Retail News CRM

Author: Mei Ling Tan

  • Shandong Ruyi acquired Swiss luxury brand Bally

    Shandong Ruyi acquired Swiss luxury brand Bally

    JAB Holding has sold its controlling stake in Swiss apparel and accessories label Bally to Chinese textile manufacturer Shandong Ruyi Group, as tipped last month.

    JAB, which once owned Belstaff and Jimmy Choo, was said to be seeking US$700 million for Bally in August. The brand was founded in 1851 as a shoemaker.

    “The arrival of Shandong Ruyi Group and its vision will significantly accelerate our growth in key segments and territories as we complete the turnaround of this iconic brand,” says Bally CEO Frederic de Narp.

    JAB says it will retain a minority holding in Bally, while the majority stake will be controlled by Shandong Ruyi Investment Holding. Under the terms of the agreement, Bally’s management team will reinvest alongside Shandong Ruyi.

    Transaction terms have not been disclosed and are subject to closing conditions and customary regulatory approvals.

    As majority shareholder, Shandong Ruyi plans to maintain Bally’s DNA and identity. Part of this plan includes keeping Bally’s headquarters and main factory in Switzerland.

  • Alibaba buys US$866 million stake in Chinese furniture retailer Easyhome

    Alibaba buys US$866 million stake in Chinese furniture retailer Easyhome

    Alibaba Group Holding will pay about 5.45 billion yuan (US$866 million) for a 15 per cent stake in Beijing Easyhome Furnishing Chain Store, the operator of China’s second largest home improvement supplies and furniture chain.

    It is the latest move in the e-commerce titan’s online-to-offline strategy, following its US$2.9 billion investment in Sun Art Retail, which runs one of China’s largest hypermarket chains, in November.

    Alibaba said on Sunday it will support the digital transformation of Easyhome’s 223 stores in 29 Chinese provinces, autonomous regions and municipalities, through its cloud and enterprise systems, and logistics platform. It will also be able to provide “consumer insights”.

    “From home design to refurbishment projects, the two parties will provide customers with end-to-end home improvement solutions,” it added.

    Beijing Easyhome said in a separate statement it has received a combined 13 billion yuan from a group of investors, including Alibaba, Chinese insurer Taikang Group, Yunfeng Capital – which is backed by Alibaba’s founder Jack Ma – and Beijing Harvest Capital.

    The retailer said it plans to fully integrate its online and offline operations by 2022. By then it aims to have over 600 stores nationwide and gross merchandise volume – total sales through its platforms – of more than 100 billion yuan.

    Alibaba has prioritised its efforts to expand into physical retail in recent years, investing billions in grocery chains and shopping malls. Part of the “New Retail” strategy is to attract customers to its online platform by bringing enhanced digital capabilities to the brick-and-mortar stores.

    The transformation echoes that of US e-commerce behemoth Amazon.com, which in June surprised shoppers with its US$13.7 billion acquisition of high-end American grocery store Whole Foods.

    “We want to redefine the physical retail experience and transform from physical to digital, ” said Alibaba CEO Daniel Zhang after last year’s Sun Art Retail acquisition.

    In January 2017, the company led a US$2.5 billion bid to buy out Chinese department store chain Intime Retail.

    In 2015, it bought a 20 per cent stake in Chinese electronics retailer Sunning Commerce Group for US$4.6 billion.

     

  • PH’s 1st Outlet mall opens August

    PH’s 1st Outlet mall opens August

    Cathay Land, Inc. and London-based Freeport Retail are set to open the first Outlet mall in the Philippines on August 2.

    Some PHP2.5 billion was invested for the construction of Outlet mall in Tagaytay City which sits along Km.48 Aguinaldo Highway, Silang, Cavite.

    Cathay Land President Jeffrey Ng said the Cavite-Laguna Expressway would make the Acienda Designer Outlet mall accessible from Metro Manila as it would be only 30 minutes away from the Ninoy Aquino International Airport and the Entertainment City.

    Outlet mall’s target market is Tagaytay’s 16.5 million locals and tourists with above-average income level and high level of fashion consciousness.

