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Tag: asia

  • Gold prices slip

    Gold prices slip

    SJC gold price dropped 0.15% to VND67 million ($2,815.72) per tael Thursday afternoon.

    Gold ring price remained unchanged at VND54.35 million per tael. A tael equals 37.5 grams or 1.2 ounces.

    Globally gold prices rose on Thursday, helped by a slight pullback in the dollar, although prospects of U.S. interest rates staying higher for longer kept bullion on a tight leash, Reuters reported.

    Spot gold was up 0.2% at $1,828.17 per ounce.

    Elevated interest rates dampen gold’s appeal as an inflation hedge while raising the opportunity cost of holding the non-yielding asset.

    Minutes from the Federal Reserve’s latest policy meeting showed on Wednesday policymakers agreed rates would need to move higher, but that the shift to smaller-sized hikes would let them calibrate more closely with incoming data.

    “The Fed stated they’re still looking at combating inflation and raising interest rates, but not as aggressive as before… because of that, gold prices have retreated a little, and this morning they’re just consolidating,” said Brian Lan, managing director at Singapore-based dealer GoldSilver Central.

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  • Chinese smartphones locked in Vietnam

    Chinese smartphones locked in Vietnam

    Several Chinese smartphone models that have been activated in Vietnam remain unusable due to network locks.

    Minh Khoi in Hanoi’s Cau Giay District said he had bought a Realme GT Neo 5 via an unofficial channel (smartphones carried to Vietnam by individuals, not by official distributors), but most of its functions had been disabled.

    He said the store that sold the phone to him was also surprised by the system lock and had to stop selling the model.

    The GT Neo 5 is currently only officially available in China, but its low price has attracted users in Vietnam.
    Two other Chinese phone models, the Realme 10 Pro + and OnePlus 11, have also been displaying a network lock when activated in Vietnam recently. However, with OnePlus 11, users have been able to fix the problem by resetting the phone.

    Khoi contacted Realme customer service in China, but they asked for a genuine purchase receipt. Therefore, he had to pay a service to unlock the phone for VND500,000 (US$21).

    “The device is currently usable, but I’m still worried about whether it will get locked again in the near future,” he said.

    Realme Vietnam has not yet responded to the incident.

    According to technology expert Tuan Ngoc, Chinese phone makers such as Oppo, Realme and OnePlus can use the network lock feature to protect their products in a specific country.

    The price of a smartphone carried home from abroad by travelers can be 20-30% lower than the price offered by authorized resellers, he noted.

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  • Panda Express introduces first drive-thru store in Asia

    Panda Express introduces first drive-thru store in Asia

    Get ready to enjoy delectable American-Chinese cuisine, even while on the road. Panda Express—the world’s largest American Chinese dining concept–finally opened its first drive-thru restaurant in Asia with the launch of its Sumulong Highway branch. The latest store—located at Toyota Avenue corner Sumulong Highway, Marikina City — also marks the 100th international restaurant.

    “We are excited to open the first Panda Express drive-thru store in Asia, allowing even more guests to experience our American-Chinese cuisine,” said Doug Stalgren, vice president of Panda Express International. “Our global Panda Family is thrilled to be celebrating this milestone with our Filipino guests who have shown us so much love since the opening of our first store in the country in late 2019.” In 2019, Jollibee Group formed JBPX Foods, Inc., a joint venture with Panda Restaurant Group, Inc. (PRG) to bring the iconic US restaurant brand to the Philippines. The latest store opening is part of JBPX Foods, Inc.’s plans to open more stores across the country in response to guests’ demand for savory Panda Express dishes.

    Panda Express continues to offer a variety of entrées with Chinese influences with its latest Sumulong Highway store, including the bestselling dish, The Original Orange Chicken, a wok-tossed crispy chicken coated in sweet tangy sauce; and Honey Walnut Shrimp, a mouth-watering entrée made with premium crispy shrimp wok-tossed in a honey sauce and topped with glazed walnuts.

    A long queue of cars welcomed the opening of the drive-thru and lined up as early as 5 a.m. to order their Panda Express favorites. The first 100 drive-thru guests received limited-edition Panda Bear, and those with minimum order value of P500 got a free pail of Medium Orange Chicken.

