It is forecasted that Van Don and Cat Bi airports will be located in the affected area near strong winds and thunderstorms of Storm No. 1. Noi Bai and Tho Xuan airports may be affected by storm circulation with heavy rain and strong winds. .
The Civil Aviation Administration of Vietnam has just sent a dispatch to the relevant units on the proactive prevention of the No. 1 storm in the civil aviation industry.
According to information from the National Center for Hydro-meteorological Forecasting and the Regional Storm Advisory Center appointed by the International Civil Aviation Organization (ICAO), the storm is expected to make landfall around the Northeast border area. Vietnam – China (near Mong Cai area, Quang Ninh) at level 11-12, level 13-15 in the evening of July 18.
Expected airports in the near-affected area (turbulent winds, strong winds, strong thunderstorms): Van Don, Cat Bi. Airports that may be affected by storm circulation (heavy rain, strong wind): Noi Bai, Tho Xuan.
In order to proactively respond to the No. 1 storm, ensure flight safety, and minimize negative impacts on flight operations, the Civil Aviation Administration of Vietnam requires agencies and units to:
Organize 24/24 hours and strictly implement the process of responding to storms and tropical depressions in civil aviation activities.
The Vietnam Flight Management Corporation directs aviation meteorological service providers to continuously monitor the weather situation in the region, update forecasts and warnings, and provide timely information. forecasts and warnings to users.
The Department also requested airports, airlines and service providers to ensure flight operations to strengthen coordination; closely monitor the evolution of the storm.
From there, there is a plan to adjust the flight plan or change the flight schedule accordingly in some localities directly affected by the No. 1 storm to ensure absolute flight operations.
Formed from a tropical depression moving across the central Philippine Sea towards the East Sea, Typhoon No. 1, internationally known as Talim, is expected to rapidly intensify. Within a span of less than 36 hours, the storm has already escalated by 2-3 levels and shows potential for further strengthening in the coming days.
The National Center for Hydro-Meteorological Forecasting suggests that this storm could be the most powerful to impact the North in recent years.
Storm No. 1 is anticipated to bring about large waves and gusty winds along the coastal areas of Quang Ninh to Thai Binh, while simultaneously causing heavy rainfall of up to 500mm in the North within a span of 3 days.
On the afternoon of July 16, the National Center for Hydro-Meteorological Forecasting released an emergency storm warning bulletin. At 16:00, the center of Typhoon No. 1 was situated approximately 510km southeast of the Leizhou Peninsula in China. The storm’s strongest winds were recorded at levels 10-11 (89-117km/h), reaching level 14.
Throughout tonight and tomorrow, the storm is projected to move west-northwest at a speed of 15-20km/h, continuing its intensification. By the afternoon of July 17, the storm’s center is expected to be about 410km southeast of Mong Cai in Quang Ninh, with winds near the center reaching levels 12 and 15. This period marks the peak strength of the storm.
Trees blow in the wind in Ha Long city, Quang Ninh province, Vietnam. EPA/STRINGER
Subsequently, the storm is predicted to maintain its current direction and speed, entering the sea area from Quang Ninh to Thai Binh on the afternoon of July 18. At this point, the storm’s intensity is expected to remain at levels 10 and 13 before gradually weakening as it moves inland.
As a result of the storm’s impact, strong winds are forecasted to begin in the coastal area from Quang Ninh to Nam Dinh from the early morning of July 18, gradually reaching levels 6-7 and increasing to level 8. The area near the center of the storm will experience wind speeds of levels 9-10 and gusts of level 12-13. In the inland areas of the Northeast, strong winds of levels 6-7 and gusts of levels 8-9 are expected.
It is worth noting that from the night of July 17 until July 20, the North is likely to face heavy rainfall, with an average accumulation of 200-400mm and potentially exceeding 500mm in certain locations. Experts caution that the combination of high rainfall within a short duration increases the risk of flash floods and landslides in mountainous provinces.
