Retail News CRM

Author: Mei Ling Tan

  • Gold prices rise

    Gold prices rise

    SJC gold price rose 0.07% to VND67.1 million ($2,858.97) per tael Tuesday morning. Gold ring price went up 0.36% to VND56.1 million per tael.

    Globally gold prices edged lower on Tuesday as traders assessed the likely path of the Federal Reserve’s monetary policy after data showed a slump in U.S. manufacturing activity and as OPEC+’s production cut sparked inflationary risks.

    Spot gold was down 0.2% at $1,980.39 per ounce. U.S. gold futures dipped 0.1% to $1,997.70.

    The dollar index was slightly higher, making bullion expensive for overseas buyers.

    Gold in the near term could see “consolidative price action in absence of a fresh catalyst and as markets monitor the extent of price gains in oil as that may throw a curve ball on inflation outlook and complicate monetary policy decision,” said OCBC FX strategist Christopher Wong.

    Oil prices steadied with investors’ attention shifting to demand trends and the impact of higher prices on the global economy.

  • Imported cars flood local market despite of poor purchasing power

    Imported cars flood local market despite of poor purchasing power

    Vietnamese firms spent over $903 million in the first quarter importing 41,780 completely-built-up (CBU) cars, according to a report by the General Statistics Office (GSO).

    The cumulative import turnover of CBU cars in Q1 2023 increased by 76% in volume and 60.8% in value compared to the same period last year.

    In March, 15,000 cars worth $332 million were imported into Vietnam, representing a year-on-year increase of 48.8% in volume and 48.5% in value.

    Despite the increasing number of imported cars, the Vietnam Automobile Manufacturers’ Association (VAMA) said that sales for the whole market in the first two months reached just over 17,300 units, due to poor purchasing power.

    Local auto experts said this was an unusual and ominous signal as pressure from automobile inventory remains high.

    An uncompleted statistic shows that Vietnam’s inventory of cars reached 38,000 units. Facing the gloomy prospect of the market, VAMA has recently proposed that the Government halve the registration fee for locally-assembled or manufactured cars during the first half of the year to boost market demand.

    In a letter sent to the Prime Minister, both the Vietnam Automobile Manufacturers Association (VAMA) and the Vietnam Association of Mechanical Industry (VAMI) also jointly asked for an extension of the deadline to pay excise tax.

    The Vehicles Importers Vietnam Association (VIVA) has raised its voice to ask for fair treatment after hearing that the Government asked the Ministry of Finance and other relevant ministries to devise a 50% cut on auto registration fees for locally assembled or manufactured cars.

     

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  • Gasoline prices increase

    Gasoline prices increase

    Gasoline prices rose slightly on Monday after falling to their lowest in 2 months on March 21.

    RON95 went up 0.39% to VND23,120 ($0.98) per liter.

    E5 RON92 increased by 0.28% to VND22,080.

    Diesel stopped its downward trend with a 0.67% rise to VND19,430.

    Globally, the average price of fuel products increased by 0.6-2.4%.

    Per-barrel price of RON 92 was up by 1.7% to $93.82, while that of RON 95 went up 1.8% to $98.29.

    Diesel cost rose 0.6% to $96.89 per barrel.

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  • The Coffee House operator continues to rake up losses

    The Coffee House operator continues to rake up losses

    Seedcom, which owns The Coffee House and fashion store chain June, has reported a 14.5% increase in losses to VND270 billion ($11.5 million) last year.

    However, revenues rose by 60% thanks to increasing contributions by its fashion and supermarket chains, according to its consolidated financial results.

    Since the onset of the Covid pandemic, it has made losses for three straight years.

    Seedcom chairman Nguyen Hoanh Tien said that last year’s losses were inevitable because the company expanded its retail networks.

    “High-interest rates, rising rents, and increased costs of raw materials and logistics strongly affected the profit margin of the retail industry.”

    Last year Seedcom’s liabilities decreased by 16% to VND1.2 trillion. This year it redeemed bonds worth nearly VND250 billion.

