Tag: Living

  • Gasoline prices slip after 5 weeks rising

    Gasoline prices slip after 5 weeks rising

    Gasoline prices on Thursday fell slightly after increasing non-stop since early June.

    The popular fuel RON95 dropped 1.10% to VND23,290 ($0.92) per liter. Biofuel E5 RON92 declined by 0.80% to VND22,280.

    Diesel fell 1.61% to VND20,830.

    Global gasoline prices in the last seven days were affected by possible ceasefire deals in the Gaza, the U.S. entering summer travel peak time, and the ongoing conflict between Russia and Ukraine, according to regulators.

    Gasoline has dropped by 0.1-0.4% while oils fell 1-1.4% in the period. RON95 is now at $97.8 per barrel, and diesel at $101.2.

  • TikToking increasingly a full-time job for young people

    TikToking increasingly a full-time job for young people

    Tran Manh Duc, 30, decided to quit his office job to pursue a career as a TikToker four years ago despite opposition and skepticism among family and friends.

    At first he used TikTok only as a tool to advertise his company’s products, but when his first restaurant review video unexpectedly went viral, he started Saigon food review channel Anh Bung Mo. It managed to attract over 100,000 followers in the very first month.

    “At the time they did not comprehend that TikToking could be a job,” he says.

    “Most people only told me I would fail and feel embarrassed and disappointed. For months my family and friends constantly advised me against pursuing such a career.”

    Within a year his income increased nearly 10-fold, and it was at this time he decided to quit his job and dedicate all his time to developing his TikTok channel.

    “As a TikToker, my daily income is as much as my earlier monthly salary.”

    Duc then employed a few dozen staff to help him put out content on TikTok.

    “TikTok changed the lives of many people, including mine.”

    Duc is hardly alone in making a living off TikTok and other online platforms, and considering it a career.

    Le Phuong Oanh, a TikToker with nearly 900,000 followers, has made it her profession for the past two years.

    When she was unemployed during the Covid-19 outbreak, she turned to TikTok as a lifeline.

    After garnering 100,000 followers in just three months she decided to recruit a team to professionalize her content.

    “I have always viewed it as a profession,” Oanh says.

    “My 14 employees have always worked professionally and are divided into separate units like quality control, accounting, video shooting, and script writing.

    “We work on a clear schedule and have specific strategies for each aspect of the TikTok channel.

    Tran Thi Thu Phuong, senior recruitment manager at headhunting firm 40HRS Vietnam, said creative content creation for social media has become a new career option in recent years.

    According to software firm Adobe’s Future of Creativity study, 77% of non-professional content creators said they started monetizing their online content in the past year, with 48% of them saying these earnings accounted for more than half their total income.

    In 2022 nearly 20,000 Vietnamese earned a total of VND1.5 trillion (US$60.8 million) from social media platforms, according to a report presented at a conference last March.

    Professional TikTok training facilities report a rise in the number of young people enrolling for their courses.

    At CMT Academy in HCMC’s District 3, the number of students doubled since the Lunar New Year holidays in mid-February, with many reportedly planning to quit their jobs in the next six to 12 months to pursue it as a career.

    Nguyen Cong Minh Tri, who teaches livestream hosting there, says the desire to quit boring office jobs and the recent rise in unemployment have caused many young people to take up TikToking as a career.

    “These people are usually office workers, students, fresh marketing graduates, or new mothers who are looking for a flexible job without the eight-hour work schedule, attendance check or KPIs.”

    But with the rush comes competition.

    Several professional TikTokers, even those with millions of followers, speak about their unstable income and immense pressure and negative impacts on their health.

    The job is highly stressful because TikTok changes very often, Duc explains.

    “A friend of mine had a channel that made billions of VND, but it declined as soon as he became complacent.”

    Oanh says: “This job has unstable income. Some months are great while some are bad. Because the work is all about creativity, when you run out of ideas or hit a creative block, you cannot produce any content to earn money.”

    Having seen many people quitting their jobs but failing to make it on TikTok, Duc says young people who come to this profession should first get training from specialists or have a secondary job alongside their channel.

    To have a successful career on the platform requires serious dedication and should not be thought of as a fun project, he stresses.

