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Author: Mei Ling Tan

  • Vietnam’s Fruit Exports Skyrocket to $4.06B in China: Durian and Banana Leading the Charge

    Vietnam’s Fruit Exports Skyrocket to $4.06B in China: Durian and Banana Leading the Charge

    In the first three quarters of 2025, Vietnam set a new export record, shipping out fruits and vegetables worth US$4.06 billion to China, marking a 19% increase in comparison to the previous year. This growth was largely driven by the export of durian and banana.

    Vietnam’s Market Share in China

    According to the data from Chinese customs, these exports accounted for 20% of China’s total fruit and vegetable imports, marking an increase from 17.9% a year earlier. Durian was the leading export product, with shipments valued at $2.3 billion. The average export price per ton was $3,696, which is 14-15% less than that of Thai durian. This fact has positioned Vietnam as the second-largest exporter of this fruit to China, preceded only by Thailand.

    The Popularity of Vietnamese Bananas

    Bananas were another significant export product, with shipments totaling $232 million, a 16% annual increase. With an average price of $409 per ton, Vietnamese bananas were considerably less expensive than those from the Philippines and Ecuador, which cost $589 and $757 respectively. This has made Vietnamese bananas a favorite among Chinese importers, particularly in border provinces such as Guangxi and Guangdong, where consumers value fresh, affordable, and high-quality products.

    China’s Fruit and Vegetable Imports

    Chinese imports of fruits and vegetables amounted to nearly $20.3 billion in the first nine months of 2025. Thailand was the leading supplier, with its exports to China accounting for $6.7 billion, representing a yearly increase of 10% and a 33% share of the market.

    Vietnam’s Export Strategy

    Dang Phuc Nguyen, the general secretary of the Vietnam Fruits & Vegetables Association, noted that Vietnamese exporters benefit from the close geographical proximity to China, resulting in lower transportation durations and costs. A representative from an exporter in Can Tho, a major durian producer, confirmed this, stating that this advantage enables them to maintain the freshness and quality of the fruit while cutting shipping costs by half compared to their Thai competitors.

    Free trade agreements, like ASEAN-China and RCEP, as well as bilateral quarantine protocols, have also facilitated exports. In response to China’s stricter import requirements, many Vietnamese businesses have improved their orchards and packaging lines and invested in cold storage facilities this year.

    Despite durians accounting for over half of Vietnam’s fruit and vegetable exports to China, export specialists have advised against over-reliance on a single product. To enhance its market share in China, they recommend that Vietnam diversify its products, improve storage technology, and adhere to quality standards.

    Questions & Answers

    What is the main fruit exported from Vietnam to China?
    Durian is the main fruit that Vietnam exports to China.

    How have Vietnamese businesses upgraded in response to China’s stricter import requirements?
    Vietnamese businesses have upgraded their orchards and packaging lines and invested in cold storage to meet China’s stricter import requirements.

    What are the recommendations for Vietnam to increase its market share in China?
    To increase its market share in China, Vietnam should diversify its products, improve its storage technology, and adhere to quality standards.

  • Singapore to Implement Up to $32 Sustainable Fuel Levy on Flights from 2026: What Travelers Need to Know

    Singapore to Implement Up to $32 Sustainable Fuel Levy on Flights from 2026: What Travelers Need to Know

    Air travellers departing from Singapore will be subject to a sustainable aviation fuel levy starting October 2026. The levy, whose rates will vary between S$1 to S$41.60 (US$0.77 to US$31.92), applies to tickets sold from April 1, 2026, onwards for flights departing on or after October 1, 2026, as stated by the Civil Aviation Authority of Singapore.

    Detailed Breakdown of the Levy

    The exact levy amount is contingent on the travel class and destination. The destinations are divided into four geographical bands, with the levies increasing progressively.

    Passengers travelling to destinations in Band 1, which encompasses Southeast Asia, will incur an additional charge of S$1 for economy or premium economy tickets and S$4 for business or first class tickets.

    For Band 2, which includes Northeast Asia, South Asia, Australia, and Papua New Guinea, travellers will face an added fee of S$2.80 for economy class and S$11.20 for business class.

    Travellers to destinations in Band 3 – Africa, Central and West Asia, Europe, the Middle East, Pacific Islands, and New Zealand – will incur additional levies of S$6.40 and S$25.60 respectively.

    Lastly, passengers flying to the Americas, falling under Band 4, will be charged an extra S$10.40 for economy class and S$41.60 for business class.

    Exceptions and Special Cases

    Passengers merely transiting through Singapore will not be subjected to the above levies. For multi-stop flights, the fee will be determined by the next destination after departing Singapore.

    Moreover, the levy will also extend to cargo, with rates ranging from S$0.01 to S$0.15 per kilogram. This calculation will follow the same geographical bands as those used for passenger flights.

    The levy will also be applicable to general aviation, which includes private, non-commercial flights, and business aviation, such as private jets and chartered flights.

    Origins and Impact of the Levy

    The levy was first introduced in 2024 as a component of the Singapore Sustainable Air Hub Blueprint, which aimed to achieve net-zero aviation emissions by 2050.

