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Tag: asia

  • SPAR International Expands Further Into The Middle East

    SPAR International Expands Further Into The Middle East

    SPAR International has announced the brand’s entry into the Saudi Arabian retail market. Partnering with the well-established Saudi conglomerate, the Al Sadhan Group, SPAR has ambitious plans to open 40 stores in Saudi Arabia by 2020.

    Yesterday, three SPAR stores were opened in Riyadh, the nation’s capital and primary economic hub. Plans are in place to open a further five stores throughout 2018, bringing the total number of stores in the country to eight by the end of the year.

    The first SPAR stores in the Saudi Arabian market will be aimed at the mid- to premium sector of the retail market. However, as the brand develops in the country, SPAR plans to launch stores in all economic sectors, providing all customers with competitive pricing for the best global and local products.

    The Al Sadhan Group is a family owned business established in 1952. Its services include real estate, facilities management, food retail and brand development. Al Sadhan Stores operates the company’s retail arm employing 1,500 colleagues and has a long history in the market, being the first supermarket to obtain a business licence in Riyadh in 1952. SPAR International began their partnership with Al Sadhan in 2016, soft launching the first SPAR store in the second half of 2017.

    SPAR International has provided extensive support to Al Sadhan in the lead-up to the store openings including study tours to other SPAR markets and fostering awareness of the SPAR Way of Working. Support was also given in logistics development, supply chain creation and store design.

    The stores will benefit from the access to globally and locally sourced SPAR Own Brand products, expertise in category management and the support from SPAR International’s design and development teams to ensure modern and dynamic store design.

    SPAR International will also support SPAR Saudi Arabia to utilise the strengths of the joint buying model to ensure competitiveness.

    The partnership with Al Sadhan in Saudi Arabia builds on SPAR International’s existing partnerships in the wider region, notably in the United Arab Emirates, Oman and Qatar.

    A grand opening ceremony took place in Riyadh, with ribbon-cutting ceremonies at the three high-quality SPAR Supermarkets. Thereafter, Tobias Wasmuht, SPAR International’s Managing Director, was joined by officials from the Netherlands embassy and senior management from Al Sadhan Group to celebrate the brand’s official debut in Saudi Arabia.

    Speaking at a press conference announcing SPAR’s entry into the market, Tobias Wasmuht, Managing Director of SPAR International said:

    “With a growing young population, rising GDP and increased consumer purchasing power, the retail market in Saudi Arabia has been growing steadily. We are delighted to enter this exciting and dynamic market with such an established and well-respected Partner as Al Sadhan Group.

    In addition, the new partnership provides SPAR with yet another important base in the Middle East, a region that is becoming more and more important to SPAR International’s strategic business development.”

    Mr. Mohammed bin Abdul Aziz Al Sadhan, Chairman of Al Sadhan Group commented:

    “We are very proud of this partnership with SPAR International. Having the right mix between SPAR International’s knowledge and best practice along with our experience in the local market will provide our customers with an excellent retail experience. The SPAR brand products will be a key factor in our success, and we are getting great support from SPAR International’s team to source items from SPAR partners around the world.

    Also, this partnership is in-line with the Saudi Arabian vision 2030 and the support we have from the Saudi government for the development of the Saudi market.”

  • DFS Celebrates Lunar New Year ‘The Year Of Dog’ With Exclusive Offers

    DFS Celebrates Lunar New Year ‘The Year Of Dog’ With Exclusive Offers

    DFS Group, the world’s leading luxury travel retailer, will celebrate Lunar New Year 2018 ‘The Year of the Dog’ with a series of fabulous promotions, exclusive offers and fun interactive activities at selected T Galleria and DFS stores worldwide throughout February 2018.

    DFS Group’s 2018 Happy Lunar New Year campaign celebrates all that’s important about this very special time of year, also offering customers a range of exclusive offers from its Give Joy Together gift guide. DFS President Merchandising and Consumer Marketing Sibylle Scherer said Lunar New Year is one of the world’s most
    celebrated festivals and is a time for family, friends, giving, happiness and good fortune.

