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Category: Food

Retail News Asia is committed to providing both local and global retailers with the latest Food and Food & Beverage news throughout the Asian market. This on a daily base.

  • Will Group eyes rights for Chatime in Singapore

    Will Group eyes rights for Chatime in Singapore

    Will Group Sdn Bhd, the master franchisee for Chatime in Malaysia, is eyeing the rights for Chatime in Singapore a year after it opens its first outlet there.

    Chatime Malaysia group managing director Aliza Ali said it has obtained the green light from Chatime franchisor La Kaffa International Co Ltd to enter the Singapore market, where it will open two Chatime outlets in shopping malls this year and an outlet in Jewel Changi Airport in 2019 to gauge the market there.

    “It (Singapore master franchisee) is something that we’re eyeing but let us prove ourselves to the principal (La Kaffa) first. If they see that we can manage the market in Singapore and if they’re happy with our performance, we will talk about the possibility (of being the Singaporean master franchisee),” she told SunBiz.

    Aliza noted that there are existing bubble tea players that are doing well in Singapore, such as Koi, Gong Cha and LiHo. There is no Chatime in Singapore yet. Its rival Tealive is also not in Singapore, but has ventured into Vietnam and announced plans to go into Australia.

    “This (Singapore) is a new market, we can’t just go in and want the master franchisee rights without showing that we are going to do it well. We have to open (outlets) first then only we can see how the market is. For us to jump in to be the master franchisee and put our investments there without knowing how we want to move ahead, wouldn’t be a smart move either,” she explained.

    Aliza added that franchisors will usually save the exclusivity of a territory for a franchisee, while it markets the brand there. Once the franchisee has opened a certain number of outlets for a period of time, the franchisor will then award the master franchisee rights to the selected franchisee.

    While Singapore is a feasible venture for Will Group, the bubble tea company is also entering the Middle East market, with plans to open Chatime outlets in Mecca and Medina this year.

    There is already a Chatime master franchisee in the Middle East in Saudi Arabia (Jeddah) hence Will Group is aiming for Mecca and Medina where Chatime is yet to be present, under a sub-franchisee arrangement.

    “We would like to have some exclusivity there (in the Middle East) but we’re aware that there is already a master franchisee so any planning would have to be done out of respect for the master franchisee there. It has to be something that the master franchisee is comfortable to grant us. With the help of La Kaffa, we would like to get our interest across to the master franchisee there,” said Aliza.

    Its expansion plan into Singapore and Middle East comes after Chatime Malaysia obtained the halal food certification from the Department of Islamic Development Malaysia for its menu, paving the way for new avenues of business. It has outlined a five-year RM100 million expansion plan targeting over 150 outlets in Malaysia and internationally.

    Will Group was offered the role of master franchisee for Chatime in Malaysia following a dispute that escalated between La Kaffa and ex-master franchisee Loob Holding Sdn Bhd last year, that saw the franchisor terminating the master franchisee contract with Loob.

  • Jollibee Guam construction begins

    Jollibee Guam construction begins

    Philippine fast-food giant Jollibee’s planned re-entry into the Guam market has taken another step forward. The $2 million construction project to build a standalone Jollibee in the Micronesia Mall parking lot has begun. The construction site was in the process of being cordoned off Monday, and construction equipment has started digging up the ground for the proposed concrete building.

    The Jollibee corporate office in the Philippines has previously confirmed its Guam restaurant will open in the fourth quarter of this year.

    Maxi D. Peralta Jr., assistant vice president and head of international franchising at Jollibee Foods Corp., spoke on behalf of the company.

    Known for its crispy fried chicken, sweet spaghetti and other Filipino twists on patties, hot dogs, egg rolls and noodles, Jollibee’s Guam re-entry was announced as part of its overseas expansion plans.

    Jollibee had two franchise-run restaurants on Guam and two on Saipan, but its Marianas presence ended more than a decade ago as the islands went through an economic downturn. Jollibee also had trouble competing with Guam players that offered larger portions.

    The company builds, runs and franchises quick-service restaurants. A Jollibee international franchise applicant must have a minimum net worth of $5 million, according to the company’s website.

    Internationally, Jollibee had 139 stores with 32 in the United States, 72 in Vietnam, 13 in Brunei, one in Hong Kong, two in Singapore and 19 in the Middle East, according to the company’s profile for investors.