    “With Tagaytay City being a popular tourist destination among locals and tourists, we are confident that they will all enjoy our promise of high quality Outlet shopping at par with what they experience abroad,” said Ng.

    He added that the company is bullish in its first Outlet mall here with the country’s strong retail industry driven by rising income, remittances, and tourist arrivals.

    With this, Cathay Land and Freeport Retail are out to find strategic locations for their second Outlet mall in the Philippines set for launching within three years.

    “In 2012 we started our focus on Asia, which is a major Outlet opportunity. Our Outlet village in Malaysia opened at the end of 2015,” Freeport Retail Co-Founder and Commercial Director Chris Milliken said, adding that Kuala Lumpur now has three Outlet malls.

    An Outlet mall in Australia also opens on the same date with the launching of Acienda Designer Outlet mall in Tagaytay.

     

  • Asia gold demand picks up as prices fall

    Asia gold demand picks up as prices fall

    Physical gold demand in Asia picked up towards the end of the week, as a pullback in prices spurred purchases ahead of the Lunar New Year in China and the wedding season in India.

    Spot gold has declined about 1% so far this week and was headed for a second straight weekly drop due to a recovery in the dollar. 

    “Retail buyers are comfortable with the current price range,” said Aditya Pethe, a director at Waman Hari Pethe Jewellers in Mumbai. Local gold prices have declined more than 2% since rising to Rs30,720 per 10 gram last week, the highest since November 9, 2016.

    Dealers were charging a premium of up to $1.5 an ounce yesterday over official domestic prices, down from $2 last week. The domestic price includes a 10% import tax.

    “Demand is not great but the market is still in premium due to limited supplies. Imports were lower last month,” said a Mumbai-based dealer with a private bank. India’s gold imports in January dropped 37% from a year earlier to their lowest in 17 months as buyers postponed purchases in expectation of a cut in the import tax.

    Gold demand in India is likely to remain below its 10-year average for a third year in 2018 as higher taxes and new transparency rules on purchases may cap last year’s rebound in buying, the World Gold Council said on Tuesday.

    In top consumer China, premiums rose to $9-$10 an ounce from $6-$8 last week as demand picked up after prices fell later in the week, traders said.

    In Hong Kong, premiums remained unchanged from last week at between 60 cents and $1 an ounce. Demand in Southeast Asia remained strong ahead of the Chinese New Year that starts from February 16, as dealers stocked up in anticipation of strained supply during the festival week when gold refineries and businesses will be on holidays.

    “Supply-wise, we see some issues… That’s why the market is getting squeezed a bit and premiums are a little higher now,” said Brian Lan, managing director at dealer GoldSilver Central in Singapore.

    “Dealers generally try to get in more inventory during this period to at least get through the one tight week during the Chinese New Year.”

    Premiums for the precious metal in Singapore were slightly higher this week at between 80 cents and $1 an ounce, compared with 60-80 cents last week.

    “There’s no shortage of gold or anything, but it’s because of the festival season and the production schedule,” said Lan.

    In Japan, gold was sold at par after being on discount for the past few weeks, according to a Tokyo-based trader.

    India’s gold imports in January dropped 37% from a year earlier to their lowest in 17 months as buyers postponed purchases in expectation of a cut in the
    import tax.

    Lees ook:

  • Dusit International now accepts Alipay at its hotels and resorts in Thailand

    Dusit International now accepts Alipay at its hotels and resorts in Thailand

    Dusit International, one of Thailand’s foremost hotel and property development companies, has rolled out Alipay at its hotels and resorts in Thailand to cater to Chinese travellers who prefer to make quick and secure payments via mobile.

    With over 520 million users and counting, China-based Alipay is one of the world’s largest mobile payment platforms which allows its users to pay for goods and services by scanning QR codes on their smartphones or tablets. Its presence is ubiquitous in Chinese cities, where mobile payments are fast becoming a way of life.

    Dusit International already accepts Alipay at all of its hotels and resorts in China. Alongside Thailand, it also plans to roll out the system at its international properties soon.

    “The Chinese market is a key segment for our hotels in Thailand, so it is important our properties are equipped to meet the needs of those who prefer to pay via mobile, now the method of choice in China,” said Mr Lim Boon Kwee, Chief Operating Officer, Dusit International. “Alipay can certainly enrich and enhance the guest experience for all our Chinese travellers.”