    “Our Give Joy Together gift guide, in conjunction with DFS’ 2018 Happy Lunar New Year campaign, is sure to delight anyone who visits our stores this festive season. As we welcome the Year of the Dog, we proudly thank our loyal customers and look forward to welcoming new shoppers who seek a warm, friendly and luxurious shopping experience that only DFS can offer.

    “Our gift guide showcases all that is fun about giving and sharing, offering our customers the chance to show their
    appreciation to their loved ones, or treat themselves to something special this Lunar New Year,” said Sibylle.
    In celebration of Lunar New Year 2018, DFS will host a range of exciting in-store activities, including ‘DFS Game’, a Pokémon Go-inspired game featuring the DFS Lunar New Year dog character Lolo, who will lead customers to ‘catch’ incentives, experiences or blessings in-store. The game will be available at T Galleria by DFS, Hong Kong, Canton Road, T Galleria Beauty by DFS, Hong Kong, Causeway Bay, T Galleria by DFS, Angkor, T Galleria by DFS, Hawaii and T Galleria by DFS, Sydney in February.

    Other in-store activities include ‘Catch Your Luck’, a Fortune Tree and Wishing Tree with lucky prize envelopes, and a personalized charm giveaway set offer when customers take advantage of DFS Give Joy Together promotions.

    DFS 2018 Lunar New Year exclusives also feature products from Tiffany & Co., Burberry and Coach, as well as the new Marc Tetro Westie and Boston Terrier cosmetic and tote bag range, a perfect gift to symbolize the Year of the Dog, and exclusively available for Hong Kong shoppers. Marc Tetro celebrates color, style and fun and demonstrates DFS’ commitment to stocking unique, world-class fashion, jewelry and cosmetics from design houses across the world.

    DFS also offers customers savings on classic, timeless pieces from brands such as Estée Lauder, Anne Klein, Hamilton and Emporio Armani.

    Products exclusively available at DFS this Lunar New Year include:
    • Estée Lauder – Pure Color Envy Sculpting Eye Shadow & Lipstick, Limited Edition
    • Anne Klein – Blush Ceramic Watch with Genuine Swarovski Crystals Women’s Watch
    • Marc Jacobs – DFS exclusive Tote Bag
    • Hamilton – Ventura Elvis 80 Automatic Rubber Strap Men’s Watch – Receive a complimentary exclusive Elvis
    Presley tote bag with your purchase
    • Emporio Armani – CONNECTED Touchscreen Smartwatch
    • Bvlgari Serpenti Twist Your Time with Mother of Pearl Dial
    • Bvlgari Serpenti Twist Your Time with Red Dial
    • Swarovski Haves Bracelet, Pendant and Earrings
    • Tiffany & Co. Keys Fleur de Lis Key Pendant and Tiffany & Co. Keys Petals Key Pendant
    • Marc Tetro Hong Kong Pug Large Cosmetic Bag
    • Marc Tetro Hong Kong Westie Tote Bag

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  • ASEAN Tourism Ministers Stir the Pot for Gastro Tourism in Southeast Asia for 2018

    ASEAN Tourism Ministers Stir the Pot for Gastro Tourism in Southeast Asia for 2018

    The ASEAN Tourism Forum ended on a high 26 January, with ASEAN tourism ministers itemising a list of achievements for the region’s robust travel and tourism sector.

    Lauding the completion of a strong VisitASEAN@50 campaign in 2017, which generated a better than expected response, ASEAN’s 10 tourism ministers were optimistic about new marketing campaigns for ASEAN tourism in 2018 and beyond.

    The ministers revealed the following new priorities.

    There will be a new emphasis on promoting the many aspects of gastronomic travel, as outlined in the minsters’ Joint Declaration on Gastronomy and Tourism. The declaration notes that, “gastronomic tourism helps to create a strong sense of place for branding and marketing destinations, and also assists in maintaining and preserving local heritage and identity, and protecting biodiversity”.

    Cruise tourism will be developed further due to its high economic impacts. There will be renewed focus on the effectiveness of destination management, specifically environmental and social issues and the welfare of local communities that cruise tourism touches.

