Retail News CRM

Author: Mei Ling Tan

  • Onitsuka Tiger Unveils Worlds Biggest Flagship Store in Tokyo, Offers Immersive Retail Experience

    Onitsuka Tiger Unveils Worlds Biggest Flagship Store in Tokyo, Offers Immersive Retail Experience

    Onitsuka Tiger, a renowned Japanese fashion label, has inaugurated its most expansive flagship store globally in Tokyo’s Shinjuku district. This notable move precedes the brand’s impending transformation into a distinct, independent subsidiary.

    The flagship outlet, sprawling over 1837 square meters and distributed across four floors, provides a comprehensive display of Onitsuka Tiger’s product collection. This includes their Heritage line, the Contemporary range that spotlights runway collections from the prestigious Milan Fashion Week, and The Onitsuka formal footwear series.

    Unique to this store is the brand’s debut in-store entertainment area, alongside proprietary merchandise and engaging retail experiences. The store’s design, masterminded by the Milan-based Studio Dini Cataldi, incorporates a ‘vertical narrative’ theme. Each floor distinctly showcases a variety of materials, hues, and aesthetics, derived from a fusion of Japanese artistry and Italian design elements. The building’s defining architectural feature is its Tiger Yellow concrete facade.

    Onitsuka Tiger aspires for their outlets to serve as destinations where visitors can delve into the brand’s ethos and history. The new flagship store epitomizes both the brand’s rich legacy and its innovative spirit. Being the largest global flagship store, it amalgamates all product categories under one roof, offering a novel brand experience to visitors worldwide.

    This grand opening is closely followed by the announcement from the parent company, Asics, of its plans to transition the Onitsuka Tiger business into a fully owned subsidiary, the OT Group, effective from January 1 of the coming year. This strategic restructuring aims to provide the fashion label with increased operational autonomy, thereby facilitating quicker decision-making and bolstering its global expansion aspirations.

    Questions & Answers

    What does the new Onitsuka Tiger flagship store in Tokyo’s Shinjuku district offer?

    The massive flagship store showcases the brand’s full range of products, including their Heritage line, the Contemporary collection featuring highlights from Milan Fashion Week, and The Onitsuka formal footwear series. The store also debuts the brand’s in-store entertainment area, exclusive merchandise, and immersive retail experiences.

    What is the concept behind the store’s design?

    Conceptualized by Milan-based Studio Dini Cataldi, the store design incorporates a ‘vertical narrative’ theme, with each floor distinctly showcasing diverse materials, colors, and aesthetics. This is inspired by a blend of Japanese craftsmanship and Italian design, culminating in its signature Tiger Yellow concrete facade.

    What is the purpose of the brand’s restructuring?

    The restructuring, announced by parent company Asics, is set to transform the Onitsuka Tiger business into a wholly-owned subsidiary named OT Group. This strategic move is intended to grant the fashion label greater operational independence, thereby enabling faster decision-making and supporting its global growth ambitions.

  • Five Guys Joins US Fast-Food Frenzy in China with First Beijing Outlet Opening

    Five Guys Joins US Fast-Food Frenzy in China with First Beijing Outlet Opening

    Five Guys, an American burger chain, is set to open its first outlet in Beijing in the coming month, joining a surge of American fast-food brands either entering or rapidly expanding within China. This comes on the heels of the establishment of the brand’s first Chinese outlet in Shanghai in 2021. According to a statement made by the company last week, it is aiming to open three outlets in Beijing’s prime shopping centers, primarily targeting younger consumers. Construction activities are already underway, indicating that the openings are not far off.

    American chains like Wendy’s, Chili’s, Texas Chicken, and Popeyes are all vying for a piece of the world’s second-largest consumer market as they face oversaturation in their domestic markets, according to industry analysts. Sandy Lim, a China consumer analyst at S&P Global Ratings, stated that some smaller American chains are exploring possibilities in China to counterbalance the oversaturation in their domestic markets.

    Lim elaborated, “Despite fierce competition, there are still pockets of demand within China’s large catering market.” She explained that unlike previous foreign brands that depended on direct operations overseen by overseas headquarters, exposing them to profits, losses, and market volatility, many American brands nowadays prefer franchising models.

    Wendy’s, listed on Nasdaq, announced in May its plans to open up to 1,000 stores across China in the next decade. As per its first-quarter earnings report, the company has entered into a new franchise agreement with an experienced local restaurant operator, who remains unnamed.

    In the first quarter, the burger chain’s sales, in the same stores, fell by 7.8% year on year, while its system-wide sales in international markets rose by 6% from the previous year.

    Texas Chicken, another American fast-food chain, plans to open its first Chinese outlet in Shanghai this summer. In an April statement, the company announced its partnership with Deke Shengtang, a well-established local operator with several quick-service restaurant brands, to develop a minimum of 600 restaurants across the country over the coming years.

    Chili’s, yet another American chain, opened its second store in Beijing in May. Meanwhile, the Louisiana-based fried chicken brand, Popeyes, made a comeback to Beijing in April, nearly twenty years after it left China in 2003. This chain currently has over 80 outlets in Shanghai.

    Adapting to the Chinese Market

    Fu Yifu, a special research fellow at Su Merchants Bank, noted that inflation continues to affect household spending in the U.S., while the presence of Western fast-food brands in China continues to grow.