In Thanh Hoa and Nghe An, heavy rain is expected during the same timeframe, albeit with a lower amount, ranging between 100-200mm, and potentially exceeding 300mm in some areas.
At sea, the meteorological agency has issued warnings for the northern waters of the North East Sea, indicating strong winds at levels 7-8, while the vicinity near the center of the storm is likely to experience levels 9-10, later escalating to levels 11-12 and even reaching level 15. These conditions will result in high waves measuring 5-7 meters, creating treacherous sea conditions.
Starting from the afternoon and evening of July 17, the northern parts of the Gulf of Tonkin, including the island districts of Bach Long Vy and Co To, will encounter increasing winds, expected to reach levels 6-7, later intensifying to levels 8-9. Near the center of the storm, wind speeds may reach levels 10-11, with gusts reaching levels 13-14. High waves measuring 3-5 meters are anticipated.
Particularly in the coastal provinces of Quang Ninh to Nam Dinh, sea waves are expected to reach heights of 2-4 meters. Additionally, these areas should be prepared for the risk of storm surges, ranging from 0.5-0.8 meters, potentially causing flooding in low-lying coastal regions, estuaries, and coastal erosion, especially if the storm makes landfall during the afternoon or evening of July 18, coinciding with high tide.
The Ho Chi Minh City People’s Committee has approved a plan to allocate over VND8.5 billion (US$359,635) to hire a unit responsible for collecting garbage from the Saigon River until the end of this year.
According to the Tuoi Tre Newspaper, the responsibility of collecting garbage from the river will be assigned to the Department of Transport and relevant agencies.
As per the plan, the city will conduct garbage and debris collection on the river every two days.
Previously, the Department of Transport proposed using six modern machines to collect garbage and debris along a 6.2-kilometer stretch of the river, starting from the intersection with Te Canal up to the Saigon Bridge.
To prevent trash and water hyacinth from getting stuck around bridge piers, the city will also utilize buoys connected by steel wires.
It is expected that around 1,800 metric tons of garbage will be collected from the river by the end of this year.
According to the Department of Transport, the section of the river mentioned in the plan, stretching from Binh Thanh District to District 4, is a prominent area that includes well-known landmarks such as Nha Rong Harbor, Bach Dang Wharf, and Ba Son Bridge.
Consequently, the removal of garbage from this section will not only contribute to the city’s tourism development but also enhance the overall cityscape.
The Te Canal in District 4, Ho Chi Minh City
Since 2021, the city has implemented a similar garbage collection plan on a 17-kilometer section from Vam Thuat River to Tham Luong Canal, achieving a collection and treatment rate of nearly 90 percent for the garbage along that route.
The Department of Transport has reported positive results from the implementation of new technologies for garbage collection in rivers and canals, the Tuoi Tre Newspaper reported.
Coach Mai Duc Chung admitted that the Vietnamese women’s team did not meet the requirements, leading to a strong 0-9 defeat against Spain.
“The players have shown great effort and determination, but our shortcomings lie in the lack of effective communication on the field. Our team’s skill level is inferior to that of our opponents, and the players are not even coordinating well or supporting each other, which makes the situation more challenging. Confidence is also a factor that needs improvement,” commented coach Mai Duc Chung on the team’s 0-9 defeat against Spain.
In this match, coach Mai Duc Chung decided to try most of the positions before officially entering the 2023 Women’s World Cup Finals.
Specifically, in the starting lineup, coach Mai Duc Chung brought some young players into the field: goalkeeper Khong Thi Hang, midfielder Thai Thi Thao and Ngan Thi Van Su. In the second half, Tuyet Dung replaced Thanh Nha, Thuy Trang replaced Duong Thi Van, My Anh replaced Van Su, Hai Yen replaced Huynh Nhu, Hai Linh replaced Thu Thuong, Thanh Nha came out and then came back to replace Bich Thuy, Thuy Nga replaced Thai Thao …
According to coach Mai Duc Chung, this is an important lesson for the players before facing the top opponents in Group E, namely the defending champion USA, the defending runner-up Netherlands or Portugal.