    Cross border bus and coach traffic will also be promoted further, following an agreement by ASEAN Transport Ministers to ease restrictions. The ministers noted that recommendations from studies on recognising domestic driving licences in neighbouring ASEAN countries could boost tourism significantly, especially if there were road enhancements along major tourism corridors.

    Ministers noted that the quality of work supplied by tourism professionals throughout Southeast Asia will continue to rise, in part, due to the completion of all 242 ‘toolboxes’ for job training. Jakarta will host a permanent secretariat in order to improve and unite tourism industry standards across ASEAN.

    Positive Legacy of VisitASEAN@50 Campaign
    The Tourism Ministers at ATF were buoyed by public and travel industry response to VisitASEAN@50 campaign in 2017. Based on preliminary figures from member states, ASEAN is expected to receive 125 million international visitors, exceeding the target of 121 million international tourist arrivals to the region set for VisitASEAN@50.

    If confirmed, this new record will indicate a growth of 8.4 per cent from 2016. Arrivals were dominated by intra-ASEAN travel, accounting for 42 per cent of total international arrivals.

    Targets for length of stay and revenue were also achieved, with ASEAN averaging 7.98 days of stay for international tourists, generating an estimated US$93 billion from tourism in 2017.

    “As we celebrate this most recent success,” said Weerasak Kowsurat, Minister for Tourism and Sports of Thailand, who chaired the Ministers’ meeting, “we still recognise the scale of the task before us and the urgency in enhancing our competitiveness to achieve sustainable development. We must therefore ensure that we unite to create the synergy which brings about inclusive growth and that none of us is left behind.”

    ATF 2019 will be held in Halong Bay, Viet Nam in January next year. The 2020 edition will be in Brunei Darussalam.

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  • Philippine Economy Posts 6.6 Percent GDP Growth in the Fourth Quarter of 2017

    Philippine Economy Posts 6.6 Percent GDP Growth in the Fourth Quarter of 2017

    Gross Domestic Product (GDP) posted a 6.6 percent growth in the fourth quarter of 2017, driving the economy to grow by 6.7 percent for the entire year of 2017.

    Manufacturing, Trade and Real Estate, Renting and Business Activities were the main drivers of growth for the fourth quarter.

    Among the major economic sectors during the fourth quarter of 2017, Industry had the fastest growth of 7.3 percent, followed by Services which grew by 6.8 percent during the quarter. Agriculture grew by 2.4 percent, rebounding from a 1.3 percent decline in the same quarter of the previous year.

    Net Primary Income (NPI) accelerated by 4.1 percent compared with the 3.3 percent growth recorded in the fourth quarter of 2016. As a result, Gross National Income (GNI) posted a growth of 6.2 percent, faster than previous year’s growth of 6.0 percent. On an annual basis, GNI grew by 6.5 percent, while NPI’s growth is at 5.6 percent.
    With the country’s projected population reaching 105.3 million in the fourth quarter of 2017, per capita GDP and per capita GNI grew by 5.1 percent and 4.7percent, respectively.

  • Alipay partners Global Tax Free to roll out tax refund service in Singapore

    Alipay partners Global Tax Free to roll out tax refund service in Singapore

    Alipay, the world’s largest mobile and online payment platform operated by Ant Financial Services Group, along with Global Tax Free today announced that Chinese travelers visiting Singapore can now have tax refunds deposited directly into their Alipay accounts after completing all procedures at the airport. Singapore is the first country in Southeast Asia to offer this service to Chinese tourists.

    The move follows the signing of a memorandum of understanding (MoU) between Alipay and Global Tax Free (GTF) last September.

    “The Singapore Tourism Board (STB) is pleased to support the launch of Alipay as an additional mode of refund beyond cash and credit card. This will offer Chinese shoppers, who are frequent users of digital payment systems, a more seamless and enjoyable shopping experience in Singapore,” said Ms Ranita Sundra, Director, Attractions, Dining & Retail, STB.