    Dusit Hotels & Resorts in Thailand now accept Alipay at their restaurants, spas, participating outlets, and for hotel rooms upon check-out. The properties also accept China’s other major mobile wallet, WeChat Pay.

    Dusit properties in Thailand include Dusit Thani Bangkok, Dusit Thani Hua Hin, Dusit Thani Pattaya, Dusit Thani Laguna Phuket, Dusit Thani Beach Resort Krabi, dusitD2 Chiang Mai, dusitD2 Khao Yai, Dusit Princess Srinakarin Bangkok, and Dusit Princess Chiang Mai.

    Alipay is operated by Ant Financial, an affiliate of Alibaba Group Holding Limited, a Chinese multinational e-commerce, retail, and technology conglomerate which is one of the top 10 most valuable companies in the world.

    Lees ook:

  • Armani Box pop-up makes travel retail debut at Hong Kong Airport

    Armani Box pop-up makes travel retail debut at Hong Kong Airport

    L’Oréal Travel Retail has introduced the Giorgio Armani Box pop-up store to travel retail, at Hong Kong International Airport.

    The Armani Box, in Departures East Hall Level 6 North, was open throughout January. The concept launched in 2017 and has been featuring at domestic locations since.

    Monkeying around: Hong Kong International Airport marks the Armani Box pop-up’s first travel retail location

    The space features red walls and black lighting fixtures and a modern interior, in line with the brand’s DNA. An eye-catching giant red gorilla named Uri, created specially for the pop-up, welcomes guests to the area. The gorilla is a replica of a full-size gorilla statue that resides in Mr Armani’s Milan home.

    The attention grabbing Uri welcomed guests to the pop-up

    For a limited time, customers were encouraged to take a photo with Uri and enjoy a free print-out as a souvenir of their make-up experience.

    The Armani Box invited guests to try out the latest make-up products, such as Ecstasy Shine lipstick. Giorgio Armani Face Designers were also on-hand to provide expert, made-to-measure make-up services.

    Giorgio Armani Face Designers offered travellers personal beauty guidance

    Ecstasy Shine lipstick provides the shine of a gloss, colours like a lip cream and moisturises like a balm

    Limited-edition Uri tote bags and stickers could be redeemed with purchases, along with Giorgio Armani beauty product samples.

    The Armani Box pop-up will open at Paris Charles de Gaulle Airport on 2 March.

    Lees ook:

    Lees ook:

  • Skechers Q4 global sales jump 27 percent

    Skechers Q4 global sales jump 27 percent

    Shoe retailer Skechers posted a 27 per cent increase in sales in the last quarter, powered by a 40 per cent increase in international wholesale sales, and a strong performance in China.

    “Last year was monumental for Skechers as we achieved sales of more than US$4 billion for the first time in our 25-year history,” said Robert Greenberg, Skechers CEO.

    “This growth is due to our continued focus on efficiencies and infrastructure as well as innovation, comfort, and relevancy within our product design. In the US, we remained the No 1 walking, work, casual lifestyle, and casual dress footwear brand, and the No 2 casual athletic footwear brand.

    “Furthermore, we grew our Skechers store base to 2570 locations at year-end and saw impressive growth across the globe – including record sales on Single’s Day in China,” said Greenberg.

    “As we look ahead, with fresh styles shipping for spring, we believe we will remain a leader in the lifestyle footwear channel in the US, selectively expand our retail footprint, and continue our global growth as we see our international business becoming an increasingly larger piece of our total business.”

    Global annual sales rose $600 million year-on-year to $4.16 billion, “a testament to the worldwide strength and relevance of our product, marketing and brand,” added COO David Weinberg.

    In its own stores, Skechers achieve comparable same-store sales growth of 10.5 per cent in the US market and 16.5 per cent overseas. It added 75 stores during the year, 22 of them in the last quarter.

    While the company reported a net loss of $66.7 million for the last quarter, this was hugely impacted by a $99 million tax charge linked to the Trump government’s taxation reform enacted in December. Earnings from operations increased 96.9 per cent primarily due to sales growth.