    Dine-in customers also waited in line as early as 8 a.m. to get a taste of their favorite Panda Express dishes. As a special treat, the 100th dine-in guests, Marian Amurao and Bryle Lukban, received a pail of Giant Orange Chicken.

    “I’m really happy a new Panda Express store has opened near me. I’ve always been a fan of the Original Orange Chicken and its Honey Walnut Shrimp,” said Amurao.

    As a special treat during the Panda Express store opening in Sumulong Highway, the 100th dine-in guests, Marian Amurao and Bryle Lukban, received a pail of Giant Orange Chicken.

    “Since Panda Express opened its first store in Megamall, I have always craved for their dishes. Now that we have it near our place in Marikina, it’s really nice that I can order my favorite Panda Express meals anytime, either via drive thru or by dining in,” Lukban shared.

    To date, Panda Express is operating in over 2,400 locations worldwide, with stores in the Philippines, Canada, Guatemala, Japan, Mexico, El Salvador, South Korea, and the United Arab Emirates.

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  • Global Sources:  Insights on the sourcing now and beyond

    Global Sources:  Insights on the sourcing now and beyond

    An internationally trusted multichannel B2B sourcing platform, Global Sources has revamped its online sourcing platform, https://www.globalsources.com/ (GSOL) now offers new features such as tailored recommendations using big data algorithm, in-depth industry articles from the Sourcing Knowledge Center, in-stock products, Ready to Order, and Instant chat with translation to connect authentic buyers and verified suppliers globally. GSOL’s supplier pool includes 97 of the world’s Top 100 retailers.  To seize the emerging opportunities, the GSOL offline trade show is expected to have a smooth recovery in various global markets in the coming years, including Brazil, Vietnam, and India. In October 2022, the Global Sources 2022 Fall Hong Kong show returned and held a huge success.

    A platform for buyers

    The company has over 50 years of sourcing experience and vertical focus expertise. They connect over 10 million O2O buyers and suppliers. The high-quality supplier community has been verified by the supplier verification system. Since GSOL was launched in 1996, they have enabled buyers to fulfil their needs and secure real-time tracking effectively and safely.  With the support of tailored sourcing solutions and trustworthy market information in the past five decades, the platform is a continuous pioneer in supporting the sourcing community with expertise and technology. 

    “The demand from buyers (retailers and wholesalers) is evolving in these few years. Online alternative engagement models are critical for business success and buyers by doing away with the usual limitations on physical customer interactions. Retailers are innovating the in-store experience online. GSOL enables buyers to interact with suppliers by offering online trade shows, using 360o VR Showroom to create virtual factory tours of verified supplier factories, and launching Business MATCH, in which buyers can match with professionals to take care of the entire sourcing process. From collecting sourcing requirements and identifying desired suppliers to making the connection via online and offline channels.” said Carol Lau, Senior Vice President of Client Service, Sales Support & Analytics, Global Sources.

    Facing current global challenges

    Due to the recent supply chain challenges, GSOL is innovative in launching regional sourcing pages to facilitate sourcing in different markets. Buyers can find verified and trustworthy suppliers in suggested intensive manufacturing regions and get the latest local sourcing trends and export policies. With reasonable pricing and good quality standards, buyers can gain a competitive edge in the local market and find various in-demand products flexibly.  On the other hand, GSOL has offered various multi-language versions, including Spanish, German, French, and Portuguese, strengthening the connections between buyers and suppliers in the different marketplaces.

    The Environmental, social, and governance (ESG) agenda is showing increasing urgency. There is a global shift of priority towards sustainability and eco-friendly business.  Retailers are placing pressure on their supplier network to be more transparent and more sustainable, re-evaluating their operations to meet these demands and remain desirable.  “To support the supplier community to be more sustainable, buyers can filter products via the specific categories, materials, and desired features related to recycling using GSOL, where “sustainable” or “eco-friendly” products can be found. In addition, ESG-related certifications, such as the Global Recycled Standard, are recommended to be seen on the relevant product page. Now buyers can feel more comfortable in their decisions with a tangible proof point,” highlighted Carol Lau.