“In the second half, I boldly put players who have not played much. Actually, the second half didn’t play well, but this is a test of the squad …”, coach Mai Duc Chung said.
The newspaper of the American television channel CNN has just published an article praising the 21 most interesting tunnels in the world, including the Cu Chi tunnels.
In a photo report published on July 12 on CNN, the author of the article described Cu Chi Tunnels as an “underground city”.
With a tunnel system with a total length of 250km, a full range of works including trenches, food storage, kitchens, wells, rest rooms, offices, infirmaries … have helped Cu Chi Tunnels become a in the 6 most special man-made structures in the world. At the same time, this place is also in the top 7 most exotic destinations in Southeast Asia. Therefore, it is not surprising that Cu Chi Tunnels is currently one of the most attractive tourist destinations in Ho Chi Minh City.
Besides Cu Chi Tunnels, the article also mentions a series of famous tunnels in other countries around the world, including Lærdal (Norway), Guoliang (China), Burro Schmidt (California, USA). , Paris catacombs (France), firefly tunnels (Australia)…
In recent years, Vietnam has emerged as a top choice for expats seeking a new and fulfilling life abroad. With its unique blend of job opportunities, affordability, rich culture, and stunning landscapes, it’s no wonder that Vietnam is capturing the hearts of expats worldwide.
Here are six compelling reasons why Vietnam stands out as the best country for expats to call home.
Unbeatable Affordability:
Expat Celebrating Tet Holiday With Vietnamese
Compared to Western countries, Japan, or South Korea, Vietnam offers significantly lower living costs. A pint of beer can cost as little as 50 cents, a hearty meal around $1, a taxi ride around $3, and a reasonable apartment rental can be as low as $100 per month. This stark contrast makes Vietnam an attractive destination for expats looking to stretch their budget and enjoy a comfortable lifestyle without breaking the bank.
Rich Culture and History:
Vietnam is a treasure trove of fascinating culture and history, providing expats with endless opportunities for exploration and discovery. From its tantalizing cuisine to awe-inspiring art and friendly locals, living in Vietnam means immersing oneself in a captivating and vibrant cultural tapestry. Additionally, the country’s breathtaking landscapes and pleasant year-round weather add to the allure of everyday life.
Abundant Job Opportunities:
Vietnam’s economy is experiencing rapid growth and liberalization, presenting expats with a wealth of job opportunities. While understanding the country’s processes and cultural values is essential, the prospects are promising. English-speaking expats, in particular, can find ample options in the thriving English language teaching sector. Furthermore, there are diverse roles available, ranging from being an extra in movie or advert productions to venturing into various industries.
Thriving Expat Communities:
Vietnam boasts vibrant expat communities, particularly in major cities like Hanoi and Ho Chi Minh City. Connecting with fellow expats is effortless, thanks to numerous social platforms and forums designed for networking. Engaging in sports, joining existing teams, or participating in expat clubs and societies are great ways to forge new friendships and create a supportive social network.
Ease of Settling In:
Expats in Vietnam
Settling down in Vietnam is remarkably hassle-free. The welcoming locals are eager to provide services and resources, ensuring a smooth transition. Finding suitable accommodation and transportation, such as renting or purchasing motorbikes, is a straightforward process. Setting up essential services like banking and healthcare is also convenient, with quality private healthcare and international schools available to cater to expat needs.
Gateway to Adventure:
Son Doong cave in one of Alan Walker’s MVs
Vietnam’s strategic location makes it an ideal base for exploring the region. Whether you crave an exotic Southeast Asian getaway or yearn to visit neighboring countries like China, Japan, or South Korea, Vietnam offers convenient access to a wealth of travel opportunities. Satiate your wanderlust by embarking on thrilling adventures and discovering new cultures right at your doorstep.