    He says new TikTokers should put more effort into their camerawork, script and background.

    To be able to work with large brands, content creators have to learn about marketing, writing and working through email, English, and several other skills, he adds.

    Oanh says the job requires a lot of brainstorming and efforts by all team members and not the TikToker alone.

  • Ikea Korea further cuts costs due to the continued downturn in sales

    Ikea Korea further cuts costs due to the continued downturn in sales

    Ikea Korea, the South Korean branch of the world’s largest furniture brand, has faced a continued downturn in its performance, reversing the growth observed last year. After experiencing a sales decline for the first time since entering the Korean market, Ikea Korea also posted its first fiscal-year loss this year.

    Since last year, Ikea has been implementing cost-cutting measures by adjusting the business hours of its stores, with a reduction in operating hours at its first Korean store in Gwangmyeong starting next month.

    According to the Financial Supervisory Service’s electronic disclosure system on December 14, Ikea’s sales for the last fiscal year (August 2022-September 2023) amounted to US$469.128 million, marking a 3.5 per cent decrease from the same period last year. Operating profit experienced an 88 per cent decline to 2 million, while net profit turned into a loss of $4.019 million, down from $10.2 million in the corresponding period last year.

    Ikea attributed last year’s sales decline to the impact of the Covid-19 Omicron virus, which led to a reduction in the number of customers visiting large stores. Despite the reopening of stores as the pandemic situation improved, sales continued to decline. The ongoing real estate downturn and high interest rates have been identified as significant factors affecting the furniture industry, as furniture demand typically correlates with housing transactions.

    A source from the furniture industry emphasized that despite an increase in apartment transaction volume, overall housing transactions have not stabilized. High interest rates are seen as a substantial burden, making it challenging for Ikea to sustain sales through smaller items alone.

    In response to the challenging business environment, Ikea Korea has been proactively cutting costs by adjusting store hours and reducing SG&A expenses. Even the Gwangmyeong store, which had not previously adjusted its business hours, will implement changes starting next year. Commencing next month, Ikea Gwangmyeong will delay its weekday opening time by one hour to 11 am and close 30 minutes earlier at 8:30 p.m. These adjustments come as Ikea aims to navigate the current economic challenges and maintain a resilient business model.

  • Disney unveils unified Disney+ plus Hulu app experience in beta stage

    Disney unveils unified Disney+ plus Hulu app experience in beta stage

    As reported last month as a result of Disney acquiring the remaining stake in Hulu from Comcast, Disney announced an upcoming unified streaming experience that combined Disney Plus with Hulu. This one-app experience has arrived now as Hulu content is now available to be streamed from the Disney Plus app on Android, iOS, and Google TV.

    Upon opening the Disney+ app, subscribers to both services will now see a dedicated Hulu tile. Clicking on it opens a Hulu Hub, granting access to the thousands of movies and series from Hulu’s extensive library, seamlessly integrated within the Disney+ interface. This eliminates the need to switch between apps, offering a more fluid and user-friendly experience.

    While today’s launch marks a major milestone, it’s important to remember this is a beta phase, with the official launch scheduled for March 2024. This limited release allows Disney to gauge user feedback and refine the experience before the full-scale rollout. Additionally, parents have ample time to adjust parental controls and ensure their children only access appropriate content.

    Some may wonder if integrating Hulu’s more adult-oriented content conflicts with Disney+’s family-friendly image. However, Disney assures that ensuring a safe and secure family environment remains a top priority. The two-step launch strategy allows for a smooth transition, providing parents time to adjust settings and create individual profiles for each family member.

    Disney believes that Hulu on Disney+ will enhance subscriber engagement and value. By bringing diverse content under one roof, users can discover new titles they may have missed. Joe Earley, President of Direct-to-Consumer at Disney Entertainment, emphasizes the benefit of the Bundle, highlighting its competitive price point and the vast library of content it unlocks.

    It’s an exciting next step for Direct-to-Consumer, but people must managed expectations about what the experience is going to be – Joe Early, President of DTC, Disney

    As exciting as this unified experience sounds, this may not be your cup of tea. If that’s the case, and you prefer your apps to remain separate, this will still be an option for you. This integration is not meant to replace either platform, thus Hulu + Live TV and Premium add-ons will still be accessible within the dedicated Hulu app.