    A new age of buyers

    The market of millennial buyers and small business entrepreneurs is rapidly expanding in part due to the pandemic. GSOL has many newly registered buyers from this age group. To accommodate their needs and the evolving sourcing trends in the market, GSOL also brings in sustainable sourcing features with a high calibre of efficiency and professional support.

    A large reason behind the accommodating measures is that Millennials have grown up surrounded by technology.  As a result, technology is integrated into their daily lives.  Technology, primarily cell phones, is used for everything currently: entertainment, keeping up with friends, banking, and ordering takeout.  Shopping is no exception. Technology has so seamlessly fused with the lives of the younger generations that they expect it to be a part of their everyday experiences. GSOL is staying one step ahead by providing the right digital resources for this new age of buyers.

    Other than ongoing updates on the GSOL APP to enable sourcing on-the-go, GSOL also offers personalized sourcing services to millennial buyers. This includes sending invites for request for quotations (RFQ), the ability to place an order immediately with the “Ready to Order” feature. This feature allows orders to be placed more easily and more conveniently to get a quicker, more reliable, and more transparent delivery service in order to get the best offer that fits their specific needs.

    Furthermore, price has a great influence on millennials’ purchase decisions sometimes even above quality. Therefore, buyers may focus more on the availability of small or direct orders or pursue a low Minimum Order Quantity (MOQ) service to save costs in the shipment process.

    Global sourcing of the future today

    There are many factors to consider when choosing a global sourcing platform. From the ease of use to features enabling a sustainable approach to business and shopping. With 85% of respondents surveyed indicating they expect hybrid sellers will be the most common sales role over the next three years, businesses have an opportunity here to partake in this important trend. An O2O hybrid sourcing model is most likely to provide customers with what they need.

    Industry leaders must be proactive to ensure a more distributed and collaborative future. They need digital solutions that facilitate easy entry into new markets and with new suppliers, centrally optimize their supply chains, and provide end-to-end visibility from the point of order to delivery. This is what GSOL offers its users, and it’s the way forward as it best accommodates the current market and buyer needs.

     

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  • What Questions Should I Ask a Freight Forwarder?

    What Questions Should I Ask a Freight Forwarder?

    Choosing a freight forwarder to deliver your shipment requires careful consideration. You’ll be trusting this company with your valuable goods. It’s crucial to do your research and hire someone with a proven track record of delivering shipments safely and timely.

    Needless to say, you have several options to choose from. But how do you know which one is right for you? Here is a guide to help you narrow your options to the new freight forwarder for your needs.

    Questions to Ask a Freight Forwarder

    When looking for a freight forwarder to handle your shipping needs, asking the right questions is essential to ensure you’re making the best decision for your business. Here are some key questions to ask a freight forwarder to ensure you get the best service possible. If you’re looking for a reliable partner, check out Dedola – import freight forwarder.

    What Services Do You Offer?

    Ask the freight forwarder you’re considering for a comprehensive list of services, such as freight consolidation, warehousing, customs clearance, and delivery. Ask them what forwarding methods they use and whether they provide the method that you’re looking for. Ensure you understand what services are included in their offering and what additional services may be available for an additional fee.

    What Are Your Rates?

    It’s vital to get an understanding of the freight forwarder’s rates and fees before you agree to anything. Ask for a quote and find out if any discounts are available, such as bulk or seasonal discounts. Also, inquire about any hidden fees that they may charge.

    Once you have a handful of quotes, compare the prices and see which one fits your budget. Don’t let the rate be the sole deciding factor. It’s okay to pay a few extra bucks if it means that your shipment will be safe throughout the journey.

    Do You Provide Tracking?

    Tracking is essential when it comes to freight forwarding. You would want to ensure your shipment is on time and secure. Make sure you ask the freight forwarder if they provide tracking services. You should also inquire about the type of monitoring available, such as tracking by air, sea, or land. This way, you can sleep easy knowing that your goods will be delivered on time.

    What Is Your Turnaround Time?

    Turnaround time is a critical factor when it comes to freight forwarding. This could vary from company to company. Ask the freight forwarder what their typical turnaround time is. This will give you a better idea of how long it will take for your goods to be shipped and delivered. You could also choose a freight forwarder accordingly if any of your goods need to be delivered on an urgent basis.