Vietnam has swiftly risen to prominence as the ultimate destination for expats seeking an enriching and fulfilling life abroad. With its affordable cost of living, rich cultural heritage, abundant job prospects, vibrant expat communities, seamless integration, and endless travel opportunities, Vietnam provides expats with an unparalleled experience. Pack your bags, and let Vietnam be your gateway to a truly remarkable expatriate adventure.
Prudential Vietnam, in collaboration with Climate Bonds Initiative (CBI) and supported by the British Chamber of Commerce (BritCham), conducted the “Thematic bonds & Transition investment Workshop” on 6th July in Hanoi to solicit feedback on how to support the growth and development of the thematic/labelled bond market in Vietnam.
The workshop was opened by the CEO of Prudential Vietnam, Phuong Tien Minh and Climate Counsellor of the British Embassy Hanoi, Mark George. Then, the British Embassy Hanoi’s First Secretary for Climate and Nature, Tom Thornley delivered an overview on UK Government’s JETP engagement and broad ambitions on climate and nature in Vietnam. “Back in March this year, the UK set out its vision for halving global emissions by 2030 and advancing the net zero, climate resilience and nature positive economic transition globally. I think it is key that we recognize that this vision will not be achieved without partnerships. High impact, long-term partnership between countries – such as between the UK and Vietnam – and partnership between different fields – research, policy, and, of course, finance” – Tom stated.
Mr.Tom Thornley – The British Embassy Hanoi’s First Secretary for Climate and Nature.
“In many ways, the UK and Vietnam are well aligned on climate. We have both set ambitious targets to reach net zero by 2050, and the UK is eager to partner with like-minded countries globally. To do this, the UK has doubled its international climate finance to 11.6 billion pounds of funding between 2021 and 2026. Using this finance, the UK is supporting developing countries and emerging economies like Vietnam to respond to the challenge of climate change and realize their net-zero ambitions”, he added.
Key stakeholders from the green bond market such as global non-profit, securities company, major local banks, rating agency and Prudential Vietnam’s asset management arm Eastspring took this opportunity to share knowledge on findings, best practices from markets in ASEAN, as well as learnings, frictions, and barriers to accelerate the growth of the Vietnamese thematic/labelled bond market.
According to Chi Xiang Wong – the senior ASEAN Analyst from CBI, an international organisation working to mobilise global capital for climate action, in his sharing about the 2022 Sustainable Finance State of the Market in ASEAN and Vietnam, noted an increasing diversification of thematic issuance in the region. Increasing interest has been observed from various stakeholders, including policymakers, regulators and the financial industry, with supportive efforts and initiatives on sustainable finance to accelerate the green growth of Vietnam, CBI has seen various initiatives by policymakers – such as the guidance issued by the central bank on environmental risk management in credit extension activities, alongside a handbook commissioned by the securities regulator and prepared by CBI on how to issue thematic bonds in Vietnam.
Ngo The Trieu, CEO of Eastspring Investments Vietnam, the asset management arm of Prudential, provided experience and case studies on Sustainable Investment Journey. He said in his presentation that global ESG-focused funds attracts new money inflows from investors and growth prospect of ESG-focused funds is promising. According to Trieu, financing needs for climate actions in Vietnam will become significant soon, including great contribution from private financial sector resources. Prudential Vietnam has a key role to play to support the Vietnam Government on the 2050 net-zero target. A critical aspect of supporting the transition towards a low-carbon economy is the investment of sustainable finance mechanisms in which the green bond is key in the Vietnam context.
During his opening speech, the CEO of Prudential Vietnam, Phuong Tien Minh stated: “As a life insurer and the non-bank biggest asset owner in Vietnam, Prudential has a responsibility to our clients, the communities and environment in Vietnam. We consider the environment, society, and governance when making investment choices and uphold our fiduciary and stewardship obligations. Financing the transition to net zero future is a long-term journey that requires large scale and cohesive inputs from the key Vietnamese financial sector players. Today’s workshop is another step that Prudential would like to take to reinforce our interest in the sustainable development of the Vietnam Market”.