    Early market entrants like KFC, McDonald’s, and Starbucks have developed localized franchising models to mitigate risks. Five Guys is positioning itself to appeal to quality-conscious consumers in first-tier cities. Fu emphasized that Chinese consumers are not automatically attracted to foreign brands anymore. To succeed, these brands must offer differentiated products and adopt localized operations.

    Questions & Answers

    What is Five Guys’ expansion plan in China?
    Five Guys plans to open three stores in Beijing’s popular shopping centers, targeting younger consumers. This follows the opening of its first China outlet in Shanghai in 2021.

    What strategy are American fast-food chains employing in China?
    Many American fast-food chains are opting for franchising models in China, partnering with experienced local operators. This model reduces their exposure to market volatility compared to direct operations managed by overseas headquarters.

    What approach is Five Guys taking to appeal to Chinese consumers?
    Five Guys is targeting quality-focused consumers in first-tier cities. As Chinese consumers are not automatically attracted to foreign brands, the company is focusing on offering differentiated products and adopting localized operations.

  • Home Credit Vietnam Triumphs Again: Wins Coveted Finance and Sustainability Awards for 2026

    Home Credit Vietnam Triumphs Again: Wins Coveted Finance and Sustainability Awards for 2026

    Home Credit Vietnam has been awarded ‘Finance Company of the Year’ for the second consecutive year, and also received the ‘Sustainability Initiative of the Year’ at the Asian Banking & Finance Retail Banking Awards 2026. The awards acknowledge the company’s robust business performance, as well as its endeavors in financial inclusion, promoting environmentally friendly consumption, and fostering community development.

    Striving for Sustainable Growth

    The FiinGroup’s Vietnam Consumer Finance Report 2026 indicates that Vietnam’s consumer finance market is evolving, with a shift in focus towards the quality of growth, operational efficiency, and risk management in the wake of a period of market instability. In this context, Home Credit Vietnam has consistently invested in augmenting its governance capabilities and integrating technology into its operations and customer service. The company has fortified its credit assessment models and digital systems, which has facilitated quicker processing of applications and honed loan portfolio management.

    Moreover, the company has crafted financial solutions tailored to diverse customer segments, considering their repayment capacity, and has enhanced the transparency of product information and loan terms to aid customers in making more informed borrowing decisions. These efforts have culminated in Home Credit Vietnam receiving the ‘Finance Company of the Year’ award, which acknowledges financial institutions based on their operational performance and adaptability to fluctuating market conditions. The company’s 2025 financial statements reveal a 36.8% increase in total assets compared to the start of the year, with an after-tax profit of VND2.077 trillion (US$79 million).

    Embedding Sustainability in Business Practices

    Pham Ngoc Khang, the Chief Strategy Officer and Chairman of Home Credit Vietnam’s ESG Steering Committee, emphasized that sustainable development forms a key part of the company’s long-term strategy. He asserted that a company’s growth should align with the interests of customers and communities, as financial solutions are truly meaningful only when they improve the quality of life and broaden people’s access to financial services.

    The company’s sustainability strategy, which was recognized by the ‘Sustainability Initiative of the Year’ award, centers on increasing access to responsible finance, promoting green consumption, and supporting community development. In 2025, Home Credit Vietnam launched preferential financing packages for electric motorcycles to spur the use of zero-emission transportation. They also broadened their financial literacy initiatives. By the end of 2025, the company’s Home Smart online platform had reached over 21 million people, and they had organized personal finance management workshops for over 4,000 students and women.

    Questions & Answers

    What awards did Home Credit Vietnam receive at the Asian Banking & Finance Retail Banking Awards 2026?
    Home Credit Vietnam was recognized as ‘Finance Company of the Year’ for the second year in a row and also received the ‘Sustainability Initiative of the Year’ award.

    What are some of the initiatives Home Credit Vietnam has undertaken to promote sustainable growth?
    The company has been investing in enhancing its governance capabilities, integrating technology into its operations, and crafting tailor-made financial solutions for diverse customer segments. They have also increased the transparency of product information and loan terms to aid customers in making informed decisions.

    What is the focus of Home Credit Vietnam’s sustainability strategy?
    The sustainability strategy of the company involves expanding access to responsible finance, promoting green consumption, and supporting community development. They have launched financing packages for electric motorcycles and extended their financial literacy initiatives to promote responsible lending.

  • VinFast Vietnam Doubles Capital to $388M, Streamlining Global Auto Design and Sales

    VinFast Vietnam Doubles Capital to $388M, Streamlining Global Auto Design and Sales

    VinFast Vietnam, a budding organization specializing in the design and sale of VinFast vehicles, recently increased its capital funds substantially. The company doubled its capital from VND5.18 trillion to VND10.18 trillion, equivalent to US$388 million, by issuing 500 million preference shares. This significant financial move was announced on July 13 via the National Business Registration Portal. Alongside this, it was revealed that foreign ownership within the company has seen a decline from 10.4% to 5.3%.

    Company Restructuring and Roles

    The creation of VinFast Vietnam was initiated on June 19, following the sale of the automaker’s manufacturing operations, VFTP, to Tuong Lai Company. This company is financially backed by billionaire Pham Nhat Vuong along with a group of investors. VinFast Vietnam has been assigned the responsibilities of global research and development, managing after-sales services, and overseeing sales operations.

