Nguyen Ayi

CrimeNews
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Crypto Ponzi Scheme Continues In Vietnam

Posted byNguyen Ayi

Opinion by Joe Fotalattee

Washington’s legal crackdown on cryptocurrencies was long overdue, and the SEC on Friday, January 15, 2023 accused some of the biggest names in the industry of running an unauthorized lending service that caused significant losses for clients.

The U.S. Securities and Exchange Commission (SEC) accused Genesis Global Capital, a cryptocurrency lender, and Gemini, a former business partner, of selling unregistered securities through Gemini Earn. Genesis is a division of the Barry Silbert-founded Digital Currency Group, while Tyler and Cameron Winklevoss, who are both billionaires, run Gemini.

The companies are charged with using the success of Gemini Earn, which guaranteed investors a return of up to 8%, to raise billions. The issue: According to the SEC, they broke securities laws by disregarding “disclosure requirements intended to protect investors.”

The SEC claims that 340,000 Earn customers have a $900 million loss. Injunctive relief, civil penalties, and restitution for “ill-gotten gains” are demanded in the complaint.

Additional writing on the wall for the crypto bust is Crypto.com also announcing on Friday that 20% of its staff would be laid off. The crypto exchange grew “ambitiously,” according to CEO Kris Marszalek, but was unable to withstand the demise of Sam Bankman-Fried’s crypto empire FTX, he wrote in a blog post.

Losing a job is better than losing your life savings. With Vietnamese media companies pushing pump-and-dump schemes on their unsuspecting readers, one wonders what billionaires in Vietnam are behind the positive spin of Crypto, which has been proven to be riddled with fraud and lacking intrinsic value.

Vietnam appears to lack any “disclosure requirements intended to protect investors” and the government should step in with regulations to prevent the loss of millions, and the media should not be creating a new financial crisis to benefit the billionaires.

FinanceNews
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Da Nang Attractive To Foreign Investors

Posted byNguyen Ayi


by Joe Fotalattee

On January 16, Nguyen Van Quang, a member of the Party Central Committee, hosted in Da Nang delegations from the consulates general of China, Japan, Laos, and the Russian Federation.

In attendance at the meeting were the consul generals of the various nations, who sent greetings for the Lunar New Year of 2023 to the secretary of the city party committee and the city’s authorities. Consuls from other nations expressed their appreciation and congratulations for Da Nang’s socioeconomic recovery and development in 2022.

Consul Generals from China, Japan, Laos, and the Russian Federation declared that they would continue to promote bilateral cooperation in the future, fostering connections between Da Nang and regions and units of other nations.

Nguyen Van Quang, the secretary of the Da Nang City Party Committee, praised the accomplishments of the socioeconomic development of China, Japan, Laos, and the Russian Federation.

Da Nang city, in particular, has many advantages in luring investment, including an abundance of human resources, numerous preferential policies, industrial parks, and high-tech parks.

According to VNA, leaders of Danang are dedicated to continuously fostering a favorable environment, streamlining administrative processes, and encouraging support for foreigners and businesses operating in and around Da Nang.

FinanceNews
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Pork Sales For Tet

Posted byNguyen Ayi


By Joe Fotalattee

VNA is reporting major retailers are advertising steep discounts on necessary consumer goods in preparation for the Lunar New Year.

The Union of Trade Cooperatives of Ho Chi Minh City, in particular, continues to “pump” 12,000 Tet products and programs to the market to meet consumer shopping and consumption needs for the Lunar New Year of the Rabbit in 2023. Pork is the primary ingredient in Tet dishes like banh chung and banh tet, and retailers are slashing pork prices.

Saigon Co. Op is providing a 30% discount on ground pork products, pork bones, pig bones, pork ribs, and pork ribs.

A variety of food products will continue to be promoted through sales, according to Phan Van Dung, Deputy General Director of Vietnam Animal Products Industry Joint Stock Company (VISSAN). The price will remain stable to boost consumer demand.

The volume of goods expected to enter the market may rise by an average of 20 to 35 percent during the week leading up to the Lunar New Year in 2023.

The government and retailers have been working together to ensure no stock shortages and to curb inflation. The economic outlook for 2023 continues to remain positive.