    It owns delivery companies AhaMove and Giao Hang Nhanh, fashion brands WeStyle, Juno and Hnoss, online retail platform Haravan, and restaurant management solutions provider iPOS.

  • Levi’s launches its largest Asian store yet, in India

    Levi’s launches its largest Asian store yet, in India

    Iconic denim and lifestyle brand Levi’s today announced the launch of its largest store in Asia. Situated in Bengaluru’s bustling shopping hub of Brigade Road, the store advances Levi’s direct-to-consumer strategy and expansion focus in Asia. With this store, Levi’s continues to elevate brand experience to consumers through digital innovation, unique shopper experiences and an unmatched product assortment that is catered to the local consumer.

    Spread over a total retail space of 7521 square feet, the Levi’s Brigade Road store features the brand’s cutting-edge NextGen store format and retails some of its most beloved products – from its iconic 501 ,which celebrates its 150th anniversary this year, to its classic Trucker jackets. The store will also showcase the newest range of fits for both men and women, more relaxed silhouettes in line with the latest trends, and premium collections and collaborations.

    At the store’s heart is the Levi’s Tailor Shop helmed by skilled tailoring professionals, which seeks to allow consumers to personalize their purchases, especially with self-expression being key for today’s consumers. In addition to tapping on expert alteration and restoration services, customers can further customize their Levi’s apparel through embroidery, patches, pins, and more. From reinventing existing jeans to elevating a newly-purchased pair, the Tailor Shop unlocks a spectrum of personalization for Levi’s customers looking for unique pieces tailored to their taste and expression.

    “With consumer behavior shifting in the ever-changing retail landscape, we at Levi’s continue to prioritize how we deliver our iconic products and an impactful brand experience, especially to our growing base of young, savvy consumers in India and across Asia. With this year marking the 170th anniversary of Levi Strauss & Co., the Brigade Road store – our largest in Asia – aims to be a premium one-stop shop in one of the region’s most vibrant cities. It will allow us to engage with Levi’s fans who are looking to create a style statement and connect with one of the most well-loved apparel brands in the world,”  said Amisha Jain, Managing Director & SVP, South Asia, Middle East & Africa at Levi Strauss & Co. “India, in particular, is a priority growth market for Levi Strauss & Co. “As we look to scale up our investments in Asia, the opening of the Brigade Road store signifies our commitment towards offering quality and innovation in the latest fashion to consumers in both India and the wider Asia region. ”

    The Brigade Road store in Bengaluru is yet another step in Levi’s inroads within Asia, and marks another milestone in the brand’s strategy of diversifying its business across geographies, apparel categories and distribution channels. It brings the brand closer to its goal of making its stores premium destinations worldwide by delivering premium shopping experiences to its customers across the globe.

    For the store’s launch weekend, Levi’s worked with artists Sachin Bhatt, Osheen Siva, The Doodle Mafia and public art collective, The Aravani Project to create artworks that showcase the city from past, present, and future perspectives. Delving into the city’s evolution, the artworks blend vintage and futuristic elements to capture the local culture and subtleties of the city. These designs can be customized onto the store’s Levi’s trucker jackets & t-shirts.

  • Toys ‘R’ Us Asia names Leo Tsoi as new CEO

    Toys ‘R’ Us Asia names Leo Tsoi as new CEO

    The Board of Directors of Toys”R”Us Asia (Holding) Limited, (“Toys”R”Us Asia”), the leading retailer of toy and baby products in ten markets across Asia, today announced the appointment of Leo Tsoi to the role of Chief Executive Officer and member of the Board, effective April 1, 2023.

    Mr. Tsoi brings to the role more than 27 years of consumer retail experience and business leadership in large multi-national brands across Asia. Most recently, Leo served as Chief Executive Officer of Starbucks China where he also served as a member of the Starbucks Global Executive Leadership Team.  Prior to that, Leo held a series of senior roles at Starbucks China including President of Retail, COO, CMO and VP of Store Development & Design, where he played a crucial role in the company’s growth and transformation. Prior to joining Starbucks, Mr. Tsoi held senior positions in iconic international companies, Pepsico and Procter & Gamble, in Greater China.

