Vietnam ranks third in crypto gains in 2023: US analysis firm

Vietnam was the third largest cryptocurrency gainer in the world in 2023, only after the U.S. and UK, with nearly 1.2 billion USD, according to U.S. blockchain analysis firm Chainalysis.
Vietnam ranks third in crypto gains in 2023: US analysis firm ảnh 1Vietnam was the third largest cryptocurrency gainer in the world in 2023. (Photo: AFP/VNA)
Hanoi (VNA) - Vietnam was the third largest cryptocurrency gainer in theworld in 2023, only after the U.S. and UK, with nearly 1.2 billion USD,according to U.S. blockchain analysis firm Chainalysis.

It was one of five Asianmarkets in the top 10 countries for cryptocurrency gains last year, besidesChina, Indonesia, India, and the Republic of Korea.

“We can see several upper and middle income countries whoseresidents appear to have achieved outsized gains. Vietnam, China, Indonesia,and India, for example, all hit over 1 billion USD in estimated gains,” it wrotein its “2023 Cryptocurrency Gains by Country” report, released last week.

In the report, Chainalysisestimated worldwide crypto investors achieved total gains of 37.6 billion USD lastyear.

While this total is muchsmaller than the 159.7 billion USD made during the 2021 bull market, itrepresents a significant recovery from 2022, which saw estimated losses of 127.1billion USD. Interestingly, the total gains estimate for 2023 was lower than2021, despite crypto asset prices growing at similar rates in each of thoseyears.

“One possible explanation for this could be that investors in 2023 were lesslikely to convert crypto assets into cash, under the expectation that priceswould rise even higher given that they didn’t surpass previous all-time highsat any point in 2023, unlike in 2021,” it commented.

The U.S. led the way incryptocurrency gains by a wide margin in 2023 at an estimated 9.36 billion USD.It was followed by the U.K. with 1.39 billion USD.

China came fourth with 1.15billion USD, although cryptocurrency trading and mining activities have beenbanned in that country since 2021.

In Southeast Asia, in additionto Vietnam, Indonesia ranked fifth with 1.06 billion USD, the Philippines 20thwith 0.5 billion USD, and Thailand 28th 0.33 billion USD.
According to Chainalysis, thepositive trends of 2023 have carried over into 2024, with notable crypto assetslike Bitcoin achieving all-time highs in the wake of Bitcoin ETF approvals andincreased institutional adoption.

“If these trends continue, wemay see gains more in line with those we saw in 2021. As of March 13, Bitcoinwas up 65.4% and Ether is up 70.2% in 2024,” it said.

For the ranking, Chainalysisused on-chain data to estimate investors’ cryptocurrency gains based onmovements of crypto assets in and out of services where they can be on oroff-ramped into fiat currency.
VNA

See more

At an automotive exhibition in Shanghai, China. (Photo: AFP/VNA)

Chinese electric vehicles drive back into Vietnamese market

About a decade ago, Chinese car brands like Zotye Z8, Beijing X7, and Brilliance V7 entered the Vietnamese market to limited success. But a new fleet of modern Chinese vehicles began to gain traction in the Vietnam market last year.

Illustrative image (Photo: VNA)

Nearly 16 trillion VND raised through January bond auctions

The January auctions saw a strong preference for 10-year and 15-year bonds, representing 80.2% and 14.8% of the total, respectively. Specifically, 10-year bonds raised 12.81 trillion VND, while 15-year bonds garnered 2.36 trillion VND.

Thang Long ferry at Cau Da port in Ba Ria - Vung Tau province. (Photo: VNA)

Vung Tau - Con Dao high-speed ferry reoperated

The high-speed ferry service connecting Vung Tau city and Con Dao island in the southern province of Ba Ria-Vung Tau and vice versa was resumed on February 7 by Phu Quoc Express JSC after a 5-month suspension.

At the working session between the Vietnam Directorate of Market Surveillance and the US Embassy over counterfeit Sunview-branded raisins in Hanoi on February 7. (Photo: dms.gov.vn)

Vietnam, US tackle counterfeit Sunview-branded raisins

Statistics showed that since 2024, there have been 27 documented cases involving Sunview raisins, resulting in fines of over 536 million VND (21,440 USD), primarily due to the sale of smuggled goods and products of unclear origin.

The VF3 model manufactured by VinFast is the most popular model in Vietnam's market. ( Photo courtesy of the company)

EVs will no longer be exempt from registration fees

Instead of enjoying a zero percent registration fee, battery-powered electric vehicles (EVs) will be required to pay 50% of the fee applicable to internal combustion engine cars with the same seating capacity.

Thuan An Fishing Port (Photo: tuoitrethudo.vn)

Thuan An fishing port opens, boosting Hue’s seafood industry

The second docking area of Thuan An Fishing Port has a minimum cargo handling capacity of 20,000 tonnes per year, and is capable of simultaneously accommodating 500 fishing vessels of at least six metres in length for docking and storm shelter.

Vietnamese prefer buying gold to mark God of Wealth Day (Photo: VNA)

Gold prices up again on God of Wealth Day

Gold prices surged significantly, exceeding the threshold of 90 million VND (3,550 USD) per tael at the opening session of the God of Wealth Day on February 7 (the 10th day of the first lunar month).