Retail News CRM

Tag: asia

  • The Body Shop Singapore introduces ‘Activist’ store

    The Body Shop Singapore introduces ‘Activist’ store

    Cosmetics & skincare retailer The Body Shop is launching an “activist workshop” store in Singapore at the Ion Orchard shopping center.

    Building on the brand’s reputation for being environmentally aware and natural, the store has been transformed into an interactive ‘activist workshop’ that encourages visitors to explore and recycle products.

    The store features sustainable fixtures of reclaimed wood and recycled plastics as well as low-energy-footprint zinc cladding and worktop surfaces made from material otherwise destined for landfills.

    Features exclusive to the outlet include a DIY gifting station, a cruelty-free fragrance collection, and a water station, as well as an ‘activist bay’ where visitors can take inspiration from the brand’s campaigns.

  • Luk Fook warns of heavy sales decline in June

    Luk Fook warns of heavy sales decline in June

    Jeweler Luk Fook Holdings has warned shareholders of a “substantial decline” in both sales and profit for the June quarter. Revenue for the Hong Kong-headquartered company was down 60 percent year on year for the three months, with profit down by around 80 per cent.

    However, CEO Wai Sheung Wong said there are signs of improvement since June in Mainland China, if not at home.

    “The overall same-store sales of all shops including self-operated and licensed shops in Mainland China in July improved progressively with narrowed decline as compared to the low double-digit drop in June.”

    In Hong Kong and Macau however, July sales were affected by the unstable outbreak, the decline widening from June’s 60-per-cent drop.

    “Therefore, the group’s overall trend of revenue and profit for the period from July to Sep

  • Gentle Monster shows its flagship concept in Shenyang

    Gentle Monster shows its flagship concept in Shenyang

    Gentle Monster has unveiled another flagship concept in Shenyang, China after launching the “Memory” theme in Hangzhou last month.

    Themed “New Normal”, the Korean eyewear retailer’s new store in Shenyang is inspired by the idea of how AI will be “deeply embedded in human life.” The story behind the new concept, according to the company, is “the upcoming future where AI is no longer a strange concept, but a ‘New Normal’.”

    When entering the store, visitors will see a sculpted “AI shepherd”, keeping an eye over his sheep.

    “With more data collection, this AI shepherd is able to nurture the herd with more care than the past generations,” Gentle Monster explained. “The space past him exhibits the advanced technology of monitoring devices used to detect potential danger to guard the sheep.”

    Several artworks are featured on the store’s walls and floors. The Gentle Monster Shenyang store also houses a lion head sculpture in gold and dark blue-grey colors.

    “The Gentle Monster Shenyang store embodies the brand’s evolving identity, and visitors will be able to experience the future world where the ‘New Normal’ dominates the norm,” the company said.

    The store extends the technology theme of Gentle Monster’s new flagships. The Hangzhou store ‘Memory’ explores the concept of future technology restoring lost memories.

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  • Malaysian retail on the recovery track

    Malaysian retail on the recovery track

    Malaysia’s retail sector is projected by the government to reach 80-per-cent recovery this year, up from the current 70 percent.

    Statistics department figures showed improved employment numbers during the recent period since the lifting of Malaysia’s movement control order to counter Covid-19. The country’s unemployment rate was down by a record 5.3 percent month on month during May, but was recently measured at an improved 4.9 percent.

    “Subject to the second lockdown, the [retail] sector will be normalized, with local consumption to be the growth driver for the country,” said Minister Datuk Seri Mustapa Mohamed following a private conference with retailers. The Edge reports he also urged Malaysians to support home-grown products.

    Around 90–95 percent of mall retailers are back in business within the country, as mall footfall hit 80 percent of levels recorded prior to the coronavirus outbreak.

  • Allbirds enters South Korea

    Allbirds enters South Korea

    New Zealand’s footwear label Allbirds is expanding its retail network into South Korea. From the early stages of Allbirds’ international expansion plan, South Korea was always high on the destination list as the company makes its Wool Runner product in Busan.

    “As we continue to expand our international footprint, we’re excited to finally enter the Korean market and connect with our existing community here, further establishing Allbirds as an important sustainable fashion player in Asia,” said Sandeep Verma, head of international.

    The company considers South Korea as a strategic market as it looks to strengthen its presence in greater Asia.