    “Following an extensive global search, we’re thrilled to welcome Leo Tsoi to Toys”R”Us Asia as our new CEO,” said Drew M. Nuland, Chairman, Toys”R”Us Asia. “Over the course of his career, Leo has distinguished himself as a bold innovator and inspiring leader who has led rapid growth over a diverse range of product portfolios. He has a proven track record not only in operational efficiency, digital transformation and brand management, but also in engaging customers throughout the region.”

    “I’m honoured to take on this leadership role with Toys”R”Us Asia, a dynamic and respected retail brand with a strong vision to fuel the imagination of children and inspire their development through play,” said Leo Tsoi, incoming Chief Executive Officer of Toys”R”Us Asia. “I look forward to working with the dedicated teams in our markets to serve our communities across Asia through an elevated customer experience and with meaningful innovations to capture the tremendous growth opportunities ahead.”

    Mr. Tsoi assumes the helm of Toys”R”Us Asia from Interim CEO Pieter Schats, who will remain a member of the Board.

    “As Toys”R”Us Asia continues to elevate the customer experience in-store and online and build more personalized relationships with kids and families, we’re confident that Leo’s proven leadership skills, extensive consumer knowledge and unwavering focus on people will enable our teams to accelerate growth throughout the region,” added Mr. Nuland.

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  • Apple expected to deliver big update for Apple Watch with watchOS 10

    Apple expected to deliver big update for Apple Watch with watchOS 10

    On June 5th Apple will kick off its annual WWDC Developers Conference at Apple Park. And besides unveiling the “Reality Pro” mixed reality headset, the company will also preview iOS 17 and other operating systems, including watchOS 10. According to Bloomberg’s Mark Gurman, writing in the latest edition of his weekly Power On newsletter, the update will deliver some big UI changes to Apple’s timepiece.
    The hardware itself isn’t supposed to see any big changes in light of last year’s introduction of the Apple Watch Ultra. The next big hardware update, according to Gurman, will take place next year and he expects the Apple Watch Series 10 models to feature larger displays. In February, we passed along some rumors about the 2024 Apple Watch models.
    The 2024 Apple Watch timepieces should follow the same 10th-year celebratory naming strategy as the iPhone did in 2017 when Apple called the device the iPhone X. Expected to be officially known as the Apple Watch X, the 2024 models are rumored to be equipped with a 1.89-inch and a 2.04-inch screen. The current Series 8 units carry a 1.7-inch display (41mm) and a 1.9-inch screen (45mm). Next year, we should also see the second-gen Apple Watch Ultra sporting a larger 2.1-inch micro-LED screen. The first-gen Apple Watch Ultra carries a 1.92-inch OLED display.
    Gurman writes that watchOS 10 “should be a fairly extensive upgrade – with notable changes to the user interface – unlike iOS 17.” While we should get an idea of what changes Apple has in store for the watchOS interface this year during WWDC, the actual release of watchOS 10 won’t take place until September and, as usual, will be coordinated with the release of the latest Apple Watch models.
    The Apple Watch has turned out to be an incredible success story for Apple which initially didn’t know how to market the device. At first, Apple looked to distribute the watch via fine jewelry stores and even had a fashion model pose with the device on the cover of Vogue China. But soon the Apple Watch became known as a device that people could wear to monitor certain health metrics and has even been known to save several lives. Today, the Apple Watch is the most popular wrist-worn timepiece in the world.

     

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  • Honda raises motorbike prices across the board

    Honda raises motorbike prices across the board

    Honda Vietnam has hiked the prices of most motorbikes following an increase in costs, the biggest hike being of VND2 million ($85).

    The price of the Vision 110cc, its best-selling automatic model, has risen by 1.37% to VND37.09 million.

    The Air Blade 125cc, a powerful city motorbike favored by men drivers, is up 1.62% to VND43.99 million.