    Disney encourages users to explore the beta version and discover the value that bundling both services offers, and believes access to Disney’s original content, blockbuster films, and Hulu’s rich library will entice standalone subscribers to upgrade and unlock the full potential of the platforms.

  • Vöost launches skin hydration effervescent products

    Vöost launches skin hydration effervescent products

    Australian supplement brand Vöost has added two new beauty products to its extensive range of effervescent vitamins and minerals.

    The company says its new Vöost + Skin Hydration and Vöost + Hair, Skin & Nails are designed to support healthy skin, hair and nails from within. The new additions will join the Vöost Collagen effervescent range.

    The Vöost+ Skin Hydration in Rose Lemonade flavour features hyaluronic acid which supports skin hydration, skin elasticity and firmness and helps to relieve skin dryness.

    It contains vitamin C and vitamin E which act as supporting ingredients to reduce free radical damage to body cells.

    Meanwhile, the Vöost + Hair, Skin & Nails in Strawberry + Kiwi flavour contains biotin, selenium, vitamin E, vitamin C and zinc. It supports healthy hair and skin, nails as well as collagen formation.

    The products are available in Woolworths, Coles and Chemist Warehouse stores and online.

  • TV boxes disappear as smart TVs and phones take over

    TV boxes disappear as smart TVs and phones take over

    The popularity of smart TVs and smartphones have left TV boxes, or set-top boxes, high and dry.

    This month a leading electronics retail chain stopped selling TV boxes. Others sell only two of them: Xiaomi Mi Box and Apple TV.

    Even a few years ago there were no less than five TV box brands with dozens of models.

    “The golden age of TV boxes in Vietnam was in 2017-18,” Tien Vuong, manager of a electronics store on Hang Bai Street, Hanoi, says. “Now there are few buyers and sales are less than a 10th of the peak time. Those who want low prices choose Xiaomi devices, while those who love the Apple ecosystem will buy Apple TV.”

    The set-top boxes mostly used the Android operating system and were Chinese or Vietnamese brands made in China.

    But since 2019 demand for them has steadily decreased.

    The appearance of Mi Box from Xiaomi at reasonable prices and excellent configurations has caused other Chinese brands to almost disappear.

    In China, the world’s largest TV box market, too sales have plummeted over the years, according to Chinese tech news site Gizchina.

    The first half of this year saw a year-on-year fall of 30% to 929,000 units. In 2016, some 14 million TV boxes had been sold.

    Soon after smart TVs appeared, set-top boxes were favored because they could make old TVs smarter and more convenient.

    Smart TVs had their own operating systems, but only high-end models had hardware good enough to satisfy users.

    So many people chose to spend VND1-2 million (US$42-84) to buy a set-top box instead of tens of millions on high-end smart TVs.

    Now, all TVs on the market are smart, and even the cheapest models are good enough to run YouTube, and OTT media services and applications like Netflix.

    All three popular TV operating systems, Google TV, webOS of LG and TizenOS of Samsung, have well-stocked software stores, enough for the entertainment needs of smart TV users.

    According to technology expert Nguyen Minh Tien, another reason for the gradual disappearance of TV boxes is that people are spending less and less time watching TV, and more and more time on smartphones.

    “People may still buy and use TV sets as a habit, but the demand for this product is not as high as before.”

  • Instagram enables download of public Reels in the US

    Instagram enables download of public Reels in the US

    Instagram introduced Reels in 2020, and since then, this feature’s popularity has grown, reaching over 2.35 billion monthly active users. Now, Instagram is rolling out a new feature for its users in the US.

    Adam Mosseri, CEO of Instagram, announced on his broadcast channel that the company will allow users to download Reels to their camera roll. The process is simple: just tap the share button and select the download option.

    It’s important to note that only Reels from public accounts can be downloaded, and even if you have a public account, you can choose to turn off the Reel download option.

    Mosseri did not mention whether the downloaded Reels would have watermarks, but based on the picture he uploaded, it is safe to assume that downloaded Reels will indeed bear watermarks, much like they do right now.

