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Expansion of Online Casinos in Vietnam: Development and Trends

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In recent years, Vietnam has witnessed a significant surge in the popularity of online casinos, marking a notable shift in the country’s gaming landscape. This article delves into the expansion of online casinos in Vietnam, including platforms like 1xBet Vietnam, exploring the developmental phases, trends, and implications of this burgeoning sector.

Historical Context

Gambling has a storied history in Vietnam, traditionally viewed with a mix of fascination and caution. The inception of online casinos in Vietnam can be traced back to the early 2000s, coinciding with the global internet boom. Initially, these digital platforms were met with skepticism and regulatory hurdles, reflecting the country’s conservative stance towards gambling. However, the increasing demand for online entertainment and the potential economic benefits gradually led to a more receptive approach.

Development of Online Casinos in Vietnam

The expansion of online casinos in Vietnam has been propelled by several key factors:

Technological Advancements: The proliferation of smartphones and improved internet connectivity has made online casinos accessible to a wider audience.
Economic Impact: Online casinos have become a significant contributor to the digital economy, creating new job opportunities and contributing to the country’s GDP.
Demographic Trends: A noticeable shift has been observed in the user base, with a growing number of young, tech-savvy individuals participating in online gambling.

Government Policies and Regulations

Vietnamese authorities have historically maintained stringent controls over gambling. However, the rise of online casinos, with convenient options like the 1xBet app download becoming increasingly popular, has prompted a reevaluation of these regulations. The government has started to implement a legal framework to oversee and regulate the industry, balancing economic interests with social responsibility. Recent legislation focuses on:

Licensing requirements for online casino operators.
Ensuring fair play and transparency in gaming operations.
Implementing measures to prevent gambling addiction.

Market Trends

The online casino market in Vietnam is characterized by diverse and dynamic trends. Key observations include:

A preference for traditional games with a digital twist, like online Baccarat and Poker.
The integration of advanced features such as live dealers and interactive gaming experiences.
A growing interest in mobile gaming platforms.

Challenges and Controversies

Despite its growth, the online casino industry in Vietnam faces several challenges:

Addiction and Social Issues: The ease of access to online gambling has raised concerns about addiction and its social consequences.
Fraud and Cybersecurity: Ensuring the security of online transactions and protecting users from fraud remains a significant challenge.
Regulatory Compliance: Navigating the evolving legal landscape poses a continuous challenge for operators.

Future Outlook

Looking ahead, the online casino industry in Vietnam, including platforms like 1xBet Casino, is poised for further growth, influenced by technological innovations such as virtual reality and blockchain. However, the industry’s sustainability will largely depend on its ability to adapt to regulatory changes and societal expectations.

The expansion of online casinos in Vietnam represents a complex interplay of technology, economy, and regulation. While it offers significant economic potential, it also necessitates a thoughtful approach to address the associated challenges. As Vietnam continues to navigate this digital transformation, the future of its online casino industry remains an intriguing prospect to watch.

Vietnamese rice prices are the highest in more than 15 years

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In the December 21 session, Vietnam’s 5% broken rice was priced at 660 – 665 USD/ton, the highest price recorded since 2008 and the highest in the world. The scarcity of supply has led to a rise in rice prices, according to a Ho Chi Minh City trader.

Thailand’s 5% broken rice followed with a price of 646 – 650 USD/ton due to large orders from the Philippines this week.

On December 18, Prime Minister Srettha Thavisin announced that Indonesia had expressed interest in purchasing two million tons of grain from Thailand.

India’s export rice prices have also increased due to output concerns. The price of 5% broken parboiled rice in India is being offered at the highest level in two months, at over 500 USD/ton.

An exporter in Kolkata said that due to the increasing gap between Indian rice prices and those of other countries, customers are now willing to accept higher prices.

India’s rice output is expected to decline this year for the first time in eight years, and New Delhi will likely extend export restrictions to keep prices low ahead of the general elections in 2024.

