Finance

Opinion by Joe Fotalatte

Despite positive outlooks in the local press on tourism, real estate, stock markets, and other struggling industries, a Hanoi Times article is calling for Vietnam to have a regulatory framework regarding cryptocurrencies. Surprisingly, the author is the Founder of RMIT FinTech-Crypto Hub, Pham Nguyen Anh Huy, Senior Lecturer in Finance at RMIT University Vietnam.

The article noted that exchanges like Binance or Remitano operate freely in Vietnam without a financial services provider license, and investors who profit from cryptocurrency do not pay taxes on their capital gains. In contrast, cryptocurrency exchange providers in Singapore and soon Hong Kong must pass a rigorous licensing process.

The author concluded many cryptocurrency projects, particularly GameFi, Move to Earn, Metaverse, and Web3, were introduced in the unregulated setting, which he claims boosted national innovation and propelled the digital economy.

However, Huy says, the absence of a regulatory framework has resulted in negative aspects, including a volatile business environment, unprotected investors in scams, difficulty in tracking fraudulent and criminal activities such as money laundering, and the inability of tax authorities to collect taxes.

Regardless of the self-promotion, the call for regulation from an industry insider was a breath of fresh air because the local press has been irresponsible on the issue, and the average Joe is left holding the bag in any Ponzi scheme scam.

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.

By Joe Fotalattee

There are now almost 30 data centers in Vietnam, 46% located in the north, 35% in the south, and 18% in the center.

According to reports from Nhan Dan, the Vietnamese data center market will increase at a compound annual growth rate of nearly 15% until 2026, from a 2020 value of USD 858 million.

In Ho Chi Minh City, Viettel introduced the Viettel Cloud ecosystem earlier in October, with 13 facilities and more than 9,000 racks, the largest data center infrastructure in Vietnam.

The VNG Company opened the VNG Data Centre, a brand-new data center of international caliber. The center will grow from its initial 410 server racks to 1,600 racks. With a $1.05 trillion investment, CMC Corporation opened a 1,200-rack, 13,000-square-meter data center in Ho Chi Minh City in August.

The Vietnamese data center market has experienced impressive growth due to the ability to deliver services up to international standards.