    Currently, every Instagram user can download and share their own Reels on different platforms. However, with this new feature, users will also be able to share other people’s Reels on platforms like TikTok, for example.

    TikTok has had this feature for years, and videos with the TikTok logo are now prevalent on various social platforms, contributing to the Chinese video-sharing app’s increasing popularity.

    It’s worth noting that although videos with TikTok’s logo are no longer promoted by Instagram’s algorithms, their number on the platform remains substantial. With this new update, there is a chance for Instagram’s logo to appear frequently on its rival platforms as well.

    While it is likely that this feature will eventually be available for users worldwide, the exact timeline for its global release remains unknown. We will have to wait and see when that happens.

  • Gasoline prices increase

    Gasoline prices increase

    Gasoline prices rose slightly on Monday after falling to their lowest in 2 months on March 21.

    RON95 went up 0.39% to VND23,120 ($0.98) per liter.

    E5 RON92 increased by 0.28% to VND22,080.

    Diesel stopped its downward trend with a 0.67% rise to VND19,430.

    Globally, the average price of fuel products increased by 0.6-2.4%.

    Per-barrel price of RON 92 was up by 1.7% to $93.82, while that of RON 95 went up 1.8% to $98.29.

    Diesel cost rose 0.6% to $96.89 per barrel.

  • Vietnam struggles to auction outdated gasoline

    Vietnam struggles to auction outdated gasoline

    Vietnam is finding it difficult to sell 102 million liters of RON92, an out-of-date gasoline the country wants to replace with more RON95 in the national reserve.

    To obtain more space and money for today’s most common and popular gasoline RON95, Vietnam needs to sell its reserves of the cheaper RON92 fuel, which was supposed to have been auctioned off last year.

    But Vietnamese ministries could not agree on a set starting price for the fuel so the auction never happened.

    RON 92 is a low-power fuel that is now mainly used to make biofuel.

    But the Ministry of Industry and Trade has reported that selling such a large volume of the gasoline is difficult because few local wholesalers currently need biofuel.

    Vietnam has not had to release fuels from the national reserve for emergencies in five years, but the Ministry of Industry has announced that bulking up the nation’s scant resources is a must.

    According to the National Reserve Law, petroleum is a strategic reserve commodity.

    But the reality on the ground is that Vietnam’s average total reserves over the last five years has been just over 370,000 cubic meters a year, equivalent to only 6.5 days of consumption and 9 days of net imports.

    Vietnam’s national petroleum reserves generally total from around one-third to one-eighth of other countries’.

  • Cooking gas prices drop in Vietnam as global demand eases

    Cooking gas prices drop in Vietnam as global demand eases

    Cooking gas prices have fallen by VND16,000 (68 cents) to VND461,000 for a 12-kg cylinder in Ho Chi Minh City and other southern localities as global prices declined.

    Saigon Petro Co. announced the cut Wednesday after global suppliers lowered average prices by $60 to $730 per ton for March.

    The price of a 12-kg cylinder had shot up by VND62,000 in February when fuel demand spiked in many Northeast Asian and European countries due to cold weather, causing global prices to rise, the company said.

    This month, with warmer weather, gas demand for and prices are down.

    In April 2022 the price of a cylinder exceeded VND500,000 for the first time.

    Retail prices track global developments since domestic supply only meets 60% of demand.

  • Taxing housing necessary but challenging

    Taxing housing necessary but challenging

    Experts say that taxing housing will help make the real estate market more transparent and prevent speculation, but it is necessary to digitize data, ensure fairness, and avoid overlapping taxes.

    The government plans to enact a new law on real estate taxation in place of the Law on Agricultural Land Use and the Law on Non-Agricultural Land Use, and separating houses and land for tax purposes.

    There is currently a very low tax on lands and, unusually for any country, none on houses.

    The Government is on course to submit the bill to the National Assembly for comments in October 2024 and approval in May 2025.

    Several experts said they agree that taxing houses and lands is necessary in the context that the property market is opaque and plagued by speculation, lack of systematization and ineffective management.

    Le Hoang Chau, chairman of the Ho Chi Minh City Real Estate Association, said taxing housing and land would help make the real estate market fairer and more transparent.