    The new tax refund service is easy to use (see image below) and offers a shorter waiting time over credit card refund, which requires a lead time of up to 10 days. Through Alipay, Chinese shoppers can now enjoy a faster and more seamless refund process, as they can get their refunds in Chinese Yuan credited into their Alipay accounts immediately after completing the necessary procedures at the airport. Alipay also offers a strong and favourable exchange rate that further enhances the overall shopping experience for Chinese visitors in Singapore.

    China is one of Singapore’s key markets for tourism. Based on statistics published by the Singapore Tourism Board, 2.86 million Chinese travelers that visited the nation in 2016 accounted for S$3.5 billion in Tourism Receipts, of which 43% was contributed by shopping.

    Alipay has rolled out the tax refund service in 20 countries worldwide, including South Korea and Germany. Singapore is the first country in Southeast Asia to implement the Alipay tax refund scheme.

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  • Nine West Close to Filing for Bankruptcy

    Nine West Close to Filing for Bankruptcy

    A Nine West bankruptcy filing appears likely, according to reports from the US overnight.

    Retail Dive has reported that the embattled shoe retailer has found a buyer for some of its assets and plans to work to restructure its debt as soon as a sale is complete. However, Debtwire and Bloomberg both report NIne West is prepared to file for Chapter 11 bankruptcy if necessary, suggesting there is pressure form lenders.

    Neither NIne West or its private equity owner Sycamore, which paid $2.2 billion for the business in 2014, responded to requests for comment on the matter.

    Debtwire associate editor Reshmi Basi says the timing is likely to be determined by a March 15 payment deadline.

    The company has been struggling with its debt since late 2016 and last year was named by ratings agency Moody’s in a list of “at risk” retailers, citing “weak operating performance and very high debt and leverage burden”.

    Basu told Retail Dive Nine West’s outlook was decidedly uncertain. “Time will tell how it works. They’re going back and forth between creditors about how to address maturities,” she said.

    Nine West is steadily losing market share to online retailers in a market of softening apparel sales.

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  • Bank of Indonesia Says Limited Room to Cut Interest Rates

    Bank of Indonesia Says Limited Room to Cut Interest Rates

    Bank Indonesia Governor Agus Martowardojo emphasized on Wednesday (24/01) that there is limited room for lowering interest rates due to the United States Federal Reserve’s plan to increase its benchmark rate, and the need to keep inflation in check.

    “[Room] to adjust the seven-day reverse repo rate is probably very narrow under the current conditions,” Agus told reporters. He added that the central bank will rely more on other monetary instruments to drive the economy.

    Agus said Bank Indonesia will relax reserve requirements by July. Lenders are currently required to keep a minimum reserve of 6.5 percent of their total rupiah deposits at the central bank at any time, comprising daily reserve of 5 percent and a two-week averaging reserve of 1.5 percent.

    Agus said Bank Indonesia will increase the averaging portion to 2 percent to allow lenders to be more flexible in managing their liquidity.

    It will also relax the averaging rules for foreign exchange deposits and sharia-compliant banks.

    The central bank will also allow larger bond purchases as a portion of banks’ loan to deposit ratios, and improve secondary reserve requirements for macroprudential liquidity buffers.

    Agus said the external risk stems especially from the Fed’s plan to increase its benchmark rate, while there are also fears that geopolitical conditions may increase pressure on financial market stability, including in Indonesia.

    Bank Indonesia will also pay more attention to inflationary pressures, especially on volatile goods. Prices of rice, chili peppers and other horticultural items are expected to greatly contribute to inflation this month, he said.

    “We welcome the government’s decision to import rice, and as rice harvest will also take place soon, the prices will be under control,” Agus said.

    Bank Indonesia has set an inflation target of between 2.5 percent and 4.5 percent this year.

    The central bank last cut its benchmark interest rate in October to 4.25 percent from 4.5 percent, as inflation continued to decline at the time. This also complemented the bank’s monetary easing, which saw it cut by 200 basis points from December 2015 until last year.

