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Tag: asia

  • Samsung plans to add $1B to Vietnam investment annually

    Samsung plans to add $1B to Vietnam investment annually

    Samsung plans to add about US$1 billion to its investment in Vietnam annually, Chief Financial Officer (CFO) of Samsung Electronics Park Hark-kyu said as he met with Prime Minister Pham Minh Chinh in Hanoi Thursday.

    PM Chinh applauded Samsung’s efforts and determination while doing business in Vietnam, calling on the firm to view Vietnam as a strategic manufacturing and export base.

    He affirmed that the Vietnamese government always attaches importance to improving the investment climate and pledges to create favourable conditions for long-term operations of foreign enterprises.

    It will continue providing optimal conditions for the projects of Samsung to operate fruitfully and develop sustainably in Vietnam in the spirit of harmonising interests and sharing risks, he said.

    Park noted Samsung has invested $22.4 billion in Vietnam so far and plans to add about $1 billion to its investment in the Southeast Asian country annually.

    Aside from research, development, manufacturing, and export of electronic and high-technology products, the group has also been investing in supporting industries and manpower training for Vietnamese companies, and helping local firms to engage in its production and supply chain, he said.

    Samsung hopes to continue developing to contribute to Vietnam’s foreign trade and economic growth, the CFO added.

    He spoke highly of Vietnam’s investment and business climate as well as the PM’s readiness to listen to and assist enterprises, adding Samsung will continue standing side by side with the country on the development path.

    Appreciating Samsung’s building of an R&D center and participation in manpower training in Vietnam, Chinh asked the group to coordinate closely to effectively run the training centers based at the National Innovation Centre (NIC), step up cooperation to turn digital technology enterprises of Vietnam into partners in its ecosystem, increase investment in and expand the R&D center, and boost assistance for startup, innovation, and manpower training in the country.

    He also welcomed Samsung’s production and business plan, calling on it to continue helping Vietnam further improve domestic companies’ capacity so that they can join in Samsung’s supply chain more effectively.

    Samsung should continue seeing Vietnam as a strategic base for manufacturing and exporting its key products to international markets, particularly when the Comprehensive and Progressive Agreement for Trans-Pacific Partnership (CPTPP), the EU – Vietnam Free Trade Agreement (EVFTA), and the Regional Comprehensive Economic Partnership (RCEP) already took effect, Chinh suggested.

  • Digital content exporters open foreign offices to avoid tax

    Digital content exporters open foreign offices to avoid tax

    Vietnamese businesses exporting digital content are setting up offices abroad to avoid the 10% value-added tax, according to the Vietnam Federation of Commerce and Industry.

    Although their exports are eligible for VAT waiver, many still have to pay the tax since “tax officials cannot differentiate between exports and domestic sales,” the VCCI said in a recent comment on a bill for amending VAT laws.

    Exports of online services, such as creating smartphone apps and games, are galloping at an annual rate of 11%. Last year they were worth US$20 billion.

    The VCCI said though many of these exporters provide documents to prove they sell their services abroad, tax officials refuse to acknowledge their exports.

    They therefore have to set up offices overseas to avoid the VAT, it added.

    The Ministry of Finance admitted there are issues as online services are “invisible” and therefore it is difficult to determine whether the companies were selling them overseas or in Vietnam.

    It has proposed a discount VAT starting from 5% for these companies instead of a full waiver.

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  • Nutella, Lavazza partner to launch biscuits and coffee ‘Perfect Match’

    Nutella, Lavazza partner to launch biscuits and coffee ‘Perfect Match’

    Nutella has partnered with Lavazza to launch Nutella & Lavazza’s biscuits and coffee ‘Perfect Match’.

    Lavazza brings the Espresso Barista coffee range, which uses beans from Central-South America, Africa and Asia with aromatic notes of flowers, cocoa, and wood.

    The Espresso Barista coffee complements Nutella’s golden baked crunchy biscuits filled with the brand’s signature creamy hazelnut spread.

    “Australians are snacking more often, with biscuits being consumed throughout the day,” said Azzurra Puricelli, head of marketing and new business at Nutella Australia.

    “We also know how much Aussies love coffee. With consumption going beyond the morning ritual, expanding into the afternoon coffee break and post-dinner treat, we wanted to give consumers that feeling of completeness with a perfect match.”