    Han Kok Juan, the director-general of the aviation authority, emphasized the commitment of Singapore, as a global air hub and an International Civil Aviation Organisation council member, to its environmental responsibilities. He reiterated that the country would take necessary steps to contribute to the cause while maintaining the competitiveness of the Singapore air hub.

    Unlike green fuel mandates or incentive programs prevalent in other countries, this levy operates on a “fixed cost envelope.” This means that regardless of fluctuations in sustainable aviation fuel prices in 2026, the levy will remain unchanged.

    Questions & Answers

    When will the aviation fuel levy take effect?
    The aviation fuel levy will take effect from October 2026.

    Will passengers transiting through Singapore be charged with the levy?
    No, passengers only transiting through Singapore will not be charged the levy.

    What is the goal of the Singapore Sustainable Air Hub Blueprint?
    The Singapore Sustainable Air Hub Blueprint aims to achieve net-zero aviation emissions by 2050.

  • ZUS Coffee Backlash: Customer’s Viral Video of Coffeegate Sparks Nationwide Outrage in Malaysia

    ZUS Coffee Backlash: Customer’s Viral Video of Coffeegate Sparks Nationwide Outrage in Malaysia

    A recent incident involving a customer at a ZUS Coffee outlet, the largest coffee chain in Malaysia, has sparked outrage and controversy on social media. The customer’s aggressive behaviour, captured on video, has been widely shared, igniting conversations about customer service and workplace respect.

    The Viral Outburst

    The video, allegedly recorded at a ZUS Coffee outlet in Malaysia, reveals a heated exchange between a female customer and a female barista. In the footage, the barista can be heard instructing the customer, who is filming the incident, to leave the store. The customer, reacting aggressively to the request, retorts in Mandarin, “Why should I leave? I’ve already paid for my coffee!”

    In a display of anger, the customer knocks over a cup of coffee, splashing the contents across the counter and onto the barista’s hand. She then throws the cup at the employee. The barista, in response, tosses the empty cup back over the counter, barely missing the customer. The customer continues her tirade, hurling the cup directly at the employee, hitting her head, and unleashing a flurry of obscenities.

    While the video does not disclose what led to the altercation, sources have indicated that it may have been triggered by the customer’s dissatisfaction with the speed of the service.

    The Social Media Reaction

    News of the incident spread rapidly across social media platforms, eliciting support for the barista and prompting calls for ZUS Coffee to back their employee. Many social media users underlined the importance of a comprehensive investigation by the company and emphasised the need to protect local workers from abusive behaviour by foreign customers.

    One social media user, reflecting on the incident, commented, “I sincerely hope ZUS doesn’t let her go. Working in the retail sector is challenging enough without having to deal with difficult customers.”

    This incident has also sparked broader discussions about respect and treatment of staff in the retail and service industries. Some individuals have even threatened to boycott ZUS Coffee if the company remains silent or takes punitive measures against the barista, thereby applying pressure on the coffee chain to respond promptly.

    ZUS Coffee’s Response

    Responding to the incident, ZUS Coffee released a statement later the same day supporting the barista, referred to affectionately as a ‘Zurista’ within the company. The statement read, “Since the incident, we have initiated the necessary procedures to conduct a thorough investigation. We stand by our Zurista during this difficult time.”

    The statement continued, “Working in retail can be challenging, and the situation should never have escalated to the point it did. Ultimately, we’re all just human trying to do our best.”

    ZUS Coffee also urged the public to respect the employee’s privacy and to avoid disseminating false information online or offline while the investigation is ongoing. The coffee chain reiterated its intolerance of any disrespectful behaviour towards its communities and its commitment to creating a safe, respectful, and supportive environment for everyone.

    Questions & Answers

    What was the incident at a ZUS Coffee outlet in Malaysia?
    A female customer at a ZUS Coffee outlet in Malaysia was filmed throwing coffee and shouting obscenities at an employee, triggering a heated debate on social media about customer service and workplace respect.

    How has the public reacted to the incident?
    The incident has sparked strong reactions on social media, with many expressing support for the employee and calling for a thorough investigation by ZUS Coffee. Some individuals have threatened to boycott the coffee chain if it doesn’t take appropriate action.

    How has ZUS Coffee responded to the incident?
    ZUS Coffee has issued a statement supporting the employee, assuring that a comprehensive investigation is underway and urging public respect for the employee’s privacy. The coffee chain has also reiterated its commitment to a safe, respectful, and supportive working environment.

  • Bacardi and Coca-Cola Europacific Partners: Brewing Success in Australia with New Distribution Deal

    Bacardi and Coca-Cola Europacific Partners: Brewing Success in Australia with New Distribution Deal

    On November 3, Bacardi-Martini and Coca-Cola Europacific Partners (CCEP) initiated a multi-year partnership in Australia. This strategic alliance between the two beverage leaders aims to broaden their influence in the local drinks industry.

    The Partnership Details

    The partnership, first publicized in August, allows CCEP the responsibility of distributing an array of well-known brands. These encompass Bacardi rum, Bombay Sapphire gin, Grey Goose vodka, Patrón tequila, Dewar’s Scotch whisky, Angel’s Envy whiskey, and Martini vermouth. Simultaneously, Bacardi-Martini will continue to manage marketing and brand strategies.

