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Tag: asia

  • Google, Facebook, other foreign giants pay $159M taxes online

    Google, Facebook, other foreign giants pay $159M taxes online

    Companies that engage in e-commerce and other digital businesses without having an establishment in Vietnam have paid taxes of VND4.04 trillion (US$158.9 million) online in 2024, up 18.5% year-on-year.

    According to the Ministry of Finance, the number of foreign service providers, as they are called, who registered to pay taxes through the electronic portal increased by 26 from the end of 2023 to 102 in June.

    They include Google, Meta (Facebook), Microsoft, Netflix, and Apple.

    So far, around 383 international and domestic e-commerce platforms are registered on the electronic portal, up 22 from the end of 2023.

    E-commerce activities are categorized into eight groups: e-commerce platforms, online trading websites or applications, social media platforms, transportation and delivery platforms, digital agency platforms, subscription services, advertisement services, and app store platforms.

    According to the General Department of Taxation, tax payments from e-commerce activities amounted to VND97 trillion last year, up 14% from 2022.

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  • Rice export prices surge in H1

    Rice export prices surge in H1

    According to data from the General Department of Customs, the average rice export price increased by over 18% over the same period last year.

    The grain was sold at US$959 per ton in Brunei, $868 in the US, $857 in the Netherlands, $847 in Ukraine, $836 in Iraq, and $831 in Turkey.

    The Vietnam Trade Office in the EU said Vietnam’s specialty fragrant rice varieties such as ST25, ST24, Nang Hoa, and OM are favored in the market thanks to their standout quality, leading to their high prices there.

    In the first half, Vietnam’s rice exports reached 4.7 million tons, a rise of 10.4% year-over-year, and its export turnover reached nearly $3 billion, up 32%.

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  • Tasco buys 100% stake in sole Volvo distributor

    Tasco buys 100% stake in sole Volvo distributor

    Tasco Auto, a subsidiary of auto distributor Tasco, has bought out Sweden Auto, the sole distributor of Volvo cars in Vietnam.

    The deal made Tasco the importer and distributor of the Chinese-owned Swedish luxury brand, and it has since increased its number of showrooms by four to almost 90, maintaining its position as the biggest auto distributor in the country, the company said in a statement.

    Sweden Auto started distributing Volvo cars five years ago and reported pre-tax profits of VND54 billion ($2.1 million) last year, but the figure jumped to VND105 billion in the first five months this year thanks to a double-digit surge in sales.

    In May Volvo accounted for 14% of Vietnam’s luxury car market, Tasco said.

    The distributor of 15 auto brands last month announced that it would branch into car assembling and launch its first products next year.

    Tasco Auto chairman Pham Van Dung said at the time the company wanted to work with a global top 10 auto producer.

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  • Durian prices jump 32% as Thai supply dries up

    Durian prices jump 32% as Thai supply dries up

    Monthong durian prices have risen by 32% in southern Vietnam in the last two months to VND103,000 (US$4.05) per kilogram amid growing demand from China and other foreign markets.

    Traders are competing to buy from provinces such as Dak Lak, Binh Phuoc and Tien Giang.

    Hoa An, a trader, said demand in mainland China has been rising and therefore traders are willing to pay high prices to meet its needs.

    Other markets such as Japan, Hong Kong, Taiwan and Australia are also buying more Vietnamese durian, he added.

    Another trader, Manh Khuong, said Thailand has run out of supply for now and therefore Chinese buyers are sourcing more from Vietnam.

    But the Thai durian crop is set to ripen in another two weeks, and Vietnamese prices are likely to drop then, he added.

    Dang Phuc Nguyen, general secretary of the Vietnam Fruits & Vegetables Association, said since May China has doubled its monthly purchases of Vietnamese durian.

    Vietnam’s exports were worth nearly $500 million in May and are estimated to reach $600 million in June, he said.

    This means the country exported around $1.5 billion worth of the fruit in the first half of the year, he said.

    “More stringent quality control is needed to ensure the country meets its full-year export target of $3.5 billion.”

    Vegetable and fruit exports overall are expected to rise by 15-20% this year to around $7 billion.

  • Garuda Indonesia and Singapore Airlines receive regulatory approval for commercial joint venture

    Garuda Indonesia and Singapore Airlines receive regulatory approval for commercial joint venture

    Garuda Indonesia and Singapore Airlines (SIA) received the Competition and Consumer Commission of Singapore’s (CCCS) approval of their commercial joint venture agreement.