    The managerial roles within VinFast Vietnam have been clearly delineated. Pham Nhat Vuong, the founder of the parent organization, serves as the company’s CEO. On the other hand, Thai Thi Thanh Hai, a seasoned executive from Vingroup, has been appointed as the chairwoman.

    Questions & Answers

    What led to the creation of VinFast Vietnam?
    The company was established after the sale of automaker manufacturing operations, VFTP, to Tuong Lai Company.

    What are the primary responsibilities of VinFast Vietnam?
    The company is in charge of global research and development, after-sales services, and sales operations.

    Who are the key executives of VinFast Vietnam?
    Pham Nhat Vuong serves as the company’s CEO, while Thai Thi Thanh Hai is the chairwoman.

  • Techcombank Leverages Digital Finance to Tap into Vietnams $100 Billion Infrastructure Nexus

    Techcombank Leverages Digital Finance to Tap into Vietnams $100 Billion Infrastructure Nexus

    Techcombank, Vietnam Technological and Commercial Joint Stock Bank, is strategizing to bridge global capital with Vietnam’s escalating investment needs. The bank is placing digital financial infrastructure at the forefront, seeing it as a pivotal factor for the country’s next economic growth stage.

    Techcombank is expressing its aspiration to be instrumental in channeling both local and global capital towards Vietnam’s economic progression. In furtherance of its goals, it co-hosted the Vietnam Financial Forum 2026 (VFF 2026) from July 9th to 10th in Danang. The forum attracted over 350 attendees, including policymakers and executives from domestic and international financial institutions and companies.

    Modernizing Vietnam’s Capital Markets

    The forum centered on the modernization of Vietnam’s capital markets, bolstering the country’s financial infrastructure, and enhancing corporate access to capital. The country’s government aims to achieve double-digit economic growth from 2026 through to 2030.

    Digital and green finance took center stage at the forum. Delegates deliberated on how new technologies and the digital transformation of the financial infrastructure could ease capital flow and bolster Vietnamese companies.

    Techcombank CEO, Jens Lottner, in his keynote speech, pointed out that the bank’s role goes beyond conventional financing. He stated, “We are constructing the digital infrastructure that allows capital, data, and financial services to flow smoothly through the economy.” The CEO also revealed Techcombank’s goal to be Vietnam’s most reliable financial platform and to help efficiently channel domestic and international capital into sectors generating sustainable economic value.

    $100 Billion Investment Goal

    The funding of Vietnam’s rapidly expanding infrastructure needs was a key focus of the forum. Techcombank executives and representatives of their partner ecosystem discussed potential areas for the next $100 billion investment. The conversations included infrastructure, energy, and industrial development, as well as tactics to draw capital from global institutional investors.

    Techcombank emphasized mechanisms for luring foreign investment and steering international capital towards strategic Vietnamese projects. Lottner mentioned that Techcombank is ready to share its experience in developing digital ecosystems and utilizing data and technology to connect citizens, companies, investors, and public services.

    Techcombank aims to contribute its financial resources, tech expertise, and global network to the development of a more modern and transparent financial ecosystem through its participation in the Vietnam Financial Forum. The bank currently services around 18 million retail and corporate clients and operates one of Vietnam’s top digital banking platforms.

    Questions & Answers

    What is Techcombank’s primary aim in Vietnam’s economic development?
    Techcombank aims to facilitate the efficient allocation of both domestic and international capital into sectors generating sustainable economic value, leveraging digital financial infrastructure.

    What were the key areas of focus at the Vietnam Financial Forum 2026?
    The forum focused on modernizing Vietnam’s capital markets, strengthening the country’s financial infrastructure, and improving corporate access to capital. Other areas of focus included digital finance, green finance, and the role of technology in facilitating capital flow.

    What is Techcombank’s strategy for meeting Vietnam’s growing infrastructure needs?
    Techcombank intends to attract and steer international capital towards strategic projects in Vietnam. It also aims to share its experience in developing digital ecosystems and using data and technology to connect various sectors, including citizens, companies, investors, and public services.

  • FamilyMart Revolutionizes Retail with Innovative Flagship Store Concept in Tokyo

    FamilyMart Revolutionizes Retail with Innovative Flagship Store Concept in Tokyo

    FamilyMart, Japan’s widely recognized retailer, has launched its first Famima flagship store in Tokyo, marking a significant reimagining of the conventional convenience store as the company gears up for its 45th anniversary.

    FamilyMart’s Next Generation Retail

    Located in Tokyo’s upscale Azabudai district, the 217sqm store is a striking deviation from the traditional convenience store model. It features a unique blend of convenience, lifestyle products, and fashion; an official unveiling of a fresh retail concept. The new store boasts a ‘Convenience Wear’ apparel section, interactive styling tools, and exclusive merchandise. It also provides multilingual support to cater to a diverse customer base.

    The store design goes beyond the indoors, featuring outdoor seating areas, a rooftop garden, and even a takeaway counter.

    This innovative venture is part of FamilyMart’s ‘Next FamilyMart Project,’ an initiative aimed at experimenting with novel store formats, merchandising approaches, and customer experiences, with the potential for successful concepts to be implemented more broadly in the market.

    FamilyMart’s Collaboration and Expansion Strategy

    The store’s concept was conceived in partnership with renowned Japanese creative director Nigo. This collaboration underscores FamilyMart’s growing emphasis on delivering an experience-focused retail model that expertly melds lifestyle products, fashion, and design with the retailer’s staple convenience offerings.