    “Allbirds’ mission to tread lighter on the planet has resonated with people far and wide, from Berlin to New York, from LA to Shanghai, and we’re delighted to share our purpose-led products and a world-class level of care with our Korean customers,” Verma said.

    Founded in 2016 by New Zealand footballer Tim Brown, who later teamed with American biotech engineer Joey Zwillinger, Allbirds now sells in 35 countries with more than 20 of its own brick-and-mortar stores worldwide. The brand is renowned for its logo-free sneakers made from sustainable materials.

    “The response we’ve received thus far has been beyond what we could’ve ever imagined when we first started this,” said Zwillinger, Co-CEO of Allbirds, referring to the international expansion program.

    Last April, Allbirds became the first apparel brand to label all of its products with a Carbon Footprint score, designed to inform customers of the carbon impact of its products.

  • Apple hits two trillion in valuation

    Apple hits two trillion in valuation

    August 2nd, 2018 was a red-letter day for Apple. The little company that was founded by Steve Wosniak and Steve Jobs in April 1976, was worth $1 trillion making it the first public company in the U.S. to hit that figure. And now here we are again, two iPhone cycles later, and the company has become the first publicly traded U.S. firm with a valuation of $2 trillion. However, by the end of the day, Apple’s valuation had fallen back under the two trillion dollar mark.

    Apple closed at $224.37 on March 23rd when the pandemic first started making its presence known in the U.S. At today’s close of $462.83, the stock has more than doubled in almost five months. Just last month, Apple’s valuation surpassed that of state-owned oil giant Saudi Aramco making the tech giant the most valuable publicly traded company in the world. Hitting the $2 trillion mark comes after Apple reported record revenue of $59.7 billion during its fiscal third-quarter earnings report released on July 30th.

    Analysts are calling the 60% gain in Apple’s stock price this year more proof of the outstanding leadership provided by Apple CEO Tim Cook. Part of the reason that the iPhone manufacturer has a rich stock price is that the company is trading less like a tech hardware outfit and more like a sexy software firm. You can see that in Apple’s price-to-earnings ratio (PE) which shows that the company is trading at 33 times earnings. Edward James analyst Logan Purk says, “Over the past four months, the market has really been valuing Apple as a software company. The services business is growing nicely — it seems to give them a multiple over 30, and gives them all the credit in the world for this subscription business. They’re starting to get compared to some really big software heavyweights.” For example, software leader Microsoft trades at 36 times earnings while Amazon’s stock has a PE over 123.

    Tim Cook should get much credit for this. Back in 2015, the year that iPhone shipments peaked, the company decided that instead of trying to focus on selling new iPhone models, it would be able to obtain higher profit margins by selling recurring subscriptions to a large number of iPhone users worldwide. Apple set a goal of doubling its Services revenue from the $25 billion earned in the fiscal year 2016 to $50 billion by this fiscal year. And three quarters into fiscal 2020, the company has generated $39.2 billion in Services revenue; barring a major global economic meltdown in the current quarter, Apple should hit at least $50 billion in Services revenue for this fiscal year.

    The Services unit includes ApplePay, the App Store, iCloud, iTunes, Apple Arcade, Apple TV+, Apple News+, AppleCare+, Apple Music, and more. There are about 1 billion active iPhone users that the company is mining for gold.

    The stock hike helps Apple executives’ restrictive stock units (RSU) gain in value and recently Tim Cook joined the billionaire’s club. It has been a heady rise for Cook who joined Apple in March 1988 as a Senior Vice President. In January 2009, Steve Jobs took a leave of absence leaving Cook in charge. After the ailing Jobs returned, his deteriorating condition forced him to step down for good and in August 2011, Cook once again took the CEO position. The executive has had that position over the last nine years running and during that time, Apple’s valuation has soared from $348 billion to $1.9 billion.

    Later this month, Apple will split its shares 4 for 1. That means that an investor with 100 shares of Apple that currently trades at $462.83, will own 400 shares trading at (approximately) $115.71.

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  • Visa launches “Team Shop Chat Thai” lucky draw campaign to help power Thailand’s economic recovery

    Visa launches “Team Shop Chat Thai” lucky draw campaign to help power Thailand’s economic recovery

    Visa, the world’s leader in digital payments, today announced the launch of “Team Shop Chat Thai” lucky draw campaign offering rewards to Visa cardholders.  The campaign is a collaborative effort led by Visa, along with its bank and merchant partners, to stimulate local economic activities and support Thailand’s economic recovery.