    Do You Have Insurance?

    Your shipment could be susceptible to several risks, including boat capsizes, derailing trains, airplane crashes, vehicle collisions, and whatnot. To avoid feeling anxious while waiting for the freight’s safe delivery, hiring an insured freight forwarder is crucial. Ask the freight forwarder if they have insurance for goods in transit. This will give you peace of mind that your goods are insured in case of any damage or loss during transit.

    Trusting another person with the safety of your goods is a huge thing. The least you can do is ensure you’re putting your faith in the right professional. By asking the right questions, you’ll be able to ensure you’re selecting the best freight forwarder for your needs. Ask as many questions as necessary to ensure you get the best service possible and put your mind at ease.

  • Fashion brand Unhidden brings clothes made for all bodies to LFW

    Fashion brand Unhidden brings clothes made for all bodies to LFW

    Fashion designer Victoria Jenkins unveiled stylish and practical clothes made for people with disabilities on the runway at London Fashion Week on Friday, in a collection intended to address a gap in the market.

    The ‘Unhidden: A New Era in Fashion’ event saw around 30 models who all live with a disability, chronic condition or visible difference model floaty dresses with easy access around the waist as well as colorful chiffon tie shirts with adjustable sleeves at footwear brand Kurt Geiger’s showroom.

    Designer Victoria Jenkins poses following her catwalk show “Unhidden: A New Era in Fashion”, with designs presented by models who all live with a disability, chronic condition or visible difference, during London Fashion Week in London, Britain, 17 February, 2023.

    “Unhidden is an adaptive fashion brand… primarily targeted at inclusion within the fashion of people with disabilities,” Jenkins told Reuters.

    During a hospital stay when another patient raised it, Jenkins, who has reduced mobility, first discovered a gap in the market for clothes designed with all bodies in mind in 2016.

    Surprised that only a few brands, including Tommy Hilfiger, offer such fashion for all, she decided to use her previous experience as a garment technologist to set up her own brand.

    A model presents a creation during the “Unhidden: A New Era in Fashion” catwalk show, with designs presented by models who all live with a disability, chronic condition or visible difference, during London Fashion Week in London, Britain, 17 February, 2023.

    “When I had this idea, it was like a light bulb and just everything changed,” she said.

    “It helps me personally… but also I see the impact around me of people being able to dress how they need to.”

    Jenkins demonstrated a royal blue shirt with pop snaps that open and close easily, as people who have had strokes can struggle with buttons.

    “It also has openings all down the arm,” she said, so that anyone going through treatment “can access their arm without taking any clothes off. It’s about dignity.”A model presents a creation during the “Unhidden: A New Era in Fashion” catwalk show, with designs presented by models who all live with a disability, chronic condition or visible difference, during London Fashion Week in London, Britain, 17 February, 2023. Model and content creator Jessica Ping-Wild, who uses a prosthetic leg and struggles to find suitable trousers, said a brand like Unhidden makes all the difference.

    “A designer taking into consideration the fact that bodies are different… it’s almost breaking that mould of beauty that has been so ingrained in society for centuries,” she said.

    Jenkins’ collection also includes shirts with longer backs for wheelchair users as well as tailor made suits. She hopes her clothes become even more readily available in the future.

    “Diversity without disability isn’t diversity. It feels like it’s the last taboo. People are still scared of the D word. You know, disabled is not a bad word,” she said.

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  • Chinese carmaker Haima returning to Vietnam

    Chinese carmaker Haima returning to Vietnam

    After first unsuccessfully entering the Vietnamese market a dozen years ago, Chinese automaker Haima plans to begin selling cars here again later this year.

    Tran Viet Son, sales director at Carvivu, Haima’s new distributor in Vietnam, said the company will import 3 Haima models, namely the 8S, 7X and 7X-E.

    The 7X will be the first model released in Vietnam beginning in the second half of 2023. The car is slated to compete with the Mitsubishi Xpander and the Toyota Veloz, Son said. Haimas will be sold at two showrooms in Hanoi and one in HCMC.

    The distributor expects the 7X to be Haima’s biggest seller in Vietnam due to the popularity of multi-purpose vehicles (MPV).