    FamilyMart is expanding its intellectual property strategy with the introduction of a new Famima brand character. Merchandise featuring the new character is making its debut at the flagship store, with plans for a wider rollout across Japan in the future.

    Insights gleaned from the flagship store in Tokyo will influence future store expansions, with the expectation of gradually introducing selected concepts to FamilyMart’s nationwide network.

    FamilyMart’s representative director and president, Tatsuo Odani, stated, “Our new Famima initiative aims to unlock the full potential of convenience stores and bring it to life. Transformation and evolution, with a view to the future, will be necessary for sustained growth. Through collaboration with creators, we aim to infuse even more creativity, enjoyment, and excitement into the convenience store experience.”

    This initiative represents FamilyMart’s broader strategy to redefine the convenience store model in response to evolving customer expectations that extend beyond speed and accessibility to more distinct and unique retail experiences.

    Questions & Answers

    What is the Next FamilyMart Project?
    This is FamilyMart’s initiative to test new store formats, merchandising approaches, and customer experiences that could later be implemented across the market.

    What does the new Famima flagship store offer?
    The store offers a unique blend of lifestyle products, fashion, and convenience, featuring a ‘Convenience Wear’ apparel section, interactive styling tools, exclusive merchandise, outdoor seating, a rooftop garden, and a takeaway counter.

    What’s new about FamilyMart’s intellectual property strategy?
    FamilyMart has introduced a new Famima brand character as part of an expanded intellectual property strategy. Character-themed merchandise has debuted at the flagship store with plans for a broader rollout across Japan in the future.

  • VinFast Shatters Records with Over 115,000 EVs Sold in H1 2026: Dominates Vietnamese Auto Market

    VinFast Shatters Records with Over 115,000 EVs Sold in H1 2026: Dominates Vietnamese Auto Market

    In the first six months of 2026, Vietnamese electric vehicle manufacturer VinFast marked significant growth in the domestic market, reporting a 72% year-on-year increase with a record preliminary domestic delivery of 115,916 electric vehicles (EVs). This impressive performance positions VinFast as the first automotive brand in Vietnam to exceed 100,000 vehicle deliveries within the first half of the year.

    VinFast’s Strong Market Presence

    The month of June alone saw the delivery of 17,955 units, maintaining VinFast’s status as the country’s top automobile brand for the 21st consecutive month. With the Limo Green leading in sales with 3,868 vehicles delivered in June, closely followed by the VF 3 model which saw 3,550 units moving into the hands of customers.

    The success of the VF 5 and its derivative model, the Herio Green, continued with combined deliveries reaching 3,364 units. This was ahead of the VF 6’s total of 2,988 units. The VF 7 and the VF MPV 7 models also had a steady sales performance with 1,437 and 1,254 units delivered respectively.

    Over the span of six months, the Limo Green and the VF 3 emerged as VinFast’s leading models in the Vietnamese market with cumulative deliveries of 27,927 and 23,781 units respectively. Furthermore, the VF 5 and the Herio Green saw a combined delivery of 20,167 vehicles. Other models such as the VF 6, VF MPV 7, and VF 7 also maintained a steady performance with 14,045, 9,177, and 6,849 units delivered respectively.

    New Arrival in the Product Line

    VinFast is not just resting on its laurels. The automaker recently unveiled the VF 2, a compact urban EV, and has opened pre-orders in Vietnam with a price tag of VND188 million (US$7,200). Deliveries to customers are scheduled to begin as early as September.

    Questions & Answers

    What milestone did VinFast achieve in the first half of 2026?
    VinFast became the first automotive brand in Vietnam to surpass 100,000 vehicle deliveries within the first half of the year.

    What are the top-selling models of VinFast in Vietnam?
    The Limo Green and the VF 3 are the top-selling models of VinFast in Vietnam, with cumulative deliveries of 27,927 and 23,781 units respectively in the first half of 2026.

    What is the latest model introduced by VinFast?
    VinFast recently introduced the VF 2, a compact urban EV, which is currently available for pre-orders in Vietnam.

  • Hong Kong’s Luxury Hotels Triumph in Recovery, Surpassing Pre-Pandemic Levels

    Hong Kong’s Luxury Hotels Triumph in Recovery, Surpassing Pre-Pandemic Levels

    The luxury hotel sector in Hong Kong has shown remarkable resilience, bouncing back stronger than the broader hospitality industry in the city. According to the property consultancy JLL, room rates have even surpassed those of 2018, indicating a significant rebound in demand.

    A Robust Recovery for Luxury Hotels

    JLL reports that luxury properties were the only hotel segment to return to their 2018 average daily rates by 2025, reaching HKD2,169 (US$277). This figure represents a 1% increase over rates recorded before 2019 and during the Covid-19 pandemic.

    Meanwhile, the general hotel market in Hong Kong recorded average daily rates of HKD1,263, an 8% decrease from the 2018 level. In the first quarter of this year, luxury hotels maintained their strong performance, with average daily rates rising 12.3% year-on-year to HKD2,452. In contrast, non-luxury segments posted increases between 7% to 8.7%.

