Vietnam’s FDI inflow reaches $36.6 billion in 2023, up 32.1% YoY

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In 2023, Vietnam attracted $36.6 billion in foreign investment, marking a 32.1% YoY increase. Of this amount, $23.18 billion was disbursed, which is 3.5% higher than the previous year and the highest level of foreign direct investment (FDI) in Vietnam in the past five years .

In the first half of 2023, Vietnam’s macro-economics was impacted by global and domestic economic uncertainties. Vietnam’s GDP grew by 3.72% over the same period last year, with the service sector leading the economic growth thanks to domestic consumption stimulus policies, the reopening of the economy since March 15, 2022, and the post-COVID rebound tourism flow.

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The export value has been shrinking (-12% compared to H1 2022) owing to contracting consumption in major export markets, including the US and EU.

The stock market has been adversely impacted by the Government’s policy (inflation control) and negative events in the international financial market and in the domestic real estate market ¹. In 2023, foreign investors invested in 18 out of 21 economic sectors  in the country, with processing-manufacturing receiving  $23.5 billion or64.2% of the total FDI capital, up 39.9% YoY.

The foreign investments to Vietnam in 2023 came from 111 countries and regions, led by Singapore with over $6.9 billion, accounting for 18.6% of the total FDI inflow.

Australian Treasury to Question Regulator Over HyperVerse Crypto Scheme: Report

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“It seemed pretty clear that there should have been concerns raised about… this operation,” Stephen Jones said.

Australia’s Assistant Treasurer and Minister for Financial Services Stephen Jones has said he would be asking the Australian Securities and Investments Commission (ASIC) why it didn’t warn consumers about the HyperVerse crypto scheme like other nations did, according to the Guardian.

The United Kingdom, New Zealand, Canada, Germany and Hungary, among others, issued warnings about the scheme as early as 2021, the report said.

“This type of scheme works by convincing innocent people to invest their money into a product that might not exist, with the only source of income being money from new investors,” Jones reportedly said. “I simply don’t know why a warning wasn’t issued. It seemed pretty clear that there should have been concerns raised about… this operation.”

The HyperVerse crypto scheme resulted in thousands of people losing millions of dollars, according to an investigation by Guardian Australia last month. The scheme was run by an entity called HyperTech and was promoted and run by CEO Steven Reece Lewis who does not appear to exist.

The founders of HyperTech, Australian entrepreneur Sam Lee and his business partner Ryan Xu, also founded the collapsed Australian bitcoin company Blockchain Global which owes creditors $58m. The liquidators alerted ASIC about Lee and Xu for breaking the law but the regulator said it does not intend to take action at this time, the Guardian reported.

ASIC did not immediately respond to a CoinDesk request for comment. HyperTech could not be reached for comment.

Celsius to Unstake Thousands of Ether, Possibly Easing ETH Selling Pressure

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The defunct crypto lender sent over 30,000 ETH to custodian Fireblocks in the past week, some of which was deposited on crypto exchange Coinbase.

Ether (ETH) prices might gain in the coming weeks after crypto lender Celsius, which is restructuring in bankruptcy proceedings, said it will unstake its holdings of the second-largest cryptocurrency, removing a factor that may have contributed to the token’s underperformance in recent months.

The company, which is converting to become a bitcoin miner, had previously said it would include staking in its activities. The firm has been selling staking rewards on the open market to cover costs associated with the reorganization plan.

“Celsius will unstake existing ETH holdings, which have provided valuable staking rewards income to the estate, to offset certain costs incurred throughout the restructuring process,” the firm said in an X post. “The significant unstaking activity in the next few days will unlock ETH to ensure timely distributions to creditors.”

Data from analysis tool Arkham show crypto wallets linked to Celsius have staked over $151 million worth of ether, a position on which it likely earns over 4%-5% in annualized yields.

While the staking rewards may not cause a large amount of ether sales, they may have contributed to negative sentiment for the token, alongside other factors such as the interest in other blockchains.