    For the full year, Skechers earned $179.2 million, down 26.4 per cent on 2016’s $243.5 million, but that, too, is after the taxation impact.

    Lees ook:

  • Vietcombank sign agreement to provide converting bank service

    Vietcombank sign agreement to provide converting bank service

    Joint Stock Commercial Bank for Foreign Trade of Việt Nam (Vietcombank) and Nghi Sơn Petrochemical and Refinery LLC (NSRP) on Thursday signed a Memorandum of Understanding (MoU) on converting bank service.

    Under the MoU, Vietcombank will be the sole bank to provide the service of foreign currency converting bank for the Nghi Sơn Petrochemical and Refinery Project.

    Phạm Quang Dũng, CEO of Vietcombank, said the signing of the MoU would acceleratethe negotiation process towards agreeing on the official contents of agreements on foreign currency conversion.

    Ahmad Aljemaz, vice president of Kuwait Petroleum International Ltd, one of NSRP’s investors, said the provision of the converting bank service by Vietcombank is significant to the operation and success of NSRP.

    Turki Alajmi, acting CEO of NSRP,  expressed confidence in this cooperation with Vietcombank. “The converting bank is one of the elements which plays a vital role in the financial success of the project. NSRP is confident that Vietcombank, as the leading joint stock commercial bank in Việt Nam, with the highest support of the Government, will be able to perform this function successfully and most effectively,” he said.

    Nghi Sơn Petrochemical and Refinery Project is a key petrochemical and refinery project of national importance, which is being implemented in Nghi Sơn Economic Zone in Tĩnh Gia District, Thanh Hóa Province.

    The refinery has a total investment of over US$9 billion, intended capacity of 10 million tonnes a year in maximum operation and scope of producing 200,000 barrels of crude oil a day. Upon operation, it is expected to meet approximately 40 per cent demand of the domestic petroleum market and export millions of tonnes of petrochemical products.

     

  • PUMA And Hello Kitty Just Took Cuteness To The Next Level

    PUMA And Hello Kitty Just Took Cuteness To The Next Level

    Puma Japan has launched a red-and-white themed collection that pays homage to the Hello Kitty character.

    At the centre of the limited-edition collection is a pair of sneakers created to mark the 50th anniversary of Puma Suede.

    For the collection, Hello Kitty appears with her trademark bow and milk bottle.

    On the shoes, the graphic is accented with red laces and red suede on the tongue, heel and sides. Hello Kitty also appears on the tongue, poking out from the laces alongside the Puma logo.

    The Sanrio character can be found on several other items in the German sportswear brand’s range, including a red-and-white tracksuit and a t-shirt. A gymsack and a backpack feature the character on see-through designs.

    Lees ook:

    Lees ook:

    Lees ook:

  • Coal buyers spooked by Indonesia’s new shipping rules

    Coal buyers spooked by Indonesia’s new shipping rules

    Buyers of Indonesian coal are holding back orders of the fuel after the government issued new shipping rules for coal and crude palm oil that would restrict exports to Indonesian vessels, an industry association said today.

    Jakarta issued rules in October requiring coal and palm oil exporters to use Indonesian-flagged vessels and Indonesian insurance companies, to boost the role of the archipelago’s shipping industry in its export market.

    However, guidelines on implementing the rules and possible exemptions have not been released, raising concerns among shippers in Indonesia, the world’s top thermal coal exporter and palm oil producer.

    The regulation will take effect at the end of April.

    “There was some information, several potential buyers from abroad put on hold making any new contracts,” Hendra Sinadia, executive director of the Indonesia Coal Mining Association said.

    Describing the new rules as “dangerous”, Sinadia said they could affect export volumes and state revenues if shipping contracts had to be renegotiated to shift to so-called cost,
    insurance and freight (CIF) contracts from free-on-board (FOB) contracts.

    Under CIF contracts, the seller is responsible for the shipping arrangements and must buy insurance to protect the cargo against losses during the voyage. Under FOB contracts, the buyer procures the vessel and is responsible for all shipping costs.