@vtv.vn

Sa Pa plans to welcome 180,000 visitors during year-end holidays

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The number of visitors to Sa Pa (Lao Cai) during Christmas and the Western New Year this year has reached 145% compared to last year.

In 2024, Sa Pa aims to attract 4.5 million visitors and a revenue of 15,500 billion VND. Photo: Phuong Nguyen.

Sharing with Znews, Mrs. Hoang Thi Vuong, Head of the Department of Culture and Information of Sa Pa Town, revealed that Sa Pa is expected to welcome around 180,000 visitors during the Winter Festival. The estimated total number of visitors to tourist attractions in Sa Pa Town in 2023 is projected to reach 3.68 million, a 105% increase compared to the annual plan and a 145% increase from 2022.

In 2024, Sa Pa aims to attract 4.5 million visitors, generating revenue of 15.5 trillion VND.

Sa Pa is currently implementing a series of events for the Winter Festival 2023 and the New Year welcoming program for 2024. The event series promises to create attractive tourism products and draw tourists to Sa Pa during the Christmas holiday and the welcoming of the new year in 2024.

A representative from Sapa Cat Cat Hills Resort & Spa stated that room occupancy during the Christmas and New Year period is about 90%. “Room bookings have grown by 32% compared to the same period last year, with international guests accounting for 40% and the rest being domestic visitors,” said the representative of this accommodation venue.

Mr. Dang Anh Quan, the manager of the Rong May Glass Bridge Hotel, mentioned that during the year-end holidays, the business served 10,000 visitors who came to explore and enjoy at the Cau Kinh Tourist Area.

Tourists in Sa Pa. Photo: Doan Duong, Phuong Nguyen.

During the year-end holidays, famous tourist destinations in Sa Pa such as Fansipan Peak, Hoang Lien National Park, Sakura Season – O Long Tea Hill (O Quy Ho Ward), Muong Hoa terraced fields, are expected to attract a large number of visitors.

Additionally, at the Sa Pa Cultural Park of Ethnic Groups, Sa Pa Town will inaugurate and introduce the space “Sa Pa – Convergence Essence” with characteristic decorative symbols for visitors to learn about and check-in during this year’s festival.

Sa Pa will also receive the national-level Intangible Cultural Heritage certificate for Folk Knowledge and Decorative Arts on the traditional costumes of the Mong ethnic group (Black Hmong branch). This is a foundation for the town to preserve, promote, and introduce the traditional costumes of the Mong ethnic people in Sa Pa to a wide range of tourists.

In the New Year welcoming program for 2024, in addition to artistic performances and fireworks, Sa Pa Town will also organize a ceremony to welcome the first visitors to enter Sa Pa in 2024.

@Znews

Hanoi – Saigon among the top 4 busiest domestic air routes in the world

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According to research published by the OAG aviation travel analysis platform, the Asian skies are particularly crowded this year, with 9 out of 10 of the busiest domestic air routes in the world and 9 out of 10 of the busiest international air routes on this continent.

Similar to both 2019 and 2022, the busiest overall air route, determined by the largest scheduled seat capacity for 2023, is the route connecting Jeju International Airport and Seoul Gimpo in South Korea, with 13,728,786 available seats.

This is even more noteworthy considering that the capacity between these airports in 2023 is 21% lower than in 2019 before the Covid-19 pandemic.

Five other domestic routes in the top 10 also experienced capacity reductions during the same period, but not by much. The most significant decrease was 12% for the route from Mumbai to Delhi.

Hanoi – City. Ho Chi Minh is the world’s fourth busiest domestic flight route. Photo: OAG

Four routes saw an increase in air capacity from 2019 to 2023, with Hanoi – Ho Chi Minh City in Vietnam ranking fourth in the world.

The second and third busiest domestic routes are both in Japan: Sapporo New Chitose to Tokyo Haneda (11,936,302) and Fukuoka to Tokyo Haneda (11,264,229).

In a previous report, OAG honored Tokyo Haneda Airport as the third busiest airport in the world this year (after Atlanta Hartsfield-Jackson in the U.S. and Dubai), with an annual total air capacity of 52.6 million seats.