    Cleavon Tan, Senior Vice-President of JLL’s Hotels and Hospitality Group in Hong Kong, notes that the luxury hotel segment’s recovery in 2025 was more robust than that of the broader hotel market. He attributes this to the combination of improved demand in conjunction with a constrained supply environment, which allowed luxury hotels to rebuild occupancy while maintaining pricing power.

    Tan suggests that Hong Kong’s hotel recovery and long-term growth prospects will depend on specific segments and assets. Luxury hotels may experience slower physical-supply growth but potentially stronger pricing power, whereas selected mid-market hotels may capture broader visitor growth if their location, product, and cost structure remain competitive.

    Demand Drives Transaction Volumes Across Asia-Pacific

    The demand for luxury hotels across the Asia-Pacific region has also significantly increased. JLL’s report noted that this surge in demand has driven transaction volumes, including sales and acquisitions, up 77% between 2017 and 2025, totalling about US$2.1 billion.

    Luxury hotel transactions accounted for almost 20% of all hotel deals in the region in 2025, a sharp increase from 8% in 2017 and surpassing the previous pre-pandemic peak of 16%.

    In Hong Kong, prime luxury hotel assets are primarily held by local conglomerates, family offices, strategic long-term owners, and high-net-worth investors, resulting in a limited supply. Recent market activity has predominantly focused on refurbishments, repositioning projects, and reopenings rather than adding new supply.

    Noteworthy developments include the 2023 return of The Regent in Hong Kong, the launch of Mondrian Hong Kong, the upcoming Andaz Hong Kong Central, and the recent reopening of The Landmark Mandarin Oriental.

    Questions & Answers

    Why are luxury hotels in Hong Kong experiencing a stronger recovery than the broader hotel market?
    The stronger recovery in the luxury hotel sector is attributed to increased demand in tandem with a constrained supply environment, enabling these establishments to increase occupancy rates while retaining their pricing power.

    What does the future look like for Hong Kong’s hotel industry?
    The long-term outlook for Hong Kong’s hotel industry will vary depending on specific segments and assets. Luxury hotels may see slower growth in physical supply but potentially stronger pricing power. In contrast, selected mid-market hotels could capture more extensive visitor growth if their location, product, and cost structure remain competitive.

    What are some notable developments in Hong Kong’s luxury hotel market?
    Significant developments in Hong Kong’s luxury hotel sector include the 2023 return of The Regent, the launch of Mondrian Hong Kong, the upcoming Andaz Hong Kong Central, and the recent reopening of The Landmark Mandarin Oriental.

  • Bangkoks Ultra-Rich Population on Pace to Lead Southeast Asias Wealth Boom

    Bangkoks Ultra-Rich Population on Pace to Lead Southeast Asias Wealth Boom

    Bangkok is emerging as Southeast Asia’s most dynamic hub for ultra-high-net-worth (UHNW) individuals, illustrating Thailand’s increasing allure for global wealth despite ongoing economic and geopolitical instability. The UHNW populace in Thailand’s capital is anticipated to expand to approximately 1,840 by 2030, up from 1,210 in 2025. This growth represents a surge of over 50%, equating to an average yearly increase of 8.7%.

    In 2025, Thailand recorded 2,090 UHNW individuals, with 1,210 primarily residing in Bangkok. UHNW individuals are classified as those possessing net assets exceeding US$30 million. This predicted growth positions Bangkok as the twelfth fastest expanding major UHNW city globally among the 100 largest urban economies by nominal GDP, rendering it the quickest growing wealth center in Southeast Asia, surpassing Jakarta.

    Bangkok’s Wealth Creation: A Unique Blend

    Bangkok’s wealth generation is notable not just for its speed but also for its unique blend of robust domestic entrepreneurship and increasing international appeal. Predictions suggest that, among major global cities, Bangkok will experience one of the swiftest increases in its ultra-wealthy population over the next five years. This growth will further consolidate its position as an emerging global wealth center.

    Most UHNW individuals based in Bangkok are self-made entrepreneurs. However, many benefitted from inherited capital during their businesses’ early development stages. The global UHNW population reached an all-time high of 556,850 individuals in 2025, a 14.4% rise from the previous year. This growth marked the second successive year of double-digit expansion and the strongest growth since 2017.

    In Asia, Hong Kong has the highest number of UHNW people, with 18,290, ranking second only to New York globally, which boasts 23,785 individuals. By 2030, the global UHNW population is expected to reach 746,570, with total wealth swelling to $85 trillion.

    Questions & Answers

    What is the projected number of ultra-high-net-worth individuals in Bangkok by 2030?
    The number of ultra-high-net-worth individuals in Bangkok is predicted to rise to about 1,840 by 2030, up from 1,210 in 2025.

    What factors contribute to Bangkok’s wealth generation?
    Bangkok’s wealth generation is characterized by robust domestic entrepreneurship and an increasing international appeal, making it a global wealth center.

    How does Bangkok’s ultra-high-net-worth population growth compare globally?
    Bangkok is projected to have the twelfth fastest-growing major ultra-high-net-worth population among the 100 largest urban economies by nominal GDP. This places it as the quickest growing wealth center in Southeast Asia.

  • Vietnam’s Economy Skyrockets: UOB Predicts Record-Breaking 8.5% Growth Amidst AI Boom

    Vietnam’s Economy Skyrockets: UOB Predicts Record-Breaking 8.5% Growth Amidst AI Boom

    United Overseas Bank (UOB), a leading financial institution based in Singapore, has increased its prediction concerning Vietnam’s GDP growth for the current year. Previously, the bank estimated a 7% increase; however, based on the country’s stronger-than-anticipated economic performance in the first six months, moderating energy costs, and the influence of artificial intelligence, UOB has revised its forecast to an 8.5% growth rate.