    The industry is worried that time is running out to make adjustments before the rules come into effect, Sinadia said, noting that it would be difficult to do so without the
    guidelines.

    Indonesia Palm Oil Association secretary-general Togar Sitanggang said in an interview on Jan 24 that there were several problems with the new rules, noting there were not enough Indonesian-flagged food-grade tankers, and that Indonesian insurers may lack capacity.

    “If we’re selling CPO (crude palm oil), free-on-board at Belawan port, does this mean our buyer has to use Indonesian vessel? That is ridiculous.”

    The palm oil industry is awaiting guidance on when foreign vessels can be used if local vessels are unavailable, he said. “There should be no obstacles, but if we must do this and that, it could hold up exports.”

    The new rules could add to freight costs, Sitanggang said, if shipping companies were unable to find cargo for their return trips to Asia. “If their ships are empty, of course they’ll ask for a higher price from us.”

    According to Oke Nurwan, director-general of foreign trade at the Ministry of Trade, while most domestic shipping uses Indonesian-flagged vessels very little is exported on Indonesian ships.

    “It can’t be like that any more,” Nurwan said on Jan 25, adding that the government wanted the domestic shipping sector to compete more with multinationals.

    “If (the government) didn’t intervene there would be no trigger, so we made it mandatory,” he added.

    Lees ook:

  • Vietnam leads in phone e-commerce growth

    Vietnam leads in phone e-commerce growth

    Vietnam is the fastest-growing market in South East Asia in terms of mobile e-commerce growth, says the latest report on Southeast Asia’s 2017 e-commerce status by iPrice.

    In the past 12 months, mobile phone usage in Việt Nam has grown on an average of 19 per cent, accounting for 72 per cent of the overall e-commerce Web traffic. In comparison to other Southeast Asian countries, Việt Nam enjoyed the steepest growth at 26 per cent.

    However, in absolute terms, Indonesia is leading mobile e-commerce, with 87 per cent of the traffic coming from mobile phones. Meanwhile, traffic via personal computers is less than 30 per cent in all countries in the region.

    Việt Nam is also the leader in website conversion rate, which measures the percentage of website visitors that turn into customers, with a conversion rate of up to 65 per cent, closely followed by Singapore and Indonesia.

    Meanwhile, with the low use of credit cards (except in Singapore), e-commerce merchants are offering more payment options to reach out to shoppers.

    In Việt Nam, 86 per cent of merchants offer online payment, while cash on delivery is offered by more than 80 per cent of the players. Besides this, in both Việt Nam and Thailand, almost 50 per cent of the merchants offer offline point of sales.

    This is due to the popularity of online to offline e-commerce models, such as Thế giới di động (Vietnam Mobile World), FPT Shop and Nguyễn Kim, the report said.

    However, due to lower gross domestic product per capita (US$6,880) compared to other countries in the region, Việt Nam has the lowest basket size, with an average order value of just $23.

    iPrice’s data was collected from over 1,000 e-commerce players operating in the six largest Southeast Asian markets, including Indonesia, Malaysia, Singapore, Thailand, the Philippines and Việt Nam.

     

  • Vista Land targets to have 60 malls by 2020

    Vista Land targets to have 60 malls by 2020

    Vista Land & Lifescapes Inc., the property-development firm led by former politician Manuel B. Villar Jr., said it targets to have 60 malls by the end of 2020, a threefold increase from what it has right now.

    “We remain bullish with the expansion plans of our leasing business through our subsidiary, Starmalls Inc., to add 38 more malls in the next three years,” said Villar, the Vista Land chairman. Currently, the company and its subsidiaries have 22 malls.

    “We remain optimistic for the industry, given the strong demand for our commercial spaces and housing products, propelled by the stable growth in the disposable income, OFW remittances and sound Philippine macroeconomic fundamentals,” he said.