  • Walmart and Rakuten Announced New Strategic Alliance

    Walmart and Rakuten Announced New Strategic Alliance

    In Tokyo today, Walmart president/CEO Doug McMillon and Rakuten chairman/president/CEO Hiroshi “Mickey” Mikitani announced a strategic alliance aimed at expanding consumer reach and enhancing customer service.

    Included in the collaboration is the launch of an online grocery delivery service in Japan as well as an exclusive retail alliance between the US retail giant and e-reading service Rakuten Kobo. This will enable Walmart to sell e-books and audiobooks, as well as offer Rakuten Kobo e-readers in stores and online in the US.

    “We’re excited to collaborate with the top online shopping destination in Japan,” says McMillon.

    “We look forward to expanding our grocery footprint in Japan and launching eBooks and audiobooks for our customers in the US.”

    Rakuten and Seiyu GK, a Walmart subsidiary, have reached a basic agreement to establish a JV to launch a delivery service for online grocery shoppers in Japan, to be known as Rakuten Seiyu Netsuper and planned to start late this year. With the aim of increasing fulfillment capacity, enriching the merchandise offering and improving customer convenience, the service will establish a fulfilment centre this year as well as offering deliveries from Seiyu stores.

    The service’s merchandise offering will showcase Seiyu’s twin strengths of “quality” and
    “low prices”. It will include not only fresh produce and daily consumables, but also convenience items such as cut vegetables, partially prepared foods and ready-meal kits, as well as local gourmet products from Rakuten Ichiba marketplace merchants.

    An optimised user experience will be offered, with more personalisation enabled by big data and AI. Customers will be able to earn and use Rakuten Super Points on more than 70 services.

    Meanwhile, Walmart will become Rakuten Kobo’s exclusive mass retail partner in the US, offering nearly 6 million titles from thousands of publishers and hundreds of thousands of authors. Walmart will also sell digital book cards in more than 4000 stores.

    All e-book content will be accessible through a Walmart/Kobo co-branded app for Android and iOS devices, a desktop app and Kobo e-Readers, which will also be sold at
    Walmart.

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  • Bench Café Opens At The New Bench Flagship Store

    Bench Café Opens At The New Bench Flagship Store

    Philippine clothing brand Bench has opened its own cafe, in its Bonifacio High Street flagship store in Bonifacio Global City, Taguig.

    The interior was designed by Miguel Pastor, and the food is by the Foodee Group under executive chef Carlo Miguel. He has lined up such Filipino dishes as Binagoongan Caesar and “bento boxes” with soup, vegetables, rice and choice of ulam (entree) like fried tilapia and bistek (beef steak).

    “Through food, we tell stories of our past, present and future by making local traditions accessible to more Filipinos and Filipinos at heart,” says Bench, a casual clothing brand that now has a presence in China and the US. It is endorsed by local and international celebrities including Adam Levine, Bruno Mars, Lee Min Ho, Liam Hemsworth and Nicole Scherzinger.

    The company that owns Bench also has franchise rights to such international brands as Aldo, American Eagle Outfitters and Jo Malone. It also manages international restaurant chains like Pablo Cheese Tart and Paul boulangerie.

  • 35,000 smart phones in Viet Nam infected by GhostTeam virus

    35,000 smart phones in Viet Nam infected by GhostTeam virus

    More than 35,000 smartphones in Việt Nam have been affected by the GhostTeam virus, according to the BKAV Technology Group.

    The virus takes advantage of popular Vietnamese applications in Google Play to spread and steal Facebook passwords.

    Hackers provide applications like flashlights and calendars, which, after installing, automatically download the virus.

    The applications sound a security warning and offers suggestions on what to do, tricking users to click on a harmful link.

    BKAV experts warn that smart phone users should scan their phones and change their Facebook password immediately if they discover the virus.

    Vũ Ngọc Sơn, BKAV Technology Group’s deputy chairman in charge of anti-malware, said: “It is very hard for users to be vigilant against viruses infiltrating through Google Play. In this case, users should use anti-virus software to get automatic protection.”

    Google Play has already deleted harmful Vietnamese applications, but smart phones in which they are already installed face a very high possibility of infection.