CrimeNews
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Police Investigate Illegal Firework Ring

Posted byNguyen Ayi

By Joe Fotalattee

Nguyen Dinh Dinh (born 1967, residing in Thien Cam town) allegedly conspired to trade illegal firecrackers in Cam Xuyen, province of Ha Tinh. VNA reported raids were conducted on January 13 by the Nghi Loc district police.

The Nghi Loc District Police coordinated with the professional divisions of the Nghe An Provincial Police and the Public Security of Thien Cam town after a period of professional investigation. They identified Nguyen Thai Dai and Nguyen Dinh Dinh as the leaders and detained several people for illegal trade and firecracker possession. Nearly 400 kilograms of firecrackers were traded by the subjects, according to the total seized at their homes.

The Nghi Loc district police have detained the suspects, and continue the investigation to expand the special case. The investigation is ongoing.

News
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Vietnam President Leads National Ceremony

Posted byNguyen Ayi

By Joe Fotalattee

State President Nguyen Xuan Phuc, his wife, and representatives of more than 5 million Vietnamese living abroad paid tribute to the ancestors and those who had worked for thousands of years to build and defend the nation as well as to ensure its peace and future prosperity during the ceremony.

The Imperial Citadel of Thang Long’s archaeological remnant is part of a customary ceremony that typically takes place a week before the Lunar New Year, or Tet.

The delegation of overseas Vietnamese participants in the Fatherland Spring also paid a visit to the Mausoleum of President Ho Chi Minh on January 14 in the morning and laid a wreath at the Hanoi Monument to Heroes and Martyrs on Bac Son Street.

President Nguyen Xuan Phuc attended the “Homeland Spring 2023” with the theme “Country of Beliefs and Aspirations” on the evening of January 14. He was joined by overseas Vietnamese from all over the world.

Since 2008, this program has been the biggest foreign and cultural event held for Vietnamese living abroad during the Lunar New Year festival. It attracted over 3,000 delegates and was broadcast live on Vietnamese television.

EducationGood NewsNews
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Digital Transformation In Education

Posted byNguyen Ayi

By Joe Fotalattee

In response to the initiative “Computers For Kids,” Qualcomm Corporation has donated 2,400 mobile computers (laptops) with 4G/LTE Internet connections to educational institutions all over Vietnam. This has helped ensure that students in rural areas have access to computers and the Internet.

Qualcomm worked with the Dariu Foundation to donate computers to schools in the province of Hoa Binh. In order to “Strengthen applications” of information technology and digital transformation in education and training for the years ahead.

The program to universalize digital skills and encourage the development of STEM skills was summarized on April 14 in Hanoi by Qualcomm Corporation and Dairu Foundation.

According to Hong Nam, Deputy Director, Department of Information Technology (Ministry of Education and Training), the improvement of teachers’ and students’ digital competence and skills in schools is a major focus in carrying out a digital transformation in Education.

Expat VoicesSatire
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White Savior Complex Leads To First “Real” Cinnabon in Vietnam

Posted byNguyen Ayi

Satire By Joe Fotalattee

Larry Chave, 35, from Burt Korn, Alabama first arrived in Ho Chi Minh as a tourist in 2012. “From the first moment I stepped foot in the bustling alleyways with a plethora of food stalls, I didn’t see one Cinnabon.”

Larry previously visited impoverished nations in Africa and thought that he could change the world if the fried dough with sugar on top was prepared in the “correct way”.

It first started as a hobby for Larry as he made a few Cinnabons in his toaster over in his apartment in Thu Duc. “It was really difficult at first because there are no ovens in Vietnam,” Larry told The Beat.

Larry was determined to get the “correct” flaking of the dough while baking and began sharing the cinnamon buns with some of his NGO friends. “I even suggested they could do a white paper on exploiting low labor costs, because I would never be able to have an employee in my own country.”

Yet, Larry does not currently have staff and hopes to hire some soon. This doesn’t stop Larry from describing himself as an entrepreneur, CEO, and sole proprietor. “After a few more of these visa border runs, I plan to expand into other markets like Hanoi.” Larry spoke optimistically about the future, “A lot of people call me the King of The Cinnabon, but you can just call me Larry.”