    With this approval, the airlines will be able to deepen their strategic partnership on a wider range of commercial activities that will bring greater benefits to both airlines, as well as Indonesia and Singapore. These potentially include operating joint revenue sharing flights between the two countries, coordinating flight schedules to offer travellers more options and seamless connectivity between Singapore and Indonesia and beyond, and exploring joint sales and marketing initiatives that provide greater value to both airlines’ customers.

    Since Garuda Indonesia and Singapore Airlines signed an agreement to deepen their partnership in May 2023, the carriers have been working on initiatives including giving GarudaMiles and KrisFlyer members the option to earn and redeem miles on codeshare routes. They have also embarked on joint marketing initiatives to promote tourism activities.

    The airlines today codeshare on a wide range of flights, including between Singapore and Indonesian cities of Bali, Jakarta, Medan, and Surabaya, as well as on long-haul routes between Singapore and Johannesburg, London (Heathrow), and Mumbai.

    Mr Irfan Setiaputra, President and Chief Executive Officer, Garuda Indonesia, said, “We are very pleased to receive this approval, as it marks significant progress towards our commitment to enhance service quality as well as broaden both Garuda Indonesia and Singapore Airlines’ networks through a deepening partnership.

    The joint venture initiative that we are preparing today has been one of the strategies to ensure extensive value creation for our loyal customers. Having regulatory approval as the first step in a commercial agreement will provide more opportunities for developing well-executed strategic ideas.

    “Moreover, we hope that this joint venture agreement can provide seamless services for passengers with more flight schedule options and ease in earning and redeeming mileage. Also, this collaboration may deliver concrete action to contribute to boosting Indonesian tourism activities, which will support the post-pandemic economic recovery progress,” Mr Irfan explained.

    Mr Goh Choon Phong, Chief Executive Officer, Singapore Airlines, said, “The robust strategic partnership between Garuda Indonesia and Singapore Airlines has enabled us to broaden our codeshare services over the last few years, offering our customers more choices on flights. With the CCCS’s approval, we are poised to deepen our collaboration across a wider scope of commercial activities.

    Along with the ongoing work to strengthen the links between our frequent flyer membership programmes, this will provide our customers with even more options and enhanced value. This partnership underscores both airlines’ commitment to improving connectivity between Indonesia and Singapore and beyond, boosting both business and leisure travel, and contributing to economic growth.”

  • Emirates Group announces senior appointments

    Emirates Group announces senior appointments

    His Highness Sheikh Ahmed bin Saeed Al Maktoum, Emirates Group Chairman and Chief Executive, announced senior appointments to support the organisation’s growth and strengthen its leadership bench.

    This latest list of promotions and senior appointments includes 7 UAE nationals, many of whom have grown their careers at the Emirates Group in different roles and continue to play key roles in the organisation’s success.

    HH Sheikh Ahmed said, “These appointments reflect the expanded scale, breadth, and ambition of our business. I’m heartened that we have been able to fill these roles with internal talent, including UAE nationals. The Emirates Group will continue to invest in being an employer of choice for the best talent in the industry, to deliver world-leading products and services, and reflect Dubai’s vision to be number one in everything we do.”

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  • Vietjet boosts air travel between Southeast and Northeast Asia with new China and South Korea services

    Vietjet boosts air travel between Southeast and Northeast Asia with new China and South Korea services

    Vietjet has kicked off the direct service between Ho Chi Minh City and Xi’an, China, and introduced the new Nha Trang – Daegu, South Korea, route. These expansions highlight Vietjet’s commitment to providing more affordable and seamless travel options while strengthening air connectivity across Southeast and Northeast Asia.

    On this occasion, Vietjet offers an exclusive promotion from now to July 7, 2024, featuring one million tickets starting from USD0 across its entire flight network. Bookings are available for travel between August 22, 2024, and May 22, 2025 through the Vietjet website and the Vietjet Air mobile app, presenting an exciting opportunity for travelers planning their next getaway.

    The introduction of the Nha Trang – Daegu route on July 1, 2024, coincides with Vietjet’s 10th anniversary of successful operations between Vietnam and South Korea. Starting October 27, 2024, the service linking Vietnam’s coastal city Nha Trang with South Korea’s fourth-largest city Daegu will operate seven round trips per week, further enhancing Vietjet’s extensive South Korean services.

    Vietjet currently holds the largest capacity between Vietnam and South Korea, seamlessly connecting Ho Chi Minh City, Hanoi, Hai Phong, Da Nang, Nha Trang, Phu Quoc, and Da Lat with Seoul, Busan, and Daegu. Over the past decade, Vietjet has facilitated convenient travel between the two countries, transporting ten million passengers across 37 regular and charter services, significantly contributing to economic, investment, tourism, and cultural exchanges.