    Encouraging Economic Performance

    This revised prediction follows the announcement that Vietnam’s economy expanded by 8.18% in the first half of the year. This growth rate, which surpassed UOB’s initial projections, is the highest in Southeast Asia. The robust economic performance is attributed to widespread growth across various sectors, including industrial, construction, services, and agriculture.

    Manufacturing emerged as a key driver of this growth, bolstered by a global surge in demand for artificial intelligence, as stated by UOB. The bank also noted an impressive 61% upswing in foreign direct investment (FDI) during the first six months, reaching a total of US$34.7 billion. This significant increase strengthens the prediction that 2026 could set a record for Vietnam in terms of attracting FDI.

    Demonstrating Economic Resilience

    Despite the impacts of political tensions in the Middle East, Vietnam’s economy has displayed remarkable resilience which is expected to provide a solid foundation for economic growth in the second half of the year. UOB’s GDP growth prediction is currently one of the most optimistic among international organizations.

    In fact, the Asian Development Bank recently released a report forecasting Vietnam as the fastest-growing economy in Southeast Asia this year with a projected growth rate of 7.2%. Vietnam itself is aiming for a minimum growth rate of 10% this year and has outlined a plan that necessitates an 11.9% growth rate in the second half of the year.

    UOB will continue to observe global economic developments, particularly the impending U.S. tariffs expected to be implemented in late July. These tariffs could potentially add more strain on global trade and impact Vietnam’s economic growth trajectory.

    Despite general weakness among Asian currencies in June, the Vietnamese dong demonstrated notable resilience. UOB maintains its outlook that the dong will remain relatively stable, potentially strengthening against the dollar to 26,500 in the third quarter and 26,400 in the fourth.

    Questions & Answers

    What factors led UOB to increase its GDP growth prediction for Vietnam?
    This decision was influenced by Vietnam’s stronger-than-expected economic performance in the first half of the year, moderating energy prices, and the impact of artificial intelligence.

    Which sector was identified as a primary driver of Vietnam’s economic growth?
    Manufacturing has emerged as a key contributor to Vietnam’s economic growth, supported by surging global demand for artificial intelligence.

    What is the projected stability of the Vietnamese dong in the near future?
    UOB maintains that the Vietnamese dong will remain relatively stable, potentially strengthening against the dollar to 26,500 in the third quarter and 26,400 in the fourth.

  • Vietnam’s Sparkling Affair: $121.5M Diamond Imports in H1 2026, India Emerges as Top Supplier

    Vietnam’s Sparkling Affair: $121.5M Diamond Imports in H1 2026, India Emerges as Top Supplier

    In the first half of 2026, Vietnam saw diamond imports totalling an estimated US$121.5 million. Of this figure, India emerged as the main supplier, accounting for approximately 52% of the total imports, around $63.2 million. This figure is a significant increase compared to the previous year, where diamond imports from India totalled $107.6 million over the year.

    Other Notable Diamond Suppliers

    Belgium, another key player in the diamond market, came in second as a supplier. The country’s diamond exports to Vietnam amounted to $17.9 million, a decrease from the previous year’s total export value of $51.7 million. Israel followed closely as the third largest supplier with $9 million worth of diamond imports. Botswana and Thailand completed the list of top five suppliers, with imports valued at $7.7 million and $5.1 million, respectively.

    Other noteworthy suppliers to Vietnam included the U.S., contributing $3.6 million worth of diamonds, Hong Kong at $2.8 million, Japan at $2.7 million, and finally China at $2.2 million.

    Under current regulations, the Department of Customs stated that rough diamonds can only be imported from markets that participate in the Kimberley Process Certification Scheme (KPCS). The accompanying shipment must have a valid KPCS certificate issued by the appropriate authority of the exporting market, and it must comply with all customs documentation and clearance procedures.

    Customs authorities bear the responsibility of examining documentation, inspecting consignments, issuing certificates for imported rough diamond, and managing imports in line with the law. Customs clearance is executed based on import declarations, KPCS certificates, and other relevant documents submitted by importers.

    Recent Diamond Smuggling Incident

    These import figures have come under public scrutiny following the recent crackdown on a significant cross-border diamond smuggling operation. This operation, dismantled by police in the central province of Thanh Hoa, led to charges against 22 suspects and the seizure of 1,100 diamonds. According to police reports, the network had conducted 141 smuggling operations since 2024, trafficking more than 28,000 diamonds from Hong Kong into Vietnam. The estimated turnover of this operation was VND280 billion (roughly US$10.6 million).

    Questions & Answers

    Who is Vietnam’s largest diamond supplier in the first half of 2026?
    India was Vietnam’s largest diamond supplier in the first half of 2026, accounting for 52% of total imports.

    What is the Kimberley Process Certification Scheme (KPCS)?
    The KPCS is a scheme that regulates the trade of rough diamonds, ensuring the diamonds are legally mined and sold, to prevent the sale of conflict diamonds.

