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

  • Gasoline tax cut not on National Assembly agenda this time

    Gasoline tax cut not on National Assembly agenda this time

    The proposal for cuts to special consumption tax and value-added tax on gasoline will not be reviewed in the upcoming National Assembly session.

    Addressing the press Monday afternoon, Nguyen Minh Son, vice chairman of the Economic Committee, said the government was yet to present a report to the National Assembly on decreasing the special consumption tax and value-added tax on gasoline.

    As a result, the National Assembly will not discuss the issue at the fourth session of the 15th National Assembly, which is set to begin on October 20.

    “When the government submits the proposal, the National Assembly’s agencies would consider verifying and submitting it to the National Assembly at the next earliest meeting,” Son said.

    The Ministry of Finance has prepared a proposal wherein the special consumption tax on gasoline will be halved and the value-added tax on gasoline and oil will be cut by 20-50%. The proposal has been submitted for review and inputs to the Ministry of Justice.

    A representative of the Ministry of Finance said Monday that they had developed a plan that contained different tax reduction measures in the event of gasoline prices rising in the future. It would be submitted to the National Assembly if the government demands it.

    The government determines the timing of measures to reduce VAT and excise duty, which is based on closely monitoring gasoline price changes and balancing the budget collection plan, the rep said.

    Referring to the recent swings in gasoline prices, Son said that it was an issue under the control of the government, including the ministries of Finance and Industry and Trade.

    Since major fluctuations in global gasoline prices would not immediately be reflected in domestic prices, he suggested that that the government initiates adjustments to the retail price management system in a more acceptable manner while protecting the interests of people, enterprises, retailers and importers and exporters.

    Since October 3, the petroleum market, particularly in the southern region, has been experiencing supply shortages.

    People in the south have had great difficulty getting gasoline in recent weeks with many gas stations running out of fuel or selling restricted quantities as a running battle over commissions with oil companies disrupted supply.

    In Ho Chi Minh City, for example, 137 outlets did not have gasoline to sell on October 11.

    Supply has also been scarce in other southern localities including the provinces of Binh Duong, Dong Nai, Binh Phuoc, Kien Giang and An Giang.

    However, supplies resumed October 12 with authorities guaranteeing there would be enough gasoline for the next 10 days.

  • Electricity shortage likely as gas supply disruption looms

    Electricity shortage likely as gas supply disruption looms

    There could be electricity shortages in the offing since a leading gas firm has to reduce supply to thermal power plants to relocate a rig.

    PetroVietnam Gas Joint Stock Corporation (PVGas) announced that its contractor, Hibiscus of Malaysia, would stop gas supply to the Ca Mau power plant for three days from Oct. 17.

    They are weekdays, when power demand is high, and so to preclude a shortage in the southern region, Vietnam Electricity’s National Load Dispatch Center has urged PVGas not to move the rig on weekdays, but on Sunday when electricity demand is low.

    Otherwise it should reduce supply to other major gas consumers like urea production plants and prioritize supply to power plants, it said.

    The output of gas-fired power plants was nearly 19.7 billion kWh in the first eight months of this year, or around 11% of total production.

  • Netflix announces new ad-supported plan

    Netflix announces new ad-supported plan

    Brace yourselves – ads are coming…to Netflix. The streaming platform has formally bid farewell to its ‘no ads’ policy and announced today its first ad-supported plan in an official blogpost.

    The ‘Basic with Ads’ (as if Netflix could have devised a more unappealing name) plan will cost US users just $6.99 per month, a full $3 less than the current entry-level option, and will be available in the beginning of November.

    According to Netflix, the ‘Basic with Ads’ plan will bring the best of what Netflix has to offer, at a much lower price tag. Naturally, however, there are a number of caveats.

    As indicated by the name, users will have to stomach a barrage of ads both before and during their favorite Netflix titles. The ads are going to be between 15 and 30 seconds in length, with an average total ad time of about 4-5 minutes per hour.

    For reference, this means that users could be forced to watch up to 20 ads in the span of a single episode of a TV show.

    However, this is not the only downside of Netflix’s new subscription plan. Because of legal reasons, a number of titles will not be available at launch and users will not have the option to watch any content offline.

    In a nutshell, you will be getting a decidedly less pleasant viewing experience, a smaller library to choose from and the detriment of always having to rely on a stable network connection. Quite a steep price to pay in order to save $3.

    At the very least, the video quality will remain in line with what users would find on the standard Netflix ‘Basic’ plan (i.e. up to 720p or HD). Lastly, the new subscription tier will not affect existing plans.