    Nguyen Van Duoc, general director of Trong Tin Accounting and Tax Consulting Company, supported an increase in the tax rates on lands but warned it is necessary to safeguard the interests of the public and not adversely affect the market.

    “Taxing houses and other construction is also reasonable. Many countries around the world have done it for a long time.”

    Nguyen Mac Hoai Nam, general director of Nam Phat Investment Consulting Company, said tax policies often have a direct and almost immediate impact on investment behavior, speculation and buying and selling of properties.

    He explained that taxing houses and lands would enable authorities to monitor the market closely, increasing its transparency and making policymaking and management more efficient.

    But analysts also warned there would be many challenges in doing this.

    Duoc pointed out that taxing depends on databases and the capability of management agencies.

    Chau said to tax houses and other properties, it is necessary to reduce land-use fees to avoid excessive taxation.

    The land-use fee is collected once and not annually and accounts for 10% of the value of an apartment and 30% of a townhouse.

    In the case of villas, it accounts for 50%.

    If land-use fees remain high, the addition of property tax would make the burden excessive, he said, pointing out that developed countries collect house and land taxes annually.

    Nam suggested starting taxes on housing and land at moderate rates and then gradually increasing them so that people could get used to it.

    “It is also necessary to consider lowering the land-use fee.”

    First, government agencies need to get comprehensive data on housing and lands and come up with a convincing valuation method for the taxes.

    The data should be collated in time to ensure the new law is passed by mid-2025.

    Huynh The Du, a lecturer in public policy at Fulbright University Vietnam, said the database cannot be completed anytime soon.

    The country has over 27 million households living in more than 2.5 billion square meters of housing, but data on their prices is scant and many houses have not been traded for decades, he pointed out.

    In any case, the prices registered during transactions are much lower than market rates, he further pointed out.

    Dang Hung Vo, a former deputy minister of natural resources and environment, said the government should not rush to tax houses and apartments, but focus on taxing lands.

    This is more feasible because the country has an established land management system, he said.

    Urban residential lands are managed relatively well, and so taxing them is easy and efficient, he said.

    Meanwhile, it is necessary to perfect the system for assessing land prices to ensure they are close to market rates.

    “This is the first step before thinking about taxing houses.”

    It is difficult and complicated to tax housing due to the lack of an effective management system, he said.

    Analysts said local governments should collect the housing tax for investing in infrastructure and utilities like bridges and roads and planting trees.

  • Rising Inflation and the Risk of Recession

    Rising Inflation and the Risk of Recession

    While various stimulus packages got the global economy through the short-term challenges of COVID-19, they were always going to cause difficulties in the medium term. Inflation has risen and recessions look likely, so how can investors respond effectively?

    The global economic system appeared to cope with the COVID-19 pandemic and its associated lockdowns. Individual policymakers took different approaches to their economies, each of which had different impacts at a micro level and there were winners and losers throughout the process, but, broadly speaking, the wind kept filling the economic sails and countries kept moving forward.

    Inflationary Risk

    Keeping economies buoyant was economically and politically expedient in the short term, but it carried a significant medium-term inflationary risk. The complications created by the events in Ukraine have piled further pressure onto an already fragile structure and as we approach the final quarter of 2022, many countries face levels of inflation not seen since the 1990s.

    There is a very real threat of a global recession in 2023. Traditionally, economic policymakers have used interest rates to bring down inflation, raising them to make it more attractive to hold money in the bank or invest in government bonds rather than keep spending.

    Interest rates have been at historically low levels for the best part of a decade, so there is plenty of scope for them to rise and this is likely to have a significant impact on investment decisions.

    Why is Inflation Important?

    The aim of investment is to either create or preserve wealth, which means that during periods of high inflation, investors need to ensure that their portfolios work harder to stop value from being eroded. The challenge is that inflation impacts different asset classes in different ways.

    Inflation has been very tightly controlled in the developed markets over the last couple of decades, so there is relatively little experience of dealing with it in the markets. Understanding how individual asset classes have responded to periods of high inflation can offer a good gauge for what might be expected to happen during what is set to be a very challenging couple of years.

    How Should Investors React?

    At the same time though, even if it doesn’t evolve into a full-blown recession, smaller companies struggle with cash flow during a downturn no matter how innovative their idea and flexible their setup. In many ways though, it is in the difficult times that ideas are tested, teams are forged and world-beating companies are built.