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  • Kid-Mai Cafe Wants Visitors to See Death Closer

    Kid-Mai Cafe Wants Visitors to See Death Closer

    Dying for a new cafe experience? Bangkok’s new Kid-Mai Death Cafe aims to please, boldly featuring death.

    Parts of a replica funeral ceremony are on display, including a coffin, wreaths and skeletons. According to the cafe workers – no, not a skeleton staff – the idea is to have patrons appreciate and contemplate their everyday lives, as they may not have the luxury of waking up the next day.

    Customers can experience a fleeting death by lying down in the decorated coffin with its lid closed for three minutes, for which they will earn a 20-baht (US 64-cent) discount off their bill.

    On the menu are drinks with such labels as Born, Elder, Painful and Death, not to mention One Year Left, One Week Left and Last Day.

    The cafe was described by Japanese blog ora24 was “morbidally brilliant”.

    This experience of a lifetime is offered by the cafe in the Bangkok suburb of Phayathai.

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  • Starbucks IFC Mall to adds alcohol in the menu

    Starbucks IFC Mall to adds alcohol in the menu

    Starbucks Hong Kong has opened its first cafe serving alcohol – including coffee-infused craft beers, exclusive to the city.

    Starbucks’ local licensee, the Dairy Farm International subsidiary Coffee Concepts, says the move is part of its strategy of elevating the chain’s ‘Third Place’ experience for its customers through continuous innovation in its coffee offer and in-store experience.

    After a month-long refit, the store on the level 2 podium of IFC Mall in Central was formally unveiled to media last evening. It has been upgraded into the Starbucks Reserve format in a bid to attract customers after work as well as during the day.

    And besides gourmet coffee blends, a Starbucks Reserve range of merchandise and beer, the cafe offers a selection of wines and light meal menu featuring dips, cured-meat-and-cheese board, bacon-wrapped asparagus skewers and baked meatballs.

    Craft beer partnership

    Starbucks Hong Kong has released two coffee-infused craft beers created in partnership with a local brewery. A company spokesperson says the two beers are infused with “signature notes of Starbucks coffee, leaving a refreshing taste on the tongue”.

    “The Caramel Macchiato Cream Ale is inspired by the signature Starbucks Caramel Macchiato. Cream ale is harmoniously brewed with pre-ground Starbucks Colombian coffee and delectable caramel for more than 18 hours, resulting in an irresistibly smooth taste with nutty notes and a subtle caramel sweetness, as well as a brilliant golden colour.

    “The Mocha Brown Ale marries a robust brown ale with the indulgent chocolate and soft spice notes of Starbucks Caffe Mocha. Brewed with Starbucks Guatemala Antigua cold-brewed coffee and cocoa nibs, the intense brown ale will surprise customers with its distinctive contrast of dark-brown hue and luscious sweetness.”

    Starbucks Hong Kong is also launching three bottled beers including Hiiro Seed Guava Love, a fruity beer with a tropical pink guava aroma, brewed locally by Hitachino Nest Beer.

    The Starbucks Reserve wine list features four red wines (pinot noir, merlot, cabernet sauvignon and shiraz), three white wines (sauvignon blanc, chardonnay and riesling) and an Italian prosecco.

    Starbucks says that extending the ‘Third Place’ experience (in which home and workplace are the first and second places) the Starbucks Reserve Coffee Experience Bar provides “the widest in-store offerings for customers as they connect with colleagues and friends over their beverages of choice”.

    The pictures can be viewed below :

  • Indonesia sees maiden shipment of chicken nuggets to Japan

    Indonesia sees maiden shipment of chicken nuggets to Japan

    The Trade Ministry has seen the first export of 6 tons of chicken nuggets to Japan on last Wednesday. The nuggets were produced by PT Belfoods Indonesia, the subsidiary of publicly listed PT Sierad Produce.

    “I congratulate Belfoods for being the first company to export chicken nuggets to Japan and for its contribution to Indonesian national exports,” said Trade Minister Enggartiasto Lukita in a statement.

    Enggartiasto said the shipment was a milestone for Indonesia given that the Japanese market was long known as hard to penetrate for Indonesian producers owing to its strict quality standards.

    “We expect that this is a good start to develop the Indonesian processed chicken industry for the international market. If Indonesian chicken nuggets can enter Japan, then it will be easier for it to access other countries,” he said.

    The trade minister also said he expected Indonesian chicken exporters to train local chicken farmers because exports should also increase the livelihoods of local stock farmers while increasing the country’s foreign currency savings.