Meanwhile, outflow data shows Celsius sent over 30,000 ETH to custodian Fireblocks in the past week, some of which was deposited at crypto exchange Coinbase, where it may have been likely exchanged for stablecoins.

Celestia’s TIA Token Pops 22% as Staking, ‘Modular’ Narrative Gains Favor

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Staking TIA on native platforms is yielding between 15% to 17%, minus fees, to users, boosting demand for the cryptocurrency.

Celestia’s TIA token gained over 22% in the past 24 hours, bucking the muted broader market trend, as investor interest in staking TIA gained momentum alongside rising hype for the blockchain’s underlying technology.

TIA traded at just under $17 in the early Asian morning hours Friday before giving back some gains. It recorded nearly $800 million in trading volumes in the past 24 hours, its highest to date, data from CoinGecko shows.

Staking involves locking coins in a cryptocurrency network in return for rewards. Doing so with TIA on native platforms yields between 15% to 17% annually, minus fees, to users. The unusually high yield compared to the so-called U.S. risk-free rate of 4% offered by the U.S. 10-year Treasury note seems to be drawing demand for the cryptocurrency. As of Friday, the market capitalization of TIA is just under $2 billion – meaning as valuations likely grow further in a bull market, participants could make money from both the inflated value of rewards and the initial staked capital.

There are also expectations of future airdrops to stakers from projects building on the Celestia blockchain.

Earlier this week, multi-layer blockchain protocol Dymension airdropped its DYM tokens to a range of market participants, including TIA stakers. In a bull market, the possible outsized valuations of airdropped tokens means participants sit on large gains simply by staking TIA – which is likely boosting its current appeal.

Airdrops refer to the unsolicited distribution of tokens to blockchain users, usually those participating in network-related activities or using native applications.

“Modular Era”

The so-termed modular blockchain Celestia rolled out its mainnet beta in October and issued TIA tokens to an estimated 580,000 users. Initial trading started at around $2.30 on exchanges such as Binance and OKX.

Modular blockchains are designed to solve scalability issues by using specific channels for speed and execution, unlike monolithic blockchains, which can scale only at the expense of decentralization or security.

Celestia also uses data availability sampling (DAS), a way of verifying all data that is available on a blockchain. The combination is said to help increase the speed at which data is transferred.

“It’s the start of a new era,” the Celestia Foundation, which supports development on the network, wrote in a blog post at the time. “The modular era.”

The term has since gained hype – almost as a meme – in crypto circles. “The future is modular,” several posts on X from the past 24 hours say.

Such narratives are paramount in the crypto market and often drive massive gains for early investors.

In November, a memecoin-led frenzy on the Solana and Avalanche blockchains yielded hundreds of thousands in gains for part-time traders, while the Metis network saw inflows of over $50 million in the past weeks as an upcoming grant created hype among users.

Da Lat has all-night culinary area for the first time

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The night food area in the Flower Park of Da Lat City, Lam Dong Province, has officially opened its doors to visitors for exploration and culinary experiences, according to the Vietnam News Agency.

The night food area at Da Lat City Flower Garden, Lam Dong province, has just officially opened, open to welcome guests to visit and experience cuisine. Photo: Lam Dong Newspaper

This is the first “open-through-the-night” food area in the mountainous town of Da Lat, situated at the front entrance of the Flower Park tourist destination, near Xuan Huong Lake, providing convenience for locals and tourists alike.

The food area features over 50 stalls, with 30 of them offering specialties of Da Lat, some from other regions in Vietnam, and even signature dishes from foreign countries. Additionally, the space includes stalls selling local specialties and souvenirs of Da Lat city.

The night food area is open every day of the week, from 5:00 PM the previous evening until 5:00 AM the next morning. In addition to dining and shopping, this area also hosts nightly music and cultural performances to cater to the entertainment needs of visitors.

It is reported that after the night food area in Flower Park, the local authorities plan to implement more nighttime economic development zones in 2024. Specifically, along the Xuan Huong Lake promenade, Lam Vien Square, Tang Bat Ho Street in the Western Quarter, there will be establishments for shopping, dining, and bars to serve the local residents and tourists.