    As a promotion, shoppers who spend at least $15 on Nutella Biscuits and Lavazza Espresso Barista products at participating Woolworths stores between April 24 and May 14 will have a chance to win one of the 250 $100 Woolworths gift cards.

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  • Rippl launches Star Wars range in 7-Eleven

    Rippl launches Star Wars range in 7-Eleven

    Australian canned water brand Rippl has rolled out its Star Wars water range in 7-Eleven stores nationwide.

    The brand offers aluminium canned and bottled water in various customisable options for consumers and businesses. It sources spring water from Black Hill in Millbrook, Victoria, which boasts a natural alkalinity of PH7.8-8.0.

    In addition, Rippl features limited-edition can designs from popular brands and pop culture icons such as Disney, Star Wars, Jurassic World, Mattel, Hello Kitty, and more.

    Rob Hilton, MD of Mammoth Brands, the parent company of Rippl, said the brand aims to provide consumers and businesses with an “inspiring form of hydration” while prioritising sustainability.

    “Rippl Water is not just about drinking; it’s about making a statement with every sip,” said Hilton. “We aim is to offer a product that is both good for the planet and our customers.”

    Rippl Water x Star Wars is available for an RRP of $72 for a pack of 24 cans, and $96 for a pack of 24 bottles online and in 7-Eleven stores nationwide

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  • Hot weather drives up demand for coconut water

    Hot weather drives up demand for coconut water

    Coconut prices have quadrupled in recent months to VND13,000 ($0.51) amid rising demand due to the hot weather.

    Prices are rising quickly, sometimes within a day, Nguyen Dinh Tung, CEO of fruit exporter Vina T&T, said at a press briefing Friday.

    Businesses have to assure farmers they would buy even when prices are low and offer other incentives to ensure regular supply, he said.

    Sellers say they sell thousands of pieces a day, much higher than usual, and struggle to buy more due to low supply.

    With temperatures rising to 40 degrees Celsius in many places, there is increased demand for fresh coconut juice, he added.

    Since the end of March the southern region has endured a severe heatwave. Temperatures have consistently exceeded 35 degrees Celsius – a threshold for heatwaves, according to meteorological classifications.

    In Ben Tre Province in the Mekong Delta, one of the largest coconut growing areas in the country, prices have been rising virtually daily, giving farmers a profit of VND3,000-5,000 per piece.

    Retailer Saigon Co.op has seen demand for coconut juice rising by 50%

    The fact that Vietnamese coconuts will soon be exported to China has also pushed up prices.

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  • Gold prices soar to new high

    Gold prices soar to new high

    Saigon Jewelry Company gold bullion prices rose by 0. 35% to VND86.2 million (US$3,390.2) per tael Monday morning, surpassing the previous peak of VND85.8 million achieved last Friday.

    Gold ring prices went up by a more modest 0.13% to VND74.9 million per tael. A tael equals 37.5 grams or 1.2 ounces.

    The State Bank of Vietnam has been unable to narrow the price gap because its gold auctions have been canceled several times due to low participation as businesses deemed its floor prices to be too high.

    Globally, gold price (XAU/USD) loses its recovery momentum around $2,295 on Monday during the early Asian session.

    Investors will keep an eye on Fedspeaks this week, along with the first reading of the US Michigan Consumer Sentiment Index for May this Friday

    The precious metal climbed to $2,320 after the US Employment data was released last Friday due to the downbeat US economic data but erased its earlier gains after the hawkish remarks from the Fed.

    Gold price trades on a softer note near $2,295 on Monday.

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  • Apple’s iPhone production shift leaves ghost town in China

    Apple’s iPhone production shift leaves ghost town in China

    Apple supplier Foxconn’s industrial park in Nanning, Guangxi, has been deserted, heavily impacting the local economy, as production of the iPhone is being moved away from China.

    The facility, once the centerpiece of Nanning’s economy, now stands empty, while its surrounding streets and residential buildings remain largely vacant, as depicted in a video shared by news channel China Observer last Friday.

    Although some nearby apartments are available for occupancy, they have struggled to attract buyers despite offering discounts, as the area has lost its appeal now that most of the facility’s employees having left.

    During its heyday a few years ago, the complex boasted a workforce of 50,000 and consumed vast resources to sustain them.