    The LEAD, a vehicle known for its large storage space, has seen its price go up by 1.16% to VND43.59 million.

    The SH350i, Honda’s most expensive city motorbike, is up 1.32% to VND152.49 million.

    With global economic trends affecting the parts market, costs have increased, Honda said.

    Last year Vietnam’s biggest motorbike seller saw sales grow by 20.9% to 2.4 million units, accounting for 80.7% of the market.

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  • Investment in Vietnamese startups down 56%

    Investment in Vietnamese startups down 56%

    Investment in Vietnamese startups reached $634 million in 2022, down 56% over the previous year due to the impact of global economic fluctuations.

    This investment was directed to startups through 134 deals, according to the Vietnam Innovation and Technology Investment 2023 Report, published Thursday by Do Ventures, a venture fund, and the National Innovation Center (NIC).

    Vietnam ranked third in the number of deals and fourth in investment in Southeast Asia last year, the report said.

    “The investment decreased due to the absence of big deals,” said Le Hoang Uyen Vy, managing director of Do Ventures.

    By sector, financial services attracted the most investment, increasing 248%. Retail was the second, despite its capital decreasing by 57%, followed by health and education.

    Vietnamese funds led the way in capital inflows for the first time, with a total of $287 million, followed by investors from Singapore, North America and South Korea. “Amid difficult circumstances, domestic investors are the ones fueling startups,” Vy said.

    Regarding the 2023 outlook, nearly 100% of surveyed investors said they would at least keep the current level of investment, according to the report. In the medium term, Vietnam’s startup ecosystem is still very attractive.

    At the “Vietnam Innovation Forum” on Thursday, Nguyen Anh Quang, senior investment director of SK – a South Korean fund that has invested $2 billion into Vietnam – is interested in consumer and healthcare projects.

    South Korea’s STIC Investment, which has invested $300 million in Vietnam, is interested in startups in the fields of logistics, e-commerce, and healthcare.

    Tran Duy Dong, Deputy Minister of Planning and Investment, said Vietnam’s startup ecosystem still has some areas it needs to improve, such as having few unicorns, startups valued at $1 billion upwards, venture capital funds, and big deals.

     

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  • BetConstruct Wins One-Stop Platform Solution and Online Sports Betting Solution at Asia Gaming Awards

    BetConstruct Wins One-Stop Platform Solution and Online Sports Betting Solution at Asia Gaming Awards

    Since its inception in 2003, BetConstruct has taken the iGaming industry by storm, maintaining a top position as one of the world’s foremost gaming service providers. The London-based firm has grown from a purely Asian-focused company to an industry powerhouse with international outlook.

    Over the past 20 years, BetConstruct has expanded its innovative technology to US and European markets. This scaling up has been largely due to the development of an integrated full-service casino solution and a similarly styled sports betting solution.

    BetConstruct, through its sports betting solution, provides major operators across the world with an all-in-one sportsbook software featuring more than 70,000 live matches monthly. Players at sportsbooks can participate in online sports betting on up to 120 sports. There are also jackpots, access to racing events and omni-channel functionality.

    One of the core strengths of these products from BetConstruct is their terrific customization and highly dedicated customer support. So, it was no surprise when BetConstruct took home awards for One-Stop Platform Solution of the Year and Online Sports Betting Solution of the Year at the 2023 Asia Gaming Awards.

    The event took place on March 21 at the heart of Manila to honor some of the greatest contributions to the development of iGaming and betting worldwide. Attended by industry critics, regulators and casino suppliers and sportsbook operators like DraftKings, the Asia Gaming Awards put BetConstruct’s groundbreaking solutions in global focus.

    In a press release acknowledging the Asian Gaming Awards, BetConstruct had this to say about their products:

    “BetConstruct’s One-Stop Platform Solution is an all-in-one and worry-free platform that offers a complete suite of products for partners to easily manage all aspects of their iGaming business from a single platform.”

