Authorities in Vietnam have been talking about regulating cryptocurrency for some time. Definitive regulations, however, have been somewhat elusive with parties engaged in the cryptocurrency trade relying on a patchwork of other regulations–digital payments guidelines, for example, to guide the industries development…

Vietnam minimum wage regions to change at next wage hike

the-shiv May 23, 2024

The four regions by which Vietnam defines what minimum wage should be paid where, are to be updated this year when the minimum wage rises in July. This will see several local government areas move up a bracket giving an extra boost to minimum wage workers in these areas. Moving

Netflix takes down video games in Vietnam at MIC request

the-shiv May 23, 2024

Netflix and the MIC have been at loggerheads for years now over compliance with the Cybersecurity Law with Netflix resisting demands from the MIC to open a local office. It’s not just Netflix either. The MIC wants all cross-border service providers to have a presence in Vietnam, ostensibly so that the ministry can better enforce its…

Vietnam’s Foreign Investor Stock Sell-Off: Unpacked 2024

Mark Barnes May 23, 2024

On March 27, foreign traders net-sold US$73.8 million worth of Ho Chi Minh City Stock Exchange–known colloquially as the HoSE–stocks. This was the biggest single-day net withdrawal from the market since at least December. It was, however, part of a trend that has seen foreign traders exit the market to the tune of US$1.18 billion in the six months to May 3 alone…

State Bank of Vietnam adds US$600 million to forex intervention tally

the-shiv May 23, 2024

The State Bank looks to be using its forex reserves as a stop gap until the US cuts interest rates which should take some heat out of the US dollar. That said, the earliest analysts are expecting a US rate cut is July but September is looking much more likely, according to Morgan Stanley…

Owner of Vietnam’s gold hotel in Hanoi sees debts put up for auction

the-shiv May 23, 2024

The connection to the gold hotel in Hanoi, whether it’s up for grabs or not, is noteworthy in that it was finished in 2019 right before COVID-19 saw borders close for the better part of two years. Up to that point, Vietnam’s economy had been going gangbusters as Vietnamese real estate and construction tycoons issued bonds and borrowed money hand over fist expanding…

Apple deleted 5,000+ Vietnam apps mostly for fraud, one at gov’t request

the-shiv May 23, 2024

Just one app was also removed in 2023 for beaching Vietnam’s Cybersecurity Law. This law requires cross border service providers like streaming sites and online video game distributors to open local offices and store data locally. That said, with just one takedown request for the whole of last year (for comparison in China it was 1,285) enforcing this law in Vietnam looks to be shaping up as…

Vietnam Electricity denies Apple supplier asked to reduce power use by 30 percent

the-shiv May 23, 2024

EVN has said reports it had asked Apple supplier Foxconn to voluntarily reduce its power use by 30 percent, are incorrect. The original source of the report was a Reuters article based on information provided by ‘two people familiar with the matter’. In the interests of deciphering what’s true and what’s not, there are a few points to consider…