    Additionally, on July 1, 2024, Vietjet expands its footprint in China with inaugural flights on the route connecting Ho Chi Minh City Vietnam’s largest metropolis, to Xi’an, China’s prominent historical city. Vietjet is the sole airline offering this direct connection with four round trips per week, following the launch of Shanghai and Chengdu services earlier this year.

    The airline’s route expansion aligns with increasing demand in international air travel and cargo markets across Asia-Pacific, driven by global economic activities. In May, airlines in the region transported 27.9 million passengers, marking a significant 23.9% year-on-year increase, as reported by the Association of Asia Pacific Airlines (AAPA).

    The new routes strengthen Vietjet’s flight network, providing travelers with convenient access to destinations across Vietnam, Southeast Asia, and beyond. During the first half of 2024, the airline launched several international services, linking Hanoi, the capital of Vietnam, with Sydney and Melbourne in Australia, and Hiroshima in Japan, as well as connecting the island of Phu Quoc to Kaohsiung and Taichung in Taiwan.

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  • Google is about to make posting Notes for search results easier

    Google is about to make posting Notes for search results easier

    We’re currently more and more reliant on AI for searching and solving all kinds of problems. However, human opinion still matters, and it’s the best way to get reliable input. Since last fall, Google has been experimenting to offer a more human touch to people with Notes – a commentary on the search results a person got that other users can view.

    Now, the folks at Android Authority have dug into some code and have discovered that Google is working on making posting Notes easier for its Android app.

    Right now, Notes in Search is an opt-in feature part of Search Labs, and it’s currently available only to users in the US and India. Code in version 15.26.34 of the Google app for Android reveals that Google may be letting you quickly share your take on Search Results without having to choose a theme (choosing a theme appeared very important so far when posting a Note as if how things look is more important than the contents).

    With this new tweak, Google is giving you options to still choose a theme, but you can also quickly set a background to your Note by attaching an image. This change hasn’t been rolled out publicly yet, but it probably should be available pretty soon. At least to the users that get to have access to Notes anyway.

    I personally believe this feature is super useful and just wish it was available to more people. However, maybe Google needs time to refine it before it becomes globally available. Anyway, it will actually be a good thing so we don’t always have to rely on AI for feedback on something. Having someone else’s review of sorts on search results is actually a beneficial thing.

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  • Gold ring price edges higher

    Gold ring price edges higher

    Saigon Jewelry Company gold ring price rose by 0.07% to VND75.65 million (US$2,972.21) per tael Wednesday morning.

    Gold bar price was stable at VND76.98 million per tael. A tael equals 37.5 grams or 1.2 ounces.

    Globally, gold prices were flat on Wednesday as investors awaited minutes of the Federal Reserve’s last policy meeting for fresh cues on when the U.S. central bank will start cutting interest rates, overshadowing a strong domestic jobs report.

    Spot gold was little changed at $2,331.97 per ounce. U.S. gold futures gained 0.3% to $2,340.20.

    The gold market has been steady and holding in a narrow range for a few weeks now, said Marex analyst Edward Meir, adding that bullion prices might move higher later this year with all the elections up in the air.

    Ahead of the release of the Fed minutes, Chair Jerome Powell said on Tuesday the United States was back on a “disinflationary path,” but policymakers needed more data before cutting rates to verify that recent weaker inflation readings provided an accurate picture of the economy.

    Lower interest rates reduce the opportunity cost of holding non-yielding bullion.

    “There’s a clear path for gold to outperform from here, likely fueled by Western flows. Conversely, in the event that central bank demand drops drastically, rates remain high for longer and Asian investor sentiment flips, we could see a pullback in the second half,” the World Gold Council said in its mid-year outlook report.

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  • Uniqlo elevates its T-shirt’s popularity as Singapore’s ‘national uniform’

    Uniqlo elevates its T-shirt’s popularity as Singapore’s ‘national uniform’

    Japanese fashion brand Uniqlo has launched new Singapore-exclusive colors for its AIRism oversized T-shirt, promoting it as the “SG uniform” and acknowledging its popularity as the go-to attire for Singaporean men.

    The new T-shirt colors, orange, red and dark green, were released last month at Uniqlo stores across the city-state, advertised as “The SG uniform”.

    This move indicated that the Japanese retailer is embracing the product’s ubiquity in the nation, especially among Singaporean men.

    The brand’s Singaporean website also listed the product as an “essential” fashion item, with one unit being sold almost every minute in the city-state from October 2022 to September 2023.

    Due to its prevalence, the “SG uniform” has often been a topic of discussion on social media, where Singaporean men’s basic outfit – the Uniqlo T-shirt, a pair of shorts and slippers – is often ridiculed.