    In similar fashion, the statement described the BetConstruct Online Sports Betting Solution as “a fully customizable product that provides a wide range of features and functionalities tailored to every partner’s specific needs. It includes a variety of sports, a bunch of live and pre-match events and multiple betting options for partners to easily launch their own sportsbook business.”

    The Asia Gaming Awards is one of the largest conventions of gaming suppliers, service providers and operators in the Asia-Pacific region. It typically holds as part of the ASEAN Gaming Summit each year. In addition to the Asia Gaming Awards, the Summit features a conference and an exhibition of the leading online gambling products of the year.

    However, the Asia Gaming Awards was not the only event where BetConstruct’s products stole the show. In March, BetConstruct was awarded Esports Product of the Year at the 2023 SiGMA  Eurasia Awards in Dubai. Vigen Badalyan, Co-Founder and CEO at BetConstruct also received an Outstanding Contribution to Gaming Award at the same event.

    At the International Gaming Awards 2023, BetConstruct was announced the iGaming Software Supplier of the Year for its platform solution. The product also won Technology Provider of the Year and Platform Provider award at SPiCE India 2023 and the Global Gaming Awards 2023, respectively.

    Sports betting is growing at an unprecedented rate in Asia and players now have access to multiple markets thanks to suppliers like BetConstruct. With this in view, it is only right that the company is getting accolades for its innovative work.

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  • 7 Best Virtual Makeup Try-On Online Services

    7 Best Virtual Makeup Try-On Online Services

    In today’s digital age, when technology has revolutionized almost every aspect of our lives, it’s no surprise that makeup has also gone virtual. The emergence of virtual makeup try-on services has made it easier than ever before for beauty enthusiasts to experiment with different makeup looks and products without leaving the comfort of their homes. So, whether you’re a makeup newbie or a seasoned pro, these 7 virtual makeup try-on tools are guaranteed to change your beauty game for the better.

    1. Banuba’s TINT

    Banuba’s TINT stands out among numerous virtual makeup try-on services available due to its exceptional features. Combining AI-powered facial recognition technology with AR, TINT provides an incredibly realistic makeup try-on experience. Its wide selection of cosmetic products, including lipsticks, blushes, eyeliners, and eyeshadows, allows users to experiment with different makeup looks effortlessly. TINT also provides virtual hair try-on, enabling users to preview various hair colors and styles before making the final decision. However, TINT is not your average virtual try-on service, as it offers personalized makeup suggestions using advanced facial recognition algorithms and machine learning technology. The tool analyzes users’ skin tone, eye color, and face shape to suggest the most ideal products. It’s like having your own personal makeup artist right at your fingertips!

    1. L’Oreal Makeup Genius

    L’Oreal Makeup Genius is an augmented reality makeup try-on app that allows users to experiment with a variety of makeup looks using their smartphone camera. The app features a wide range of products, from L’Oreal’s own brand to other popular ones. With accurate color-matching technology and a user-friendly interface, L’Oreal Makeup Genius is the perfect way to try on makeup looks before purchasing a product.

    1. Sephora Virtual Artist

    Tired of playing makeup roulette and not knowing if a product will work for you? Welcome Sephora Virtual Artist, the revolutionary virtual makeup try-on service that lets you experiment with different cosmetic items without ever having to leave your house. With this software, you will finally say no to the frustration of finding the perfect shade of lipsticks or eyeshadows. The app uses AR to create a virtual mirror that allows you to see how exactly the  product will look on your face. No more guessing or hoping for the best—you can try on cosmetics with just a tap of your finger.

    1. ModiFace

    When it comes to virtual makeup try-on services, Modiface is a true game-changer. This innovative app uses advanced augmented reality technology to provide users with a seamless and realistic virtual makeup experience. One of the most impressive features of Modiface is its ability to detect and analyze even the slightest details of your facial features. The app uses sophisticated algorithms to map out your face and then applies makeup accordingly, resulting in a virtual try-on tool that looks and feels incredibly realistic. But Modiface doesn’t just stop there. This app also includes a wide range of beauty tools and features that can help you create your perfect look. From personalized makeup recommendations to skincare analysis, Modiface has it all.

