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Tag: vietnal

  • French jeweler Tiffany opens store in HCMC

    French jeweler Tiffany opens store in HCMC

    Luxury jewelry brand Tiffany & Co. has opened a store in Ho Chi Minh City, two years after opening its first in Vietnam in Hanoi.

    The store in District 1, which had a soft opening last week, is part of a strategy by the 186-year-old jeweler to increase its presence in Asia after being acquired by France’s LVMH in 2021.

    The store is run directly by the company as against the Hanoi one, which a distributor operates.

    According to residence and citizenship advisory firm Henley and Partners, HCMC had the ninth fastest growth rate globally in the number of millionaires last year.

    Vietnam’s biggest city saw their numbers rise by 84% to 7,700 individuals, it said in its 2023 World’s Wealthiest Cities Report.

    As of last year HCMC had 15 people with a net worth of $100 million and three billionaires.

    It is ranked the 67th wealthiest city in the world.

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  • Pork producers struggle with losses last quarter

    Pork producers struggle with losses last quarter

    Major pork producers posted losses in the last quarter of 2022 as animal feed costs rose and consumer demand dropped as people tightened spending.

    Dabaco Vietnam, the country’s biggest husbandry firm, recorded a VND79 billion ($3.34 million) loss in the last quarter, the first quarterly loss in five years.

    BaF Vietnam saw expenses exceed revenue by VND6 billion for the first time since 2021, but thanks to selling some assets the company posted an overall profit of nearly VND7 billion.

    Masan MeatLife posted a loss of VND170 billion during the last quarter of the year, and recorded a loss of VND230 billion for the entire year, the first loss since it started releasing financial figures in 2016.

    Since the end of 2021 the company stopped producing animal feed and focused only on meat, contributing to its losses.

    Hoang Anh Gia Lai recorded VND110 billion in profit from its pork sales in the last quarter, a 36% drop from the third quarter.

    Hoa Phat Group’s agriculture and husbandry business was in the red with more than VND34 billion in losses in the last quarter.

    For the whole year, the company saw this business posting a profit of VND22 billion, its lowest profit since 2016.

    BaF said that pig diseases, disruptions in supply and rising input costs negatively impacted the company’s earnings. Dabaco added that the decline in consumer demand also contributed to the losses.

    Pork prices in December dropped 15%-20% from October to VND50,000 per kilogram as supply exceeded demand.

    Last year, pig supply rose 11% from 2021.

    Analysts of brokerage expect pork prices to rise 5% this year as demand recovers and input costs begin to stabilize globally.

    However, SSI Research forecast that pork prices are set to rise 20% to VND60,000 per kilogram this year, with the reopening of China helping to pump up demand.

    However, the strong U.S. dollar and the African swine fever will remain possible risks to the sector, they added.

  • Dollar inches up

    Dollar inches up

    The U.S. dollar gained over the Vietnamese dong marginally at several banks Thursday morning but dropped on the black market.

    Vietcombank sold the dollar at VND24,060 Thursday, up 0.17% from Wednesday.

    TPBank increased the rate by 0.02% to VND24,200.

    Eximbank kept the rate unchanged at VND24,020, and Techcombank maintained it at VND24,025.

    The State Bank of Vietnam (SBV)’s reference rate is at VND23,659, down 0.004%.

    The dollar is sold at VND24,430 on the black market, down 0.29%.

    The greenback has gained over the dong by 4.97% since the beginning of the year.

    The U.S. Dollar Index, which measures the greenback’s strength against major currencies, hovers around a three-month low of 105 points.

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  • Gasoline wholesalers required to sell reserves amid fuel shortage

    Gasoline wholesalers required to sell reserves amid fuel shortage

    The Ministry of Industry and Trade has requested state-run gasoline and oil wholesalers to sell their commercial reserves to mitigate fuel shortages in some localities.

    Minister of Industry and Trade Nguyen Hong Dien on Wednesday asked PVN, Petrolimex, Mipec, Petimex and Thanh Le General Import-Export Trading Corporation to sell their reserves. Usually, wholesalers are supposed to ensure enough reserves to cover 20 days.

    As of Sept. 30, the state-owned wholesalers’ commercial reserves were over 1.25 million cubic meters of gasoline and oil, equivalent to 74% of Vietnam’s total consumption in one month.