The route between Kuala Lumpur in Malaysia and Singapore Changi had the most available seats of any international route this year (4,891,952).

Cairo in Egypt to Jeddah, Saudi Arabia (4,795,712), and Hong Kong to Taipei, Taiwan, China (4,568,280) rounded out the top three.

Looking back to 2019, the Hong Kong to Taipei route (China) was the busiest international route, according to OAG, but the capacity between the cities, 1 hour 45 minutes apart, has decreased by 43% since then.

In mainland China, the busiest routes are Beijing to Hongqiao Shanghai (8,355,225), Guangzhou to Hongqiao Shanghai (7,162,999), and Hongqiao Shanghai to Shenzhen (6,969,789).

Additionally, OAG ranked three other routes in the top 10 for China in 2023: Hangzhou to Shenzhen (4,281,873), Guangzhou to Beijing (4,269,799), and Beijing to Shenzhen (3,302,381).

On the contrary, the busiest route in the U.S. this year, known for high passenger traffic, flying back and forth from Honolulu in Hawaii to Kahului, only has a capacity of 3,612,212.

@Vietnamnet

Son Doong cave exploration tour in 2024 fully booked

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The Son Doong Cave exploration tour is currently considered the most expensive and enticing tour in Vietnam, with ticket prices around 72 million Vietnamese dong per person for a 6-day, 5-night journey.

Inside Son Doong cave. Photo: Hoang Trung/TTXVN.

On December 23, Oxalis Company, the sole operator of tours to the world’s largest cave, Son Doong, announced that despite it still being 2023, the tour is already fully booked for the entire year 2024. To avoid further disappointment, 200 domestic and international tourists have reserved tickets for this cave expedition in 2025.

The exploration of Son Doong Cave is regarded as one of the most adventurous tours in Vietnam, attracting international tourists. Many reputable newspapers and magazines worldwide have highly praised this unique tour.

For example, the Daily Mail in the UK voted Son Doong Cave as the most impressive camping cave in the world. Dave TV in the UK ranked the Son Doong Cave exploration tour as the 5th among the top 20 greatest adventures on the planet. National Geographic UK ranked the Son Doong exploration as the most prestigious adventure tour in the world.

This expedition is a journey into the depths of the earth, exploring the magnificent stalactite formations, underground rivers, and vast sinkholes.

During this exploration, visitors can admire the forest inside Son Doong Cave with its rich and diverse biodiversity. They can witness sunlight penetrating through the openings of sinkholes and conquer the 90-meter-high Vietnam Wall.

Tourists also get to visit the Dong En village of the Bru Van Kieu ethnic group, living in isolation in the primeval forest. They conquer the En Cave, the filming location of Peter Pan – The Neverland and the site where ABC News broadcasted the Good Morning America program live to the United States in 2015.

Son Doong Cave was discovered by Mr. Ho Khanh in the town of Phong Nha (Bo Trach district, Quang Binh province) in 1990 and was declared the largest cave in the world with a volume of over 38 million cubic meters.

The Son Doong Cave exploration tour is currently considered the most expensive and enticing tour in Vietnam, with ticket prices around 72 million Vietnamese dong per person for a 6-day, 5-night journey.

Each tour accommodates 10 explorers and about 30 service personnel, including cave safety experts, guides, safety assistants, chefs, forest rangers, and porters responsible for carrying luggage, food, and camping equipment.

@Znews

Apartment prices in Vietnam increased nearly 80% after 4 years

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A recent report by Savills Vietnam shows that apartment prices have increased by 77% in the last 4 years. In the third quarter of 2023, the average primary price of apartments reached 54 million VND/m2, which is almost twice as expensive as it was at the beginning of 2019. The Ministry of Construction states that the selling price of primary apartments has increased continuously for the 19th consecutive quarter, and this is mainly due to the high-end supply segment, which accounts for over 90% of the new supply.