Mr.Phuong Tien Minh, CEO of Prudential Vietnam
The workshop participants had a productive session, where ideas and solutions of how to further develop the thematic/labelled bond market were generated. The thematic/labelled bond market has an important role to mobilise private capital to invest and fund the transition to net-zero in Vietnam. Prudential Vietnam and partners are looking forward to working with the Vietnamese Government to sustainably develop the thematic/labelled bond market to support the pathway to achieve Vietnamese Government’s 2050 net-zero target.
Back in December 2022, JETP agreement was signed between the International Partners Group (IPG), including G7 plus Norway, Denmark, and Vietnam, which set out an agreement to work on energy transition. It includes commitments on both sides. On the IPG side, it is to mobilize finance and expertise to support Vietnam. On the Government of Vietnam side, it is a commitment to establish a mechanism to be able to utilize the support from the IPG. Prudential is one of the financial institutions that are specifically working on JETP agreement, together with Standard Chartered, HSBC and others.
America is being urged to support Ukraine in finding a peaceful resolution to the ongoing conflict.
Hungarian Prime Minister Viktor Orban stated that the United States has the power to end the war between Russia and Ukraine swiftly if it chooses to do so. Speaking in an interview with Kossuth radio on July 14, following his participation in a recent NATO summit, Orban highlighted the economic devastation suffered by Ukraine due to the war and its reliance on Western-supplied weaponry. He argued that if the US withdraws its support, the conflict would cease.
Orban raised concerns about the lack of a specific roadmap for Ukraine’s inclusion in NATO during the summit, particularly given the ongoing conflict. He cautioned that admitting Ukraine as a member under these circumstances could potentially trigger a global war.
While Orban acknowledged Ukraine’s efforts to seek assistance from the West, he refrained from criticizing President Volodymyr Zelensky’s actions, recognizing his fight for the survival of the Ukrainian people.
The Hungarian Prime Minister also cautioned that if the conflict persists, European Union countries, including Hungary, would experience adverse economic consequences, including high inflation.
Kremlin spokesman Dmitry Peskov later agreed with Orban’s view that the United States holds the ability to end the Ukrainian conflict, attributing the supply of weapons to Ukraine to Washington. Peskov accused the US of encouraging the Kiev government to continue fighting at the expense of Ukrainian lives.
Hungary, as a member of both the European Union and NATO, maintains a neutral stance in the Russia-Ukraine conflict. The country has declined to provide military support or equipment to Ukraine since the outbreak of hostilities in February 2022.
In May, Orban expressed the belief that neither side can achieve victory on the battlefield and advocated for a diplomatic resolution to the conflict. He emphasized that the war has been a diplomatic failure from the beginning and called attention to the ineffectiveness of military solutions in light of recent developments.
In recent days, there has been speculation surrounding a relatively large Vietnamese airline’s reported request to the government for bankruptcy protection. However, Bamboo Airways has affirmed that the airline is operating stably.
On July 14, according to information from Bamboo Airways, it was said that in the past period, Bamboo Airways has decided to cancel its restructuring and conduct many drastic reforms.
Bamboo Airways representative affirmed: “Bamboo Airways has carefully researched and built many operational options to choose the most suitable and feasible development direction”.
Until now, Bamboo Airways is still operating stably, ensuring on-time and completely safe flight operations.
“We will continue to develop the flight network, optimize all resources to continue serving customers, and provide high-quality, hospitable and dedicated aviation services,” said a Bamboo Airways representative.
Bamboo Airways sincerely thanks customers for choosing to fly with the airline and hopes to continue to receive your companionship in the future.