    Son said the car would probably sell for around VND700-800 million (US$29,700-33,900) each. The most popular MPV models in Vietnam currently sell for significantly less than that.

    The Mitsubishi Xpander costs VND555-688 million per unit, while the Toyota Veloz sells for VND658-698 million.

    The most expensive MPV model in Vietnam is the is Kia Carens, which lists at around VND619-859 million.
    The electric variant of the 7X, the 7X-E, is expected to cost VND1 billion or more.

    Haima’s small car offering, the 8S, will also be available on the Vietnamese market in the second half of this year. The 8S will be competing with the Mazda CX-5 (VND839-1,059 million) and the Hyundai Tucson (VND845-1,060 million).

    The Chinese automaker first entered the Vietnamese market in 2011, only to soon exit quietly after failing to compete with stronger, more durable Japanese cars

    However, over the past two years, Chinese automakers such as Beijing, Hongqi and BAIC have begun to reach Vietnamese customers.

    Automobile manufacturer Chery has announced plans to build a factory in Vietnam to assemble cars for export.

    And Vietnamese firm TMT Motors will also begin assembling and distributing Chinese Wuling Hongguang Mini EV electric cars late this year.

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  • Jaguar Land Rover India Appoints Rajan Amba As Its New Managing Director

    Jaguar Land Rover India Appoints Rajan Amba As Its New Managing Director

    Tata Motors-owned luxury car brand Jaguar Land Rover has appointed a new Managing Director for its India business. The company’s current President and Managing Director Rohit Suri will take retirement from his position by the end of the current financial year. While it had not named Rohit’s successor back then, the company has now announced that Rajan Amba will take over as the Managing Director of Jaguar Land Rover India, from March 1, 2023.

    Rajan will join Jaguar Land Rover from Tata Motors Passenger Vehicles, where he is currently the Vice-President of Sales, Marketing and Customer Care. Rajan Amba succeeds Rohit Suri, who is due to retire on March 31, 2023.

    Rajan Amba commented on his appointment, “I have immensely enjoyed my stint at Tata Motors and look forward to the next one at Jaguar Land Rover – iconic automotive brands, which I hugely admire. I keenly look forward to working with my new team at Jaguar Land Rover India and steering forward our future growth strategy.”

    Martin Limpert, Regional Director, Overseas, Jaguar Land Rover said, “Rajan’s customer-centric mindset, broad experiences from different industries, and his passionate and authentic leadership approach bring the right set of qualities to further grow our operations into the promising future of India, aligned with our overall Reimagine strategy to become the creator of the world’s most desirable luxury vehicles and services for the most discerning of customers.”

    Jaguar Land Rover India is one of the key luxury car marques in India and offers a range of products across the two brands. In the last couple of years, the company launched some exciting products in India, including the all-electric Jaguar I-Pace, the new-gen Land Rover Defender, and the new Range Rover and Range Rover Sport in the country.

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  • Steelmaker Hoa Sen eyes smallest profit in 10 years

    Steelmaker Hoa Sen eyes smallest profit in 10 years

    Steelmaker Hoa Sen Group expects a modest after-tax profit of VND100 billion (US$4.2 million) to VND300 billion this year as a raft of potential pitfalls loom.

    Whichever figure it achieves will be the lowest in the last 10 years, mainly due to anticipated export difficulties.

    According to the first scenario envisioned by Hoa Sen, the company will post sales of 1.4 million tons of finished products, with revenues of VND34 trillion, and after-tax profits of VND100 billion.

    With a more optimistic scenario of selling 1.5 million tons of finished products, the company expects to gain VND36 trillion in revenue and VND300 billion in profit.

    In the last 10 years, the lowest profit target the company has ever set is VND400 billion and the highest is VND1.65 trillion.

    Hoa Sen’s management said steel exports this year have many potential uncertainties in the context of increasing competition and trade barriers.

    Tightened monetary policies and higher lending interest rates as well as foreign exchange rates will also affect the company’s production and business.

    Hoa Sen reported after-tax losses of VND680 billion from October to December 2022, the first quarter of this fiscal year.