    What were the details of the recent diamond smuggling incident in Vietnam?
    A major cross-border diamond smuggling operation was recently dismantled by police in the central province of Thanh Hoa. The operation had trafficked more than 28,000 diamonds from Hong Kong into Vietnam since 2024, netting an estimated turnover of VND280 billion (roughly US$10.6 million).

  • Saxo Bolsters APAC Growth Strategy with New Institutional Business Head

    Saxo Bolsters APAC Growth Strategy with New Institutional Business Head

    Saxo, a leading digital broker, has named Gift Muthita Anankaphannan as their new Regional Head of Institutional Business for Asia-Pacific, in a move to strengthen their foothold in a prime market. Anankaphannan will be based in Singapore, and her role will involve leading the institutional business throughout the Asia-Pacific region while partnering with clients to enhance the offerings of Saxo.

    Anankaphannan’s Wealth of Experience

    Anankaphannan has an impressive career history, having previously served as a Senior Relationship Manager at Saxo. She brings over 16 years of experience spanning both the technology and institutional financial services sectors.

    Before her tenure at Saxo, she spent over a decade at Google, holding senior positions in sales, product strategy, and go-to-market execution, with her work encompassing AI-powered solutions. Anankaphannan kick-started her career in financial services at Bloomberg, where she specialized in equities and equity derivatives. Here, she provided data-driven insights to traders, analysts, and portfolio managers.

    Mahesh Sethuraman, the CEO of Saxo Singapore, praised Anankaphannan’s extensive experience with institutional partners and her deep understanding of Saxo’s FinTech DNA. He cited her excellent ability to foster long-term client relationships and lead high-performance teams.

    Saxo’s Institutional Business Growth

    Institutional clients make up a significant portion of Saxo’s international business, contributing to nearly one-third of the group’s overall income. Over the past year, the number of global institutional end-clients witnessed a 23 percent growth.

    Saxo recently collaborated with Singapore’s Trust Bank to roll out TrustInvest, a unique in-app investment tool that enables users to directly trade US stocks and exchange-traded funds (ETFs) via the Trust Bank app, with investments starting from a minimum of $10.

    Anankaphannan’s main role will be to steer the next stage of Saxo’s institutional growth in the Asia-Pacific. She stated that the region remains a crucial growth market for Saxo, and the company is dedicated to further scaling their institutional offering in the region.

    Questions & Answers

    What is Gift Muthita Anankaphannan’s new role in Saxo?
    She is the new Regional Head of Institutional Business for Asia-Pacific at Saxo.

    What is Anankaphannan’s professional background?
    She has over 16 years of experience in the technology and institutional financial services sectors, having previously worked at companies like Google and Bloomberg.

    What efforts is Saxo making to grow their institutional business?
    Saxo is focusing on enhancing their offerings and has recently launched an in-app investment tool called TrustInvest in collaboration with Trust Bank.

  • Embrace the Digital Detox: Join KitKat’s Rawdog Your Commute Challenge for a Chance to Win a Weekend Escape

    Embrace the Digital Detox: Join KitKat’s Rawdog Your Commute Challenge for a Chance to Win a Weekend Escape

    KitKat, the renowned confectionery brand, is inviting Australians to embrace the growing trend of going entirely phone-free during their daily commute. This trend, aptly named ‘rawdogging’, has rapidly permeated everyday culture, with evidence of its popularity evident in the over 45 million posts on the social media platform, TikTok.

    KitKat ‘Rawdog your Commute’ Challenge

    In a bid to encourage individuals to take a break from their phones, KitKat has introduced the ‘Rawdog your Commute’ Challenge. This initiative involves a game that challenges commuters to see the length of time they can go without using their phones. Participants stand a chance to win one of 10 Unyoked 2-night weekend getaway e-gift cards, valued up to $626, which can be used anywhere in Australia. The longer the phone-free period, the higher the probability of winning.

    To participate in the game, individuals can scan a QR code on billboards positioned near commuting locations. Alternatively, they can visit the campaign’s website to start a timer that tracks the duration they can abstain from using their phone.

    Australians Crave a Break from Their Phones

    The launch of this campaign is timely as recent research commissioned by KitKat reveals that a significant 84% of Australians desire a break from their mobile devices. Additionally, 23% of respondents expressed that being phone-free would make their commute more enjoyable. Among those who have inadvertently been without their phones, 40% reported feeling happier, liberated, relieved, and more present.

    Shannon Wright, Nestlé Oceania’s Head of Marketing for Confectionery, commented on the campaign, stating, “KitKat has always been about aiding Australians in taking better breaks. However, disconnecting has become increasingly challenging in today’s digital age. This is why we’re encouraging commuters to rawdog their commutes via our new Phone Break game. We aim to make it achievable by rewarding those small, everyday moments that are transformed into a proper break.”

    KitKat asserts that this campaign is a contemporary take on its longstanding efforts to promote healthier breaks. It taps into the burgeoning consumer interest in digital well-being.

    Questions & Answers

    What is the aim of the KitKat ‘Rawdog your Commute’ Challenge?
    The challenge aims to encourage commuters to take a break from their phones during their daily journeys, making their commute more enjoyable and relaxing.

    How can one participate in the ‘Rawdog your Commute’ Challenge?
    Participants can join the challenge by scanning a QR code on billboards near commuting locations or by visiting the campaign’s website.