    Luiz Schmidt, the Managing Director of Bacardi-Martini Australia, emphasized the importance of this collaboration. “Our brands are incredible with fantastic equity, but we acknowledge that to fully exploit their potential in Australia, we need to collaborate with an organization that possesses the necessary resources to put them in consumers’ hands nationwide,” he stated.

    Schmidt further stated that not only does CCEP have tremendous scale, but it also possesses proven industry expertise that can ensure long-term sustainable growth for both companies.

    Strengthening CCEP’s Market Position

    This agreement solidifies CCEP’s position as a key contender in the local premium drinks market and mirrors broader consolidation trends in beverage distribution.

    Orlando Rodriguez, the Managing Director of Australia Coca-Cola Europacific Partners, expressed his enthusiasm about the partnership and its potential. “The Bacardi portfolio is iconic, and we at CCEP have the track record of operational excellence to best support it,” Rodriguez stated.

    He added that both companies are eagerly anticipating the accomplishments they can achieve in the vibrant and expanding alcohol category.

    Questions & Answers

    What does the partnership between Bacardi-Martini and CCEP entail?
    The partnership allows CCEP to distribute Bacardi-Martini’s renowned brands across Australia, including Bacardi rum, Bombay Sapphire gin, among others, while Bacardi-Martini will continue managing marketing and brand strategies.

    How does the partnership affect CCEP’s position in the market?
    The agreement strengthens CCEP’s position as a leading player in the local premium drinks market and reflects broader consolidation trends in beverage distribution.

    What are the expected outcomes of this alliance?
    The Managing Directors of both Bacardi-Martini Australia and Coca-Cola Europacific Partners have expressed optimism about the potential growth and achievements this partnership can bring to the dynamic and expanding alcohol category in Australia.

  • Vietnamese Pepper Exports Spice Up by 25%, Despite Increased Competition from Brazil

    Vietnamese Pepper Exports Spice Up by 25%, Despite Increased Competition from Brazil

    In the first ten months of 2025, Vietnam’s pepper exports experienced an increase of over 25% in comparison to the previous year. This growth occurred even though the export volume dropped 5.9% to 206,427 tonnes, as reported by the Vietnam Pepper and Spice Association.

    Key Export Markets

    The United States maintained its position as the largest market for Vietnamese pepper. The U.S. imported a total of 44,262 tonnes, which represented 21.4% of Vietnam’s total exports. Other important markets included the United Arab Emirates, China, India, and Germany.

    In the month of October, 19,430 tonnes of pepper were exported from Vietnam, valuing at $129.5 million. The quantity of black and white pepper exported was 16,464 tonnes and 2,966 tonnes respectively. Despite a minor decrease in both the export volume and value compared to September, there was a year-on-year increase of 5.1% and 7.7% respectively.

    Export Prices

    The average export prices for black and white pepper were $6,443 and $8,392 per tonne respectively.

    Imports of Pepper

    On the import side, Vietnam imported 37,783 tonnes of pepper during the first ten months, worth approximately $237 million. This represented a significant increase from last year. Brazil was the leading supplier, providing almost half of Vietnam’s total pepper imports.

    Despite Vietnam’s successful export performance, Brazil’s competitive position in the global pepper market is strengthening. With a weaker currency and competitive logistics costs, Brazil is expanding its output and presenting a greater challenge to Vietnam.

    Cinnamon Exports

    During the same period, cinnamon exports from Vietnam also performed well. Nearly 99,463 tonnes of cinnamon were exported, valuing at $249.5 million. This constituted a rise of 25.1% in volume and 13.2% in value compared to the previous year. The main markets for Vietnamese cinnamon included India, the U.S., Bangladesh, the UAE, and China.

    Questions & Answers

    What is the largest market for Vietnamese pepper?
    The largest market for Vietnamese pepper is the United States, which accounted for 21.4% of Vietnam’s total pepper exports.

    What is the current challenge for Vietnam in the global pepper market?
    The main challenge for Vietnam in the global pepper market is the intensifying competition from Brazil, which is increasing its output and benefiting from a weaker currency and competitive logistics costs.

    How did Vietnamese cinnamon exports perform in the first ten months of 2025?
    Vietnamese cinnamon exports performed well during this period, with an increase of 25.1% in volume and 13.2% in value compared to the previous year.

  • Swiss Innovation Meets Asian Fintech: Spotlight on Switzerland at Singapore Fintech Festival 2025

    Swiss Innovation Meets Asian Fintech: Spotlight on Switzerland at Singapore Fintech Festival 2025

    Switzerland is set to be a focal point at the Singapore Fintech Festival 2025, which will mark the country’s ninth consecutive year of participation. The Swiss Pavilion is a testament to how Swiss innovation, trust, and cooperation continue to significantly impact Asia’s rapidly transforming fintech and digital finance sector.

    Switzerland’s Stalwart Presence

    Since its initial appearance at the Singapore Fintech Festival, the Swiss Pavilion, facilitated by Switzerland Global Enterprise and the Swiss Business Hub South East Asia + Pacific, has become a fundamental aspect of the event. The combination of Switzerland’s extensive financial expertise and avant-garde technology offers a one-of-a-kind value proposition for global partners.