    1. Bobbi Brown Virtual Try-On

    Bobbi Brown Virtual Try-On is ideal for anyone who adores makeup. But what really sets this tool apart is its commitment to inclusivity and diversity. With over 50 shades available for foundation and a wide range of other products, the Bobbi Brown Virtual Try-On ensures that people of all skin tones and types can find the perfect match for their needs. With it, shopping for makeup will become easier, more fun, and more inclusive than ever before.

    1. YouCam Makeup

    Ever wanted to experiment with new makeup looks and products, but weren’t sure where to start? Well, look no further than YouCam Makeup, the virtual makeup try-on app that lets you unleash your inner beauty artist. With its advanced facial recognition technology, YouCam Makeup creates a 3D model of your face, allowing you to try on different makeup looks in real time. This means that you can experiment with a variety of makeup styles, from bold and dramatic to subtle and natural, all from the comfort of your own couch. But perhaps the most exciting thing about YouCam Makeup is its community aspect. You can connect with other beauty enthusiasts from around the world and share your makeup looks, tips, and tricks. This creates a supportive community where everyone can learn from each other and feel inspired to try new things.

    1. Charlotte Tilbury Virtual Try-On

    Have you heard about Charlotte Tilbury Virtual Try-On? It’s a super cool tool that lets you try on makeup virtually, without having to actually apply it on your face. All you have to do is upload a selfie or use your phone camera, and the tool will show you how the different makeup products would look on your face. You can even try on different looks created by Charlotte Tilbury herself! With its innovative use of augmented reality technology and personalized makeup consultation, it is no wonder that this tool has become a popular favorite among beauty enthusiasts worldwide.

    Final Thoughts

    Who would have imagined that trying on makeup could be so easy and convenient? Thanks to these 7 virtual makeup try-on services, there is no need to step out of the house to try on makeup looks anymore. From personalized makeup suggestions to advanced facial recognition technology, these services offer a level of innovation and convenience that was once unimaginable. Regardless of your makeup expertise, these virtual makeup try-on tools will definitely revolutionize your beauty routine.

     

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  • Better late than never, Google Fi’s 5G network now works on iPhones

    Better late than never, Google Fi’s 5G network now works on iPhones

    Google Fi, the company’s MVNO cellular carrier service, has tweeted that it is extending its 5G coverage to include iPhones. This is a major step forward for the company, as only Google’s Pixel phones could connect to Fi’s 5G network earlier.

    iPhone users who are Google Fi subscribers will now be able to utilize the service’s 5G network in 35 cities across the United States due to the extension. Google Fi’s use of numerous wireless networks, including T-Mobile, Sprint, and US wireless, enables this.To use Google Fi’s 5G network, iPhone users must have a compatible smartphone and be in a 5G coverage region.

    The network supports 5G-capable iPhones such as the iPhone 12 or newer.

    Google Fi’s 5G network guarantees customers faster bandwidth and reduced latency. This is especially useful for those who watch video or play games on their phones and companies that require dependable and quick internet connections.

    This late, but welcomed, expansion of Google Fi’s 5G network into the iPhone market is part of the company’s continuing attempts to bring its service to a broader variety of devices. While Google Fi was initially only accessible on Google’s Pixel phones, it has since been extended to include a wide range of Android devices and, most recently, iPhones using 4G.

    Using 5G on existing iPhones that are already on Google Fi’s network will require a few steps which include navigating to your iPhone’s Settings, then accessing the “Cellular” section. Once there, select “Cellular Data Options,” then “Voice & Data” or “Cellular”. Finally, pick “Voice & Data” and “5G Auto” after tapping your phone number.

    Overall, Google Fi’s 5G network extension to iPhones is a major development for both the business and its customers as Google Fi’s 5G network claims to provide a better user experience. Furthermore, the expansion of Google Fi’s service to iPhones is likely to draw new users, cementing the company’s place as a significant participant in the wireless carrier market.
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  • Netflix games could soon be playable on TVs using your phone

    Netflix games could soon be playable on TVs using your phone

    It has been more or less two years since Netflix started offering its subscribers a whole gaming segment. The company started in 2021 with roughly 50 titles in its arsenal and has increased that with another 40 or so more since then.