    This makes investment during challenging times all the more important and can make the potential returns all the more tantalizing.

    Making losses More Manageable

    Most investors have experience with the 60/40 (equity/bond) portfolios but this asset allocation is struggling in 2022. As of August 2022, a balanced portfolio is down close to -15 percent in dollar. When the markets become challenging, it is no secret that diversifying an investment portfolio tends to help spread the risk and potentially make losses more manageable.

    Asset managers such as the team at Petiole Asset Management tend to have access and for many years expertise in a wide array of asset classes in the private markets which can give them a broader view of potential investment opportunities to improve the risk-return profile of their whole portfolio.

    Change, Flexibility and Transparency

    The investment space has obviously changed significantly over the last 15 years, with new digital tools that offer a level of transparency and of reporting that would have been inconceivable a generation ago. These tools enable investors of all sizes to be far more inventive and flexible in their approach to their private asset portfolios.

    In a lot of ways, investing is like sailing a yacht: with a little practice, most people can quite happily take a boat around a calm bay on a clear day with a light wind and get something positive from the experience. If conditions change though, the skies darken and the wind picks up, then the inexperienced can quickly find themselves in trouble.

    And it doesn’t take years of experience to see that going into the financial markets is likely to be very challenging for at least the next year.

  • Ikea South Korea’s sales see first decline in eight years

    Ikea South Korea’s sales see first decline in eight years

    IKEA Korea said Wednesday its sales fell 10 percent in this fiscal year in the first decline after entering Korea in 2014 as more customers held back spending on home furnishing goods amid eased virus restrictions.

    The Korean arm of the Swedish furniture maker said it logged 618 billion won ($444.3 million) in sales in the fiscal year ending August 2022, compared with 687.2 billion won during the same period of last year.

    “Considering the COVID-19 situation, the revenge spending situation, and the availability situation during this fiscal year, this is a result we are very happy with,” said Fredrick Johansson, the country retail manager of IKEA Korea, citing various challenges, such as rising material costs and supply chain disruptions.

    The company blamed the first decline in sales on reduced spending on home furnishing goods, with more customers spending time outdoors after Korea lifted most COVID-19 restrictions in mid-April as part of efforts to return to pre-pandemic life.

    While IKEA Korea’s brick-and-mortar stores saw sales falter, its online and remote channels showed robust performance.

    Sales from its online and mobile shopping platforms increased 12 percent from the previous fiscal year, while its remote channels ― consisting of telesales channels, chat rooms and consulting services via video call ― increased by 18.5 percent from the previous 12-month period.

    IKEA Korea did not disclose operating profit or net income for the cited period. IKEA said it will focus on strengthening its “omni-channels” so customers can order, buy and access consulting services from various touch points beyond its offline retail stores.

    The furniture maker also plans to strengthen its “IKEA for business” service, a furnishing consulting service aimed at small and medium-sized business owners, to double its share in the upcoming fiscal year.

    Executives of the company also mentioned possibilities it could mark down the prices of popular products once supply chain bottle necks and inflation of raw material prices resolve in the near future.

    In August, IKEA Korea increased its retail prices by an average of 3.5 percent, citing a rise in production costs.

    “IKEA Korea has set the fiscal year of 2023 as the leap year of omni-channel. We, as a home furnishing leader with deep expertise, will continue to make best efforts to enable more people to create a happier and more sustainable life at home,” Johansson said.

  • Gas stations run out of fuel in southern Vietnam

    Gas stations run out of fuel in southern Vietnam

    Gas stations in several southern localities have run out of supplies of petrol, diesel and other fuels and have stopped doing business.

    In Tinh Bien District, An Giang Province, six gas stations that get their supplies from Ho Chi Minh City-based Dai Dong Duong Petroleum JSC have stopped selling since Monday.

    A Dai Dong Duong representative said that they have not been able to buy fuel from distributors for the last five days.

    He attributed the supply shortage to seven fuel distributors who had their import license revoked for 1-2 months mid-August for violating safety and stockpiling regulations.

    Also, distributors are giving supply priority to companies in their own system on learning that market prices are going up.