Apartments are less affected by negative market impacts, and their demand to buy has increased by 1%, while the demand to rent has increased by 6% compared to the previous quarter. Apartments priced between 2 to 4 billion VND are the most sought-after. The average price of apartments opened for sale on the new primary market in Hanoi increased by almost 7% quarter-on-quarter, up 14% year-on-year, and reached about 50.8 million VND/m2.

The average selling price in the secondary market still maintained its upward momentum, reaching around 32 million VND/m2. All districts in Hanoi recorded an increase in secondary selling prices in the third quarter compared to the second quarter, and Hoai Duc district and Bac Tu Liem district recorded the highest increases, 8% and 5% respectively.

In Ho Chi Minh City, the secondary selling prices in the third quarter of 2023 increased by 3% compared to the previous quarter, and the primary selling price of apartments has reached more than 60 million VND/m2. According to Cushman & Wakefield, apartment selling prices in Ho Chi Minh City have increased three times in the past ten years, although total supply increased by 4.4 times during this period.

CBRE Vietnam’s report states that the supply of new apartments opened for sale in Hanoi in the third quarter of 2023 reached approximately 3,000 units from 9 projects. In the fourth quarter of 2023, about 4,500 apartments are expected to open for sale, bringing the total supply of new apartments in 2023 to 11,400 units, which is the lowest level in the last 10 years.

Limited new supply, reduced number of apartments handed over, and high average primary price at 52 million VND/m2 have caused secondary selling prices to increase. The average primary price of apartments increased by 13% per year from 2018 to 2022, while primary supply decreased by 14% per year. In the first quarter of 2023, the average primary price is 48% higher than the secondary price.

To overcome difficulties in the real estate market, the Prime Minister assigned the Ministry of Construction to direct and guide real estate businesses to restructure their segments, lower product prices, and restructure the segment for people with real needs, social housing, housing for workers, and low-income people. The Prime Minister requested to direct and speed up the progress of handling administrative procedures related to real estate projects and strengthen inspection and examination to promptly guide and handle cases that cause difficulties and troubles in resolving administrative procedures for people and businesses.

@vtv.vn

The severe cold will last for the next 4 days

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In recent days, several Northeast Asian countries including China have been hit by record-breaking cold spells. The North of Vietnam has also been directly affected by strong cold air resulting in a temperature drop. After experiencing a few warm days in the first half of December, the North suddenly turned cold and harmful from December 17 onwards. The region experienced the coldest morning since the beginning of winter until now.

On December 22, a series of high mountain locations in Y Ty, Fansipan (Lao Cai), and Mu Cang Chai (Yen Bai) reported freezing temperatures, causing frost to cover the landscape. In Mau Son, Lang Son, the temperature was recorded at -2.5°C, the lowest temperature recorded in December since 2012.

According to Mr. Nguyen Duc Hoa, Deputy Head of the Climate Forecasting Department, National Center for Hydrometeorological Forecasting, global warming is one of the reasons behind the severe cold weather. The Arctic region has experienced the strongest temperature increase globally, weakening the polar vortex, and making it easier for cold air to spread to the South. It is worth noting that global warming is not inconsistent with unusual cold spells, as it leads to more extreme natural disasters.

The current cold spell in the North of Vietnam is expected to last for the next four days, and the high mountains will continue to experience frost and freezing temperatures.

@vtv.vn

Vietnamese tourists to Japan reach record high

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The number of Vietnamese tourists to Japan in the first 11 months of this year has reached 536,800, surpassing the previous record of 495,051 visitors in 2019.

The Japan National Tourism Organization (JNTO) has recently released a report revealing that the number of Vietnamese tourists to Japan in the first 11 months of this year reached 536,800. This figure has exceeded the peak of 495,051 visitors achieved in 2019.

Statistics on international visitors to Japan for December will be announced in January 2024. Therefore, it is estimated that the total number of Vietnamese visitors for the entire year of 2023 will further increase.

According to JNTO, this is a very positive sign for the exchange and interaction between the people of the two countries.