    The consumption of poultry-based processed foods in Japan reached US$2 billion a year, making Japan a potential choice for exports. China and Thailand are known as the major exporters for Japan.

    Meanwhile, PT Sierad Produce CEO Tommy Wattimena said Belfoods products’ taste had become accepted by the Japanese because the subsidiary had done some market research in the country.

    “Belfoods will still focus on the domestic market while keeping the quality of our products up to export standards to help export development,” he said.

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  • Lay Hong to invest RM16.6 million in liquid egg processing facility in Pasir Gudang

    Lay Hong to invest RM16.6 million in liquid egg processing facility in Pasir Gudang

    Lay Hong Bhd will invest RM16.6 million for a new pasteurised liquid eggs processing facility in Iskandar Halal Park, Pasir Gudang, Johor to cater the needs of the southern region and Singapore market as well as addressing logistics costs.

    The group told the stock exchange that the investment will include the purchase of a semi detached factory from Tentu Teguh Sdn Bhd for RM5.2 million. The project is expected to be completed within six to seven months upon delivery of certificates of fitness from the developer.

    The investment cost will be financed through a combination of internally generated funds and bank borrowings.

    Lay Hong said the new facility is also in line with the group’s focus on enhancing the sales of downstream products.

    Its share price gained one sen or 1.05% to close at 96 sen with 4.97 million shares done.

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  • Pizza Hut Singapore to hire Pepper to take order

    Pizza Hut Singapore to hire Pepper to take order

    Pizza Hut Singapore has introduced a robot that takes orders and processes payments.

    In a five-day trial ending on Sunday, diners at the Safra Punggol Pizza Hut outlet will be the first in Southeast Asia to be able to try out the new technology. After the trial, Pizza Hut will consider customer feedback before deciding if the robot will stay.

    Patrons are greeted with “Hello” in a female voice from the robot, and to place an order first must greet the robot and pair their Mastercard Masterpass account embedded in the Pizza Hut Singapore mobile app.

    They can then tell the robot their orders and show a QR code that will provide their table information. The robot is not exposed to payment instruments or customer credentials, which minimises the chance of sensitive information being compromised.

    “This initiative gives people more choices without ever compromising security, and provides more reasons for people to go cashless,” says Labs at Mastercard Asia Pacific VP Tobias Puehse.

    The robot was developed by Japan’s SoftBank Robotics, which makes the Pepper robot used in customer service and retail. “We are focusing on how robots can help how people live,” says SoftBank marketing director Kan Kiyota. “The humanoid robot is an add-on to the value provided.”

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  • European Commission to help Vietnam fight IUU fishing

    European Commission to help Vietnam fight IUU fishing

    The European Commission is willing to cooperate with and support Vietnamese authorities in their reforms to fight illegal, unreported and unregulated (IUU) fishing.

    This was said by Karmenu Vella, Commissioner of the European Union for Environment, Maritime Affairs and Fisheries.

    In an interview, Vella said the European Commission welcomed the high-level commitments of the Vietnamese authorities, notably the plan adopted by the Ministry of Agriculture and Rural Development, to implement urgent measures to overcome the yellow card adopted in October 2017.

    Minister of Agriculture and Rural Development Nguyễn Xuân Cường is currently on a working visit to the European Union from March 20-24 to promote the removal of “yellow card measure” for Việt Nam in IUU fishing.

    “Nonetheless, the European Commission reiterates its concerns as regards the translation of such commitments into tangible measures aimed at addressing the serious shortcomings that led the Commission to adopt the yellow card,” Vella said.

    According to him, the adoption of pre-identification (yellow card) of Việt Nam as a non-cooperating country in fighting IUU fishing in October 2017 is the formalisation of a dialogue in place since 2012. This step is just a warning and does not imply any kind of trade-related measures, he said.

    “The objective of the European Union’s IUU policy is to enter into a cooperation with competent authorities in third-world countries to ensure they align their legal and administrative frameworks with international obligations to fight against IUU fishing and establish adequate control mechanisms,” Vella said.

    By April 2018, six months after the adoption of the yellow card, Vietnamese authorities are expected to provide a progress report addressing the implementation of the action plan, he said, adding the European Commission will evaluate, including by means of visits to the country, the content of the action plan in light of the shortcomings established in the Commission’s decision of October 23, 2017.

    Talking about the possibility of removing the yellow card for Việt Nam, Vella said any decision would follow a careful analysis of the actions undertaken by the authorities to remedy the deficiencies that led to the yellow card.