    The ‘Basic with Ads’ plan will launch on November 3 at 9 am PT and will be available in 12 countries.

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  • Netflix partners with a TV ratings agency in preparation for its ad-supported tier

    Netflix partners with a TV ratings agency in preparation for its ad-supported tier

    Netflix continues with its preparations to launch an ad-supported tier. The streaming giant has signed up with a TV rating agency, which will report Netflix’s viewing figures to the agency’s subscribers, including various advertisers.

    If you are wondering who Netflix’s new lucky partner is, the answer is a British TV rating agency called BARB — which stands for Broadcasters’ Audience Research Board. It reports viewership statistics for mainstream services like the BBC and ITV and over 300 subscribing broadcast channels.

    Starting November 2nd, BARB subscribers can see the ratings of Netflix’s shows and movies. Previously, the streaming giant only released snapshots of its viewing data to show off the success of its most popular shows. However, to find the most profitable slots to place their ads, advertisers need more than just snapshots, so it is no surprise that Netflix has decided to partner with a TV rating agency.

    Unfortunately, there is still no exact date when we could expect Netflix to launch its ad-supported tier. As we reported in May, the streaming service hopes to launch its new subscription plan by the end of the year. As for the price tag of Netflix’s new tier, we expect it to be around $7-$9 a month.

  • Milo x Speedo makes a splash with limited-edition swimwear launch

    Milo x Speedo makes a splash with limited-edition swimwear launch

    The collaboration we didn’t know we needed until now!

    Two of Australia’s most iconic brands, Milo and Speedo, have joined forces for summer’s hottest collaboration, the Milo x Speedo limited-edition swimwear range, sure to stir up some summer vibes and nostalgic fun. 

    I mean there’s nothing more Aussie than having a glass of Milo (cold of course) after swimming all day in your Speedo. Whether it be in the pool or at the beach. That’s what summer’s all about!

    There’s something for everyone with four iconic Speedo swimwear styles, plus a towel and swimming cap, get your summer swag on!

    The range will also be available to purchase in store and online from Speedo from the 10th October 2022 while stocks last. Get in quick and stir up some swimming fun. 

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  • Singapore’s mega indoor playground Kiztopia opens in Hong Kong

    Singapore’s mega indoor playground Kiztopia opens in Hong Kong

    First opened in 2019 at Marina Square, Singapore, Kiztopia is a massive indoor playground that’s designed for the little ones to both play and learn at the same time. Now opening its first ever overseas flagship outlet at New Town Plaza’s new Play Park, the playground occupies a 12,000sq ft space with 15 themed play areas featuring slides, trampolines, a climbing wall, bouncy castle, swings – the whole shebang.

    There are three major play zones at the playground recommended for kids aged four to 12. These include the Mojo Zone, which features eight exhilarating slides (the highest one of four metres tall!), the Ninja Warrior Zone for the kids to unleash their inner ninja and take on challenging obstacles, and a trampoline zones for children to put their agility and sense of space to the test.

    There will also be various Occupational Experience Zones where Kiztopia’s very own original cartoon characters will be there to inspire the little ones with learn-through-play experiences. Each play zone is designed to help stimulate and develop important assets such as social and communication skills, as well as their body coordination, creativity, and more.

    Other areas at Kiztopia include Raby’s Corner, a fun and safe play area specially designed for toddlers, the Hero Square, where kids can catch different shows or participate in educational activities, Bell’s Cafe, for families to rest their feet and recharge with drinks and snacks, and the Star Lite room available for private parties. Before you leave, check out the gift shop offering everything from toys and accessories to learning equipment and gift combos.

    Tickets are now available on both Kiztopia’s Hong Kong website and Klook. Prices range from $108 to $228 on Mondays to Thursdays, and $148 to $298 on Fridays to Sundays and on public holidays. Ticket packages and annual passes are also available.

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  • Hong Kong will be ending hotel quarantine on Sep 26

    Hong Kong will be ending hotel quarantine on Sep 26

    It’s a breath of fresh air – almost literally, just in time for our end-of-year travels. While Japan has just announced that visa-free entry will soon open for individual travellers, Hong Kong will end its once-mandatory hotel quarantine from September 26 (next Monday) onwards.

    Now, instead of having to spend three days in a self-paid hotel, you will need to go through a polymerase chain reaction (PCR) test upon arrival. You can then happily head off home or go to a hotel of your choice, but just remember to self-monitor for three days after. This also means that you won’t be able to pop by your local bar or favourite restaurants for the same time period. Hong Kong terms this as the “0+3” scheme.