    The Pavilion, themed ‘Innovation Meeting Trust,’ underscores the nation’s leadership in digital assets, AI-driven finance, and secure financial infrastructure.

    Switzerland’s Deep Tech Prowess

    “Switzerland has become a beacon for deep tech capabilities, bolstered by its capacity to innovate with integrity,” stated Renée Koh, Deputy Head of the Swiss Business Hub South East Asia + Pacific.

    She indicated that Switzerland could serve as a connecting bridge for Asia’s vast deep tech ambitions, linking ecosystems through trust, expertise, and a shared vision.

    Establishing Connections Among Innovation Hubs

    The Pavilion, part of Switzerland’s broader global innovation strategy, which includes its forthcoming participation at Expo 2025 Osaka, emphasizes the country’s dedication to sustainable, trust-based innovation.

    Given the rapidly growing fintech scene in Asia, Swiss institutions are positioning themselves as trustworthy partners for research, venture scaling, and digital transformation efforts.

    Koh highlighted the Swiss collaborative model that underpins their global success, “Our innovation infrastructure is intended for partnerships, be it through talent acquisition, R&D alliances or venture scaling.”

    Showcasing Swiss Excellence

    The 2025 Pavilion congregates an impressive variety of Swiss companies and institutions pushing the frontiers of global finance. The participants, including the Swiss National Bank, Securosys, ti&m, Chartered Investment, QAI Ventures, Scenario-X, Unique.ai, and Zweyberg, showcase Switzerland’s strengths in secure technology, asset tokenization, AI, and wealth management innovation.

    The exhibits represented at the Pavilion, ranging from tokenized investment structures to AI-based identity verification, reflect the expanse of Switzerland’s fintech ecosystem. The Swiss National Bank’s involvement, in particular, underscores the central role of innovation in contemporary central banking and digital currency research.

    A Platform for Collaboration

    The Singapore Fintech Festival, the world’s largest fintech gathering, is organized by the Monetary Authority of Singapore (MAS) in partnership with The Association of Banks in Singapore. The Festival brings together policymakers, technologists, and financial leaders, providing an excellent platform for Switzerland to bolster its reputation for stability, integrity, and superior quality innovation.

    Switzerland’s consistent presence via the Swiss Pavilion not only highlights the country’s fintech leaders but also strengthens cross-border collaboration with Asia’s financial juggernauts.

    This year’s participation emphasizes Switzerland’s message: that innovation, trust, and global collaboration are the core pillars of the digital economy.

    Questions & Answers

    What is Switzerland’s theme for the Singapore Fintech Festival 2025?
    Switzerland’s theme for the festival is ‘Innovation Meeting Trust,’ which highlights its leadership in digital assets, AI-driven finance, and secure financial infrastructure.

    What is the role of the Swiss Pavilion at the Singapore Fintech Festival?
    The Swiss Pavilion demonstrates Switzerland’s extensive financial knowledge and cutting-edge technology, offering a unique value proposition for global partners. It also showcases a variety of Swiss companies pushing the boundaries of global finance.

    What does Switzerland’s consistent presence at the Singapore Fintech Festival signify?
    Switzerland’s ongoing presence highlights the country’s financial technology leaders, while also strengthening cross-border collaboration with Asia’s financial powerhouses. It underlines Switzerland’s commitment to innovation, trust, and global collaboration.

  • Forrester Predicts Imminent Bust for Majority of APAC Stablecoin Ventures in 2026

    Forrester Predicts Imminent Bust for Majority of APAC Stablecoin Ventures in 2026

    In the coming year, the majority of stablecoin launches in Asia are predicted to fail, according to recent projections from research and advisory firm Forrester. In their 2026 Payments Predictions report, they estimate that 80% of local stablecoin launches in Asia Pacific will not succeed. The report cites several reasons for this projected failure, including a lack of practical uses, high compliance costs, and competition from Central Bank Digital Currencies (CBDCs) and tokenized deposits.

    The Future of Stablecoins in Asia

    Forrester’s predictions suggest that stablecoins pegged to the US dollar will continue to dominate the global supply. This is anticipated to occur as regional banks and regulatory authorities prioritize the development of scalable alternatives such as mBridge, ISO 20022, and CBDCs.

    However, stablecoins as a whole are not expected to find scalable use cases within the retail payments sector during 2026. This is due to several factors, including a poor user experience, complex infrastructure requirements, trust issues, and competition from existing digital payment options. The firm proposes that there may be more practical applications for stablecoins in the realms of B2B cross-border payments and the crypto-native economy.

    Predictions on AI Agents

    In addition to their projections on stablecoins, Forrester has also predicted trends for artificial intelligence (AI) agents. They anticipate that “true agentic payment” – transactions executed autonomously by AI – will make its debut in the B2C space in 2026. However, this technology is expected to remain experimental due to technical challenges and issues around consumer trust. Widespread implementation is predicted to start in 2027.

    In the B2B sector, AI agents are forecasted to execute one-third of all payments, as the technology can effectively address complexities in associated processes like invoicing and accounts payable.

    Senior Analyst at Forrester, Meng Liu, remarked, “Agentic and stablecoin payments are set to reshape global payment ecosystems by 2026, introducing diverse standards, protocols, business models, and blockchains that will drive significant fragmentation.”

    Questions & Answers

    Why are most stablecoin launches in Asia projected to fail in 2026?
    Forrester cites reasons such as lack of utility, high compliance costs, and competition from Central Bank Digital Currencies and tokenized deposits.

    What is the future outlook for stablecoins in retail payments?
    Forrester predicts that stablecoins will not find scalable use cases for retail payments in 2026 due to a range of challenges including poor user experience and trust issues.

    What are the predictions around AI agents in the B2B sector?
    In the B2B sector, AI agents are expected to handle one-third of all payments by resolving complexities in adjoining processes like invoicing and accounts payable.

  • Balancing Speed and Security: UOB CEO Wee Ee Cheong’s Take on AI Adoption in Fintech

    Balancing Speed and Security: UOB CEO Wee Ee Cheong’s Take on AI Adoption in Fintech

    United Overseas Bank (UOB) CEO, Wee Ee Cheong, recently expressed his concerns over the potential risks that come with the swift implementation of technology. He emphasized that in the financial services sector, ensuring security and maintaining trust is crucial to prevent undesired consequences.

    Striking a Balance between Progress and Risk

    There’s no denying that the integration of artificial intelligence (AI) brings about a myriad of advantages. However, it is equally important to recognize that with these benefits comes an array of risks. These risks can take various forms, from distorted results due to faulty data interpretation, breaches of data privacy, to the rise of sophisticated fraudulent activities. Wee Ee Cheong highlighted that the pace at which these technologies are adapted should be tempered with appropriate security measures.

    According to Wee, “Speed without security is fragile. The foundation of lasting relationships is trust,” while speaking at the Singapore FinTech Festival in 2025. He underscored the importance of regulatory transparency and the need for standardization within the industry.

    AI: An Aid, Not a Substitute

    Wee also shed light on the broader societal implications of the widespread use of AI, emphasizing that technology cannot and should not replace humans.

    “AI cannot replicate the empathy in advice, the ethics in decision-making, or the leadership and judgement that builds trust over time,” said Wee. He stressed the role of AI as a tool to assist humans in improving efficiency and increasing productivity rather than replacing them.

    A “Mindset-First” Approach

    Wee proposes that the financial sector should adopt a “mindset-first approach”. This approach centers on problem-solving guided by purpose and value, as opposed to a “technology-first approach” that promotes innovation solely for its own sake.

    As an illustration of this approach, he mentioned initiatives at UOB such as a program that has assisted 1,000 SMEs in Southeast Asia in the initial stages of AI integration and efforts to improve the skills of the bank’s 32,000 employees through an innovation academy.

    By working together, Wee believes we can shape a financial industry that is resilient, adaptive, and aligned with society’s changing needs and values.

    Questions & Answers

    What are the potential risks associated with the rapid adoption of AI in the financial sector?
    Answer: Risks can range from data misinterpretation leading to inaccurate results, violation of data privacy, and the emergence of sophisticated fraud schemes.

    What is the role of AI according to UOB CEO, Wee Ee Cheong?
    Answer: Wee views AI as a tool to aid humans in increasing efficiency and productivity, not as a replacement for human empathy, ethics, leadership and judgement.

    What approach does Wee advocate for in the financial sector regarding technology adoption?
    Answer: Wee advocates for a “mindset-first approach” that focuses on problem-solving guided by purpose and value, as opposed to a technology-centric approach that promotes development purely for the sake of innovation.

  • End of an Era: Isetan Bids Farewell to Tampines Mall Store After Three Decades

    End of an Era: Isetan Bids Farewell to Tampines Mall Store After Three Decades

    After three decades of successful operation, Isetan, a renowned Japanese department store chain, has chosen to shutter its store at Tampines Mall in Singapore. This decision comes in the wake of the lease agreement’s expiration, a disclosure first made public in May.

    Decision Behind Closure

    An official statement from the company spokesperson suggests that the closure is a strategic move based on an evaluation of the local market conditions and the store’s long-term profitability prospects. The decision aims to realign the operational goals with the company’s broader business objectives.

    Isetan has held a significant presence in Tampines Mall since its inauguration in 1996. The company, as one of the mall’s primary tenants, has recently conducted a series of clearance sales to deplete the store’s inventory.

    Continued Operations at Other Venues

    Nevertheless, Isetan patrons need not worry, as the company assures that its other stores, located at Shaw House on Orchard Road and Serangoon’s Nex, will carry on with their usual business.

    Isetan is a comprehensive retail destination that stocks a wide range of products, from home essentials to fashion and beauty items. It has been serving the Singaporean market since 1972.

    Company’s Evolution

    At the zenith of its business, Isetan boasted a presence across Singapore with six outlets. However, in light of the escalating rental costs, the surge in e-commerce, and evolving consumer preferences, the retailer has gradually scaled back its operations in the past few years.

    Questions & Answers

    Why has Isetan decided to close its Tampines Mall store in Singapore?
    The decision to close the Tampines Mall store came after a careful evaluation of local market conditions and the potential for future profitability, in line with the company’s broader business objectives.

    What will happen to the other Isetan stores in Singapore?
    Isetan’s other stores, located at Shaw House on Orchard Road and Nex in Serangoon, will continue to operate as usual, unaffected by the Tampines Mall store’s closure.

    How has Isetan’s presence in Singapore evolved over the years?
    Isetan began operation in Singapore in 1972. At its peak, the company had six outlets across the city-state. However, due to various factors such as rising rents, e-commerce growth, and changing consumer habits, the retailer has scaled back its operations in recent years.

  • Swiss Sportswear Giant On Debuts First Stores in Seoul, Amplifying Brand Presence in APAC Region

    Swiss Sportswear Giant On Debuts First Stores in Seoul, Amplifying Brand Presence in APAC Region

    Swiss activewear label, On, has established its inaugural retail outlets in Seoul, signifying the brand’s growth in the Asia-Pacific region. These outlets are conveniently located in the Hyundai Seoul department store and Lotte World Mall Jamsil, offering shoppers easy access to On’s comprehensive selection of footwear, clothing, and accessories.

    The unique aesthetic of the stores draws upon the spirit of Korean runners and the picturesque running routes of the city. From vibrant Seoul streets to rough-hewn gravel trails, the store’s design truly captures the essence of the local running community. Complementing this are the store’s modern aluminium and glass-like fixtures and counters, channelling a sleek and sporty vibe.

    On’s new retail spaces are more than just shops – they are community-centred hubs offering in-store programs and hosting community-driven events. In addition, they will be launching exclusive collaboration products with the Seoul-based ready-to-wear brand, Post Archive Faction (PAF), and the Zendaya collection.

    Rebecca Cai, On’s Asia-Pacific General Manager, expressed her excitement about the launch. She said, “Bringing the complete On experience to Seoul, our first direct-to-consumer stores in South Korea, aligns with our passion for design, innovation, and active lifestyles. The city of Seoul resonates perfectly with these values.”

    She added, “Our esteemed wholesale partners have laid a strong foundation in this market. These new flagship stores mark the next phase in our strategic, multi-channel evolution. They provide a unique environment to display our brand in its entirety, particularly our expanding apparel collection. Additionally, they serve as dynamic hubs where our community can meet, connect and find inspiration.”

    Questions & Answers

    What can customers expect from On’s new stores in Seoul?
    Customers can look forward to a full range of On’s footwear, apparel and accessories. The stores will also serve as community hubs offering in-store programs and hosting community-driven events.

    What inspired the interior design of the stores?
    The interiors of the stores draw inspiration from Korean runners and the city’s scenic running paths. The stores feature modern aluminium and glass-like fixtures and counters to channel a sleek and sporty vibe.

    What is the significance of On’s expansion into Seoul?
    This expansion marks On’s first direct-to-consumer stores in South Korea, representing a significant step in the brand’s growth in the Asia-Pacific region. It also symbolizes On’s ongoing commitment to fostering active lifestyles and community connection.

  • Jins Makes Spectacular Debut in Vietnam: First Flagship Store Unveiled in Saigon Centre Amid Expansion Plans

    Jins Makes Spectacular Debut in Vietnam: First Flagship Store Unveiled in Saigon Centre Amid Expansion Plans

    In a strategic move to expand its footprint across Southeast Asia, Jins, a renowned Japanese eyewear retail brand, has inaugurated its introductory store in Vietnam. The expansive 200-square-meter flagship store is centrally located at Saigon Centre in Ho Chi Minh City.

    Reflective Design and Core Collections

    The design of the newly established store is a true reflection of the brand’s minimalist approach that combines unadorned simplicity with purposeful utility. The interior of the store embraces the Japanese spatial concepts, Shakkan-ho and Chigaidana, creating an environment of balance and systematic order. This design philosophy is a characteristic feature seen across all Jins outlets in Asia.

    The Vietnam branch offers the company’s key collections, namely Airframe, 360°, Home, and Combination Titanium. These collections are known for their lightweight materials, flexible hinges, and understated styling.

    A Significant Milestone

    The launch in Vietnam represents a significant landmark in the global expansion journey of Jins. Atsushi Ogawa, director of Jins Vietnam, expressed his delight in bringing the brand’s ‘Magnify Life’ philosophy to Vietnamese customers. This philosophy unifies functionality, creativity, and design aspects.

    Ogawa stated, “Jins is committed to establishing a long-lasting presence in Vietnam while also contributing to the growth of the local eyewear market. Our approach is centered on quality, innovation, and a customer-centric experience.”

    Future Expansion Plans

    In addition to launching the flagship store, Jins intends to unveil two more outlets in Ho Chi Minh City this month. The company initially entered the Vietnamese market in June with a temporary pop-up store. This store served to measure local demand before the brand’s permanent installation.

    This debut in Vietnam represents Jins’ eighth overseas market, following its presence in Japan, China, Taiwan, Hong Kong, the Philippines, the US, and South Korea. As of September this year, the company runs 810 stores worldwide, making Vietnam a significant addition to its Southeast Asian network.

    Questions & Answers

    What is the design philosophy of Jins?
    Jins follows a minimalist design ethos that combines simplicity with utility, reflecting Japanese spatial concepts such as Shakkan-ho and Chigaidana.

    What are the key collections offered by Jins in its Vietnam store?
    The Vietnam store carries Jins’ core collections, including Airframe, 360°, Home, and Combination Titanium, embodying lightweight materials, flexible hinges, and restrained styling.

    What are the future expansion plans of Jins in Vietnam?
    In addition to the flagship store, Jins plans to open two more stores in Ho Chi Minh City in the near future.

  • Lavazza Brews Up First Hong Kong Store: A New Chapter in Coffee Culture

    Lavazza Brews Up First Hong Kong Store: A New Chapter in Coffee Culture

    Italy’s iconic coffee brand, Lavazza, has recently established its inaugural store in Hong Kong’s bustling financial district, Central. This is a result of a strategic partnership with Yum China.

    The new location aims to provide a unique coffee experience by offering Lavazza’s premium Italian coffee blends and an extensive variety of beans from various parts of the globe.

    In a statement, Yum China conveyed its commitment to enhance the daily life of Hong Kong’s residents through Lavazza’s internationally acclaimed coffee.

    The opening of the store is a significant move in Lavazza and Yum China’s wider regional strategy. The two firms have ambitious plans for mainland China, intending to broaden Lavazza’s presence to include 1000 cafes by 2025. This expansion is fueled by a generous initial investment of US$200 million and the valuable in-depth market knowledge of Yum China.

    The collaboration in Hong Kong is a reflection of the companies’ shared objective to bring authentic Italian coffee experiences to urban professionals. Not only does this allow them to enjoy high-quality beverages, but it also bolsters Lavazza’s regional influence.

    Questions & Answers

    What is Lavazza’s plan for expansion in mainland China?
    Lavazza, in partnership with Yum China, plans to broaden its network to include 1000 cafes by 2025.

    What is the significance of Lavazza’s collaboration with Yum China in Hong Kong?
    The collaboration aims to offer authentic Italian coffee experiences to urban professionals in Hong Kong, while also strengthening Lavazza’s regional presence.

    What kind of coffee does the new Lavazza store in Hong Kong offer?
    The store provides Lavazza’s premium Italian coffee blends as well as a wide selection of beans sourced from around the world.

  • Burger King Gears Up for Expansion in China with $350M Investment, Targeting 4,000 Outlets by 2035

    Burger King Gears Up for Expansion in China with $350M Investment, Targeting 4,000 Outlets by 2035

    Restaurant Brands International (RBI) recently secured a $350 million investment for its Burger King China division, as part of a new joint venture with China-based alternative asset manager, CPE. This significant investment will support Burger King’s restaurant expansion, marketing initiatives, menu innovation, and operational processes within China.

    Unleashing Business Potential in China

    The main objective of this joint venture is to extend Burger King’s presence in China from its current standing of 1,250 restaurants to a staggering figure of more than 4,000 by 2035. Joshua Kobza, the CEO of RBI, expressed his excitement about the opportunity, stating that China remains one of the most exhilarating long-term prospects for Burger King on a global scale. He further added that the new joint venture and recent investments highlight their confidence in the Chinese market.

    Kobza also mentioned that this partnership with CPE would help unlock the full potential of the business. This is achievable by amalgamating Burger King’s globally recognized brand and large scale with CPE’s local market insights and operational expertise.

    Transaction Details and Future Growth Plan

    Upon the completion of this transaction, which is anticipated to occur in the first quarter of the upcoming year, CPE will hold an estimated 83% of Burger King China, while RBI will retain about 17%. An essential part of this deal entails that a wholly owned affiliate of Burger King China will sign a 20-year master development agreement. This agreement will provide the affiliate exclusive rights to develop the Burger King brand within the Chinese market.

    This strategic move aligns perfectly with RBI’s approach of teaming up with seasoned local operators and investors. Their shared goal is to drive profitable growth while maintaining a predominantly franchised business model globally. In line with this, the company aims to hit a target of 5% or more net restaurant growth by the end of its 2024–2028 outlook period.

    RBI’s transaction follows another recent investment, where it acquired stakes in Burger King China from its local franchisee for approximately $158 million in February.

    Questions & Answers

    What is the main objective of the joint venture between RBI and CPE?
    The goal is to extend Burger King’s presence in China from its current standing of 1,250 restaurants to more than 4,000 by 2035.

    Who will hold the majority stake in Burger King China after the transaction is completed?
    CPE will own approximately 83% of Burger King China, with RBI holding the remaining approximately 17%.

    What is the net restaurant growth target that RBI aims to achieve by the end of its 2024–2028 outlook period?
    RBI targets a 5% or more net restaurant growth by the end of this period.

  • Gong Cha Hits Thailand with Bold Expansion: Bubble Tea Giant Targets 100 New Stores in Latest Global Growth Surge

    Gong Cha Hits Thailand with Bold Expansion: Bubble Tea Giant Targets 100 New Stores in Latest Global Growth Surge

    Gong Cha, a leading global bubble tea brand, has recently launched its first concept store in Thailand. The new establishment is a result of a collaboration with Perfect Step, a local master franchisee and a subsidiary of Thai Outdoor Group.