Currently, Da Lat City only has the Da Lat Night Market (located at the entrance of the Da Lat Market) catering to dining and shopping until around midnight each night. The opening of the night food area in Flower Park is also aimed at relieving the burden on the existing night market, which often experiences overcrowding on weekends and holidays.

@SGtiepthi

Korean and Chinese visitors to Vietnam are the largest in the world

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According to the Vietnam National Administration of Tourism (VNAT), Vietnam welcomed 12.6 million international visitors in 2023, with South Korea and China being the largest source markets.

The largest group of tourists to Vietnam was from South Korea, with 3.6 million people (accounting for 28% of the total number of visitors). The Chinese market reached 1.7 million arrivals, ranking second. Thus, the South Korean and Chinese markets together comprised 42% of the international visitors to Vietnam. Following closely were Taiwan (China), the United States, and Japan in the fifth position.

VNAT stated that foreign visitors to Vietnam accounted for 70% of the figures recorded in 2019 – the time before the Covid-19 pandemic erupted.

Vietnam is a popular destination for many Korean tourists. Photo: VNA

Some major markets showed excellent recovery rates, such as the United States, South Korea, Taiwan (China), Thailand, and Indonesia. Optimistic signs also came from major European markets, especially Spain, Germany, the United Kingdom, and France.

However, China, Vietnam’s traditional tourism market, achieved a recovery rate of only 30%, while Russia reached just 19%.

The United Nations World Tourism Organization (UN WTO) and the World Travel & Tourism Council (WTTC) predict that global tourism is on track for a full recovery by 2024, reaching pre-Covid levels.

They emphasize that the demand from international tourists continues to rebound, requiring countries to improve the quality of services and travel experiences. Additionally, integrating advanced technologies such as AI and digital transformation will accelerate the emergence of new challenges for the tourism industry.

This year, Vietnam aims to welcome 17-18 million international visitors and serve 110 million domestic tourists, targeting total tourism revenue of around 840 trillion VND (34.6 billion USD).

Notably, the Vietnam Tourism Year – Dien Bien 2024, with 169 national and provincial-level programs and events, is expected to provide new and exciting experiences for tourists.

Last year, the country achieved tourism revenue of approximately 678 trillion VND, surpassing the set target by 4.3%.

@Vietnamnet

Vietnam aims to welcome 17-18 million international visitors by 2024

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This figure is equivalent to the number of international visitors to Vietnam before the Covid-19 pandemic.

The tourism industry expects that by 2024 it will recover to pre-Covid-19 levels. Photo: Yen Vi Vu.

According to the Vietnam National Administration of Tourism, in December 2023, the number of international visitors to Vietnam reached nearly 1.4 million, an increase of 11.2% compared to the previous month and a 93.9% increase compared to the same period last year.

For the entire year, international visitors to Vietnam reached 12.6 million, 3.4 times higher than in 2022 and far exceeding the initial target of 8 million visitors, achieving the adjusted goal of 12.5-13 million visitors.

Leading the market of visitors to Vietnam is still South Korea with approximately 3.6 million visitors (accounting for 28% of the total); followed by China with over 1.74 million visitors. The combined total of the South Korean and Chinese markets accounted for 42% of the international visitors to Vietnam.

Also in the past year, domestic visitors reached 108 million, surpassing the plan by 6%.

Revenue from accommodation and dining services is estimated to reach VND 673.5 trillion, a 14.7% increase compared to the previous year, accounting for 10.8% of the total retail sales of goods and consumer services. Revenue from tourism is estimated at VND 37.8 trillion, a 52.5% increase from the previous year.

Moving into 2024, according to the Vietnam National Administration of Tourism, the global tourism industry still faces many difficulties and challenges. The world situation continues to be unpredictable, with slow economic growth, increasing inflation, and conflicts in regions showing no signs of easing.

With these analyses and forecasts, in 2024, the tourism industry aims to welcome 17-18 million international visitors to Vietnam and serve 110 million domestic tourists, with total tourism revenue reaching around VND 840 trillion.