Previously, at the conference to review the work of the first 6 months of the year and deploy the tasks for the last 6 months of 2023 of the Ministry of Transport, many “hot” issues related to the fields of transport, registration, aviation … were discussed. has been proposed by the Ministry of Transport to overcome many measures in the coming time.
Mr. Dang Ngoc Hoa – Chairman of the Board of Directors of Vietnam Airlines said that the international passenger market has only recovered by 60%, while the Chinese passenger market only reached 9% compared to before the pandemic.
Although Vietnam Airlines itself has gradually recovered, the last 6 months of the year are still very challenging due to the effects of the economic recession, rising fuel prices, the Russia-Ukraine conflict, etc.
The unidentified Chinese electric car being sold at 88 million Vietnamese dong is not legally allowed to operate on Vietnamese roads due to not meeting the required inspection standards.
The trend of Chinese electric cars has started reaching into Vietnam, starting with small-sized models. After the Wuling Hongguang Mini EV, other ultra-compact electric cars have followed suit, but their brand names are unclear. They are being sold online for 88 million Vietnamese dong. It is noteworthy that these vehicles are not registered for inspection and thus do not meet the required standards for road use.
With a price tag of 88 million Vietnamese dong, equivalent to a premium scooter such as the Honda SH 125, Honda PCX, or Vespa Sprint, this “unbranded” electric car appears more like a “toy” vehicle than a proper electric car. The details on the car indicate a patchwork design, lacking synchronization.
The car’s body dimensions are only 2,400 mm in length, 1,250 mm in width, and 1,600 mm in height. It has a maximum speed limit of 35 km/h. The design features small and fragile-looking wheels, resembling those found on golf carts. The only modern aspect is the LED lighting system. However, the four doors reveal crude hinges, reminiscent of inexpensive model cars.
In addition to the patchwork exterior details, the interior also reflects a crude and toy-like appearance. The seats are flat and lacking in design, while the control buttons appear to be assembled from a flea market. The car lacks an air conditioning system and instead has two fans plugged into the 12-volt electrical system. The steering wheel resembles that of a toy electric car for children.
Currently, it is unclear what the capacity of the battery system in this car is. However, the seller mentioned that the charging time for the battery is around 8-9 hours, similar to the high-end configuration of the Wuling Hongguang Mini EV, a popular Chinese electric car.
With an unbranded vehicle and a design that resembles toy electric cars for children, the car lacks safety features and cannot be registered or inspected. This poses a significant risk of accidents if driven on public roads. It is likely that this car is intended for use only within closed residential areas in Vietnam.
Shareholders of Black Spade Acquisition (BSAQ.A), a special purpose acquisition company (SPAC) that has plans to merge with Vietnam’s electric automaker VinFast to allow a U.S. listing, have redeemed over 80% of their shares, the SPAC said on Friday.
It was a setback for VinFast, which had initially planned a U.S. listing on its own and has struggled to start production and ramp up sales outside Vietnam.
Earlier this year, VinFast delayed plans to build a $4 billion U.S. electric vehicle (EV) factory in North Carolina. It pushed the start date for the plant to 2025 from 2024.
The Hong Kong-based SPAC’s shareholders have not yet voted on the proposed merger with VinFast, but have exercised their right to redeem shares by Tuesday this week.
Black Spade Acquisition (BSA) said that redemptions amounted to approximately $147 million. “Following the redemption (…), the amount of funds remaining in the trust account is approximately $28.56 million,” the SPAC said in a statement.
VinFast is one of several EV startups fighting to maintain a foothold as market leaders Tesla and BYD engage in a price war, and growth in demand for EVs appears to be slowing in major markets.
“The redemption is inline with recent trend of other SPACs seeking extension,” VinFast said in a statement to Reuters. “There is no impact on the listing process or agreed valuation.”
NYSE-listed BSA was founded by the private investment arm of Lawrence Ho, the son of gambling mogul Stanley Ho. As the SPAC’s planned timeframe for striking a deal drew towards its end, BSA announced in May a surprise merger plan with VinFast to list the carmaker in the New York Stock Exchange.