    According to Viet Dragon Securities Corp., having incurred net losses for two consecutive quarters, the steelmaker is experiencing the most difficult period in its history.

    Hoa Sen’s difficulties are considered to be twice as bad as its competitors as it operates in both the manufacturing and retail sectors.

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  • Gasoline prices drop

    Gasoline prices drop

    Gasoline prices dropped Tuesday after two hikes, while diesel fell to this year’s new low. RON95 gasoline was sold at VND23,440 ($0.99) per liter starting 3 p.m., down 1.35% from a week ago.

    Biofuel E5 RON92’s price went down 1.23% to VND22,540. Diesel dropped 3.2% to VND28,860, its second decline in a row.

    The Ministry of Industry and Trade and Ministry of Finance, which are in charge of adjusting retail fuel prices, said that average diesel prices in the last 10 days plunged 5% globally, while gasoline prices only dipped marginally.

    They added that the costs of delivering fuel from foreign sources to Vietnam and refineries to ports were factored into retail prices Tuesday.

    Many retailers had recently demanded that the government should fix a minimum commission of 5-6% of the retail price of petroleum products so that they do not have to sell at a loss.

    But the Ministry of Planning and Investment opposed this when recently asked for its opinion on a bill on fuel management of the Ministry of Industry and Trade.

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  • Changi Airport’s retail sales start steady post-Covid recovery

    Changi Airport’s retail sales start steady post-Covid recovery

    Changi Airport’s retail sector has shown signs of recovery with SG$1.1 billion (US$823.4 million) in sales recorded last year after Singapore relaxed Covid-related border restrictions in April.

    However, concession sales last year represented just 37 percent of sales in 2019, the last full year without border closures. Retail revenue in December was at 58 percent of the pre-Covid levels on the back of a passenger traffic recovery to 72 percent.

    The biggest spenders at Changi Airport are from Indonesia, India and Thailand, as the prolonged Covid-19 situation in China – its major market – caused the near absence of travelers from this market. Liquor & tobacco, perfumes & cosmetics and luxury were among the most popular product categories.

    Changi Airport recorded more than 13 million transactions during the year with an average of 35,000 transactions daily.

    As Changi Airport has seen more traffic since the Covid-19 restrictions were lifted, the airport has increased its promotional activities to lure customers and enhance their shopping experience, including the ‘Be A Changi Millionaire’ campaign.

    Last year, Changi Airport teamed up with Lotte Duty-Free to host the the ‘World of Wines and Spirits’ event, which brought together products from 75 brands, including Bowmore, The Macallan, Midleton, The Singleton and Penfolds. The company plans to launch the second installation of ‘World of Wines and Spirits’ this year.

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  • Coles’ profit up, but inflation expected to dull second-half

    Coles’ profit up, but inflation expected to dull second-half

    In its first half, Coles has overcome supply-chain challenges and inflationary pressures to record a 17.1 percent lift in tax-paid profit.

    For the 27 weeks to January 1, sales from continuing and discontinued operations reached $21.4 billion – up 4 percent – while tax-paid profit rose to $643 million.

    Supermarket sales reached $18.85 billion, up 4.6 percent, which the company says was supported by the retailer’s ‘Locked’ and ‘Dropped & Locked’ value campaigns.

    With consumer shopping behavior beginning to normalize post-Covid during the half, online sales dipped 6.6 percent to $1.4 billion. Severe flooding and cool weather conditions resulted in availability challenges during the half across fresh and frozen produce categories.

    Supermarket inflation peaked at 7.7 percent in the second quarter, increasing from 7.1 percent in the first quarter.

    Coles’ liquor division sales fell 2.4 percent to $1.95 billion as the business cycled 15 weeks of Covid-related on-premise closures and restrictions in the previous corresponding period across NSW, Victoria, and the ACT. Store closures from flooding in the eastern seaboard, a wet and cool spring, and the summer’s start affected sales in the first half. Online liquor sales grew 13.7 percent.

    Liquorland continues to be the strongest-performing banner while express delivery was expanded to 560 stores.

    The fuel and convenience business – which has been sold to Viva Energy – earned $607 million, up 5 per cent, driven by growth in the food-to-go category, particularly of coffee and fast food.

