at Cua Dai, An Bang, and Tan Thanh beaches, as well as on the Cham Islands. This annual event aims to offer unique experiences for residents and visitors during the summer.

Hoi An Sea Festival 2024 will bring a creative space with products from lanterns and recycled wood. Photo: BTC

The opening event will feature music, cuisine, beach entertainment, DJ performances, fire circus acts, beach sports games, kite flying activities, and an exhibition and sale of OCOP products.

Additionally, this year’s festival will include a creative space with lantern decorations, recycled wood products, and stories promoting environmental protection and honoring the creativity of local traditional crafts. Other activities include a women’s mini soccer tournament, a fishing village tug-of-war competition, beach yoga exchanges, and the “Cham Islands – Season of Red Erythrina Flowers” festival.

On the day of the Festival’s opening ceremony, there will be many attractive activities such as music, cuisine, sports games… Pictured is the Sea Festival in Hoi An in 2023. Photo: BTC

The “Hoi An – Summer Emotions 2024” Sea Festival also includes a series of activities in response to the 2024 National Year of Biodiversity Restoration. The event aims to promote and showcase the strengths of Hoi An’s marine and island tourism resources, focusing on developing Hoi An as a “green tourism destination.”

@SGtiepthi

Pilot program to resume coral reef diving in Nha Trang Bay

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The People’s Committee of Khanh Hoa Province has approved the pilot of scuba diving tourism in four areas of Nha Trang Bay after a two-year closure.

Tourists diving at Hon Mun Island in 2019 – a time before diving regulations were banned. Photo: @pascalbarriault.

Regarding the plan to pilot scuba diving in Nha Trang Bay, in a discussion with Tri Thuc – Znews on the afternoon of June 13, Mr. Dam Hai Van, Deputy Head of the Nha Trang Bay Management Board (BQL), stated that after receiving approval from the People’s Committee of the province, the unit is continuing to revise and supplement the plan for organizing recreational scuba diving in Nha Trang Bay.

“We need to seek additional opinions from relevant agencies and departments, including the Ministry of National Defense,” Mr. Van said.

The four suitable areas for scuba diving activities are the northern side of Hon Rua Island in Vinh Hoa ward; the area for releasing artificial reefs in Vinh Hoa ward; the northeastern side of Tri Nguyen Island in Vinh Nguyen ward; and the waters bordering Bai Tranh and Bai Soi (east of Tri Nguyen Island).

The Nha Trang Bay Management Board assesses that the coral reef system and ecosystems in these four areas are quite rich and diverse. The implementation of diving activities will not affect maritime traffic or the transportation of tourists to the islands during the exploitation process.

Previously, during a meeting with relevant departments about the plan to pilot some areas for recreational scuba diving in Nha Trang Bay on June 12, Mr. Dinh Van Thieu, Vice Chairman of the People’s Committee of Khanh Hoa Province, emphasized that the Nha Trang Bay Management Board needs to note several important points:

  • Thoroughly research inspection and supervision work.
  • Develop criteria for selecting companies to organize scuba diving.
  • Strictly handle units organizing illegal diving activities.
  • Continue the plan to restore Nha Trang Bay.

Nha Trang Bay covers nearly 250 square kilometers. It is one of the 16 marine protected areas in the country.

However, the coral reef system in some areas of the bay, such as Hon Mun, has been severely damaged, leading to the suspension of swimming, diving, glass-bottom boat, and basket boat activities since June 2022.

Close-up of a bleached coral cluster on Hon Mun island due to storm No. 9 in December 2021. Photo: Management Board.

In a discussion with Tri Thuc – Znews about the condition of the coral reefs on Hon Mun Island earlier, Mr. Huynh Binh Thai, Head of the Nha Trang Bay Management Board, stated that the coral reef ecosystem on the western side of Hon Mun (affected by Typhoon No. 9 in December 2021) and northern Hon Mun is in the process of recovering. Coral coverage ranges from 30-50%.

However, the growth rate is slow due to the biological characteristics of the hard coral species that form reefs, which increase by only about 1 cm per year.

Mr. Thai added that tourism activities on Hon Mun Island still cannot be reopened in 2024

@Znews

Vietnam Airlines to receive 3 more Airbus A320neo aircraft

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The airline expects to receive the first aircraft in early July, during the peak of this summer’s travel season.

Vietnam Airlines will add the Airbus A320neo to its fleet during the peak period of the summer. Photo: VNA.

A representative from Vietnam Airlines stated that the airline will receive an additional three Airbus A320neo aircraft in 2024. Of these, the first is expected to arrive in early July, coinciding with the peak of this summer’s travel season.