     

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  • Asos posts massive growth across globe

    Asos posts massive growth across globe

    Online fashion retailer Asos has reported a 30 per cent rise in retail sales during the last four months of 2017.

    Across its international marketplaces including Australia, the retailer said sales were up 35 per cent to 489.5 million pounds.

    The UK-based retailer saw sales increase 23 per cent to hit 300 million pounds in its home market during the period, which the retailer said was driven by a range of initiatives.

    “We acquired 2.6 million active customers year on year and saw encouraging movements across all key customer KPIs,” said Nick Beighton, CEO.

    “Velocity in our technology programmes continued, with a record number of releases.”

    Beighton said its customer proposition was further enhanced in the U.K. by the launch of ‘Try Before You Buy and ASOS Instant, the retailer’s same day delivery proposition.

    “Following this strong start to the year, we remain confident in our full year guidance and delivery of our planned investments in infrastructure to support our global ambitions.”

    The retailer expects its full year capital expenditure to now be around the upper end of the previously indicated range of £200-220m.

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  • Singapore’s A DrBrand to expand overseas

    Singapore’s A DrBrand to expand overseas

    Singapore skincare and haircare company A DrBrand is about to expand overseas.

    Distributors have already be signed for its DrGL and DrHair lines in China, France, Germany, Hong Kong, London and the US, progressively from the second quarter this year. A number of partners are in negotiations with the business to open concessions and brick-and-mortar stores and to sell online.

    Dr Georgia Lee is the co-founder of the brand, which encompasses DrGL skincare products, DrHair hair products and the DrSpa chain. What started as a handful of skincare products in 2009 has evolved into a 40-product line. Since 2016, A DrBrand’s revenue has grown 500 per cent year on year.

    In 2011, Dr Lee opened DrSpa, offering face, body and scalp treatments. There are four outlets – at Tangs at Tangs Plaza, Orchard Gateway, Palais Renaissance and TQL Suites, a residential development in Bugis.

    Dr Lee’s friend Patsy Ong-Hahl joined A DrBrand in 2016 as co-founder and chief executive. An angel investor who has grown businesses in various industries, including fashion and tourism, decided to join the company partly because she had seen “the amount of blood, sweat and tears” Dr Lee had put into formulating the products.

  • AirAsia, AirAsia X Malaysia log increase in passenger volume, load factor in Q4 2017

    AirAsia, AirAsia X Malaysia log increase in passenger volume, load factor in Q4 2017

    Budget airlines AirAsia Bhd and its long-haul carrier counterpart AirAsia X Bhd registered higher year-on-year passenger volume and load factor in the fourth quarter of 2017.

    Air Asia carried 10.44 million passengers between October and December 2017, which is a 17% increase from the previous year’s 8.25 million, in line with the 16% seat capacity increase to 11.93 million.

    The low-cost carrier, which saw an expansion to its fleet to 116 aircraft, also saw its load factor improve by 1% to 88% against the 87% registered in the same quarter in 2016.

    Meanwhile, its Malaysian operations reported a 15% increase in passenger volume to 7.79 million from 6.76 million in the quarter under review.

    AirAsia commenced 10 new routes, five originating from Malaysia, two from the Philippines and three from India, while AirAsia Japan commenced its first flight on October 29, 2017, flying between Nagoya and Sapporo.

    On another note, AirAsia X carried 1.54 million passengers in the last quarter of 2017, translating into a 12% increase from the fourth quarter of 2016. Load factor improved 2% to 83% while capacity expanded 10% to 1.87 million from 1.7 million.s

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  • Ikea founder passed away

    Ikea founder passed away

    Ingvar Kamprad, the founder of Swedish furniture giant Ikea, has died at the age of 91.

    The furniture giant said Kamprad passed away at his home in southern Sweden on Saturday.

    “The founder of Ikea and Ikano, and one of the greatest entrepreneurs of the 20th century, Ingvar Kamprad, has peacefully passed away, at his home in Smaland, Sweden, on the 27th of January,” the retailer said in a statement.