    Under the campaign, Thai shoppers stand a chance to win prizes worth up to 2,000 baht when spending a minimum of 1,000 baht per receipt on their Visa cards, including credit, debit or prepaid.

    Prizes include a 2,000 baht hotel stay, Thai Smile air tickets to the value of 2,000 baht, and 1,000 baht worth of entry tickets to tourist destinations in Bangkok, Pattaya, Chiang Mai and Phuket.  The total prize pool will see 2,000 prizes to be given away worth a total of 3,000,000 baht.  The campaign runs from today to 30 September 2020.

    Visa has recently announced its cooperation with the Tourism Authority of Thailand (TAT) to expand the acceptance of digital payment locations in Bangkok and five major tourist cities across the nation in a bid provide local businesses with a more hygienic digital payment option and help recapture consumer confidence. Visa has also collaborated with Thailand’s leading FinTech companies to make it easier and faster for Thai social commerce sellers, including individual sellers and small businesses on social media platforms, to accept Visa card payments.

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  • Huawei says existing devices will continue receiving Android updates

    Huawei says existing devices will continue receiving Android updates

    Huawei has confirmed that its devices will continue to receive software and security updates, reports Huawei Central. Last year, Google stopped providing non-public software to the company to comply with a US blacklist.

    The company was provided a temporary relief which allowed it to provide software updates to its existing phones. Handsets launched after the trade ban come with an open-source version of Android and lack key services and apps.

    The temporary general license expired recently and this raised speculations that older Huawei and Honor phones would stop receiving Android updates from Google.

    Huawei says that phones that were released before it was put on the entity list have not been impacted and will keep getting updates.

    As for the new devices which do not feature Google Mobile Services (GMS), updates will be managed through Huawei’s AppGallery. Google had previously said it would keep providing updates as long as the government lets it do so. There is no indication from its side that it will continue sending out updates now that the temporary general license has expired.

    The Commerce Department recently said that the license will not be extended.

    The US shows no intention of letting Huawei off easily as is evident by a recent move that aims to make it even harder for the company to source chips. The company recently said it could no longer make its own chips because of restrictions imposed by the US government and that the Mate 40 will be its last phone to have a Kirin chip.

    Later this year, the manufacturer is expected to launch its first phone with Harmony OS, its own operating system.

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  • Shopee dominates online shopping in Vietnam

    Shopee dominates online shopping in Vietnam

    Shopee reported a new web traffic record in Vietnam with 52.5 million monthly visits last quarter, exceeding Lazada’s previous record in 2017.

    The Singapore online shopping platform’s numbers exceeded those of the next two put together, Vietnamese companies Mobile World (25.1 million) and Tiki (21.1 million), according to data collated by Malaysian online shopping aggregator iPrice Group.

    Shopee achieved growth of 21.6 percent from the first quarter, while the three behind it, Mobile World, Tiki, and Singapore’s Lazada, saw declines of 6-12 percent.

    In the last quarter of 2017 Lazada reported 50.5 million monthly visits, but since then its numbers have declined — to 18.5 million in the second quarter of this year — as other players grabbed a bigger share of the market.

    Tiki and another homegrown player Sendo informed authorities in June that they planned to merge, but later decided to call off the deal due to disruptions caused by the Covid-19 pandemic and disagreements between their shareholders.

    Last year Vietnam’s Internet economy, which has been growing annually at 38 percent since 2015, was estimated to be worth $12 billion.

    It is expected to rise to $43 billion by 2025, according to the “e-Conomy Southeast Asia report 2019” by Google, Singapore investment firm Temasek and U.S. global management consultancy Bain.

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  • Australia’s Mecca opens in China

    Australia’s Mecca opens in China

    Australian beauty retailer Mecca is entering the competitive Chinese market and launching its luxury flagship store at the online marketplace Tmall today.

    Known for its curation of niche and luxury local and international cosmetics, the brand has launched an edit of 22 first-to-market brands at its Tmall store, including its private-label brands, Mecca Brands and Mecca Max. Mecca’s Beauty Loop loyalty program will also now be available to Chinese customers.