    There’s now also no longer a need to show proof for a pre-flight PCR test before flying to Hong Kong – instead, it’s been replaced with the more affordable Antigen Rapid Test (ART).

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  • Ministry refuses to lift special consumption tax on gasoline

    Ministry refuses to lift special consumption tax on gasoline

    The Ministry of Finance refused a proposal to exempt special consumption tax on gasoline given the country’s tax rate is at a low level compared to many other countries.

    The Vietnam Chamber of Commerce and Industry has recently proposed that the special consumption tax on gasoline be reduced to provide positive impacts amid global uncertainties.

    The ministry said gasoline is a non-renewable fuel that needs to be used sparingly. Most countries impose the tax for example, in France (0.66 euro per liter), Germany (0.35 euro), South Korea (311 won per liter of absolute tax and 15% tax rate), Singapore (S$.41), China (1.52 yuan), Thailand (up to 6.5 baht), Cambodia (15%) and Laos (16%).

    It said Vietnam’s special consumption tax on gasoline is lower than that of other countries, especially neighboring ones like Laos, Cambodia and China.

    The current special consumption tax on gasoline is 10% with the same rate applied to value-added tax. The Ministry of Finance is proposing that the former tax is cut by half, and the latter by either 20% or 50%.

    RON95 gasoline prices climbed to a peak in June before plunging to the current level of VND21,440 ($0.90) per liter, the lowest in 13 months.

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  • Foreign video-on-demand service providers must register in Vietnam

    Foreign video-on-demand service providers must register in Vietnam

    Video-on-demand service providers, like Netflix or Apple TV, will need to seek licenses from the Vietnamese government to operate in the country, a new decree says.

    They will need to fill out a form for the Ministry of Information and Communications just like their local counterparts, said the decree, which will enter effect Jan. 1 next year.

    The decree also relaxes the content allowed on video-on-demand services by allowing the provider to categorize and edit movies, sports and entertainment content. In previous regulations all video-on-demand had to be edited by a licensed news agency before publishing. News content, however, must be edited by a licensed news agency.

    Video-on-demand services have become popular in Vietnam in recent years thanks to a surge in smartphone usage and internet access.

    The worldwide streamer of movies and TV shows Netflix has been including more Vietnamese movies and series onto its platform, seeking to attract the young local audience.

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  • Gasoline prices drop to 13-month low

    Gasoline prices drop to 13-month low

    Gasoline prices fell for the ninth time in a row to the same level as August 2021 with a liter of RON95 priced at VND21,440 ($0.9).

    The most popular gasoline in Vietnam, accounting for around 60% of sales, declined by 5% from the previous adjustment on Sept. 21.

    Biofuel E5 RON92 prices dropped 5.2% to VND20,730. Diesel prices went down 1.47% to VND22,200.

    The Vietnam Chamber of Commerce and Industry (VCCI) has recently proposed that the special consumption tax on gasoline be reduced to zero and value-added tax by half to provide positive impacts amid global uncertainties.

    Global oil price on Monday climbed 2% toward $82 a barrel on indications the OPEC+ alliance is considering slashing production by more than 1 million barrels a day to revive plunging prices when it meets this week.

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  • Gold prices dip further after two-month low

    Gold prices dip further after two-month low

    Vietnam gold prices continued to fall Wednesday after hitting a two-month low as the precious metal faces pressure from the surging U.S. dollar.

    Saigon Jewelry Company (SJC) sold its gold at VND64.5 million ($2,716) per tael in the morning, down 1.68% from Tuesday. VND million per tael (VND1 million = $42.11)SJC gold price

    Other companies also let prices slide down by roughly the same rate. Global gold price has gone down 0.31% this week to $1,625 per ounce as the USD Index has gone up nearly 0.4% in a single day.

    Also global gold price improved slightly Tuesday, “it was just a little bit of a recovery after some of the extreme weakness seen over recent days,” said Ryan McKay, commodity strategist at TD Securities.

    He said that the rebound did not show really fundamental change taking place in the gold market.

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  • Gold prices dip further after two-month low

    Gold prices dip further after two-month low

    Vietnam gold prices continued to fall Wednesday after hitting a two-month low as the precious metal faces pressure from the surging U.S. dollar.

    Saigon Jewelry Company (SJC) sold its gold at VND64.5 million ($2,716) per tael in the morning, down 1.68% from Tuesday.

    Other companies also let prices slide down by roughly the same rate.

    Global gold price has gone down 0.31% this week to $1,625 per ounce as the USD Index has gone up nearly 0.4% in a single day.