    Consolidated capital-expenditure budget for 2018 was set at P50 billion, a significant portion of which was allotted to the construction of malls. The company expects to hit 1.4 million square meters (sq m) in gross floor area by the end of this year, from last year’s 1 million sq m. The said target is bigger than its previous target of 1.3 million sq m. “Our company is poised to have another banner year for 2018, as our additional leasable spaces are now contributing significantly to our current financial results, in addition to the sustained double-digit growth in our residential business. We are looking at a double digit 10-percent to 15-percent consolidated net income growth this year,”

    Vista Land President and CEO Manuel Paolo Villar said. Vista Land has an established presence in about 133 cities and municipalities across 46 provinces, and intends to focus on the development of its communities, integrated urban development combining lifestyle retail, prime office space, university town, health care, themed residential developments and leisure components. The companies owned by Villar are allotting some P175 billion in capital expenditures through 2020, mainly in real estate, property leasing, retail, hotel, education and health.

    About 60 percent of the total capex will go to real-estate development and about a third of the amount to leasing and retail business, as well as for the development of new retail concepts.

    “We are very bullish [for 2018], as we take advantage of the various collaborations among our companies, in addition to the sustained sound Philippine macroeconomic fundamentals. Our various expansion programs implemented in our property development, including memorial parks, malls and retail businesses, are yielding positive results and are taking advantage of the significant synergies that we have unlocked,” Villar said.

    His listed firm Vista Land & Lifescapes Inc. will pursue its plan to put up malls and residential projects in the countryside, as it aims to deliver double-digit growth in the next three years, while All Value Holdings Corp., a privately held firm of the family, will be going full blast with the expansion of its home improvement, supermarket, bakeshop and coffee-shop businesses.

    Villar said the capex will be funded by both internally generated cash and borrowings.

     

    Lees ook:

  • Columbia Sportswear Company Reports Record Sales and Earnings

    Columbia Sportswear Company Reports Record Sales and Earnings

    Columbia Sportswear has reported record fourth quarter net sales of US$776 million for the three months to December.

    The figure represents an 8 per cent increase on the same period a year earlier. Fourth quarter operating income was $109.4 million, but the company recorded a $7.1 million net loss for the period, largely due to restructuring costs under its Project Connect program.

    Full year net sales increased 4 per cent, to a record $2.47 billion, while full year net income fell from $191.9 million to $105.1 million, again due to restructuring costs and one-off items.

    President and CEO Tim Boyle described the sales figures as “better than expected” citing continued growth in Europe and North America, along with improved sales by distributor partners globally.

    “We are particularly encouraged by the strong results we achieved in Europe-direct in 2017, completing a third consecutive year of double-digit constant-currency net sales growth and continued improvement in operating margin. A relentless focus also drove 2017 net sales growth in the US, with expansion of direct-to-consumer offsetting challenges in wholesale resulting from the effect of bankruptcies, liquidations and stores closures.”

    Boyle said the company anticipates further sales and earnings growth this year, and a continuation of the company’s strategic repositioning.

    “With record cash and short-term investment balances of $768.1 million exiting 2017, and no long-term debt, we have the flexibility to adapt our business as our major markets continue to evolve. It is from this position of strength that we are investing in our strategic priorities to drive brand awareness and sales growth through increased, focused demand creation investments, enhance consumer experience and digital capabilities in all our channels and geographies, expand and improve global DTC operations with supporting processes and systems; and invest in our people and optimise our organisation across our portfolio of brands.”

    Lees ook:

    Lees ook:

    Lees ook:

  • Vietnam talks trade promotion in tough markets

    Vietnam talks trade promotion in tough markets

    Trade promotion in Việt Nam is facing many difficulties as many importers, such as the US, China, Japan and the European Union, were now protecting their own farm production.

    Trần Văn Công, deputy director of the Agro Processing and Market Development Authority under the Ministry of Agriculture and Rural Development (MARD), made the statement at a trade counsellors’ meeting in Hà Nội on February 8 to discuss strategies for enhancing farm exports.

    The agricultural sector targeted a growth rate of about 3 per cent and export revenues of US$40 billion in 2018.

    The quality and food safety standards in these countries have become stricter. As a result, it took more time, five to seven years on average, for Việt Nam to negotiate with them to open markets for farm produce, according to Công.

    Công said in 2018, the agricultural sector would work to enhance market analysis and forecast capacity to ensure smooth consumption of farm produce and increase the marketing of key Vietnamese products in big and potential markets.

