OneCoin, a cryptocurrency widely associated with Ponzi-like fraud around the world, has managed to form a market in Vietnam, where local ‘investors’ are spending money in the hope of becoming overnight euro millionaires. OneCoin, a cryptocurrency widely associated with Ponzi-like fraud around the world, has managed to form a market in Vietnam, where local ‘investors’ are spending money in the hope of becoming overnight euro millionaires. Cryptocurrency, such as the popular BitCoin, is a digital asset designed to work as a medium of exchange using cryptography to secure transactions and to control the creation of additional units of the currency. OneCoin, promoted by OneCoin Ltd, a Gibraltar-based company led by Bulgarian Ruja Ignatova, has been described as a get-rich-quick scheme similar to the Ponzi scheme. Despite this, OneCoin is the cryptocurrency that has attracted the most ‘investors’ in Vietnam. OneCoin members are invited to use real … [Read more...] about Ponzi-like OneCoin trading scheme swindles many in Vietnam
What is the currency used in vietnam
Vietnamese schools need to follow the law. Schools in Vietnam get a bad rap, and often rightly so. Many break the parts of the law they don't know about and feign ignorance at the parts they do. Some cheat, lie and steal from their staff at times. Not just the small ones, the big names too. But this isn't a rant about that. This is about something specific. Three specific issues. Issue one. Payment. The State Bank of Vietnam in Article 3 "Principles of restricting the use of foreign exchanges within Vietnam's territory" of Circular No. 32/2013/TT-NHNN clearly states: Within the territory of Vietnam, except for cases that are allowed to use foreign exchanges as provided for in Article 4 of this Circular, any transaction, payment, listing, advertising, quotation, valuating, pricing in any contract, agreement and other similar forms (including the conversion or price adjustment of goods, services, value of contract, agreement) of residents, non-residents, shall not be performed in … [Read more...] about Cheating schools and other problems expats face in Vietnam
VietNamNet Bridge - At least two financial institutions have predicted that the dong will continue depreciating against the US dollar. A report released on August 20 by the Hong Kong and Shanghai Banking Corporation (HSBC) Vietnam said the dong could lose 2 percent of its value more from now to the end of the year. Meanwhile, the latest report by the Ban Viet Securities Company (VCSC) said the State Bank of Vietnam might continue to widen the forex trading band. The institutions came to the conclusion based on the fact that the Chinese yuan has depreciated sharply and may depreciate further. According to Rabobank, the Chinese central bank will have to stop supporting the yuan in early December and let the currency depreciate because of lower foreign exchange reserves. China is selling foreign currencies to support the yuan. Analysts from Deutsche Bank, Barclays and Societe Generale estimated that in August 2015 the Chinese central bank had to use $100-200 billion from its … [Read more...] about What if the VND continues to depreciate?
VietNamNet Bridge - 2015 was believed to be the year which witnessed a boom of technology startups in the finance sector, or Fintech. The fact that Wal-mart had to shut down 279 stores showed the different situation of traditional retail companies and technology firms as Amazon recently used robots to handle goods at storehouses. Technology firms not only have reached out their hands toward the retail sector, but also to some other business fields including transport. The war between Uber and traditional taxi firms is a typical example. In Vietnam, some Fintechs have offered to provide overseas remittance services with the surprisingly low cost of $2, or to provide small consumer loans that commercial banks refuse. However, in order to become an ‘Uber in the financial sector’, the fledgling businesses would have to overcome difficulties. Money Lover, an app which appeared recently in Vietnam, according to experts, is just a kind of ‘diary on spending’ … [Read more...] about Fintech to see boom in Vietnam
Finance ministers from the Pacific Rim gathering in Vietnam this week are scheduled to discuss reducing global imbalances and steps to combat the financing of weapons of mass destruction, AP reported Tuesday. The ministers and lower-level officials from the 21-member Asia-Pacific Economic Cooperation forum will be shaping the agenda for the leaders summit in Hanoi in November. Vietnamese receptionists wait at a registration for the media at a hotel where the 13th APEC Finance Ministers Meeting is to take place in Hanoi (Photo: AP) … [Read more...] about Finance ministers meet in Vietnam