The SPAC had initially sought to merge with a company ideally in the entertainment business, according to its website.
In a new twist, a month later BSA delisted from NYSE and joined the secondary NYSE American, a market for smaller-cap companies that has tended to have lower liquidity.
VinFast, which was founded in 2017 and began selling EVs in California this year, previously filed for an initial public offering in the U.S. to list on the Nasdaq under ticker symbol “VFS” in December last year, aiming for a valuation of about $60 billion.
The new merged entity was estimated by VinFast and BSA to have a potential equity value of $23 billion.
On Thursday, the SPAC’s remaining shareholders voted to extend its lifespan by one year, about a week before the end of its original two-year term.
BSA had no immediate additional comment.
Reporting by Francesco Guarascio @fraguarascio, Phuong Nguyen and Kevin Krolicki Editing by David Evans, Mark Potter and David Gregorio
The trading volume of XRP against the Korean won was the highest among all other counterparts .
Trading volumes of XRP tokens against the Korean won hit $2.5 billion on South Korean exchange UpBit in the past 24 hours, the highest among counterparts, in a sign of speculative frenzy.
This was more than 50% of the total trading volumes on UpBit in that period. Data shows market depth stood at nearly $5 million as of Asian morning hours, suggesting ample liquidity for the tokens as a $5 million buy or sell order would move the tokens only 2% on the exchange. Such liquidity is usually under $1 million, historical data shows.
The surge came as a U.S. court ruled the sale of XRP on exchanges did not constitute investment contracts. XRP rose as much as 96% following the court order before giving back gains on Friday morning.
Bitcoin (BTC) and ether (ETH) usually account for the majority of the trading activity on UpBit, which makes the XRP volume surge an anomaly. Overall, ten South Korean exchanges turned billions of dollars worth of XRP – contributing to a significant part of the $13 billion in volumes across global exchanges.
Crypto exchange Binance, in comparison, traded a relatively lesser $2.2 million, CoinGecko data shows.
In crypto circles, South Korean traders are known for pushing euphoric rallies on tokens. The so-called Kimchi Premium originates from the region – where prices of bitcoin on local exchanges can trade at a premium of as much as 30% compared to international counterparts, driven by local demand.
However, some of that volume may be attributable to wash trading, a manipulative technique where traders continually buy and sell the same asset to drive up volumes in order to create a false impression of market activity.
The court’s decision weakens the SEC’s stance that the securities law is clear and no separate clarity is required for digital assets, the report said.
The U.S. district court ruling that Ripple’s XRP token should not be considered a security if sold via an exchange or through programmatic sales, is a landmark judgment for crypto, broker Bernstein said in a research report Thursday.
Bernstein notes that the court did rule that institutional sales of XRP violated securities law. Still, this was a major verdict, which removes the overhang on XRP and the holders of the token who bought it through exchanges, the report said.
The ruling reduces the “securities overhang on tokens sold on exchanges,” and is a “major relief for all tokens sold on secondary platforms,” analysts led by Gautam Chhugani wrote.
The court’s decision emphasizes the need for a separate digital assets framework, and given its interpretation it is clear that the “Howey test cannot be straight applied to tokens on exchange platforms, and thus the context of the transaction matters,” the note said.
“This weakens the U.S. Securities and Exchange Commission’s (SEC) stance that the securities law is clear and no separate clarity is required for digital assets, given the contextual interpretation required in every case,” the analysts wrote.
Bernstein says this is a landmark judgement and significantly shifts the “regulatory cloud over the crypto industry”, and it expects institutional investors who have steered clear of digital assets due to regulatory challenges to reconsider the asset class.
In the first six months of 2023, the number of international visitors to Ho Chi Minh City reached over 1.94 million, an increase of 306% compared to the same period in 2022. However, the city still faces a shortage of tour guides.
The Ho Chi Minh City Department of Tourism has recently reported on tourism activities in the first six months of 2023.