To achieve these goals, Minister of Culture, Sports and Tourism Nguyen Van Hung has instructed the Vietnam National Administration of Tourism to implement key programs and initiatives in the industry, develop a green tourism action plan, implement the action plan of the Ministry of Culture, Sports and Tourism, and encourage the development of new tourism products.

The industry is also developing themed tourism marketing campaigns, building a national tourism database system, and implementing promotional and advertising tasks domestically and internationally.

@Znews

Exciting Tet 2024 tour services

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With just over a month left until the 2024 Lunar New Year, due to the extended 7-day holiday period, many families have begun planning their trips.

According to statistics from the General Statistics Office, the revenue from tourism in 2023 is estimated to reach VND 37.8 trillion, a 52.5% increase compared to the same period last year. With this growth, travel companies predict that as the Lunar New Year approaches, the market will become even more vibrant.

This year’s Lunar New Year, Mr. Nguyen Trong Danh (Dong Anh District, Hanoi) has chosen to buy tickets for the whole family to travel to the Central Highlands. Choosing a packaged tour at this time not only helps him save time but also reduces costs by up to 25% compared to buying individual plane tickets and booking hotel rooms.

Mr. Nguyen Trong Danh said, “The regular tour programs offered by companies or pre-booked tickets have lower prices than booking during the peak Tet period when everyone is traveling.”

Representatives from Vietravel travel company stated that the number of customers has increased by about 30% compared to the same period last year. Most customers are buying combo packages, including flight tickets and hotel rooms with direct flights. The tour prices are also designed to cater to various spending levels of customers.

Mr. Pham Van Bay, Deputy Director of Vietravel Hanoi branch, said, “Domestically, there are road trip products with reasonable costs around VND 590,000, allowing travelers to explore Northern destinations. Road trip products start from VND 1,690,000, and air travel to warm areas like Quy Nhon, Nha Trang, Phu Quoc costs less than 10 million dong.”

Mr. Le Hong Thai, Director of Hanoitourist Travel Company, mentioned, “Tours for Tet, especially for markets like Japan, have been fully booked at this time due to visa-related issues. As for markets from South Korea downwards, including domestic tourism, at this moment we have received over 80% of the reserved slots.”

Alongside travel agencies, many localities are also planning cultural, culinary, and special tourism events to meet the demands for celebrating the 2024 Lunar New Year of both locals and tourists.

@Cafef

Hoi An in the world’s top 7 most popular destinations in 2024

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The renowned American travel website, Travel Off Path, has just unveiled that Hoi An, a UNESCO-recognized World Cultural Heritage site in Quang Nam province, Vietnam, is among the top 7 trending destinations in the world for 2024.

The U.S. website shares that Vietnam is gaining immense popularity among American travelers due to its spectacular natural beauty, diverse culture, delicious cuisine, affordable living costs, and outstanding cities.

Travel Off Path states, “Hoi An is one of the best cities in Vietnam, famous for its well-preserved Ancient Town and the unique blend of various cultural influences, from China to France.”

Hoi An ranks 2nd in the list of 7 most popular destinations in the world in 2024. Photo: travi travel

Hoi An has also been included by the South China Morning Post (SCMP) from Hong Kong, China, as one of the 9 cities with the most beautiful beaches. Additionally, the city is ranked among the 25 most beautiful cities in the world, as voted by Travel + Leisure.

The list of the 7 hottest destinations this year also includes Cuba, Mauritius, Siem Reap in Cambodia, Chiang Mai in Thailand, Grand Cayman in the Cayman Islands, and Fes in Morocco.

@Vietnamnet

Phu Quoc announces hotline for tourist assistance

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Phu Quoc City (Kien Giang) has recently announced a hotline to promptly assist tourists visiting the island.

On January 3rd, Mr. Huynh Quang Hung, Chairman of the People’s Committee of Phu Quoc City (Kien Giang), revealed that the city has publicized a hotline to support tourists during their time on the island.