Conversely, according to the Vietnam National Administration of Tourism, in the first 11 months of 2023, Vietnam has also welcomed nearly 530,000 Japanese visitors. This market is among the top 5 countries with the highest number of tourists to Vietnam.

Mr. Ha Van Sieu, Deputy Director of the Vietnam National Administration of Tourism, expects that with increasingly favorable travel policies, two-way exchanges between Vietnam and Japan will soon recover and surpass the pre-pandemic level of 1.5 million visitors.

According to Mr. Yoshida Kenji, Head of the JNTO Representative Office in Vietnam, the organization’s goal of receiving 500,000 Vietnamese visitors has been achieved one month ahead of schedule, thanks to the efforts of all office staff since the launch of the campaign in the fall of 2021.

“In 2024, we will continue to promote an increase in tourist arrivals from Vietnam to Japan, and we will collaborate with organizations and individuals in the tourism industry to implement three new tourism promotion strategies set by the Japanese government,” Mr. Yoshida Kenji stated.

@Znews

Domestic flight passengers forecast to decrease sharply in 2024

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In 2024, it is projected that domestic passenger transportation volume will reach 38.5 million, a decrease of nearly 11% compared to 2023, while international passengers are expected to be 41.8 million, an increase of 31%.

These figures were provided by the Civil Aviation Authority of Vietnam at a recent conference summarizing 2023 and outlining plans for 2024.

Specifically, the aviation management agency anticipates a domestic passenger transportation volume of 38.5 million in 2024, representing an almost 11% reduction compared to 2023. On the other hand, the international passenger volume is expected to be 41.8 million, showing a 31% increase.

This forecast comes amidst challenges faced by airlines, with many experiencing financial difficulties, leading to adjustments and cuts in some domestic routes with low occupancy rates that do not contribute significantly to sales. Some domestic airlines have also had to scale down their fleet size as part of restructuring efforts.

Faced with these pressures, many airlines are prioritizing international routes over domestic ones. This is because international flights incur additional fuel fees, and ticket prices are not constrained by price ceilings. In 2023, the aviation management authority observed signs of recovery and positive growth in the aviation transport sector.

The total aviation market in 2023 is estimated to reach approximately 74 million passengers, a 35% increase compared to 2022, equivalent to 94% compared to 2019 (pre-Covid-19). Cargo transportation is projected to be 1.1 million tons, a 9% decrease compared to 2022, and an 87% decrease compared to 2019. International passenger transportation reached 32 million passengers, a 1.7-fold increase from the previous year and a 77% increase compared to 2019.

The Civil Aviation Authority also noted that the international flight network has been restored and expanded gradually. Vietnamese and foreign airlines have fully restored flights to traditional markets and expanded operations to new markets in Central Asia, such as Kazakhstan, Uzbekistan, Turkmenistan, and Mongolia. Flights to China and Russia have also been restored during the year.

Additionally, Vietnamese airlines have intensified operations to India (transporting 920,000 passengers in 2023, nearly 15 times more than in 2019) and the Australian market (transporting 913,000 passengers in 2023, a 40% increase compared to 2019).

The domestic flight network has been maintained and developed with 66 routes connecting Hanoi, Ho Chi Minh City, and Da Nang to 19 other local airports, operating over 600 flights per day. In addition to existing routes, Vietnamese airlines in 2023 opened new routes such as Can Tho – Van Don, Hanoi – Ca Mau, and Ho Chi Minh City – Dien Bien.

@Znews

Vietnam reaches target of welcoming 12.5-13 million international visitors in 2023

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According to the National Tourism Agency, the total number of international tourists to Vietnam in 2023 is estimated to reach 12.5 million, exceeding the set target (8 million) and achieving the adjusted goal (12.5-13 million).

International visitors visit and shop at Ho Chi Minh City Book Street. Photo: Hong Dat/TTXVN.