    What are the rewards for the challenge?
    Participants stand a chance to win one of 10 Unyoked 2-night weekend getaway e-gift cards, valued up to $626, to be used anywhere in Australia. The longer one goes without using their phone, the higher the probability of winning.

  • Cocoa Crisis Averted: Swiss Chocolatier Barry Callebaut Unfazed by Potential El Niño Impact

    Cocoa Crisis Averted: Swiss Chocolatier Barry Callebaut Unfazed by Potential El Niño Impact

    Swiss confectionery manufacturer, Barry Callebaut, anticipates that the cocoa market will remain stable, despite the potential emergence of a strong El Niño weather pattern in the upcoming months. This statement was made by the company’s Chief Financial Officer, Peter Vanneste, earlier this week.

    The United Nations weather agency recently announced an increased likelihood of a powerful El Niño weather pattern emerging soon. This weather phenomenon is known to significantly impact the cocoa industry and could potentially elevate global temperatures. However, Vanneste maintains a positive outlook, stating that the circumstances differ substantially from those experienced during the 2023 and 2024 cocoa market crises.

    Stability Amidst Uncertainty

    “Unlike the situation in 2023/2024, when El Niño coincided with the primary harvest season and triggered a third consecutive year of cocoa deficit, we are currently in a position of significant surplus,” Vanneste explained. “We have large volumes of cocoa stocks ready for the upcoming harvest season.”

    In addition to maintaining a strong surplus, Barry Callebaut, which supplies key chocolate industry giants such as Nestlé and Hershey, has fortified its resilience by diversifying its sources, enhancing its cocoa bean blending capabilities, and implementing several financial measures.

    Monitoring Market Trends

    Vanneste also noted that his firm is keeping a keen eye on cocoa grind data. This is a key indicator of chocolate demand, particularly important as they approach the second quarter of the year.

    Recent data from May shows a 39.7% year-on-year increase in cocoa grinding in the Ivory Coast, the world’s largest cocoa producer. “The expectation is for this trend to continue,” said Vanneste. “However, it’s important to remember that demand recovery will take time. This is something we will be closely monitoring moving forward.”

    Questions & Answers

    What is the potential impact of a strong El Niño on the cocoa industry?
    A strong El Niño weather pattern can have profound effects on the cocoa industry, often disrupting cocoa production and leading to a deficit in supply.

    How has Barry Callebaut prepared for potential market instability?
    Barry Callebaut has fortified its market stance through origin diversification, increased sourcing flexibility, enhancing its cocoa bean blending capabilities, and implementing financial measures.

    What is the significance of monitoring cocoa grind data?
    Cocoa grind data serves as a proxy for chocolate demand. Monitoring this data allows companies to effectively track and forecast market trends.

  • Experience Hybrid Work Life at Logi Cafe: Logitechs Pop-Up Office Oasis with Ten Thousand Coffee in Taiwan

    Experience Hybrid Work Life at Logi Cafe: Logitechs Pop-Up Office Oasis with Ten Thousand Coffee in Taiwan

    Logitech, the global leader in computer peripherals, has teamed up with Ten Thousand Coffee to present Logi Café, a temporary initiative in Taiwan designed to transform cafés into flexible workspaces. This unique experience allows customers to interact with and explore Logitech’s extensive collection of innovative productivity devices.

    Creating Mobile Workspaces with Logi Café

    Active until the end of August, this experience is hosted in five different Ten Thousand Coffee locations across Taiwan, all under the banner ‘Work Anywhere With Logi.’ There are two primary venues, the Breeze Center and Q Square in Taipei, which offer dedicated experiential zones. Here, visitors have the unique opportunity to test the functionality of Logitech products within the authentic setting of a café environment.

    The Logi Café display features Logitech’s diverse array of portable and ergonomic devices. Visitors can engage with products such as the Mobi wireless folding mouse, the Keys-To-Go 2 Bluetooth keyboard, the MX series peripherals, and the complete Ergo collection. Additionally, customers can discover the AI-powered productivity features offered by Logitech’s Options+ software.

    This unique campaign was designed to reflect the contemporary shift towards hybrid work patterns. Cafes are increasingly seen as alternative workspaces for both professionals and students. The Logi Café initiative seeks to illustrate how Logitech’s lightweight peripherals can enhance productivity not only within traditional office spaces but beyond.

    Logitech’s Expansion into Retail

    In 2023, Logitech Singapore joined forces with Watsons to distribute a curated range of lifestyle and technology items across Singapore’s brick-and-mortar stores. This move into physical retail spaces further exemplifies Logitech’s commitment to delivering its innovative products directly to the consumer in a variety of settings.

    Questions & Answers

    What is Logi Café?
    Logi Café is a temporary initiative launched in Taiwan by Logitech in partnership with Ten Thousand Coffee. It transforms cafés into mobile workspaces where consumers can experience Logitech’s latest productivity devices.

    What products can visitors test at Logi Café?
    Visitors to Logi Café can explore a range of Logitech’s portable and ergonomic devices, including the Mobi wireless folding mouse, Keys-To-Go 2 Bluetooth keyboard, MX series peripherals, and the Ergo collection. They can also discover the AI-powered productivity features offered by Logitech’s Options+ software.

    What is the aim of Logi Café?
    Logi Café is designed to reflect the current shift towards hybrid working, demonstrating how Logitech’s lightweight peripherals can enhance productivity not only within traditional office spaces but also in alternative workspaces such as cafés.