    However, with Apple’s strategic decision to shift production away from China, the Nanning complex was among the first to face downsizing as it was deemed under-utilized by Foxconn.

    Foxconn, Apple’s primary supplier, has been shifting its production lines to other Asian nations in recent years amid tensions between the U.S. and China.

    One of these destinations is India, whose iPhone production has doubled from 2022 to $14 billion last year, accounting for 14% of the Apple’s total iPhone output.

    Meanwhile, iPhone production in Zhengzhou, Henan, where the largest iPhone factory is located, plummeted by 60.1% year-on-year to 6.65 million units in the first quarter, citing data from Zhengzhou’s local customs authority.

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  • WhatsApp’s new status update tray with previews is rolling out more widely in beta

    WhatsApp’s new status update tray with previews is rolling out more widely in beta

    WhatsApp, the popular Meta-owned messaging app, is always tinkering with updates to improve the experience for its global community of users. In its newest test, WhatsApp is experimenting with how users view status updates.

    Previously, to see someone’s status, you had to tap it, and then hope for the best. However, the new update adds a preview right in the status update tray, giving you the opportunity beforehand to decide whether it is worth it to engage. The preview feature definitely makes checking statuses more convenient and visual, because, instead of seeing a profile picture, you get a glimpse of what the update actually is. If it doesn’t seem interesting, you can simply move on to the next one.

    This update has been in the works for a little while. Back in February, the folks at WABetaInfo reported WhatsApp was working on it. However, it seems that after some testing, they’re starting to make it available to the public.

    Right now, only some beta testers are getting to see the changes, but they should expand to more users over the coming weeks. The new interface for the status updates tray is included in the latest WhatsApp beta for Android 2.24.10.10 update, available on the Google Play Store.

    This update is a good example of why user feedback is important. As noted by WABetaInfo in its coverage, after a previous status update that changed how things were displayed, many people weren’t happy. It seems WhatsApp listened and found a solution that makes things easier while still keeping the new look and feel of the status section.

    If you’re part of the beta program, which is quite limited and almost always full to capacity, you might already have the new status tray. WhatsApp says it will be rolling this update out to even more beta testers in upcoming weeks, with wider availability to follow after the testing phase.

  • Google Wallet gets a small menu update and easier access to your saved payment cards

    Google Wallet gets a small menu update and easier access to your saved payment cards

    Google Wallet just underwent a small but useful menu change designed to simplify the way you manage payment cards within the app. This change better highlights your saved payment methods and adjusts the language slightly for clarity.

    The most noticeable change is “Payment setup” replacing the previous “Tap to pay setup” option. While tapping “Payment setup” takes you to the same setup checklist for contactless payments, there’s a minor quirk: you still can’t hide the checklist after setup’s complete. It would be useful if Google fixed this, freeing up valuable screen space and further decluttering the interface.

    The “Participating banks” option has also been replaced by “Payment methods”. This is a much more helpful addition, taking you directly to your saved payment cards. The page clearly displays your default card’s information, with security measures like on-device encryption in place, and allows you to easily add more cards. You can even use the “Edit card order” feature to customize how your cards appear in the Wallet.

    Keep in mind, though, that as noted in the original report, there’s no word yet on whether “Participating banks” will disappear entirely or just be moved to a different part of the Wallet settings. For now, there’s still a Google support page listing compatible banks, which is handy when you’re first getting started with the app.

    If you haven’t seen the change already, be on the lookout for Google Wallet version 24.14.x, or a later release, as it may have been part of a server-side update. It may seem subtle, but definitely shows how Google is focused on streamlining the Google Wallet user experience. This focus on ease-of-use is always welcome, particularly with features like contactless payments that involve sensitive financial data.

  • Your credit card data and other personal info is at risk if you respond to fake Netflix emails

    Your credit card data and other personal info is at risk if you respond to fake Netflix emails

    One of the reasons why so many victims are separated from their money thanks to online scams is that the scammers do a great job of playing with victims’ emotions. You might have been part of a phishing expedition that uses emails that look as though they came from a well-known company that you might do business with. These emails are fake and try to get you to hand over personal data that can be used to wipe out your online accounts.