    “(He) was a great entrepreneur of the typical southern Swedish kind – hardworking and stubborn, with a lot of warmth and a playful twinkle in his eye

    “Ingvar will be very missed and warmly remembered by his family and Ikea colleagues around the world.”

    Founded in 1943 by Kamprad when he was a teen, Ikea began developing its own furniture in the mid-1950s, popularising renowned Scandinavian design – sleek and functional – on an industrial scale and conquering first Europe and then North America before taking on the rest of the world.

    He got the idea for flat-pack furniture as he watched an employee taking the legs off a table to fit it into a customer’s car and realised that saving space meant saving money.

    Kamprad has been previously ranked among the world’s 20 richest people by Forbes magazine. His personal fortune was recently estimated at more than 30 billion euros ($A45 billion) and Ikea is now heading for 50 billion euros in annual revenues.

    Few people can claim to have genuinely revolutionised retail, but Kamprad did, according to Neil Saunders, managing director of GlobalData Retail.

    “When he founded it, Ikea was markedly different to anything that had existed in retail,” he said.

    “Much of this difference was down to Ingvar’s Swedish heritage and instincts.”

    Consumers embraced his ideas, said Saunders who added it is no exaggeration to say that Kamprad’s innovative approach changed not just the furniture sector, but the way people decorated and led their lives at home.

    “He believed that home furnishings should be democratic; that people of all income levels should be able to afford to decorate and furnish their homes stylishly and comfortably. He also believed in thrift, efficiency and hard work.

    “Putting these two concepts together, gave rise to the revolutionary idea of flat-pack furniture. Distributing flat-pack was much more efficient and economical than shipping fully made items. It also divided the effort – prices were lower because the customer had to assemble the product; that was the trade-off or compromise.”

  • Vinamilk set to expand abroad

    Vinamilk set to expand abroad

    Dairy giant Vinamilk will continue to expand abroad, especially in emerging market like Laos and Myanmar, this year.

    “Vinamilk will build a plant in Myanmar and an organic cow farm of several thousand hectares in Laos this year,” Đỗ Thanh Tuấn, the company’s PR director, told a press conference in HCM City on Thursday.

    All procedures have been completed for the farm, which will be just 100km from another Vinamilk farm in the central province of Nghệ An.

    “We will expand our [farms in Việt Nam] to meet demand.” Tuấn said.

    Now dairy production in the country only meets 35 per cent of the demand.

    “Vinamilk can collect 750 tonnes of fresh milk from its 10 farms and 8,000 farming households daily, and that is enough to meet the national demand for pasteurised milk,” Tuấn said.

    The company already has plans in place to process coconuts for export, especially to the United States.

    “Việt Nam has huge potential in coconut products, but only one domestic company, TTC, is exporting them. We recognise that demand for coconut products in the US is huge, and Vinamilk decided to enter the market and a large raw material supply area will be set up soon in the southern province of Bến Tre.”

    In the last 20 years, 2017 was the first time the company’s exports declined due to political fluctuations in the Middle East, a big market for it, he said.

    “We only achieved 67 per cent of the year’s export target, but thanks to an immediate change in strategy to focus on the domestic market, Vinamilk’s turnover still increased by 10 per cent from 2016.”

    At the end of last year, the company also marked its presence in the sugar industry by acquiring a 65 per cent stake in the Khánh Hòa Sugar Company for nearly VNĐ1 trillion (US$44 million) and changing its name to the Việt Nam Sugar Joint Stock Company (Vietsugar).

    “Every year, Vinamilk consumes around 130,000 tonnes of sugar, but the price of sugar in Việt Nam is always 30-40 per cent higher than in neighbouring countries, especially Thailand.

    “We will be very active in producing sugar and even plan to triple the capacity of Vietsugar to 500,000 tonnes a year,” Tuấn said.

    He promised that the sugar made by Vinamilk would be cheaper than others’ and the company could take advantage of its 260,000 retail shops to sell the product.

    Last year, the company had a 58 per cent stake of the estimated $4 billion dairy market.