    Also global gold price improved Tuesday slightly, “it was just a little bit of a recovery after some of the extreme weakness seen over recent days,” said Ryan McKay, commodity strategist at TD Securities.

    He said that the rebound did not show really fundamental change taking place in the gold market.

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  • Working Remotely Not a Priority for Young People

    Working Remotely Not a Priority for Young People

    Working remotely takes a back seat as young people prioritize other aspects at work, a Credit Suisse Survey says.

    A good boss and a good salary are the top priorities among an international group of young people surveyed online by market and opinion research company gfs.bern and Credit Suisse published Tuesday.

    Working from home and flexible working hours, which gained importance in prior years, are no longer top priorities among young people, the survey found.

    Instead, an employer’s tolerance and generosity toward employees were mentioned as very important, while team diversity and environmental friendliness featured in the mid-range of priorities.

    Another shift can be seen in the confidence levels and concerns of this group.

    While those surveyed two years ago were focused on the pandemic and sociopolitical issues, this year’s results show that the younger generation’s confidence in the future has declined significantly, with many concerned about the war in Europe.

    The survey, which aims to provide insight into the lifestyles, problems, and attitudes of young people, was sent to 1,000 young people between 16 and 25 years of age in Switzerland, Brazil, the US and Singapore.

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  • 25% of Netflix subscribers in the U.S. plan to leave the service this year

    25% of Netflix subscribers in the U.S. plan to leave the service this year

    Reviews.org surveyed 1,000 Americans to get a handle on their streaming plans for this year and 25% of Netflix subscribers responding said that they plan on dropping the service in 2022. This isn’t good news for Netflix which has been overtaken by Disney+; the latter now has 221.1 million global subscribers among its streaming units (Disney+ Hotstar, ESPN+, and Hulu) vs. 220.67 million for Netflix.

    During the first two quarters of this year, Netflix lost 1.2 million subscribers including a record 970,000 during the second quarter alone. So what is driving Netflix subscribers to quit the service? Two-thirds of the survey respondents who said they were planning on leaving the service blamed the rising subscription prices for their responses.

    In January, for example, Netflix’s Basic one-screen plan went up by 11%, the first hike in three years. During the same time period, Standard and Premium plan pricing rose 20% and 25% respectively. This is not helping with Netflix’s attempts to stop password sharing. Of the eight most popular streaming services in the U.S., Netflix has the highest average plan cost. And that is leading 30% of users to share their Netflix passwords outside of the family.
    To stop the bleeding, Netflix is expected to launch a lower-priced ad-supported tier of service later this year. But the excitement seems to have moved to Disney+ thanks to the continued popularity of the Marvel Cinematic Universe (MCU).

    Lack of content was cited by one in three survey respondents who said that Netflix no longer has the shows they want to watch. 30% of those answering the survey said that they use other streaming services more than Netflix.

    Reviews.org says that the average American subscribes to four streaming services in 2022. Of the 1,000 survey respondents, 78% subscribe to Netflix, 46% subscribe to Disney+, 42% have signed up with HBO Max, 33% are subscribers to Peacock, with 26% subscribed to Hulu. 22% signed up for Apple TV+.
    Here is the interesting thing. Subscribing to a service and using it are two different things. Still, while 78% of the survey respondents subscribe to Netflix, a healthy 70% use the streamer. On the other hand, while Disney+ was in second place with 42% of survey respondents subscribed to it, only 6% actually watch it which is only good enough for third place. HBO Max is second at 10%.
    Will Netflix recover and take back its streaming subscription crown from Disney+? This battle might be more interesting than any of the programming that either service has to offer.
  • Electricity company Trungnam Group plans $500-mln bond issuance

    Electricity company Trungnam Group plans $500-mln bond issuance

    Energy developer Trungnam Group plans to issue US$500 million worth of bonds in the next three years to fund a number of projects until 2030.

    It is planning onshore and near-shore wind power plants that will almost triple its renewable energy capacity by 2026 from the current 1.6 gigawatts of mostly wind and solar energy, its management said.

    It will also bid for a 1,500-megawatt liquefied natural gas power project in the central province of Ninh Thuan next year.

    One of Vietnam’s largest renewable energy developers is mulling setting up a pilot green hydrogen plant with a capacity of 120-200 megawatts by 2025.

    Trungnam became the first private company to build a 500-kilovolt transmission grid in Ninh Thuan, and planned to donate it to the country, but the lack of legal provisions to support the transfer of a private asset to the government has put the deal on hold.

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