    But it takes more than a cleverly designed email that includes the logo of your wireless firm to scam you. The email has to get you to act and tap on a link so it might say something that scares you into taking action immediately. One scam uses a phished email from your bank asking you whether a large purchase made with your credit card is valid. The scammers know it is not a legit request so they phrase the message to ask you to tap on a link if the transaction is not yours.

    The victim, worried about getting ripped off, naturally taps on the link and is sent to a page where she is asked for account info including a PIN or password, social security number, and other personal data. The key to the whole attack is to get the victim so scared about losing an important service or such a large amount of money that instead of using common sense, the victim acts emotionally which typically results in him doing the wrong thing.

    The most recent phishing campaign uses an email which the scammer sends randomly hoping for it to be received by consumers with Netflix accounts. Looking to play with the victim’s emotions, under the Netflix insignia the email reads, “Your Membership has expired!” For those who use Netflix often for their streaming entertainment, this might be upsetting. Underneath the streamer’s iconic “N” logo, the message continues. “Dear customer, your Netflix account has expired.”

    The message continues to say, “But as part of our loyalty program, you can now extend for 90 days for free.” The scammer wants you to press the red button underneath the text that says “Extend for free.” Once the next page is open, you probably are asked to give up some of your personal data.” DO NOT DO IT! Even though the button says “Extend for free,” directly underneath it mentions that your credit card data is required to get the free 90 days.

    One of the ways you can detect a scam is to look for grammatical errors and spelling mistakes. There are no major issues along those lines with the Netflix email. On the other hand, if you’re offered a deal that seems too good to be true, it probably is not a legit offer. And getting three months of Netflix for free is certainly an offer that is too good to be true. Don’t let the disclaimer at the bottom of the email stating that the message is not a scam convince you that it is on the up and up.

    The domain name did not have the Netflix name included at all which is a major red flag. My wife received the email twice and deleted it both times. And that is exactly what you should do too if you receive the email.

    For its part, Netflix says that it will never ask you to share personal information through an email or text including:

    • Credit or debit card numbers
    • Bank account details
    • Netflix passwords

    If you’ve already shared information with the scammer, immediately change the passwords for your financial apps and call the financial firms you deal with ASAP. Also, change your Netflix password as well. If you receive a text or email that is trying to pass itself off as coming from Netflix, take a screenshot of it and send it to Netflix via email at phishing@netflix.com and type in the date and time that you received the email.

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  • Asahi Beverages acquires South Australia’s Never Never gin brand

    Asahi Beverages acquires South Australia’s Never Never gin brand

    Asahi Beverages has purchased Never Never, a premium distillery in South Australia’s McLaren Vale region.

    The acquisition is expected to help the distillery expand its reach, offer better support and offerings for existing customers and consumers, and help grow the Australian gin market.

    Never Never was established in 2016 by three friends – George Georgiadis, Tim Boast, and Sean Baxter – who began distilling gin from an Adelaide shed. Since then, the company has gained popularity among bartenders and gin enthusiasts with its award-winning gins, such as Triple Juniper and Oyster Shell.

    Georgiadis, MD and co-founder of Never Never, said the partnership would allow the brand to realise its vision of growing in the country’s gin market.

    “Our values have been crucial in building our brand and align incredibly strongly with the values and culture of Asahi Beverages,” he added.

    Never Never’s three co-founders will remain in their roles and continue to oversee day-to-day operations, ensuring a smooth transition and maintaining the brand’s unique identity.

    “Adding a high-quality, Australian-made gin to our range plugs an important gap in our offering and complements our leading multi-beverage portfolio,” added Danny Celoni, CEO of Carlton & United Breweries (CUB), Asahi’s alcohol division.

    “We can’t wait to start offering this product to our customers and through our distribution network to help this internationally-recognised Aussie gin achieve the scale it deserves.”

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  • TikTok, Facebook, and other foreign service providers pay $575M in taxes

    TikTok, Facebook, and other foreign service providers pay $575M in taxes

    According to the General Department of Taxation, foreign service providers, including Google, Facebook, and TikTok, have paid VND14.572 trillion (US$575 million) in taxes.

    Data from the General Department of Taxation indicates that currently, 94 foreign service providers are registered to pay taxes through the electronic portal, and the cumulative tax amount from March 2022—when the electronic portal for foreign providers became operational—totaled VND14.572 trillion, an increase of more than VND3.5 trillion compared to the end of last year.