    Huynh Van Thanh, owner of the Thanh Loi station in An Giang’s Cho Moi District, said his station had been out of diesel for two days as of Tuesday, but the distributor would not supply the fuel until Sep. 6.

    As for gasoline, his station has not bought enough to meet demand for fear of making losses.

    Thanh said that the station is given a discount of VND210 for each liter of gasoline and is allowed to buy a maximum of 3,000 liters at a time, which means a total profit of VND630,000 ($27).

    Meanwhile, the cost of renting a tank truck is VND900,000, which means the station has lost VND270,000 even before it has started selling. Then there is the cost of electricity and staff salaries. Every day the gas station loses VND1.5-2 million, he said.

    According to the An Giang Market Management Department, as of Monday, 19 petrol stations across the province had closed while 36 had announced they were running out of fuel, accounting for nearly 10% of gas stations in the province.

    The department said the stations were running out of fuel because it was difficult to get them from distributors

    A similar situation has been reported in the Mekong Delta province of Dong Thap.

    Nguyen Huu Dung, director of the province’s Industry-Trade Department, said Tuesday that in the past week, 10 petrol stations have asked to temporarily close for “personal reasons.”

    He said it is possible that they want to stop selling to avoid losses.

    “The department received an application from a station to suspend operation for three months because they were losing VND350 dong for every liter of gasoline,” he added.

    Also in the Mekong Delta, the Market Management Department of An Giang Province said two of 132 stations have halted operations while two others announced they’ve run out of gasoline.

    A representative of the Chau Thanh Petroleum Trading Service Co., Ltd in Tien Giang, which supplies fuel to 114 stations in the province, said it holy has enough in stock to distribute in three days.

    The reserves of this firm were running out and supply from its distributor, the Military Petroleum Company Region 4 based in HCMC was deficient, the rep said.

    In HCMC and neighboring Dong Nai Province, many dealers said that the amount of imported gasoline has dropped as increasing prices of oil and gas are making importers and distributors worry about suffering losses.

    The Vietnam Petroleum Association had proposed Monday that the Ministry of Industry and Trade regulate the price of gasoline on Sep. 1, instead of waiting until Sep. 5, given the strong fluctuations in global fuel prices.

    Nguyen Minh Duc with the legal department of the Vietnam Chamber of Commerce and Industry (VCCI), said the current regulation of waiting for ten days to make changes in gasoline prices does not still cannot allow local businesses to keep pace with price fluctuations in the international market.

    That leads to the situation wherein gas stations run out of stock before each price adjustment, he said.

  • Netflix’s ad-supported plan expected to arrive at a $7-$9 price tag

    Netflix’s ad-supported plan expected to arrive at a $7-$9 price tag

    New details on Netflix’s controversial upcoming ad-supported plan have emerged. The information was first brought forward in a recent article by Bloomberg.

    The biggest questions on potential users’ minds – i.e. how much the ad-supported option is going to cost every month – has not received a definitive answer. Nevertheless, according to Bloomberg’s sources, we might be eying a figure of around $7-$9 a month.

    For reference, Netflix currently offers three subscription plans – at $9.99, $15.49, and $19.99, respectively. Currently, it seems that the midrange offering is the most popular one. With an ad-supported plan on the horizon (whose price will potentially be up to 30% less than that of the current entry-level option), we could see the figures shake up a bit.

    It should be noted that Netflix has historically opposed any form of ads on its platform. However, after the company reported a loss of monthly subscribers back in April, the streaming giant seems to have experienced a change of heart.

    With COVID-19 regulations easing up throughout the world, people are spending less and less time indoors and in front of their TVs. Hence, all streaming platforms are now doing everything they can to sway the remaining users their way. Perhaps the best tactic is offering a sweet subscription deal.

    Netflix’s ad-supported plan is nothing new per se as it replicates the approach of other streaming platforms like Hulu. Netflix, however, will reportedly be more reasonable with advertising time capping it at about 4 minutes per hour. The streaming service will also refrain from rolling ads after the end of a show.

    According to Bloomberg, the ad-supported plan is set to debut by the end of 2022, in the final quarter of the year. A more wide-scale release will reportedly take place in 2023.