At the workshop on the implementation of state management on tourism in 2023, organized by the National Tourism Agency of Vietnam (Ministry of Culture, Sports and Tourism) on December 21 in Hanoi, Deputy Director of the National Tourism Agency of Vietnam Pham Van Thuy emphasized that after two years of severe impact from the COVID-19 pandemic, Vietnam’s tourism has recovered and accelerated, meeting expectations.

In 2023, just after 10 months, the number of international visitors to Vietnam has surpassed the set plan, and the industry has proposed to increase the target for international arrivals to 12.5-13 million. At this moment, the entire industry has achieved the expected results.

According to the National Tourism Agency of Vietnam, the total number of international tourists to Vietnam in 2023 is estimated to reach 12.5 million, exceeding the set target (8 million) and achieving the adjusted goal (12.5-13 million).

The number of domestic tourists is estimated at 108 million, exceeding by 5.8%; total tourism revenue is estimated at 672 trillion VND, exceeding by 3.38% compared to the 2023 plan. The image of Vietnamese tourism has been enhanced and clearly positioned on the world map, and competitiveness continues to improve.

In 2023, the National Tourism Agency of Vietnam was honored with the title “Top Tourism Management Agency in Asia for 2023” for the fourth time. At the global awards ceremony, Vietnam was once again recognized by the World Travel Awards (WTA) as the “Leading Heritage Destination in the World,” and many destinations and tourism businesses received various prestigious awards…

However, it must be candidly acknowledged that there are still shortcomings and bottlenecks in the development of tourism, both in state management and business aspects, that need to be addressed. It is noteworthy that the phenomenon of foreigners working as unlicensed guides persists, and some Vietnamese businesses violate laws in tourism activities (operating without a license, not meeting legal requirements, violations related to financial conditions, tour guides, false advertising)…

Some tourist destinations still face issues such as poor hygiene, inadequate security conditions, and insufficient capacity to serve tourists during peak periods. There is a need for organizing a national-scale program to introduce Vietnam’s tourism, creating resonance and gathering participation from various localities and businesses in target markets…

The National Tourism Agency of Vietnam outlines various tasks to be implemented in the coming period, including strengthening the management of tourist areas, points of interest, and conserving and leveraging the natural and cultural values for sustainable tourism development.

Destinations should ensure security and safety for tourists, with a particular focus on environmental hygiene and food safety. Encouraging the participation of the public and businesses in building a cultural, civilized, friendly, and hospitable tourism environment is crucial, where “each citizen is a tourism ambassador.”

Stakeholders need to enhance inspections and supervision, especially in ensuring compliance with simplified tourism business conditions. Localities should develop plans and tasks related to environmental protection in tourist areas, raise public awareness of environmental education and the preservation and reverence of historical and cultural sites, and natural landscapes.

Another important task highlighted by the National Tourism Agency of Vietnam is the comprehensive and effective implementation of partnerships. Specifically, there is a need to leverage the guiding role of the national tourism agency and the leadership role of major tourism centers (Hanoi, Da Nang, Ho Chi Minh City, Can Tho, Quang Ninh, Ninh Binh, Thua Thien-Hue, Khanh Hoa…) to form interconnected regions and growth drivers for tourism (Hanoi-Hai Phong-Quang Ninh; Hanoi-Northern mountainous provinces; Hanoi with Central provinces, Hue-Da Nang; Khanh Hoa-Ninh Thuan-Lam Dong, Ho Chi Minh City and surrounding areas; Can Tho-Ca Mau-Kien Giang), creating “one route, many destinations.”

Relevant parties should strengthen public-private cooperation under a market mechanism spirit of “harmonious interests, shared risks,” and implement effective mechanisms and policies to mobilize resources from businesses, especially large enterprises, for tourism development.

On the other hand, agencies need to enhance the quality of advice, innovate thinking on tourism management and development, and create favorable conditions for night-time economic development associated with tourism, following the principle of “Government, businesses, and people working together for tourism development.”

@Znews

Bitcoin Climbs Near $44K as U.S. Stocks Nurse Biggest Three-Month Loss

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Overall crypto market capitalization crossed the $1.7 trillion mark on Wednesday for the first time since May 2022.