    The list of foreign service providers who have declared and paid taxes includes Google, Meta, Microsoft, TikTok, Netflix, and Apple.

    Authorities are implementing a variety of short- and long-term strategies to enhance tax management for domestic and cross-border e-commerce. Furthermore, tax agencies are continuing to review, audit, inspect, and address violations that fail to comply with regulations.

    The department said another approach is for tax agencies to work with various ministries and sectors to prevent tax revenue losses and ensure financial security.

    Data released last week indicates that the tax sector now has access to bank data for 121 million personal accounts, approximately two-thirds of the 183 million personal payment accounts registered by the end of 2023, and over 9 million corporate accounts across 96 commercial banks.

    Using this data, the tax authority will identify online businesses that have not declared and paid taxes for further action. Recently, many online sellers have been mandated to pay additional tax.

    The tax authority plans to collaborate with the Ministry of Public Security to hasten the adoption of citizen identification documents as tax identification numbers, in accordance with the Tax Administration Law.

    The agency is also exploring the use of electronic identification for organizations and individuals engaged in tax declaration and payment transactions, aimed at preventing tax evasion in e-commerce.

    In 2023, the e-commerce channel paid VND97 trillion in taxes, marking a 14% increase from 2022.

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  • Hanoi apartment prices up 38% in 5 years

    Hanoi apartment prices up 38% in 5 years

    Hanoi apartment prices have risen by 38% from 2019 and prices have shot up even in buildings that are 5-10 years old, according to the Ministry of Construction.

    Many projects sell at over VND60 million ($2,367.80) per square meter, rising to even VND150 million in some places, it said in a recent report.

    The smallest apartment (40 sq.m) at Heritage West Lake to the northwest of West Lake is priced at VND3.8 billion.

    A 30-square-meter unit at Masterise West Height in the southwest of the city starts at VND1.8 billion.

    “Apartments continue to attract interest from buyers with residential needs and medium- and long-term investors,” the ministry said.

    Prices have been rising rapidly since the end of last year due to a widening gap between supply and demand. In the last six months, many projects have seen prices rise by 20-25%.

    According to property consultancy CBRE, prices on the secondary market jumped by 17% year-on-year in the first quarter, the highest increase ever recorded.

    The average price of old apartments is VND36 million per square meter. But no new apartment projects were launched during the first quarter.

    The Ministry of Construction wants the city People’s Committee to identify and punish speculators who have been driving up property prices.

    But analysts called it a futile quest and suggested it should be tackled with policies such as imposing taxes for ownership of multiple properties.

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  • Sacombank assures no loss on $141M loan to Bamboo Airways

    Sacombank assures no loss on $141M loan to Bamboo Airways

    Sacombank has assured that it will not lose the VND3.58 trillion (US$141 million) it has lent to Bamboo Airways, citing that the loans are secured by high-value assets.

    The loans used to be secured by its shares and assets of property developer FLC, its former owner, Sacombank CEO Nguyen Duc Thach Diem said at its annual general meeting Friday.

    But when new owners took over the airline, the bank persuaded them to pledge high-value properties in HCMC instead, and the loans are now classified as “qualified debt,” meaning they have the lowest risk of turning into bad debts, she said.

    “It is certain that Sacombank will not lose the money it has lent to Bamboo Airways,” she said.

    Sacombank decided to invest in the airline, which has been going through major restructuring after being sold by FLC.

    In February the bank’s former deputy CEO, Phan Dinh Tue, took over as chairman of the airline.

  • Taxi firm Vinasun’s profits down by half

    Taxi firm Vinasun’s profits down by half

    Taxi firm Vinasun’s profits plummeted by 58.5% to VND22 billion ($868,000) in the first quarter, a near two-year low, according to a company disclosure.

    The Ho Chi Minh City-based company said profits dropped because it had to spend money on “supporting drivers and partners.”

    Revenues were down 15% to VND278.6 billion.

    The company aims to hire experienced drivers by paying better this year, and buy 700 new cars, mostly Toyota hybrids.

    It plans to study the possibility of using three-wheel electric vehicles.

    It targets revenue of VND1.1 trillion this year, down 9% from last year, and profits of VND80.5 billion, down by half.

    Despite slashing its payroll in recent years the company expects to face challenges to its recovery this year.

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