“The Airbus A320neo aircraft will contribute nearly 40,000 seats during the summer peak and 299,000 seats in the second half of the year,” the Vietnam Airlines representative noted.

The airline plans to operate the Airbus A320neo on domestic routes such as Hanoi – Da Lat, Hanoi – Phu Quoc, Ho Chi Minh City – Thanh Hoa, and Ho Chi Minh City – Chu Lai.

Vietnam Airlines’ Airbus A320neo features 182 seats, with both business and economy class cabins. The aircraft is equipped with new-generation engines that offer over 16% fuel savings, reduce noise by 75%, and cut harmful emissions by approximately 50% compared to previous engine models.

“Acquiring additional aircraft is one of the key measures to ensure Vietnam Airlines meets passenger travel demand during the peak summer period. This is particularly significant given the current aircraft shortage in the aviation industry due to global engine recalls by manufacturers,” the Vietnam Airlines representative emphasized.

Currently, to ensure supply capacity, the airline is increasing the operation of nearly 1 million seats (equivalent to more than 4,500 flights) on domestic routes during late hours after 9 PM daily. The airline is also proactively optimizing flight schedules and ground service procedures to reduce turnaround time, thereby increasing average operational hours and the number of flights per aircraft.

Vietnam Airlines will also be taking delivery of additional wide-body Boeing 787-10 aircraft in the near future. This is one of the largest aircraft in the Boeing 787 family and is currently the largest passenger aircraft operated by Vietnamese airlines.

According to statistics from Planespotter, Vietnam Airlines currently has a total of 91 aircraft. In comparison, Vietjet Air has 85 aircraft, Bamboo Airways has 7, and Vietravel Airlines has 3. After returning all its aircraft in March, Pacific Airlines has not yet added any new aircraft to its fleet.

@Znews

Dong Thap launches campaign to stimulate domestic tourism

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The People’s Committee of Dong Thap Province directs the implementation of domestic tourism stimulus activities for 2024.

Accordingly, the Center for Trade, Tourism, and Investment Promotion will take the lead, coordinating with various agencies, organizations, businesses, and the local community to launch the program “Vietnamese Travel Vietnam – Vietnam I Love” in Dong Thap Province, with specific initiatives. initiatives. These include the introduction of new tourism programs and high-quality service packages aimed at enhancing tourist experiences, diversifying products, and improving service quality.

Along with this, the Center for Trade, Tourism, and Investment Promotion will intensify the organization of destination introduction programs, tourism development linkages, and the development of new, safe, friendly, and quality tourism programs.

The People’s Committee of Dong Thap Province requires the Department of Culture, Sports, and Tourism to monitor and urge businesses to strictly implement quality assurance measures when participating in stimulus programs, and to increase the inspection and control of tourism service quality in general and stimulus programs implemented in the province.

People visit the Dong Thap Lotus Festival

Dong Thap is a locality with significant potential for tourism development, offering diverse and attractive tourism products such as those related to the flood season, agricultural ecotourism, cultural-historical tourism, traditional craft villages, the famous Sa Dec flower village, and culinary tourism associated with the pink lotus land.

It is estimated that in the first six months of 2024, Dong Thap’s tourism sector welcomed 2,850,000 visitors, an increase of 36.83% compared to the same period, achieving 67.9% of the 2024 plan. Total tourism revenue is estimated at 1,130 billion VND, an increase of 8.3% compared to the same period, achieving 56.5% of the 2024 plan.

@vtv.vn

Increase flight frequency Hanoi – Dong Hoi from June 17

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The Hanoi – Dong Hoi route will have 7 additional flights per week from June 17 to September 4.

On June 13, the Department of Transport of Quang Binh province announced that the Hanoi – Dong Hoi route will have 7 additional flights per week from June 17 to September 4.

On June 12, the Vietnam Airlines Corporation issued document No. 789/TCTHK-KHPT to the Quang Binh Provincial People’s Committee regarding the increase from 7 flights to 14 flights per week on the Hanoi – Dong Hoi route from June 17 to September 4, operated by Vietnam Airlines.

Quang Binh tourism industry welcomes “land-rushing” tourists at Dong Hoi airport

For the Ho Chi Minh City – Dong Hoi route, the Vietnam Airlines Corporation will continue to monitor the market to increase the frequency based on demand and balance operational efficiency.

Previously, on May 27, the Quang Binh Provincial People’s Committee issued document No. 948/UBND-KT to the Vietnam Airlines Corporation requesting additional flights to/from Quang Binh to meet the increasing travel needs of the people on the Hanoi – Dong Hoi, Ho Chi Minh City – Dong Hoi routes, and vice versa.