Bitcoin (BTC) neared the $44,000 level early Thursday and reversed some losses, which were caused by the sudden drop in U.S. stocks on Wednesday.

The S&P 500 index closed 1.42% lower, impacting riskier assets such as bitcoin. Some analysts pointed out that a correction was overdue as market indications were in overbought territory and the expiry of a certain type of options created selling pressure.

Bitcoin and trending tokens such as Solana’s SOL and Avalanche’s AVAX took a hit after the broader market plunge but climbed in early Asian hours on Thursday. SOL extended gains to 15% in the past 24 hours, and extended gains from a multi-week rally to over 55%.

Traders’ optimism around bitcoin remained strong ahead of an expected spot exchange-traded fund (ETF) approval in the U.S., which could bolster demand, and the halving event scheduled for April 2024, which has historically preceded bull runs for the crypto market.

However, some traders pointed out current bitcoin market metrics flashed signs of cooling down after a month-long rally – suggesting a low period of volatility ahead of the holidays.

“This week has witnessed a sideways trend, with bitcoin moving between $40,500 and $43,500 and ether between $2,150 and $2,250,” said Rachel Lin, CEO and co-founder of SynFutures. “Both these coins and the broader market are consolidating near their recent highs following a rapid increase in value during November.”

“One notable effect of this sideways movement is the cooling down of RSI, which, two weeks ago, was in highly overbought territory. Bitcoin’s weekly RSI stands at around 75, down from 82 at the beginning of the month,” Lin added.

The RSI indciator calculates the magnitude of price movements for assets, with readings below 30 indicating prices of an asset have fallen further than its fundamental value.

Bitcoin Could Retract to $36K Before Uptrend Resumes, QCP Capital Says

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In a recent note, the Singapore-based digital assets trading firm said expects topside resistance for bitcoin in the $45k-$48.5K region.

The January launch of a bitcoin (BTC) spot exchange-traded fund (ETF) is expected to face subdued demand initially, which could lead to a ‘sell the news’ scenario, Singapore-based QCP Capital wrote in a recent note. This could result in short-term volatility for bitcoin, which will shift the focus towards ether (ETH).

“It is likely that the actual demand for the bitcoin spot ETF at the start will fall short of market expectations,” QCP wrote. “We expect topside resistance for bitcoin in the $45k-$48.5k region and a possible retracement to 36k levels before the uptrend resumes.”

Bitcoin is currently trading above $43,700 during Asia business hours, up 2% on-day.

QCP writes that ether is seen as a potential secondary investment option with an anticipated market shift from bitcoin, and speculative interest in a forthcoming ether spot ETF could drive ether prices higher, even before the ETF’s actual launch.

“Ether might also be an interesting laggard play here,” they wrote. “This kind of headline excitement could create some speculative uplift for ETH price whether it is warranted or not.”

CoinDesk reported that BlackRock (BLK), Nasdaq (NDAQ), and the Securities and Exchange Commission (SEC) held their second meeting in a month to discuss rule changes for listing the bitcoin ETF, with BlackRock modifying its proposal to include cash redemptions, aligning with SEC preferences.

Grayscale also recently had a second meeting with the SEC.

Bitcoin is up 17% in the last month, according to CoinDesk Indicies data, as anticipation builds around the ETF.

Hanoi suffers from 37 congestion points

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The Department of Transport has shared information about its efforts to improve traffic safety and minimize congestion in Hanoi City. They have made changes to the traffic flow in 48 routes and intersections, with 36 already officially implemented and 12 in a pilot period. In 2023, there will be 37 congestion points in the city, including 10 new ones. The Department has worked with the Traffic Police Department to classify these points by their causes.

The report shows that 17 congestion points are due to construction barriers, 14 are due to slow investment in traffic infrastructure, and 4 are due to vehicle traffic overload on current infrastructure. Two other congestion points require additional investment in traffic infrastructure. Additionally, there are seven traffic accident black spots and one potential spot in Hanoi City. The Department of Transport is coordinating with the Traffic Police Department to address these issues.

