The catastrophic crash of the Bitconnect cryptocurrency, widely criticized as a Ponzi scheme, earlier this week has driven a multitude of Vietnamese investors to the brink of bankruptcy. Bitconnect, one of a number of cryptocurrencies, a kind of digital asset protected by cryptography, was traded at US$27.19 a coin (BCC) as of noon on Friday, plunging 91.07 percent from the previous price. The unexpected collapse left investors around the world devastated, as the cryptocurrency was priced as much as more than $400 a BCC just a few days earlier. BitConnect is a cryptocurrency community developed by an unknown group of programmers, which describes itself as a high-yield investment program but has been accused by critics as a Ponzi scheme because of its multilevel marketing structure. Bitconnect had its token BCC peak at $463 in December 2017, but plunged to $19.28 on January 16. On the same day, Bitconnect announced it would shut down its cryptocurrency exchange and lending operation in the wake of a cease and desist order from Texas and North Carolina regulators. Bitconnect said it would refund all outstanding loans at a rate of $363.62 to the Bitconnect Wallet in form of BCC. On hot bricks The Bitconnect community in Vietnam has some 53,000 members, many of whom have put a fortune into the investment and are now like a cat on hot bricks. Dung, a BCC investor based in District 3, Ho Chi Minh City, said unlike other cryptocurrencies, where investors buy and sell to reap profit… [Read full story]
Dutch Prime Minister Mark Rutte says sending out an international military force to secure the site of the downed Malaysian Airlines plane in eastern Ukraine is "unrealistic". The site is currently controlled by pro-Russia rebels who have been accused of shooting down flight MH17. All 298 people on board - most of them Dutch - died. In the latest fighting in the area, 13 people were killed as troops try to seize Horlivka from the rebels. Separately, the US has released images to back its claim of Russian firing into Ukraine. The images, showing marks on the ground and impact…... [read more]
VietNamNet Bridge - The continued VN Index increases in the last few trading sessions have made securities investors exciting. They have begun coming back to the stock market, believing that the interest rate reductions would help the market prosper again. The trading volumes on both the Hanoi and HCM City bourses have been increasing significantly so far this week. The first trading session of the week on September 5 witnessed the total transferred securities volume at the Hanoi and HCM City Stock Exchanges, reaching 1600 billion dong, which was higher by 700 billion dong than the average trading volume in…... [read more]
Dinh Vu Industrial Zone, located in Haiphong, is an integrated industrial development designed to provide an ideal and solid establishment for international investors. It reached the total investment of nearly US$800 million in 2013. Vietnam Business Forum interviewed Mr Frank Wouters, General Director of Dinh Vu Industrial Zone Joint Stock Company, on the business environment of Vietnam and the latest development of Dinh Vu Industrial Zone. Le Hien reports. What is your view on the investment environment of Vietnam in recent years and your expectation on investment to Vietnam in 2014? I have been in Vietnam for nearly 3 years.…... [read more]
By meeting investors’ expectations for prime locations, complete infrastructure systems, low rent rates, diverse and quality utilities, stable security and environmental friendliness, the expanded Hoa Khanh and Lien Chieu industrial zones developed by Saigon - Da Nang Investment Corporation (SDN) have been chosen by many investors. Potential and advantages The top advantage of the expanded Hoa Khanh Industrial Zone and Lien Chieu Industrial Zone is their favourable positions, between the country’s two largest economic centres of Hanoi and Ho Chi Minh City along National Road 1A. They are close to Tien Sa Port where goods are conveniently transported to and…... [read more]
2012 is a year when a number of investors will be able to capitalize on opportunities in the real estate market following a tough 2011, the real estate services company CBRE said. For some people, companies and individuals, 2012 will be a year when Vietnam finally becomes a profitable market for real estate, CBRE Vietnam Managing Director, Marc Townsend, said last week. "Some sectors have seen prices declining for over three years. There has been pain in the market, with cash flows being challenged as restrictions on capital flows came into place and buyer appetite faded," he said, noting that…... [read more]