    “We are well positioned to navigate the current macro environment and as we look to the future, we expect improving availability, population growth and moderation in out-of-home dining, which has been elevated post-Covid to positively impact the business and provide further opportunities for growth,” Coles said in a statement.

    The business expects inflation to moderate in the second half and farm-related availability to improve.

    Meanwhile, Leah Weckert has been named Coles’ new MD and CEO as outgoing CEO Steven Cain, announced his retirement. He will step down in May.

    Weckert has been a senior member of the executive leadership team since the demerger of Coles from Wesfarmers in 2018. She has also held several leading positions within the group including chief executive of commercial and express, CFO, people and culture director and state GM of Victorian supermarkets.

    Cain said: “I would like to thank the Coles board, team and our many partners for their support, insights and resilience – particularly during Covid, bushfires and floods. I would like to congratulate Leah on becoming my successor and I wish Coles continued success, and know that the best is yet to come.”

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  • Vietnam rice exports to Taiwan continue to rise

    Vietnam rice exports to Taiwan continue to rise

    Vietnam’s rice exports to Taiwan rose by 18.5% last year as quality improved and prices were competitive.

    It shipped 20,281 tons worth over US$10 million, accounting for more than 16% of Taiwan’s imports, the third highest market share.

    In recent years Vietnam’s exports of high-grade rice to the market have been steadily increasing as its prices are lower than Thailand’s, Taiwan’s second-largest source of imports at 23,042 tons.

    But Thailand’s exports declined by 20% last year. Vietnam’s sticky rice exports to Taiwan exceeded those of the U.S. and Thailand.

    Overall, Vietnam exported more than seven million tons of rice worth $3.5 billion to the global market last year.

    It was sold in European supermarkets for the first time.

  • Seafood exporter Minh Phu reports surge in profits

    Seafood exporter Minh Phu reports surge in profits

    Minh Phu Seafood Corp., a leading shrimp exporter, reported consolidated after-tax profits of nearly VND840 billion (US$35.6 million) last year, up 27% from 2021 and its highest since 2015.

    Its revenues rose by 20% to VND16.43 trillion.

    According to the Vietnam Association of Seafood Exporters and Producers, shrimp exports were worth a record $4.3 billion last year after rising by 11% on high demand and high prices in the first half.

    In the second half high inflation in major economies affected demand, and exports declined.

    In 2022 shrimp exports to China grew by 61%.

    Vietnam’s shrimp exports to it are expected to continue to surge this year after China’s reopening.

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  • Thai retail giant to invest $1.45B in Vietnam

    Thai retail giant to invest $1.45B in Vietnam

    Thailand’s Central Retail Corporation has announced it will double the number of its Vietnam stores with its largest ever local investment of 50 billion baht (US$1.45 billion).

    The chain’s number of stores will jump to over 600 in 57 of 63 cities and provinces with the new investment over the next five years.

    Central Retail CEO Yol Phokasub said the Vietnamese market has immense potential for continued economic growth.

    He predicted the country would post GDP growth of 6.7% this year and 7.2% next year, compared with Thailand’s average of 3.5% a year. “This will make Vietnam the fastest-growing market in Southeast Asia,” he said.

    Central Retail Vietnam has reported that in this year alone it will invest 6 billion of the baht in developing its businesses nationwide with a focus on food to reinforce its leading position in the nation’s hypermarket segment.

    The Thai company also plans to renovate 10-12 Nguyen Kim chain electronics supermarkets while opening 3-5 new supermarkets and Go! Hypermarkets.

    Central Retail Vietnam currently operates more than 340 stores. Its revenue surged from 300 million baht ($8.7 million) in 2014 to 38.6 billion baht ($1.12 billion) in 2021.

    A Central Retail manager said that in 2022 despite the impact of the economic recession, rising goods prices, and a consumer cut in spending, its sales grew in double digits thanks to its “always low price” policy.

    Japan’s Aeon plans to operate 100 supermarkets across Vietnam by 2025. South Korean retail giant Lotte has also said it will open more supermarkets in Vietnam.

    After gradually withdrawing from China, Lotte now regards Vietnam as its third most important market after South Korea and Japan.

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