    It would also tighten links with domestic and foreign agricultural businesses, remove technical barriers and solve payment difficulties for exports to Africa and the Middle East.

    Agricultural Minister, Nguyễn Xuân Cường, said that as Việt Nam’s farm production had surpassed demand, the task was to maximise global markets and produce farm products of the highest quality.

    Trade counsellor in Japan, Tạ Đức Minh, said Japanese people highly valued many Vietnamese farm products, particularly mangoes and bananas.

    The shipment of the first chicken meat to Japan also proved that Vietnamese products satisfied the demanding market. However, he noted, export prices were still high, especially for fruits, since they spoiled easily and shipment costs were high. He asked for solutions to reduce shipment cost in order to boost Vietnamese products’ competitiveness.

    Meanwhile, trade counsellor to Australia, Nguyễn Hoàng Thuý, said the opening of the southern market was a long and difficult process. For example, it took up to 12 years for lychees to enter this market. Therefore, she said, it was necessary to hasten negotiations.

    She said there was a need for better co-ordination between the ministry and the trade office to promote negotiations.

    Minister Cường also asked trade counsellors to not only promote trade, but to also provide more information on technology, culture and market trends, which he said was crucial for the agricultural sector to expand markets.

    Deputy Minister of Industry and Trade Hoàng Quốc Vượng asked the MARD to co-operate with the Ministry of Industry and Trade’s departments in expanding markets and organising exhibitions.

    Vượng asked trade counsellors to provide information regularly. They should also regularly share market information with each other.

    He said they should also study new technologies and help introduce them to Vietnamese firms handling agricultural products.

    Aquatic exports

    On the sideline of the trade counsellers’ meeting, Trade Counsellor to Russia Dương Hoàng Minh said that more Vietnamese businesses may soon be allowed to export aquatic products to Russia this year after a Russian working group made a fact-finding tour of Vietnamese exporters.

    Minh said Việt Nam’s trade office in Russia had earlier held a working session with local agencies. The move was made after Việt Nam was given a “yellow card” warning by the European Commission last September for failing to fight illegal fishing, which could lead to a drop in aquatic exports to the EU and other markets.

    The counsellor said exports to Russia had encountered difficulties since the Eurasian Economic Union (EAEU), of which it is a member, limited aquatic product imports.

    Currently, only 21 Vietnamese companies are allowed to ship products to Russia. However, he said there were more than 500 Vietnamese businesses eligible to export to the EU and other demanding markets at present.

    Therefore, the trade office of Việt Nam in Russia has worked with the MARD to persuade Russian agencies to lift barriers to Vietnamese aquatic products.

    It also invited relevant agencies of Russia and the EAEU to make fact-finding tours to Việt Nam in an effort to have more companies be allowed to ship aquatic products to these markets, Minh added.

    In 2017, Việt Nam exported $2.2 billion worth of goods to Russia, up 35 per cent year on year. Commodities with high export growth included vegetables, fruits, cashew nuts, textiles-garments, wood products, machinery and spare parts.

    The counsellor said the Vietnamese trade office in Russia will now focus on helping businesses boost shipments to capitalise on the Việt Nam-EAEU Free Trade Agreement.

    It will also continue working to understand regulations and commitments in the World Trade Organisation and free trade agreements, as well as possible trade barriers.

     

    Lees ook:

    Lees ook:

  • Miniso to launch in Colombia

    Miniso to launch in Colombia

    Chinese low-cost retailer Miniso has reached a strategic agreement to launch its stores in Colombia.

    A signing ceremony has been held with Miniso Colombia in Miniso Industrial Park attended by global co-founder/CEO Ye Guofu and Miniso Colombia representatives Eduardo Tishman and Enrique Smolensky.

    Ye Guofu says the agreement is an important step for the brand as it will enable it to reach co-operation with other Latin American countries such as Brazil and Mexico. Colombia’s neighbours are Venezuela in the east, Brazil in the southeast, Peru and Ecuador in the south, and Panama in the northwest.

    So far, more than 60 countries and regions have reached strategic co-operation agreements with Miniso.

    It has opened more than 2600 stores throughout Asia, North America, South America, Oceania, Europe and Africa.

    Lees ook:

    Lees ook: