Retail News CRM

Author: Mei Ling Tan

  • Tesla Cancels Production of Right-Hand Drive Model S and Model X

    Tesla Cancels Production of Right-Hand Drive Model S and Model X

    Tesla has recently announced that it is cancelling the production of right-hand drive Model S and Model X vehicles, citing low demand in certain regions. This move surprises many customers who have been waiting for their orders to be fulfilled.

    According to the company, customers who have already placed orders for the right-hand drive Model S and Model X will be offered refunds or the option to switch to a left-hand drive version. Tesla has also stated that it will continue to support existing right-hand drive vehicles with parts and service.

    This decision by Tesla is likely because most countries drive on the right-hand side of the road, making left-hand drive vehicles more popular. Additionally, the Model S and Model X are older models in Tesla’s lineup, and the company may be looking to shift its focus to newer vehicles.

    Tesla has informed reservation holders that they will not offer right-hand-drive Model S and Model X vehicles for the foreseeable future. Customers can opt to purchase a left-hand drive model, receive a credit towards a Model 3 or Model Y, or cancel the reservation and receive a full refund. Those who choose to change their reservation for a Model 3 or Model Y will receive a credit of up to $2,175 in Ireland and up to $2,000 in Australia.

    The demand for Tesla’s Model S and X has decreased significantly due to their outdated models compared to newer models from startups and established OEMs. In 2022, Tesla built 71,777 of these models but only sold 66,705, and in Q1 2023, they built 19,437 but almost half remain unsold.

    Despite this setback, Tesla has been making strides in the electric vehicle market. Its latest vehicle, the Model Y, has been well-received, and the company is working on developing new technologies such as autonomous driving and advanced battery system

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  • WhatsApp test the ability to edit sent messages

    WhatsApp test the ability to edit sent messages

    WhatsApp, the popular instant messaging app, has released a new beta version for Android – version 2.23.10.13. This latest update brings several new features and improvements to the app, including the ability to edit sent messages for some select users.
    The key feature with this update would allow users to edit messages they have already sent. WhatsApp users have highly requested this feature for some time, as it would give them the ability to correct mistakes or clarify unclear messages that were perhaps sent accidentally.
    As reported by WABetaInfo, the feature allows users to tap on a sent message and select the “Edit” option from the top menu. They could then make changes to the message, and the edited version would be visible to all recipients of the original message.
    However, there are some limitations to the feature – edited messages will still show a notification that they have been edited, and there will be a limit on how much time users have to edit their messages after they have been sent. The current time limit to edit a message is within 15 minutes of sending it, and you cannot edit a message that you sent from a different device. Once edited, the message will show an “edited” label on it to notify other users that the message is no longer the original one.
    Not all users enrolled in the WhatsApp Beta Program are currently able to test this feature, as it appears to be rolling out to only a certain amount of users, suggesting a staged rollout. Hopefully this won’t take long to roll out to the stable version of WhatsApp, as I anticipate many users would likely welcome it. However, it remains to be seen if and when the feature will become widely available to all.
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  • Techcombank remains on track to hit 2025 targets

    Techcombank remains on track to hit 2025 targets

    Techcombank has set a CASA (current account savings account) target of 55% by 2025 by investing in digitalization and increasing lending to retail customers and SMEs.

    At its recent annual general meeting, CEO Jens Lottner said he was optimistic about the bank’s ability to achieve the targets despite market volatility.

    Lottner said though Vietnam’s economy has recovered, higher borrowing costs, tighter credit and slower GDP growth in the first quarter of 2023 remain challenges.

    The challenges for the banking sector include the high-interest rates, tight liquidity that has pushed up the cost of funds, compressing the net interest margin, and the volatility in the bond and real estate markets.

    Techcombank has entered the third year of its five-year transformation journey, and stuck to its medium-term targets that focus on three pillars: Data, Digital and People.

    According to Lottner, the bank’s digital transformation accelerated significantly in 2022 due to heavy investments in digital technologies.

    In 2022 the lender deployed digital platforms for its retail and business customers, including the Techcombank Mobile and Techcombank Business apps. Around 90% of customer transactions are conducted via the bank’s digital platforms.

    “Techcombank is investing in digitalization to create seamless experiences for customers in both online and offline channels,” Lottner said.

    “This process requires investment, technology capability and integrating various systems and platforms across the bank.”

    “Techcombank is now at an inflection point, and ready to accelerate.”

    The bank is employing artificial intelligence to create human-like interactions with customers over digital platforms, analyze data to understand the needs of individual customers and offer each customer the right products and services throughout their financial lives.

    “The technology application helps reduce the customer acquisition cost while enhancing customer value,” Lottner explained.

    Techcombank has been adding around one million new customers a year and plans to add another 2-3 million by 2023, primarily through digital channels.

    Techcombank plans to allocate more of its credit quota to retail customers and SMEs to diversify its credit book while reducing exposure to the property sector, thus improving risk diversification.

    By increasing lending to retail and SMEcustomers, Techcombank aims to broaden its exposure to growing sectors such as fast-moving consumer goods, auto, utilities, and others.

    But Lottner said this strategy would be flexible and depend on market dynamics.

    As demand returns, the strategic shift to retail and SMEs is expected to resume in the second half of the year.

    Techcombank has set a CASA target of 55% by 2025. Increasing the CASA ratio is the bank’s top priority. In 2022, it had a CASA ratio of 37%.

    Lottner remained optimistic about the real estate and bond markets.

    “As customer confidence returns and interest rates fall, appetite among affluent customers for bonds, stocks and real estate will rise. The need to transact and move money in and out of assets will lead to a shift from term deposit accounts back into CASA.

    “Techcombank is working hard to strengthen its wealth proposition through better products, more experienced relationship managers and advisory processes to ensure its products are ideally suited to the individual risk-return expectations of every customer.”

    Techcombank is strengthening its offerings in transaction banking for SME customers while enhancing its credit underwriting capabilities.

    Techcombank is launching new initiatives to drive the acquisition of account relationships.

    It plans to launch new cash and liquidity management and treasury management services on the corporate banking side. For merchants, the bank is preparing to launch a series of new offerings in the coming months while it is also releasing a host of new digital features and functionalities to drive online retail customer engagement, as well as new rewards and loyalty platforms.

    “I am confident that we should be able to go to 55% CASA ratio if we continue to follow our strategy,” Lottner said.

    In 2023 Techcombank continues to invest in digital transformation and transition to the cloud to meet customers’ evolving needs.

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  • Vietnam-dominant Mercedes challenged by cheaper BMWs

    Vietnam-dominant Mercedes challenged by cheaper BMWs

    Mercedes has been dominating Vietnam’s luxury car market in recent years, but that could start to change this year as BMW lowers prices.

    “We have always considered BMW a major competitor in most markets globally, but things are different in Vietnam,” said CEO Brad Kelly on the sidelines of the launch of the new Mercedes GLC models in Ho Chi Minh City recently.

    He added that in Vietnam, BWM does not yet seem to threaten Mercedes in terms of sales.

    Between 2019 and 2022, Mercedes secured and average of around 60% of Vietnam’s total luxury car market share, and the German brand last year sold over 7,900 units alone.

    Its competitor from the same country, BMW, only secured fourth place last year – behind Lexus and Volvo – with the sale of 973 units.

    However, Thaco, the Vietnamese company that distributes BMW cars, has been assembling several BMW models, such as the 3 Series, the 5 Series, and the X3 and X5.

    This implies that BMW wants to reduce its retail prices in Vietnam as assembling the vehicles locally will bring down costs.

    The strategy seems to have succeeded as the BMW X3s assembled last year are now selling from VND1.8 billion ($76,700), compared to the new Mercedes GLC price tag of VND2.3 billion.

    Thus, the cheapest luxury car in Vietnam now belongs to BMW, not Mercedes.

    The rising competition with BMW therefore will benefit Vietnamese customers and the local auto industry, and it will motivate Mercedes to come up with more new ideas, Kelly said.

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  • Standard Chartered cuts Vietnam growth forecast to 6.5%

    Standard Chartered cuts Vietnam growth forecast to 6.5%

    Standard Chartered has reduced Vietnam’s GDP growth forecast for this year by 0.7 percentage points to 6.5%.

    In a release Thursday the British bank said it amended the forecast it had made in January of 7.2% growth after considering external factors more carefully with Vietnam’s macro indicators slowing down in the last four months.

    Exports have declined by 11.8% year-on-year, and the trade surplus is US$6.4 billion. Inflation for April was 2.8%, the third consecutive month of decline, though core inflation – not including food and energy prices — was 4.6% as retail sales jumped by 11.5%.

    FDI fell by 17.9% to $8.9 billion. Imports decreased by 15.4% year-on-year.

    “Vietnam imports a lot, so import indicators going down considerably shows that economic activity is slowing down despite strong domestic consumption”, Tim Leelahaphan, the bank’s economist for Thailand and Vietnam, said.

    Many other international financial institutions have also adjusted their Vietnam growth forecasts downward.

    The IMF has reduced it from 6.2% to 5.8%, the World Bank from 6.7% to 6.3%, and the ADB from 6.7% to 6.5%.

    Vietnam’s economic growth this year is likely to be constrained by the global economic downturn, monetary tightening in developed countries, rising commodity prices, and geopolitical issues.

    The government targets 6.5% growth, but there are challenges ahead with the GDP only growing by an annualized 3.32% in the first quarter.

    Minister of Planning and Investment Nguyen Chi Dung expressed concern about growth at a recent meeting, saying to achieve the target the economy needs to grow at 6.7%, 7.5% and 7.9% in the next three quarters.

    Standard Chartered predicted that the State Bank of Vietnam would reduce the refinancing rate by 0.5 percentage points to 5% by the end of the second quarter and maintain that rate until the end of 2025.

    But it did not rule a hike in rates, especially towards the end of the year, due to the possibility of the central bank focusing more on stability than growth.

    “Since the start of 2023 the SBV has turned to supporting the economy’s recovery,” Leelahaphan said.

    “Besides cutting interest rates, it also helped struggling businesses by giving them more time to deal with illiquidity.”

    Since April loan terms have become easier, with banks rolling over debts for up to 12 months and cutting interest rates.

    But the real estate market needs more support, with all measures taken until now only helping relieve short-term loan repayment pressure, he added.

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  • Fuel prices drop for third straight time

    Fuel prices drop for third straight time

    Gasoline and diesel prices in Vietnam fell for the third straight time Thursday afternoon.

    RON95 gasoline price dropped 5.91% to VND21,000 per liter, lowest since December 21.

    Biofuel E5 RON92 fell 6.07% to VND20,130. Diesel declined by 3.29% to VND17,650.

    Gasoline and diesel prices have been going down non-stop since mid-April.

    Fuel prices globally dropped by 4-7% in the last 10 days as OPEC+ reduced its production by over 1.1 million barrels a day, according to the Ministry of Industry and Trade and Ministry of Finance.

    RON92 gasoline dropped by over 7% to $83 per barrle.

    RON95 fell 6.4% to $87.37 per barrel.

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  • Vietnam Airlines pays local pilots 41% less than foreigners

    Vietnam Airlines pays local pilots 41% less than foreigners

    The average monthly salary of Vietnamese pilots working for Vietnam Airlines was 41% lower than their foreign colleagues’ last year, a gap that caused many to quit.

    A recent report by the Ministry of Labor, Invalids and Social Affairs, which flagged this, said the 829 Vietnamese pilots working for the carrier received on average VND85 million (US$3,620) a month while the 152 foreign pilots got paid VND145 million.

    The latter work for Vietnam Airlines through a third-party agency and are not directly on its payroll.

    The airline plans to increase its payroll by 2025, when it will have 1,044 Vietnamese pilots.

    The average salary of Vietnamese pilots will be hiked by 59% by then to VND134.8 million.

    But foreign pilots’ salaries will be increased by 93% to VND279.2 million, increasing the wage gap between to 52%.

    The ministry said the carrier could not afford higher salaries for Vietnamese pilots, and the intense competition in the country’s skies means many pilots look for jobs elsewhere.

    Thirty five have quit since 2020, and more are set to leave when their contracts expire.

    The decline in number of Vietnamese pilots will place an even bigger burden on the airline since it will have to hire more foreign pilots, whose compensation is around VND2.5 billion a year each, including accommodation, insurance and others.

    Assuming the airline loses 120-140 Vietnamese pilots every year, it would have to spend VND300-600 billion on hiring foreign replacements and face greater risk of flight cancelations.

    It is therefore necessary to increased the salary budget to ensure stable operations, the ministry said.

    If it is increased by VND300 billion annually, the current 41% salary gap would decrease to 30%, and if the hike is VND800 billion, the gap would shrink to 10%, it said.

    But the increase must be tied to commitments from the airline that it would achieve its profit and revenue targets so that its losses do not bloat further, it added.

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  • Hundreds queue to buy social housing in Hanoi

    Hundreds queue to buy social housing in Hanoi

    At a building in Hanoi’s Cau Giay District on Wednesday evening, many queued up outside to register to buy an apartment at NHS Trung Van, a new social housing project that has been available since the end of March.

    The project is being built on a 2,700-square-meter area in Nam Tu Liem. When completed it will have 32 floors and two underground levels, with 275 apartments, in which 225 are social housing units

    The developer of the project, NHS, has received over 1,000 registrations since March 28. It had been accepting only 40 registrations each day, with the figure rising to 70 in the last few days due to high demand.

    Nguyen Tuan Long from Ha Dong District said: “I have been waiting for four days but still I have not been called to submit documents. I don’t know if I will be on the buyers’ list.”

    A NHS employee calls out the names of the people who register once every three hours to check if anyone has left. If someone does not respond after three calls they are removed from the list.

    Some people came to register after finishing their work day. Lien in Hoang Mai District said: “I have been coming here every day for the last four days. Some days I was not quick enough to be in the queue and had to leave.”

    A social housing apartment is legally required to only be sold to those on low incomes, though there have been reports of the middle-classes buying them.

    At NHS Trung Van, apartments are sold from VND19.5 million ($831) per square meter, substantially lower than an average project in Hanoi. The smallest apartment is priced at VND1.39 billion (nearly US$60,000).

  • MacBook Air M2 laptop price falls then rises

    MacBook Air M2 laptop price falls then rises

    The retail price of the MacBook Air M2 laptop dropped by VND2.1-3 million (US$89-127) to VND25 million in April and has risen back to VND28 million in May.

    The manager of an Apple distributor in Vietnam said retailers might have hiked the price because currently Air M2 inventories in the country are very low.

    “If the demand … surges retailers … will have to wait for eight to 10 weeks for the product to be shipped to Vietnam.”

    Large retailers such as The Gioi Di Dong, FPT Shop, and CellPhoneS had sold the Air M2 with the minimum configuration, the best-selling version, for VND28 million in early April, VND25.9 million in mid-April, and VND25 million in late April.

    The laptop first sold for VND32.9 million when launched in Vietnam in July last year, but its price declined sharply partly due to competition among retailers to get a larger share of the pie, according to a manager of a The Gioi Di Dong store.

    “Prices of technological products always tend to decrease gradually after launch. However, the continuous up and down with a large amplitude of several million dong in a short period of time shows the instability of the market,” said Nguyen Van Cong, a veteran trader of Apple products.

    According to the manager of The Gioi Di Dong, the big discount of MacBook Air M2 is part of its price competition campaign.

    In early April, during a shareholder meeting, Nguyen Duc Tai, Chairman of The Gioi Di Dong (Mobile World), said: “The price at The Gioi Di Dong was sometimes million dong higher than that at other retailers. However, this phenomenon will stop. We will not let the price difference become an advantage for competitors.”

    Refusing to give the reason for their price fluctuations, managers of CellPhoneS and FPT Shop said MacBook prices have been “actively updated by the stores based on business strategies and the general situation in the market.”

    In fact, the top three Apple device retailers in Vietnam, The Gioi Di Dong, FPT Shop and CellPhoneS, have changed the laptop’s prices frequently in recent days and the prices are almost the same.

    At some Apple stores, it is one of the two best-selling laptops along with the MacBook Air with the M1 chip.

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  • Meta is pulling the Facebook Messenger app from the Apple Watch

    Meta is pulling the Facebook Messenger app from the Apple Watch

    After this month is over, Meta is pulling the Facebook Messenger app from the Apple Watch. Starting on June 1st, Apple Watch users can no longer send or receive messages using the app. The news got out after some users of the wearable spotted a notification on the Apple Watch Messenger app titled “Changes to Messenger on Apple Watch.” The notification said, “After May 31st, Messenger won’t be available as an Apple Watch app, but you can still get Messenger notifications on your watch.”
    A Facebook spokesperson confirmed the news and pointed out that those who want to send and receive messages using Facebook Messenger can still do so via the iPhone app, through their desktop, or by using the website. For some reason, Meta hasn’t shared this decision with many and it has yet to release a public statement. Apple is expected to release watchOS 10 in September, focusing on widgets instead of third-party apps.
    I also remember back in the day when Facebook had special integration so that you could make posts and upload photos directly without having to open the app. Obviously this meant people didn’t need to open the app as much, and that meant less ads, so they removed it.”
    If you use the Facebook Messenger app on your Apple Watch, you have less than three weeks to enjoy using it unless Meta changes your heart. Since its decision to eliminate the Apple Watch app might have to do with money, please don’t hold your breath hoping for Meta to reverse its decision.
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  • Cryptocurrencies and Vietnam

    Cryptocurrencies and Vietnam

    Vietnam rightfully occupies one of the leading positions among the ASEAN countries in the market for cryptocurrencies and various blockchain technologies, which are currently the focus of most modern companies. This country is overtaken only by Thailand, which, by the strength of the transaction, exceeds $100 million in annual turnover for the purchase and sale of cryptocurrencies.

    This happened despite that in 2018, Vietnamese banks almost completely banned cryptocurrencies as a method of payment. In 2021, there was a thaw, and the Vietnamese government issued a directive with frameworks that would allow tracking money laundering attempts using cryptocurrencies. We have one of the strongest countries, which uses cryptocurrencies quite legally, quite profitable and quite successful.

    Vietnamese people and blockchain games

    Both last year and this year, there has been an increased interest among Vietnamese residents in blockchain games or even gambling analogues. This trend has captured all continents at once. Vietnam has become exceptional because a large portion of the population owns different types of NFT tokens and successfully interacts with them in certain blockchain games. Since NFT is currently an increasingly unpopular means for investing and earning funds, the Vietnamese people have switched to a more stable income through entertainment.

    One in five Vietnamese check new bitcoin casinos at least twice in their lives, which are currently operating and offer exceptional offers for all their players, unlike traditional or land-based counterparts with a huge number of different restrictions.

    Why Bitcoin Casino?

    Bitcoin casinos are one of the most popular solutions that are not neglected by the Vietnamese people. These establishments provide a huge number of different benefits that can be a good start for various kinds of bonuses or advanced gaming sessions with big winnings due to the increased RTP level. You can take a look at some of the main benefits we have described below.

    Safety

    Playing at a blockchain-based casino provides a higher level of security compared to traditional methods. The unique nature of blockchain technology ensures the safety of transactions, and its evolving transparency means you can verify each one without relying on centralized entities. This heightened transparency allows you to easily identify and resolve any transaction errors, and if the casino is licensed, you can take legal action against it just as you would against a traditional gambling establishment.

    Mobile Gaming

    The ubiquity of mobile devices has made mobile gaming commonplace. If you look at a cryptocurrency casino, you will be surprised at the rapid progress in the development of mobile applications and providing end customers with a comfortable game. Before, you had to download certain apps to run them on your phone and play comfortably. Now you can forget about it and start playing right from your browser. Bitcoin casinos are among the pioneers of this trend, utilizing HTML5 technology to the fullest. It is worth noting that Bitcoin casinos often lead the way in adopting new technologies aimed at improving user convenience.

    Fast service delivery

    The blockchain provides a quick and secure means of processing transactions, making it well-suited for online gambling. Not only do games run smoothly on the blockchain, but deposits and withdrawals from your casino account are also processed rapidly. You can use a range of popular cryptocurrencies to carry out your transactions. Later on, we will examine the most commonly used cryptocurrencies among Indian cryptocurrency casino players.

    Conclusion

    Blockchain casinos are one of the most preferred gambling options for Vietnamese people because there are practically no legal land-based gambling establishments on the territory of the country itself. At the same time, the government is trying to ban online gambling establishments on popular sites that are currently positioning themselves as classic or fundamental casinos that have been on the market for several decades. All these problems are solved by blockchain and modern methods of user anonymization.

    Moreover, the blockchain allows all players to feel completely safe due to the specifics of the algorithms that provide an honest and transparent result. You can read numerous studies by various researchers about exactly how the Bitcoin casino random number generator works. It is a more transparent and secure platform than even traditional and fundamental online gambling establishments.

     

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  • King crab prices skyrocket as supply dries up

    King crab prices skyrocket as supply dries up

    King crabs have risen to their highest prices ever of VND2.5-3 million (US$106-128) a kilogram, following a 30% increase since the end of last year.

    Loan of HCMC’s District 5 tried to buy a king crab for her son’s birthday last week, but was shocked when she discovered the price.

    “It was VND1.9 million a kilogram at the end of last year, but now every seafood store sells it at VND2.5 million.”

    In Hanoi, red king crabs weighing two to five kilograms now cost VND3 million a kilogram, or VND6-15 million per crab, the highest price ever.

    Tran Van Truong, CEO of Hoang Gia Seafood, said that supply from the U.S. and Canada is scarce, causing prices to spike in Vietnam.

    “Though we are the official importer, we are getting very few crabs now.”

    Not only king crab, but also snow crab and Alaskan lobster prices are higher now due to low supply.

    Some coastal areas in Alaska State in the U.S. had to cancel the crab-catching season because outputs were getting lower.

    A researcher in Alaska, Benjamin Daly said on U.S. cable TV channel CNN that snow and king crab catches are plummeting because they are on the verge of extinction due to excessive fishing.

    The Alaskan Fishery Council and the North Pacific Fishery Management Council recently announced that the snow crab population in the Bering Sea has fallen below the threshold for fishing.

    The Bristol Bay red king crab harvest will also be canceled for a second year.

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  • Funday Sweets launches new low-sugar sour cola gummies

    Funday Sweets launches new low-sugar sour cola gummies

    Funday Natural Sweets has announced Sour Cola Gummies as the latest addition to its line-up of better-for-you confectionery.

    In line with the rest of the Funday Natural Sweets range, the Sour Cola Gummies have no sugar added, no sugar alcohols, and only natural colours and flavours, and each bag contains seven grams of prebiotic fibre.

    The launch will be backed by more than 200 influencers, with a reach of more than 13 million followers, in a combined marketing attempt to reach more Australians who are looking for a healthier confectionery alternative.

    Funday Natural Sweets’ Sour Cola Gummies launch today through Woolworths, Ampol Foodary, Chemist Warehouse, Harris Farms, and health food and independent supermarkets across Australia. They will also be available at Chemist Warehouse in New Zealand, as well as in the Asian and Middle Eastern markets.

    And in news that will help Funday Natural Sweets to push further into the petrol and convenience channel, the brand has announced that it has just signed up with Australia’s leading national confectionery distributor, The Distributors.

    Founder Daniel Kitay says that in the two years since the company has launched, he has observed that the appetite in Australia for better-for-you confectionery has been steadily growing.

    “Our goal is to continue to surprise our existing fanbase with new, exciting flavours and to win over people who haven’t tried our range yet. People are always surprised by how amazing natural lollies can taste once they try them,” he says.

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  • Labor market to record 150,000 new jobs in Q2

    Labor market to record 150,000 new jobs in Q2

    About 150,000 new jobs will be created in the second quarter of this year, including 28,200 in electronics and optical device manufacturing, according to the Ministry of Labor, Invalids and Social Affairs.

    The ministry forecast the most sought jobs will be related to manual works in the industrial sector, sales and marketing, accounting and finance, production management, personnel management, and project management.

    The most in-demand jobs will be relevant to software development; network administration; network security; data analysis and communications; accounting and finance; marketing, sales, and product management; health care; as well as mechanics, electronics, and automation.

    However, the ministry also pointed out that the labor market is facing numerous challenges in Q2, which will lead to the loss of 38,100 jobs in the garment industry, 38,000 in furniture production, and 37,800 in record printing and copying.

    Data from the General Statistics Office show that nearly 294,000 workers suffered from lay-offs or furloughs due to businesses’ shortages of orders in Q1.

    Experts held that it is necessary to take actions in response to the order decline facing many companies in such major industrial hubs as Dong Nai, Binh Duong, Bac Ninh, and Bac Giang.

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  • EZZ Life partners with Aubay for exclusive distribution rights

    EZZ Life partners with Aubay for exclusive distribution rights

    Genomic life science company EZZ Life has inked a two-year agreement with HIC, the trading entity for Aubay, for the exclusive international distribution rights of two EZZ-branded products: the EZZ NMN 175000 gift pack and the EZZ L-Lysine Growth Capsule 60.

    The deal excludes Tmall, Douyin, Pinduoduo, and all Australian and New Zealand regions – is expected to generate at least $16 million in additional revenue for EZZ, commencing from FY24, with minimum order quantities agreed for both products.

    EZZ’s full-year sales revenue for FY22 was $15.02 million, and more recently, the company reported sales revenue of $15.13 in the half-yearly financial statements to December 31.

    HIC’s social e-commerce model allows EZZ products to reach consumers outside its existing distribution channels, offering significant potential for growth.

    “HIC’s established distribution channels in China and surrounding countries in Asia through its membership-based platform will enable EZZ to expand its reach and market presence,” said Glenn Cross, chairman at EZZ Life Science.

    “The company looks forward to a successful partnership with HIC and anticipates the potential for further growth in the coming months.”

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