    The new service, however, was available only on iOS, iPadOS, and Android. This left the most obvious and exciting medium, TVs — where the Netflix name initially became a household one — unutilized.

    The good news is that an app developer by the name of Steve Moser has discovered hidden code inside the app hinting the company is planning to finally make the big step forward and offer its games on TV as well. Maybe equally exciting is the next information dug out by Moser, which insinuates users would have the option to use their phones, be it Android or iPhone, to play the games on their TV screens.

    Here’s the text hinting at the phone-controller functionality:

    A game on your TV needs a controller to play. Do you want to use this phone as a game controller?

    This could potentially be a game changer for Netflix and bring it one step closer to retaining its subscribers, which is one of the main reasons the platform started introducing Games to its service in the first place. After serious backlash following price hikes and talks of harsher regulation on account sharing, this would be a great opportunity for Netflix to score some extra “cool” points.

    If the streaming giant decides to go along with this endeavor, it would also serve as a solid foundation for the company’s ambition to launch a cloud-gaming service, for which it is perfectly positioned now. That would allow anyone with a Netflix subscription (although it might be a new tier with a new price slapped onto it) to play more demanding titles that would not require powerful equipment and installation, just a very strong and stable internet connection.

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  • VPBank eyes $1B profit

    VPBank eyes $1B profit

    VPBank expects a pre-tax profit of VND24 trillion ($1.02 billion) this year, exceeding the $1 billion milestone for the first time since its establishment.

    The news comes after the bank announced the sale of a 15% stake to a Japanese financial giant.

    The target, announced in a document sent to shareholders before the upcoming general meeting, will nudge the private lender into the ranks of the billion-dollar profit club in the banking sector, in which only Vietcombank and Techcombank are members.

    VPBank earlier this week completed a 15% stake sale to Japanese lender SMBC for $1.5 billion in the biggest acquisition ever recorded in Vietnam’s banking industry.

    The lender expects an asset growth of 39% to VND880 trillion this year, while capital mobilization and lending growth are expected to hit 41% and 33%, respectively.

    VPBank also wants its shareholders to approve a plan to increase its charter capital to VND79 trillion, the biggest in the industry, by issuing more shares.

    The banks plans to sell 30 million shares to its employees at the price of VND10,000 per share. These shares will come from the bank’s treasury shares and will be for a limited trading period of three years.

    Last year, VPBank recorded a pre-tax profit of VND21.22 trillion, up nearly 48% from 2021.

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  • Ride-Hailing App Cabify Raises $110 Million For Expansion In Latam, Spain

    Ride-Hailing App Cabify Raises $110 Million For Expansion In Latam, Spain

    The company said on Tuesday that the Spanish ride-hailing app Cabify has raised $110 million in financing to accelerate its growth in Latin America and Spain.

    Cabify closed the funding round with participation from investors like Orilla Asset Management and AXIS, through Fond-ICO Next Tech.

    “This commitment by strategic investors is a recognition of Cabify’s positive impact and potential to continue creating long-term value for our investors and the cities in which we operate,” Cabify CEO Juan de Antonio said a statement.

    Cabify, whose business volume jumped 32% in 2022 from the previous year, said the capital injection will help increase its market share in more than 25 cities in Latin America and Spain with populations over 200,000.

    The company, which operates in more than 40 cities in Argentina, Chile, Colombia, Mexico, Peru, Uruguay and Spain, said in November it would invest more than $300 million through 2024 to strengthen its presence in Latin America.

    In December Cabify secured a 40 million euro loan from the European Investment Bank aimed at purchasing electric vehicles. The company aims for all rides through its app to be in zero-emission vehicles by 2025 in Spain and by 2030 in Latin America.

    With over 42 million registered users and 1.2 million drivers, Cabify employees over 1,000 people in Spain and Latin America.