    “I started Mecca with the desire to make every customer look and feel their best. From our very first store in the Melbourne suburb of South Yarra, to now launching in China our second international market, we have stayed true to this philosophy over the last 23 years,” said Mecca founder Jo Horgan in a statement.

    “I am thrilled that we are assisting Chinese customers, some of the most well-informed beauty shoppers in the world, to unearth incredible new brands and products and know that once they experience the Mecca magic, it will be love at first ‘add to cart’.”

    Celebrations will kick off today in Shanghai in the penthouse of luxury hotel Middle House, and will be attended by more than 100 Chinese media and key opinion leaders, while Horgan live streams from Melbourne.

    Horgan opened Mecca’s first shop in 1997 and the well-loved beauty business has since grown to 100 stores in Australia and New Zealand, along with e-commerce in both markets.

    “The idea was to bring these innovative brands into a service-driven, luxury boutique environment where women could shop across all brands and customize the product offer to suit their specific needs and wants,” Horgan said back in 2017.

    “Our goal was to take someone from a beauty novice to feeling like an expert in a single session, and for a makeup artist to feel like they had found their nirvana – we really wanted everyone to feel welcome, in control and walking out having had a great time.”

    While some beauty brands have avoided the Chinese market as legislation mandates cosmetic products in government laboratories must be tested on animals, many others such as Rihanna’s Fenty Beauty and The Body Shop have found a loophole by selling on cross-border e-commerce platforms such as Tmall and JD.

    Several brands now available at Mecca’s Tmall store are vegan and cruelty-free.

    According to a report from AlixPartners last year, 90 percent of those Chinese millennial customers surveyed indicated that purchasing ‘healthy or clean products’ was of importance to them.

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  • Elie Saab vows to rebuild after devastating Beirut blast

    Elie Saab vows to rebuild after devastating Beirut blast

    It felt like an eternity rather than just a few minutes as haute couture fashion designer Elie Saab scrambled to make sure his 200 staff members, including his son, were safe when this month’s massive explosion shook Beirut.

    Like many Lebanese on August 4 when chemicals at the port detonated, the 56-year-old felt the blast was on his doorstep.

    “I saw my son covered in blood, I could not believe it. I said okay, he is wounded, but it was okay, it was just cut to his head and arms,” Saab said.

    “But it was 15 minutes that felt like two days long. It was not just because it is a father and son thing, it was because we all work together like one family under one roof.”

    The explosion killed 178, injured 6000 and damaged whole neighborhoods of the Lebanese capital.

    Saab said his main office and headquarters were badly damaged. His home a few hundred meters from the port, was gutted.

    The blast destroyed the shops and ateliers of at least two other designers, Zuhair Murad and Rabih Keyrouz, himself badly injured.

    Saab is no stranger to devastation. He started his label in 1982, at the height of Lebanon’s 1975-1990 civil war.

    The August 4 blast revived those memories.

    “It was the same smell, the same dust, the broken glass. Honestly, we did not want to relive this and it was not necessary,” he said.

    “This is a huge setback but we have to be like Beirut – every time dusting itself off and returning to the way it was,” Saab said.

    Saab’s team plan to go back to their offices from August 20 to meet a deadline for the September Paris couture show.

    He also plans to rebuild his residence, with its high ceilings and arches, marble columns and Arabesque tiles. For now, rubble and dust were everywhere.

    “We must go on … It does not become us as Lebanese to give up,” Saab said. “That is the doable part. But the biggest loss is the people you can’t bring back.”

    On a table lay a record by singer Fairouz, “Lebanon Forever”. It was broken in two.

  • iKala raises US$17M Series B to expand global footprint

    iKala raises US$17M Series B to expand global footprint

    iKala, Asia’s leading AI company headquartered in Taiwan, has raised US$17M in a Series B round of funding led by Wistron Digital Technology Holding Company, a Wistron Corporation’s wholly-owned subsidiary which focuses on digital technology industries and software application related investments. Previous investors Hotung Investment Holdings Limited and Pacific Venture Partners are also coming in, showing confidence in iKala’s practical AI and digital solutions and SEA cross-border operational efficiency.

    The latest round of funding takes the company’s total funding to US$30.3 million and will be used to further fuel iKala’s AI and digital technologies innovation. Equally, it signals the company’s expansion into new markets including Indonesia and Malaysia, while strengthening its position in its existing key markets of Singapore, Thailand, Taiwan, Hong Kong, Philippines, Vietnam and Japan.