@Thanhnien.vn

Vietnamese Instant Noodles No Longer Subject to EU Border Inspections

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Starting July 2, dried noodles, vermicelli, and pho noodles from Vietnam will no longer require strict inspection or food safety certificates at European border gates. This decision by the European Commission acknowledges Vietnam’s efforts in food safety and opens opportunities for Vietnamese exporters in the EU’s market of over 450 million people.

After over a year of rigorous inspections with no detections of ethylene oxide, the EU decided to lift the controls. This change helps manufacturing businesses streamline their export processes.

Ms. Trinh Ngoc Phuong, Sales Director of VIFON Joint Stock Company, expressed relief: “We no longer need to spend money on ethylene oxide analysis or health certificates for product ingredients as required by European partners.”

Mr. Kaneda Hiroki, General Director of Acecook Vietnam Joint Stock Company, noted the benefits: “Previously, customs supervision could delay shipments by over 2 weeks. Now, with reduced wait times, storage costs at EU ports will also decrease.”

While the European market is more accessible, the Ministry of Industry and Trade urges businesses to continue adhering to EU food safety regulations to maintain this favorable status. Non-compliance could result in stricter inspections.

Mr. Tran Ngoc Quan, Vietnam Trade Counselor in Belgium and the EU, emphasized the importance of ongoing vigilance: “Ethylene oxide residue must remain below 0.01%. We recommend businesses continue testing products at standard laboratories.”

With Vietnam exporting about 30,000 tons of instant noodles each month, the EU’s recognition is a positive step for more Vietnamese agricultural products to enter the EU market.

Drake on Brink of $1M Bitcoin Loss as NHL and NBA Bets Sour

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A series of unfortunate sports losses have left Drake very close to losing $1 million worth of bitcoin bets.

Canadian singer Drake is on the cusp of losing $1 million worth of crypto after he placed two individual $500,000 bets on the Edmonton Oilers and the Dallas Mavericks to win their respective Stanley Cup and NBA finals.

The Oilers lost their third straight game against the Florida Panthers in the hockey championship on Thursday whilst the Mavericks are down 3-0 in the basketball tournament after losing in consecutive games against the Boston Celtics. Both contests are best-of-seven series.

Drake indicated on June 6 that he had placed the bets on crypto casino Stake using bitcoin (BTC) by posting the betting slips on Instagram, accompanied by a message: “Dallas cause I’m a Texan. Oilers are self explanatory. Picks in are @stake.”

It’s worth pointing out that Drake has had partnerships with Stake in the past, so he may have an incentive to post about his bets on the platform, even if they don’t pay off. Stake partnered with Drake in 2022 in a deal that the singer described as “inevitable.” Stake made $2.6 billion in revenue in the same year.

Drake stood to win $1.025 million and $1.375 million if the Oilers and Mavericks managed to win their respective series, according to the betting slips. To date, no NBA team has ever managed to win a series in the playoffs or finals after being down three games with no wins.

Drake won’t have to wait long to know the outcome of both bets; tipoff for game 4 of the NBA Finals is Friday whilst the Oilers play Saturday. Both teams need to avoid defeat to extend the series.

The 37-year-old is no stranger to losing bitcoin by betting on sports. He also placed a $615,000 bet on Francis Ngannou to beat Anthony Joshua in a boxing bout in March; Joshua ended up winning by knockout in the second round.

Bearish Outlook for Asian Currencies

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Analysts predict that most Asian currencies will weaken, with the Indonesian rupiah and Philippine peso being the most vulnerable. The survey, conducted before the US May inflation report and the Federal Reserve’s monetary policy meeting, indicated that stable prices and the Fed’s decision to delay interest rate cuts until December will continue to pressure these currencies.

Maybank analysts noted that the USD is likely to remain strong due to unclear inflation trends and cautious market sentiment. They emphasized that prolonged high US interest rates will not benefit Asian currencies.

HSBC analysts foresee sustained pressure on the Indonesian rupiah, possibly prompting the Central Bank of Indonesia to raise interest rates further. Similarly, the Philippine peso faces increased shorting predictions as the central bank hints at potential rate cuts in August, which could exacerbate downward pressure ahead of the Fed’s actions.

The Indian rupee, despite being one of the region’s best-performing currencies this year, is also expected to decline due to external pressures like high interest rates and geopolitical tensions in the Middle East. Forecasts for the Korean won and Singapore dollar have worsened, while predictions for the Chinese yuan and Thai baht have slightly improved.

The Asia Currency Positioning Poll reflects the current market stance on nine Asian emerging market currencies: Chinese yuan, Korean won, Singapore dollar, Indonesian rupiah, Indian rupee, Philippine peso, Malaysian ringgit, and Thai baht.

@Reuters

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