    “The revocation of the yellow card will only be possible if all the mentioned deficiencies are sufficiently addressed,” he said.

    In case the situation does not improve, the European Commission may proceed with the identification of the country as non-cooperating in fighting IUU fishing (red card) and submit the proposal to the Council of the European Union to list Viet Nam as non-cooperating in fighting IUU fishing, Vella said.

     

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  • Muji fresh store launched in Osaka

    Muji fresh store launched in Osaka

    Japanese anti-brand retailer Muji has opened a massive 4300sqm store in Osaka featuring its first dedicated fresh department.

    While the company has offered dried foods, snacks and other foods since it was founded in 1980, and even shelf-stable vegetables in some stores, this is the first time it has ventured into chilled, fresh meat and produce.

    The Muji fresh store is the brand’s largest globally and five times the typical Japanese footprint. About 50 per cent of it is dedicated to food and it also features a Cafe & Meal Muji eating place.

    Kei Suzuki, director and executive officer of Muji parent Ryohin Keikaku, said that once refined the company will look to roll out the concept in other markets.

    “At first we have to see what is going to happen in Japan, but I believe the Muji customer … is keen to have a good fresh product,” said Suzuki, who was one of the leading speakers at yesterday’s MarketingPulse conference, organised by the Hong Kong Trade Development Council.

    Suzuki said Muji customers are in tune with freshness, sustainability, supporting local farmers and suppliers – and they want quality. He is confident the Osaka concept store will win over customers.

    “Once we see that we are successful then … I also want to try it here in the future. But it has not been decided yet.”

    Photos released by Muji show fresh meats, fish, vegetables and perishable goods on display in a bright, airy retail space. Minimalist design and displays made from natural materials are in keeping with the company’s market positioning.

    Meanwhile, in Japan, Ryohin Keikaku chairman Masaaki Kanai said Muji was committed to expanding its selection of local food products.

    “We want to become a part of the community.”

    One of the reported rationales behind Muji fresh is to entice customers to visit more often. Food is a more frequent purchase than stationery or household items, for example.

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  • Industry leaders meet at Singapore’s largest show to explore new frontier in coffee business

    Industry leaders meet at Singapore’s largest show to explore new frontier in coffee business

    Thousands of food and beverage (F&B) establishments in Singapore and the region dedicate themselves to serving freshly brewed cups of java or tea and delightful pastries every day. While many Asian countries have enjoyed the café culture phenomenon for many years, new markets like Myanmar, Laos, and Cambodia are now starting to witness the growth of the café industry in their countries.

    To support the diverse needs of these thriving businesses, key players of the coffee, tea, and bakery industries converged at Café Asia 2018 today to foster new collaborations, explore opportunities, and to present the latest trends and developments to trade professionals and members of the public. The event was launched this afternoon by Guest-of-Honour, Mr Liang Eng Hwa, Chairman, Government Parliamentary Committee for Finance, Trade & Industry and Member of Parliament, Holland – Bukit Timah GRC Café Asia 2018, the International Coffee & Tea (ICT) Industry Expo 2018, and Sweets and Bakes Asia (SBA) 2018 concurrently offer a one-stop convenient sourcing hub for the industry. Spanning a gross exhibition area of 5,000 square metres, the shows are expected to attract over 10,000 baristas, café and coffee purveyors, coffee roasters, tea and baking ingredients suppliers, equipment distributors, and members of the public over the next three days.

    A key highlight of the show this year will be the gathering of coffee industry experts at the inaugural ASEAN Coffee Symposium 2018. The symposium to be held tomorrow, will present and discuss important issues faced by the industry. These include thought-provoking topics such as role of women in coffee, social enterprise and sustainability of coffee in a changing climate, and how financial institutions can ensure a sustainable and traceable coffee supply chain to help small-scale coffee farmers. The panel discussion will be led by Mr Victor Mah, President, ASEAN Coffee Federation & Singapore Coffee Association and include key members of the ASEAN Coffee Federation.

    Since it was first introduced to the market in 2013, Café Asia has featured distributors and suppliers of equipment, machinery, accessories, and other products for coffee and tea businesses, while ICT has presented the upstream sector of the coffee and tea industries to offer a complete showcase of supplies such as raw coffee beans and tea leaves, to processing and packing services for wholesale purchases and trading. With 142 exhibitors from 25 countries, the shows mark Southeast Asia’s largest annual gathering of the coffee, tea, and bakery industries, dedicated to the celebration of the burgeoning café scene across the region.