    This strategic investment marks the lead investor Wistron Digital Technology Holding Company, which also focuses on big data analytics, entry into  Southeast Asia. Together, both companies are confident of propelling the region’s digital transformation journey forward and facilitate the development of Artificial Intelligence technology and software.

    “We’ve been on a strong growth trajectory over the last couple of years, expanding into new markets and developing cutting-edge technology that has put us in a leading position in the region’s digital transformation and commerce space. With this funding, we look forward to exploring new opportunities in AI commerce beyond our existing markets,” said Sega Cheng, co-founder and CEO of iKala.

    “Taiwan has an excellent reputation for having some of the best high tech talents in both hardware and software around the region. With Wistron as a strategic partner, iKala can become a major driving force for transforming Taiwan into an AI industry and talent hub in Asia,” said Dr. Lee-Feng Chien, iKala’s board member, former Google Taiwan managing director, who joined earlier this year.

    “As part of the Fortune Global 500 and as a TSP (Technical Service Provider) company,  iKala’s AI and software capabilities will be a value-adding element to Wistron’s long-held and leading hardware industry presence. We have heavily invested ourselves in digital transformation and further creation of new business to provide our clients with new opportunities brought by digital transformation,” said Robert Hwang, Vice Chairman & President of New Business, Wistron.

    Following its exceptional growth in the cloud and digital transformation industry since Series A round of funding early last year, iKala established a new division in June: iKala Commerce. The new solution consolidates AI-powered influencer database KOL Radar, and AI social commerce solution Shoplus, to provide an integrated solution and holistic customer data insights for the region’s social commerce players.

  • Grab and Unilever establish wide-ranging partnership to support lives and livelihoods in Southeast Asia through COVID-19

    Grab and Unilever establish wide-ranging partnership to support lives and livelihoods in Southeast Asia through COVID-19

    Grab and Unilever today announced an extensive partnership in Southeast Asia to protect Grab drivers and riders as well as support the livelihoods of small business owners as they weather the impact of the COVID-19 pandemic.

    The partnership covers Grab’s Transport, GrabFood, GrabMart, and GrabExpress services. Unilever’s personal and home hygiene brands such as Lifebuoy and Cif will support Grab drivers to deliver safer and more hygienic rides under GrabProtect. By leveraging Grab’s platform and technology, Unilever products will be available for consumers to purchase directly from Unilever’s vast network of retailers in Southeast Asia through GrabFood and GrabMart, thereby also helping small retailers and mom-and-pop shops around the region.

    “Unilever is committed to helping protect the lives and the livelihoods of those impacted by the COVID-19 pandemic. By providing Unilever’s hygiene products such as Lifebuoy and Cif to Grab’s driver-partners, Unilever is helping people get back on the move safely. The partnership will also assist small retailers, many of whom are still without a digital presence, move to an online platform, whilst also giving people more ways to purchase their favorite Unilever products. As a purpose-led organization, we will continue playing our part to support our communities through this crisis,” said Umesh Shah, Chief Executive Officer, Unilever International.

    “The pandemic has hit communities hard, particularly small and offline businesses. By partnering with Unilever, we hope to help Southeast Asians adapt and thrive in this new normal – whether by providing cleaner, safer modes of transportation or by connecting them to the growing digital economy. We’re particularly excited about the breadth and depth of the partnership with Unilever, which is a testament to the value of the open ecosystem that we’ve built. We offer an unparalleled combination of consumer reach, data insights, and logistics fleets that partners like Unilever can tap on to grow their footprint in the region,” said Russell Cohen, Group Managing Director – Operations, Grab.

    The Grab x Unilever partnership includes:

    • Boosting confidence in a new normal with GrabProtect

    Grab and Unilever is bringing greater peace of mind to driver-partners and passengers by equipping vehicles in Indonesia, Malaysia, and the Philippines with Lifebuoy hand sanitizers and Cif disinfectant sprays, at no cost to driver-partners or passengers.

    • Growing income for small and offline business owners through Unilever Ice Cream virtual stores on GrabFood and GrabMart

    Grab and Unilever is setting up Unilever Ice Cream virtual stores on the Grab platform which will offer Grab users instant access to their favorite Unilever ice cream brands such as Wall’s, Ben & Jerry’s and Breyers.