According to the report, the number of international visitors to Ho Chi Minh City in June 2023 is estimated at 249,137, a 15.4% increase compared to June 2022 (which had 215,892 visitors). Overall, in the first six months of 2023, there were approximately 1,941,267 international visitors, a 306% increase compared to the same period in 2022 (which had 477,982 visitors), reaching 38.8% of the 2023 target.
On the other hand, domestic tourists visiting Ho Chi Minh City in June 2023 are estimated at 2,642,468, a 25.2% increase compared to June 2022 (which had 2,110,489 visitors). In the first six months of 2023, there were approximately 16,415,438 domestic visitors, a 48% increase compared to the same period in 2022 (which had 11,089,304 visitors), reaching 46.9% of the 2023 target.
The total tourism revenue in June 2023 is estimated at 14,062 billion Vietnamese dong, a 38.2% increase compared to the same period in 2022 (which had 10,172 billion Vietnamese dong). In the first six months of 2023, the total revenue is estimated at 80,833 billion Vietnamese dong, a 62.7% increase compared to the same period in 2022 (which had 49,681 billion Vietnamese dong), reaching 50.5% of the 2023 target.
The number of international visitors to Ho Chi Minh City increased sharply. (Photo: Chi Hung)
Despite achieving positive numbers in the first half of the year, the tourism industry in the city believes that many travel agencies and hotels have not fully recovered from the pandemic. The international tourism market has not fully recovered to the level of 2019.
Furthermore, the transportation of tourists still faces many difficulties. The infrastructure has not been expanded and upgraded in line with urban development, and the high density of vehicles results in a lack of stopping points for pickups and drop-offs at tourist destinations. River tourism products still lack docks, bridges, and the canal environment is polluted, affecting several inland waterway tourism routes. The city also lacks a dedicated port to accommodate international cruise ship passengers.
Notably, there is still a shortage of tour guides for key markets, and a high proportion of small and medium-sized enterprises in the tourism industry limits their ability to compete, penetrate the market, and expand international brand recognition.
The Ministry of Transport has recently issued a document seeking opinions from relevant departments regarding the proposed increase in domestic airfare prices, with an average increase of 3.75% for economy class.
The Ministry of Transport has sent a document to related ministries and sectors to gather feedback on the draft Circular amending and supplementing certain provisions of Circular No. 17/2019 on the price framework for passenger transportation services on domestic air routes.
According to the proposal, the prices for economy class airfares on four domestic air routes are suggested to increase by 2.27-6.67%, with an average increase of 3.75%.
Specifically, the price ceiling for airfares on routes with distances below 500 kilometers remains unchanged at 1.6 million Vietnamese dong per ticket per leg for economically and socially developed routes, and 1.7 million Vietnamese dong per ticket per leg for other routes below 500 kilometers, as it is currently.
For the remaining four groups of routes, economy class fares are proposed to increase by 50,000 to 250,000 Vietnamese dong per ticket per leg, depending on the distance of each route.
The maximum service price includes all passenger costs for one air ticket, excluding value-added tax and revenue collected by service providers for passenger terminals and security services such as passenger service charges and security fees for baggage.
However, this maximum service price does not include additional service charges for extra services. These charges are determined by airlines based on the balance between their service capabilities and market demand.
Previously, the Civil Aviation Authority stated that the current price ceiling for domestic airfares, as stipulated in Circular 17/2019, has been in effect since 2015. At that time, the price of Jet A1 fuel was only $60 per barrel.
Nowadays, both fuel prices and exchange rates have increased significantly, rendering the current maximum prices no longer appropriate.
The Civil Aviation Authority clarified that raising the price ceiling for domestic airfares does not imply that airlines will uniformly increase ticket prices.
On the contrary, this policy will create conditions for airlines to implement flexible pricing policies, expanding the range of ticket prices and introducing more programs and policies that meet the needs of passengers.