    Notably, one viral video by TikTok user Sherrgoh, showing a man buying the same t-shirt in several different shades and captioned ‘SG boys shopping for their uniform in new colors,’ has gained over 1.6 million views.

    According to those who favor the oversized T-shirt, Uniqlo’s biggest appeal is its convenience.

    “I think that there are many other brands on the market that are of a similar price bracket and quality, like Muji, but Uniqlo makes it convenient to get the same piece of clothing that you know fits you well repeatedly or in different colors,” Raffli Noor, 39.

    Meanwhile, others have said that the item is both comfortable and low-key, not standing out and attracting unwanted attention.

    Singapore boasts 30 Uniqlo outlets and the highest density of Uniqlo stores outside of Japan, with approximately one store for every 189,000 people.

    The new colors for the AIRism T-shirt are not the brand’s first Singapore-exclusive release, as it had previously introduced several products inspired by Singaporean literature in collaboration with the city-state’s National Library Board in March.

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  • Washington tries to curb Huawei with eight more license revocations

    Washington tries to curb Huawei with eight more license revocations

    Someone’s been a busy little bee and has revoked eight licenses in 2024 that allowed some companies to export high-tech products to Chinese giant Huawei. This busy little bee is, of course, the Biden administration.

    The latest Reuters report shines a light on the matter and tells the story how Washington managed to cancel a total of eight licenses (so far in 2024) with the goal to increase pressure on the company, which has resurrected with the release of the Mate 60 Pro. You know, this 5G-capable phone shouldn’t have materialized in the first place, but in spite of the US sanctions did so last year.

    Huawei’s smartphone sales surged by 64% year-on-year in the first six weeks of 2024, according to various reports. Huawei’s smart car component business also contributed to its fastest revenue growth in four years in 2023.

    As I’ve said on previous occasions: good luck trying to contain technology. Yes, it may take some time, but, eventually, other companies will figure things out. You simply cannot contain it.

    In 2019, Huawei faced a significant setback. The United States said Huawei phones pose a thread (because of privacy issues) and imposed sanctions on the company. These sanctions restricted American firms from doing business with Huawei, particularly in supplying key technologies and software essential for its smartphones.

    One of the most critical impacts was the loss of access to Google Mobile Services (GMS), which includes popular apps like Gmail, Google Maps, and the Play Store, on Huawei’s new smartphones. This meant that Huawei phones released after the sanctions could no longer come pre-installed with these familiar Google apps, affecting their appeal to international consumers who rely on these services.

    The US government argued that Huawei’s close ties to the Chinese government posed a potential risk of espionage and unauthorized data access, particularly through Huawei’s telecommunications equipment. As a result, the U.S. placed restrictions on American companies supplying Huawei with critical components and technology necessary for building and expanding 5G networks.

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  • Netflix uses dubious method to get some subscribers to switch plans

    Netflix uses dubious method to get some subscribers to switch plans

    A change is coming to Netflix subscription plans in some markets starting on July 13th. That’s when the video streamer’s $11.99 ad-free plan will be discontinued in two countries. This is the cheapest ad-free subscription option that Netflix offers and eliminating it will force subscribers to move to one of three plans. These subscribers can choose the $6.99 per month plan that subjects them to viewing ads, or they can sign up for one of two ad-free plans that are available. There is an ad-free plan that costs $15.49 per month and a plan that offers ad-free 4K streams for $22.99 per month (more on this later).

    A photo posted on a social media site shows that a Netflix subscriber, even though he still has a valid subscription for a couple of weeks, is not being allowed to use the platform until he subscribes to another plan. While this user was trying to view content on Netflix, he sees a sign on his television that said, “Your last day to watch Netflix is July 13. Choose a new plan to keep watching.” Underneath that heading Netflix writes, “Your Basic Plan has been discontinued, but you can easily switch to a new one. Plans start at $5.99 with upgraded features.”

    This is unfair to the subscriber who is being forced to decide which plan to subscribe to right away if he wants to enjoy the remainder of the subscription that he pays for monthly. On Reddit, several people called out Netflix for doing something that they felt bordered on illegal. “There’s no option to continue watching without selecting a new plan,” one Netflix subscriber said on Reddit. Still, this shouldn’t be too surprising to Netflix subscribers since the company said this past January that it would push customers to less-expensive or more-expensive plans.

    Those receiving the notice telling them that their current plan expires on July 13th can choose from one of three aforementioned options. Standard with ads is $6.99 per month and features Full HD (FHD) resolution streams with no more than two devices allowed to stream at once. This plan supports downloads and up to two devices can download content.