In case of emergencies or any difficulties, tourists are encouraged to call the hotline at 19001720. The relevant authorities in Phu Quoc City will provide maximum and timely assistance.

Currently, every day about 15,000 – 18,000 tourists are checking in at the Cau Hon area.

Around mid-2023, the number of tourists to Phu Quoc sharply decreased due to high airfare prices, and some news outlets reported incidents of violence, causing tourists to be hesitant about visiting Phu Quoc. During that period, Phu Quoc announced hotlines from the city level to the commune level for tourists to voice their concerns. However, these hotlines mainly consisted of numbers for commune leaders or heads of specialized departments, leading to sometimes ineffective operations.

In addition to the hotline 19001720, the Phu Quoc City government will intensify inspections of service prices, food safety, and hygiene to ensure that tourists can fully enjoy their time on the island without worries.

According to Mr. Huynh Quang Hung, it is anticipated that the number of tourists visiting Phu Quoc in the near future will increase significantly due to the introduction of new tourism products. Specifically, in the Cau Hon area (invested by Sun Group in An Thoi Commune), there are already approximately 15,000 to 18,000 visitors checking in daily.

@Thanhnien.vn

Hoi An is among the top 7 most popular destinations in the world in 2024

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Hoi An is considered one of the top cities in Vietnam, known for its well-preserved old town that reflects a unique blend of cultures from China to France. Travel Off Path reviews have praised Hoi An for this reason. Additionally, Cuba, Mauritius, Siem Reap (Cambodia), Chiang Mai (Thailand), Grand Cayman (Cayman Islands), and Fes (Morocco) have been listed among the 7 most popular travel destinations this year.

In December 2023, Hoi An officially became a part of UNESCO’s Global Creative Cities Network. By joining this network, Hoi An can enhance its brand positioning and image promotion in all fields of creative culture. This can contribute to attracting investment and focusing on educational development programs and cultural and creative events for sustainable development.

The UNESCO Creative Cities Network was established in 2004 to strengthen cooperation between recognized creative cities, considering it a strategic element for sustainable development in economic, social, and environmental fields.

BRC-20 Marketplace, Creator Take Opposing Positions on Proposed Network Upgrade

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BRC-20 marketplace UniSat said it will follow a proposed change in the token standard that has met with opposition from Domo, the pseudonymous creator of BRC-20.

A potential conflict emerged in the Bitcoin developer community on Tuesday after UniSat, one of the largest marketplaces for BRC-20 tokens, said it will follow a proposed change in the standard that’s opposed by Domo, its pseudonymous creator.

UniSat will “follow the Ordinals Jubilee upgrade, to confirm that BRC-20 is still on Ordinals without splitting into an isolated protocol,” it said in a post on X (formerly Twitter).

BRC-20 is a token standard on the Bitcoin network introduced last April that allows users to issue transferrable tokens in the form of inscriptions on small denominations of BTC. The tokens, also known as inscriptions, function on the Ordinals Protocol.

UniSat’s stance could lead to conflicting BRC-20 standards. In October, Domo suggested BRC-20 should not follow the upgrade of the Ordinals protocol, but be frozen at version 0.9.

In response to UniSat, Domo said: “I believe rushing these updates in BRC20 is reckless, disregards their peer indexers, and could potentially harm the broader community of BRC20 users.”

Unisat said its actions would constitute not a fork, but a “split.”

“A ‘split’ here refers to that A (brc-20 freezed at 0.9) & B (Ordinals Jubilee) are splitting into different sets with different rules, but still residing in a same physical blockchain, intertwined with each other,” the marketplace posted on X.

A split is “much more hard to deal with than a ‘fork,'” it said. With a split, the two forms can become “intertwined with each other, which open the Pandora’s box of numerous cross-affecting cases.”

Bitcoin Slumps as $400M Liquidated in Two Hours

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Financial services company Matrixport said it expects the SEC to reject all ETFs applications this month.

Bitcoin slid 8% on Wednesday as jitters around the anticipated approval of a spot bitcon (BTC) ETF began to enter the market.