    Orders will be fulfilled by Unilever retailers located closest to the consumer – the majority of which are offline businesses such as neighborhood mom-and-pop shops and ice-cream carts. The partnership will generate more sales for these businesses, supporting their livelihoods and families. Grab aims to help these businesses further digitalize, by giving them the option to create individual storefronts on the Grab platform in the future.

    Over 250 Unilever Ice Cream virtual stores have been established across Malaysia, the Philippines, and Thailand, with the goal of reaching over 550 stores by end-2020 through upcoming expansion into other Southeast Asian countries like Indonesia.

    • Addressing the increasing demand for home deliveries and driving visibility and traffic to small retailers via GrabMart

    As social distancing measures continue, Unilever will expand its range of food, household and personal hygiene products available to Grab users and help retailers list their products online through GrabMart – Grab’s on-demand delivery service for daily essentials available across 8 countries in Southeast Asia. The partnership has kicked off in the Philippines and will expand to Indonesia, Singapore, and other Southeast Asian markets by the end of the year.

    This will be complemented by GrabAds to help grow demand for Unilever products. Orders will be fulfilled by Unilever retailers, helping them to grow and ensure resilient future-fit income streams. The rich audience data based on real-life behaviors derived from different touchpoints across the Grab platform will offer valuable consumer and category insights to further support their business.

    • Creating additional income opportunities for thousands of GrabExpress driver-partners in Indonesia

    Unilever and Grab will run pilots in Medan and Makassar in Indonesia to leverage the GrabExpress delivery fleet to ship inventory from Unilever’s warehouses to retailers, such as grocery stores and mom-and-pop shops, in response to real-time demand. Grab’s wide and readily available pool of delivery-partners will allow consumers to receive Unilever’s food and hygiene products quickly even during peak periods. At the same time, this creates additional and diversified income opportunities for Grab’s delivery partners.

    Launch dates of the partnership vary by market and by Grab service.

     

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  • Kerry Logistics Network’s subsidiary Kerry Apex ranked number one NVOCC from Asia to the US

    Kerry Logistics Network’s subsidiary Kerry Apex ranked number one NVOCC from Asia to the US

    Kerry Logistics Network Limited is pleased to announce that Kerry Apex, its indirect wholly-owned subsidiary, was the number one non-vessel operating common carrier (‘NVOCC’) from Asia to the US from January through July 2020, supported by a well-positioned team in Southeast Asia to capture the export volume shift from China to Asia.

    Kerry Apex was the third-largest NVOCC in terms of volume from Asia to the US in 2019. In the first seven months of 2020, Kerry Apex outperformed the market by recording a 6% growth in volume against the market trend of a 7% contraction in the same period.

    Kerry Apex shot to the top spot through capturing the volume shift from China to Southeast Asia by a strong regional team perfectly situated to handle the volume surge, earning additional origin-controlled shipments and winning new customers, on top of the increased demand from existing customers who restocked their inventory. Kerry Apex was also able to build on its long-standing relationships with ocean-carrier partners who helped it to secure the space needed to move its customers’ freight from Asia to the US. Kerry Apex’s achievement was made possible by the tremendous support from within Kerry Logistics’ global network both in origin and destination.

    Vicky Cheung, Executive Director of Kerry Logistics Network, said, “We are gratified to see that the efforts of our team in Southeast Asia and the relationships we have built with our partners have paid off. While the protracted US-China trade war and the as-yet-uncontained COVID-19 pandemic are clouding the horizon, we are confident that we will maintain our leading position in ocean freight for the rest of 2020.”

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  • Car imports plummet nearly half

    Car imports plummet nearly half

    Vietnam imported 44,973 cars in the first seven months, down 47.5 percent year-on-year amid a slump in auto demand due to Covid-19.

    The value of the cars was around $1 billion, falling by 47 percent year-on-year, according to Vietnam Customs. Over 80 percent of the cars were imported from Thailand and Indonesia, tax-free under the ASEAN Trade in Goods Agreement. Thailand accounted for 19,944 units and Indonesia for 17,723.

    July saw a recovery from the previous month to 4,760 cars worth $107.7 million, up 34 percent and 10 percent. Auto sales in the first seven months fell 28 percent year-on-year to 131,200 units, with the Vietnam Automobile Manufacturers Association (VAMA) blaming it on a fall in demand due to the pandemic.

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