    Since the emergence of hundreds of specialty cafés in Singapore over the past few years, consumers have been eager to keep up with the latest trends and innovations in the café industry, from nitro cold brews to siphon coffees, tea pairings to visually delightful desserts. According to Euromonitor in 2017, the bakery and confectionery sectors have been enjoying stable growth in Singapore. This includes internationally renowned bakeries setting up shop in Singapore, responding to the rising demand for quality bread, cakes and pastries. The appreciation for products with functional and health benefits is no surprise. This reflects consumers’ changing lifestyles, spurring innovative creations from F&B businesses in their bid to stay competitive.

    The shows will be packed a comprehensive programme designed to impart deeper understanding of and appreciation for the trade and café industry. Businesses entering the booming digital economy will appreciate the e-commerce clinic presented by RedMart to help businesses understand the challenges of expanding online.

    Visitors to the shows will also meet international experts including renowned cake designer Molly Eleonora Coppini and the Australian Tea Masters, the leading organisation for tea master and tea sommelier training in Australasia.

    Five national-level coffee championships will see Singapore’s home-grown baristas, brewers, latte artists, and students contend in the Singapore National Barista Championship, Singapore Latte Art Championship, Singapore Brewers Cup Championship, Singapore Cup Tasters Championship, and the second edition of the Singapore Coffee in Good Spirits Championship. Winners of the respective national titles will represent Singapore on the international stage at the world championships later this year.

    Café Asia 2018, the International Coffee & Tea Industry Expo 2018, and Sweets & Bakes Asia 2018 are organised by Conference & Exhibition Management Services Pte Ltd (CEMS). Café Asia 2018 and International Coffee & Tea Industry Expo 2018 are hosted by Singapore Coffee Association.

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  • Korea coffee market grows to 512 cups per person

    Korea coffee market grows to 512 cups per person

    Korea’s domestic coffee market surpassed 10 trillion won in 2017 for the first time ever as demand for the brew continues to rise, market data showed.

    According to the Korea Customs Service (KCS), the country’s coffee market stood at 11.7 trillion won (US$10.8 billion), up more than threefold from around the middle 3 trillion won level a decade earlier.

    This translates into 26.5 billion cups of coffee being served last year and an average of 512 cups being consumed per person. Asia’s fourth-largest economy has 51.7 million people.

    Broken down, coffee mixes ranked No. 1, accounting for well over 13 billion cups, followed by fresh roasted coffee making up 4.8 billion cups, with the remainder being canned coffee and various coffee-flavored drinks.

    The latest data showed that while people drank more, the price of a cup of coffee has also shot up in the past 10 years, with more people drinking expensive brews than before.

    The average price for a cup of fresh roasted coffee stood at 1,636 won, with this market reaching 7.85 trillion won market last year, while in 2007, it stood at just 900 billion won.

    In the past, Korea’s domestic market was dominated by coffee mixes and instant coffee, but this changed with the opening of Starbucks and Coffee Bean & Tea Leaf stores in the late 1990s and early 2000s.

    Starbucks Coffee Korea, the local unit of the global beverage company, reported sales topping 1 trillion won in 2016, 17 years after it opened its first outlet here in 1999, with the company’s operating profit hitting the 100 billion won mark for the first time last year.

    Besides the growth of big coffee chains, local trends are leading to more stores operating their own roasting machines and becoming more high-end to meet consumers’ diversified demands.

    But per capita consumption of coffee is far below that of such countries as the United States.

  • Hite Jinro opens pub in Hong Kong

    Hite Jinro opens pub in Hong Kong

    South Korean liquor maker Hite Jinro has opened its second exclusive offshore bar, in Hong Kong, as part of its outreach campaign with its beer and soju labels.

    In Lan Kwai Fong, its bar is its second overseas flagship store following the opening of Jinro soju bar in Hanoi, Vietnam, in October. The two-storey Hong Kong pub sells draft and regular beer labels Hite and Max as well as the company’s distilled rice liquor soju Chamisul.

    Hite Jinro exported 400,000 boxes of beer – each containing 20 500ml bottles – to Hong Kong last year, up 30 per cent from a year ago.

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  • HCMC Vietnam plans trading floor for pork

    HCMC Vietnam plans trading floor for pork

    HCM City plans to form a pork trading floor which will have advanced technology and careful control of pork origin to ensure quality.