    Ad-free options include Standard for $15.49 per month which has all of the same features as the Standard with ads plan, but without ads. The Premium plan is $22.99 per month and streams in Ultra HD resolution. Four devices can stream at once and up to six devices can  download content for viewing when offline.The notices about the discontinuation of the Basic plan is being seen by Netflix subscribers in Canada and the U.K. with U.S. users expected to be targeted soon. American Netflix subscribers should remember the saying, “To be forewarned is forearmed.”

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  • Samsung promises ‘strong investment’ in Vietnam in next 3 years

    Samsung promises ‘strong investment’ in Vietnam in next 3 years

    South Korean electronics giant Samsung has planned “strong investment” in Vietnam in the next three years to make the country its biggest display module producer globally, its chairman Lee Jae Yong has said.

    “Vietnam’s success is Samsung’s success”, he told Prime Minister Pham Minh Chinh in Seoul on Tuesday, adding that Samsung commits to journey with Vietnam in the long run.

    In May the chairman told PM Chinh that Samsung would invest around $1 billion in Vietnam each year.

    Chinh praised Samsung’s success in Vietnam and asked the company to diversify its supply chain in the country and make the country its strategic location for manufacturing and research.

    He added that Vietnam’s is making policy changes to attract investors in the high-tech, semiconductor and AI sectors.

    Vietnam is also making negotiations for new free trade agreements to expand its exports to the Middle East, South America and Africa, which will help distribute Samsung products to these markets.

    The PM urged Samsung to increase the localization of manufacturing and allow Vietnamese firms to participate deeper in its supply chain.

    He wants Samsung to provide high quality training of Vietnamese staff.

    Lee said that 310 Vietnamese companies are now Samsung suppliers, and the number has surged 12 times from 2014.

    Around 2,500 engineers and researchers are working at its research and development center in Hanoi, where Samsung is researching AI and 5G equipment.

    Chinh added that in the near future he hopes to see a Vietnamese executive in Samsung Vietnam’s board.

    Samsung is the biggest foreign direct investor in Vietnam with four factories in the country with a total investment of $2 billion to date.

    Over 50% of its smartphones sold globally are made in Vietnam.

    Prime Minister Pham Minh Chinh and his wife are on an official visit to South Korea from June 30 to July 3 at the invitation of South Korean Prime Minister Han Duck-soo and his spouse.

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  • Dollar slips on black market

    Dollar slips on black market

    The U.S. dollar declined slightly against the Vietnamese dong on the black market Saturday morning.

    Unofficial exchange points sold the greenback at VND25,980, down 0.15% from Friday.

    Vietcombank maintained its rate at VND25,473.

    The State Bank of Vietnam’s reference rate was stable at VND24,245.

    The dollar has gained over the dong by 4.31% since the beginning of the year.

    Globally the U.S. dollar slipped on Friday after data showed inflation in the world’s largest economy subsided last month, cementing expectations the Federal Reserve will start cutting interest rates this year, Reuters reported.

    The dollar initially fell against the yen, the currency pair most sensitive to U.S. economic data because of a high, positive correlation to Treasury yields. The greenback, however, edged higher to trade flat on the day, with investors still focused on the wide interest rate differential between the United States and Japan.

    The dollar was last up slightly against the Japanese unit at 160.815 yen, after earlier hitting a 38-year high of 161.27 yen. Traders remained on high alert for intervention from Japanese authorities to boost its currency.

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  • Jollibee data breach may impact almost 11 million customers

    Jollibee data breach may impact almost 11 million customers

    Jollibee Foods Corporation (JFC) has reported a potential unauthorised access to its data, which might affect approximately 11 million customers.

    The breach compromised sensitive personal information, including dates of birth and senior citizen identification numbers, according to the company’s report to the Philippines’ National Privacy Commission (NPC).

    “Approximately 11 million data subjects are affected, the majority of whom are Jollibee customers,” the NPC said. “Other impacted brands include Mang Inasal, Red Ribbon, Chowking, Greenwich, Burger King, Yoshinoya, and Panda Express.”

    The company has requested an additional 20 days to complete its internal investigation.

    By law, companies processing personal data must notify the NPC and individual affected subjects within 72 hours of discovering a breach.

    JFC said that its e-commerce platforms, including its subsidiaries, were unaffected by the incident and remained operational.

    “JFC recognises the value and importance of the confidentiality of its stakeholders’ personal information,” said the company.

    “The company assures the public of its commitment to prioritise the protection and confidentiality of such personal information, including customer data, by continuously fortifying its defences against future threats,” it added.