The roads in Hoang Mai district are full of potholes

For example, on the Linh Nam route, the Maintenance Department is working to ensure smoothness, quality, and traffic safety. They are also coordinating with the Hoang Mai District People’s Committee to speed up the expansion of the road surface. At Thanh Tri Bridge, the Department of Transport is installing additional warning signs, maintaining the bridge deck, cleaning the traffic safety system, and adding reflectors on the bridge railings. They are also researching the replacement of appropriate vehicle lane divider materials to minimize accidents.

Thanh Tri Bridge where traffic accidents and daily congestion often occur

To ensure traffic order and safety in Hanoi City in 2023, the Department Inspectorate has arranged forces to divide traffic flow and prevent congestion in 44 checkpoints following Plan No. 2552/KH-TTS. The City Traffic Safety Committee has also reviewed locations with high traffic density, especially during rush hour, and added 30 additional positions to the 204/326 positions proposed by the Department Inspectorate.

@vtv.vn

Ninh Binh has welcomed more than 6.5 million visitors in 2023

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The latest statistics reveal that the number of visitors to Ninh Binh in December exceeded 354 thousand, resulting in an estimated increase of over 51% in revenue compared to the same period last year. The cumulative tourism revenue for 2023 is estimated to reach over 6,300 billion VND, more than double that of 2022.

By calculating the number of visitors, it is predicted that in 2023, Ninh Binh province will welcome over 6.5 million visitors to tourist attractions, including more than 390,000 international visitors. This is an increase of more than 1.7 times compared to 2022 and over 123% compared to the Year Plan.

Tourists highly appreciate Ninh Binh’s nature and landscape

A representative from the Ninh Binh Department of Tourism believes that the number of visitors to the province will continue to increase in 2023. To support this growth, the province will organize cultural exchange activities and events to promote and honor the values of the cultural heritage, monuments, and landscapes of Vietnam in general and Ninh Binh province in particular. Additionally, scenic spots will continue to be renovated and upgraded, the system of tourist accommodation facilities will be invested in and developed, and many new tourism products will be put into use.

Mr. Bui Van Manh, Director of Ninh Binh Department of Tourism, expects that in 2024, Ninh Binh will welcome a continued increase in visitors.

Mr. Bui Van Manh, Director of Ninh Binh Department of Tourism, shared his vision for 2024, stating that he hopes to welcome over 7.5 million visitors, of which the number of international visitors will increase to about 900,000. In addition to improving facilities, the province will improve the quality of human resources and cultural and civilized behavior with tourists to ensure that tourists are welcomed with hospitality and return to this ancient capital full of identity and charm.

@vtv.vn

My Thuan-Can Tho Expressway to commence operations on December 24th

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The My Thuan – Can Tho expressway is expected to be inaugurated and put into operation on December 24. Consequently, starting from the beginning of 2024, the expressway from Ho Chi Minh City will seamlessly connect to Can Tho City through the segments of Ho Chi Minh City – Trung Luong, Trung Luong – My Thuan, My Thuan 2 Bridge, and My Thuan – Can Tho.

My Thuan 2 Bridge (right) is the starting point of My Thuan-Can Tho Expressway. Photo: Trung Chanh

According to the Vietnam News Agency, the Ministry of Transport has issued a document instructing the My Thuan Project Management Board to complete the legal procedures to commence the operation of the My Thuan – Can Tho expressway on December 24.

The My Thuan Project Management Board is tasked with directing the consulting design unit to review the connecting routes of the project, construct and propose the design of the project’s directional sign system to connect and guide traffic controllers to other roads in the area.

Furthermore, the Project Management Board is required to finalize the traffic organization plan for the expressway and submit it to the Road Administration Department for approval in accordance with the authority specified in Circular 06-2023 of the Ministry of Transport. This is to enable operation at a speed of 90 km/h instead of the previously designed 80 km/h.

@Thesaigontimes