    Strategic Location and Expansion Plan

    The new Gong Cha outlet is strategically located on the third floor of the Beacon Zone in CentralWorld. This store is the first move in an aggressive expansion plan, with the brand aiming to establish up to 100 stores across Thailand in the near future.

    Embracing Technology and Authenticity

    Every proposed Gong Cha outlet will present the brand’s Gong Cha 2.0 design. This modern and innovative design incorporates technology to enhance service speed and adaptability while maintaining the brand’s commitment to serving authentic whole-leaf teas.

    Focused on Global Expansion

    The Thailand launch is another milestone in Gong Cha’s ambitious global expansion plan. The brand recently made its foray into Colombia and aims to establish 10,000 outlets worldwide over the next decade. Gong Cha isn’t just focused on Asian markets; the brand will soon open its first Caribbean outlet at Atlantis Paradise Island.

    Accelerated US Expansion

    In the United States, Gong Cha is rapidly expanding its footprint through multi-unit franchise agreements in Milwaukee, Portland, and Nashville. The bubble tea brand has set a target of surpassing 500 locations across the country by 2028. To achieve this goal, Gong Cha is actively seeking top-tier franchise partners in regions including Southern California, Nevada, Utah, and the Southeastern US.

    Return to the Singapore Market

    Gong Cha had to exit the Singapore market after its franchise agreement with Gong Cha Singapore, which had been operating the brand since 2017, came to an end. However, Gong Cha Global has announced plans to re-enter the market next year.

    Currently, Gong Cha operates 2,200 locations in 30 international markets.

    Questions & Answers

    What is Gong Cha’s expansion plan for Thailand?
    Gong Cha plans to open up to 100 stores across Thailand.

    What is unique about the new Gong Cha outlets in Thailand?
    The new Gong Cha outlets in Thailand will feature the brand’s Gong Cha 2.0 design, which blends technology and authenticity, enhancing service speed and adaptability while staying true to authentic whole-leaf teas.

    What is Gong Cha’s expansion goal in the United States?
    Gong Cha aims to surpass 500 locations across the US by 2028 through multi-unit franchise agreements.

  • Mcredit’s B+ Rating Affirmed by Fitch Ratings, Highlighting Strong Financial Performance and Digital Transformation Progress

    Mcredit’s B+ Rating Affirmed by Fitch Ratings, Highlighting Strong Financial Performance and Digital Transformation Progress

    Fitch Ratings, a globally recognized credit rating agency, has once again affirmed the Long-Term Issuer Default Rating (IDR) of MB Shinsei Consumer Credit Finance Limited Liability Company (Mcredit), maintaining it at B+ with a stable outlook. This represents the second consecutive year Mcredit’s long-term credit rating has been upheld at this level.

    Steady Financial Foundation

    In a previous assessment in June 2025, the Vietnam Investment Credit Rating Joint Stock Company conferred an A- long-term issuer rating on Mcredit. This underlined Mcredit’s firm financial base, consistent market standing, and escalating acclaim within Vietnam’s consumer finance landscape.

    Fitch’s rating highlights the consistent backing from Mcredit’s two strategic shareholders, the Military Commercial Joint Stock Bank (MB) and SBI Shinsei Bank based in Japan. This collaboration has not only bolstered the company’s financial stamina and fostered transparent governance, but it has also encouraged a mutual emphasis on sustainable growth and digital innovation.

    Focus on Digital Transformation

    In response to evolving market trends, Mcredit has accelerated its comprehensive digital transformation in recent years. By effectively utilizing its strategic ecosystem – which includes partners like MB, MoMo, Viettel, and ZaloPay – Mcredit has been able to broaden its customer reach and diversify its offerings.

    This tactical approach has resulted in robust operational performance and sustained growth. In the first half of 2025, Mcredit reported a 31% year-on-year increase in total operating income. Profit before tax grew 11%, and the cost-to-income ratio (CIR) saw a 5.4 percentage point improvement compared to the previous year.

    Positive Ratings Reaffirm Business Strategy

    The favorable assessments Mcredit received from both Fitch Ratings and the Vietnam Investment Credit Rating Joint Stock Company underscore the company’s strong risk management, sustainable business strategy, and prowess in digital innovation. These ratings have further boosted market confidence for customers, partners, and investors both within Vietnam and internationally.

    Questions & Answers

    What is Mcredit’s Long-Term Issuer Default Rating (IDR) as affirmed by Fitch Ratings?
    Mcredit’s Long-Term Issuer Default Rating (IDR) has been affirmed as B+ with a stable outlook by Fitch Ratings.

    How have Mcredit’s strategic partnerships contributed to its operations?
    Mcredit’s partnerships have contributed to the company’s robust financial status, transparent governance, and focus on sustainable growth and digital transformation. They have also helped the company diversify its offerings and expand its customer base.

    What are some of Mcredit’s recent operational performance metrics?
    In the first half of 2025, Mcredit reported a 31% year-on-year increase in total operating income. Additionally, profit before tax rose 11%, and the cost-to-income ratio (CIR) improved by 5.4 percentage points compared to the previous year.