The slump retraced the entire upside move that occurred on Jan. 1, spurring the liquidation of $500 million worth of positions across derivatives exchanges.

“The likelihood of the ETF’s passage became less and less likely, and the market saw a stalemate,” options analyst GreeksLive wrote on X. “Weakness in crypto mining stocks, and the sell-off in several crypto-related U.S. stocks, also reinforced the market’s skepticism.”

Last week, Retuers reported that a bitcoin ETF could be approved as soon as “Tuesday or Wednesday,” citing sources.

Financial services firm Matrixport rebuffed optimistic expectations, saying: “We believe all applications fall short of a critical requirement that must be met before the SEC approves. This might be fulfilled by Q2 2024, but we expect the SEC to reject all proposals in January.”

Following a morning high of $45,500, bitcoin dropped to as low as $40,550 before bouncing back to $42,200. Open interest fell by $2 billion due to liquidations, the dwindling value of BTC and traders reducing exposure on both the long and short side.

Đức Phúc – Artist with the most viewed MV on YouTube Vietnam 2023

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On his social media page, Đức Phúc shared some great news that his song ‘Em đồng ý’ (I do) has become the most viewed music video on YouTube in Vietnam in 2023. The male singer expressed his gratitude towards 911, the band that collaborated with him on this song, and the fans who have been listening to it for a year.

Đức Phúc wrote, “This is a super meaningful New Year’s gift for me and 911. I would like to thank the viewers for spending so much time on ‘Em đồng ý’ (I do). Thank you and let’s be grateful for the wonderful and memorable year 2023”.

Đức Phúc shared that ‘Em đồng ý’ (I do) is the MV with the highest views in Vietnam in 2023 on the YouTube platform. (Photo: Facebook/Đức Phúc)

After being released for more than 10 months, ‘Em đồng ý’ has now accumulated 59 million views on the YouTube platform. The audience even affectionately calls this song Vietnam’s “Valentine’s hymn” due to its romantic lyrics and sweet prayers for couples.

In fact, ‘Em đồng ý’ is the Vietnamese version of the hit song ‘I Do’ originally performed by the British band 911. Đức Phúc and 911 collaborated to create a new version of this song specifically tailored for Vietnamese audiences. The Vietnamese lyrics and arrangement of ‘Em đồng ý’ were done by musician Khắc Hưng.

@vtv.vn

The case of the woman’s body in the river: The suspect is a police lieutenant

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Regarding the case of murder and dumping of bodies in the Ham Luong River, PLO said that the Board of Directors of Tien Giang Provincial Police has implemented the disciplinary decision “Stripped of the People’s Police title” against Lieutenant Ngo Minh Thong, a police officer of Cai Lay town, Tien Giang province.

Previously, while passing by the Ham Luong River (in Ben Tre City, Ben Tre Province), people discovered the body of a woman tied with a rope drifting to the riverbank. Upon receiving the news, Ben Tre province authorities were present at the scene to investigate and verify the victim’s identity to clarify the cause of the incident.

An autopsy showed that the victim was about 25 to 35 years old, 1.47m tall, dark skin, dyed brown hair. The body was wearing black pants, a gray tank top with white stripes, and a long-sleeved brown wool coat. There is a tattoo of letters and numbers on the left wrist but the content could not be determined, so the police sent out a notice to trace the victim’s whereabouts. After about 72 hours from the discovery of the body, the Ben Tre Provincial Police force identified the victim and the suspect.

Lieutenant Ngo Minh Thong

Lieutenant Ngo Minh Thong was identified as the suspect in the murder and the victim was identified as Ms. N.T.H (28 years old) residing in Cai Lay Town (Tien Giang province).

Thong and Ms. H. got to know each other during social activities and then started a relationship. Recently, the two had a conflict, so Thong used a rope to strangle Ms. H. to death and then took the victim’s body and threw it into the Ham Luong River to destroy the evidence.

Currently, the Ben Tre Provincial Police Department is continuing to investigate and handle the case according to the provisions of law.

@plo.vn

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