    The city’s Department of Industry and Trade is working on forming the trading floor, which will allow direct purchases, without intermediaries, from pig farmers.

    Large, growing pork markets such as China and Japan have not bought pork from Việt Nam through large scale exporting, but instead through small border trade as international trade requires higher food safety standards.

    The city has begun a programme to keep better track of pork origin to ensure higher-quality products.

    By the end of 2017, 2,644 pig farms and 38 slaughterhouses had joined the programme, according to the city’s Department of Industry and Trade. The department has also held around 85 training sessions for farmers.

    As part of the programme, traders and consumers can look up information about the pork they have bought and their origin by scanning the QR code on each pork package which  has quality stamps.

    In HCM City, 7,500 to 8,000 pigs are supplied with a clear source of origin each day.

    The city plans to replace all manual slaughtering activities with machinery by the end of 2018, and make sure every slaughterhouse is equipped with freezers to store pork.

    According to the department, the city consumes US$500 million worth of pork every year.

     

  • The famous “crazyshake” restaurant Black Tap is heading to Singapore

    The famous “crazyshake” restaurant Black Tap is heading to Singapore

    New York’s Black Tap Craft Burgers & Beer is about to make its Asian debut at Singapore’s Marina Bay Sands.

    Paying homage to the great American luncheonette experience, it will offer classic craft burgers, craft beers and its colourful CrazyShake milkshakes.

    Run my Michelin-starred chef Joe Isidori and restaurant/nightclub developer Chris Barish, Black Tap opened in New York in 2015.

    Isidori earned his Michelin star while executive chef of fine-dining restaurant DJT, while Barish is known for the Gordon Ramsay Pub and Grill, and Gordon Ramsay Steak.

    Black Tap Singapore will open in the third quarter at the South Promenade of The Shoppes at Marina Bay Sands, offering a casual vibe reminiscent of a classic American luncheonette and featuring ’90s hip hop and ’80s pop music. It will seat 150 guests.

    A commissioned wall mural will depicts elements of urban life in Singapore.

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  • Audit asks Vietnam’s Sabeco to pay $111m

    Audit asks Vietnam’s Sabeco to pay $111m

    The State Audit of Vietnam has proposed the Saigon Beer-Alcohol-Beverage Corporation (Sabeco) pay the State Budget nearly VND2.5 trillion (US$110.9 million) worth of dividends, taken from the brewer’s undistributed profit for the period prior to 2016.

    The amount that brewer Sabeco should pay to the State Budget was calculated based on the State’s ownership ratio of 89.59 per cent at Sabeco as of December 31, 2016.

    According to Sabeco’s financial report audited by PwC Vietnam Co Ltd, the undistributed profit for the prior-2016 period was more than VND2.9 trillion and the distributed profit was VND2.78 trillion.

    For the dividends of the remaining profits that had not been distributed before 2016, the representative of the Government in managing the State capital in Sabeco on November 4, 2016 sent a letter to the Ministry of Industry and Trade (MoIT) for guidance.

    In response, MoIT has not had a plan to make dividend payment out of Sabeco’s profits. The ministry asked the State capital representative at Sabeco to deliver financial reports each year since it started operating until the end of 2016 and asked for the opinions of the Prime Minister about the remaining undistributed profit.

    In addition, the State Audit of Vietnam demanded MoIT clarify individual and collective responsibilities for miscalculating the valuation of Sabeco Pearl, a subsidiary of Sabeco.

    In June 2016, Sabeco sold its entire 14.7 million shares or 26 per cent stake in Sabeco Pearl on a full-package deal at the price of VND13,247 per share, and the bidding price was VND13,347 per share.

    The deal has remained confidential and the buyer has remained unknown.

    According to the State audit agency, the valuation of Sabeco Pearl showed some mistakes and miscalculations, which reduced the value of Sabeco Pearl and resulted in the loss of State capital.

    Losses in 10 other firms

    The State Audit of Vietnam reported that Sabeco had made a provision fund for its financial losses in 10 long-term investment projects, in which Sabeco had 20 per cent of total charter capital.

    The provision was calculated at 77.8 per cent of the total investment value, including aVND154 billion investment in the Orient Commercial Joint Stock Bank (OCB) and Đông Á Joint Stock Commercial Bank (DongA Bank).

    Most of those investment deals were not Sabeco’s core businesses and the State Audit asked the MoIT to “clarify the causes and consider individual and collective responsibilities that were involved in the 10 investment deals.”

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