    Relevant state agencies will consider punishing 14 gasoline and oil enterprises, mostly private wholesalers, which have not supplied fuel to distributors and retailers as planned, the minister said.

    Currently, two domestic oil refineries meet 70-80% of the country’s demand for gasoline and oil. However, half of the two refineries’ supplies depend on imported crude oil, he noted.

    “In reality, Vietnam still has to import around 70% of materials for gasoline and oil production and finished products. Local crude oil and finished fuel products account for only 30%,” said the minister.

    The Government on Wednesday asked the Ministry of Industry and Trade, in coordination with the Ministry of Finance, to ensure sufficient supplies of gasoline and oil for production and daily life in all circumstances.

    After retail prices of gasoline and oil increased on Nov. 1, partial fuel shortages have still occurred in Hanoi and Ho Chi Minh City and some other cities and provinces nationwide. The HCMC Department of Industry and Trade said nearly 20% of local gasoline stations faced gasoline shortages.

    Many retailers said the commissions they receive from wholesalers remain very low, while supplies from wholesalers are still insufficient.

  • Restaurant chain operator Golden Gate’s profit plummets

    Restaurant chain operator Golden Gate’s profit plummets

    Restaurant chain operator Golden Gate saw its post-tax profit plunge 79.8 percent year-on-year to VND65 billion ($2.8 million) in 2020.

    It posted VND4.5 trillion in revenue, down 5 percent year-on-year, according to its financial statement.

    Golden Gate attributed the plunge in profits to the Covid-19 pandemic, which forced the company to temporarily close all of its restaurants in March and April last year as the country underwent social distancing.

    It had to cut expenses and implement food delivery services. A total of 18 of its restaurants were shut down last year.

    By the end of 2020, its total assets and liabilities were valued at VND2.3 trillion and VND1.1 trillion, respectively.

    Golden Gate was founded in 2005 with its first restaurant in Hanoi, the Ashima mushroom hotpot restaurant. It currently runs over 400 restaurants under 21 brands nationwide, with over 4,000 employees.

  • Vietnam makes its very first 5G phone call

    Vietnam makes its very first 5G phone call

    Vietnam’s first 5G phone call was made Friday on the network of Viettel, the country’s largest telecommunications company. The trial called, made publicly with the participation of the Ministry of Information and Communications, showed that the speed of Viettel’s 5G mobile network connections reached 1.5-1.7 Gigabits per second, far exceeding the theoretical limit of the 4G network and equivalent to the speed of optical cable.

    Viettel said it will expand the test to Hanoi and Ho Chi Minh City, the nation’s two biggest cities, and expects to launch the commercial service in 2020. The military-run company said it is looking at many pricing plans for commercial 5G services.

    Minister of Information and Communications Nguyen Manh Hung, who led Viettel earlier, said the event marked Vietnam as one of the earliest nations in the world to successfully test the 5G network, after the U.S., Australia, Japan, and South Korea.

    “We all want to take the lead in the fourth industrial revolution and develop information and communications technology so that Vietnamese locals and businesses can compete in the global economy, and therefore, the earlier we launch the 5G service, the better,” he said.

    Viettel became the first firm to receive permission to trial 5G services in January. It was followed by MobiFone.

    Last November, Hung said at a conference that Vietnam should test 5G in 2019 and ensure nationwide coverage by 2020.

    “Vietnam should be one of the first countries to launch the network, at least in Hanoi and HCMC,” he had said. The country had been one of the last in Southeast Asia to roll out 4G services.

    5G is the latest generation of mobile Internet connectivity and should offer much faster speeds and more reliable connections on smartphones and other devices compared to the current 3G and 4G technologies.

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  • Vietnam’s stock capitalization rockets to $132 billion

    Vietnam’s stock capitalization rockets to $132 billion

    Vietnam’s total stock market capitalization in the first 10 months reached $132 billion, up 83 percent from the end of last year and equal to 61 percent of Vietnam’s gross domestic product, the National Financial Supervisory Commission reported on Wednesday.

    During the first 10 months, the benchmark VN-Index on the Ho Chi Minh Stock Exchange increased by 20 percent from the last day of trading last year.

    Notably, on Wednesday, the VN-Index closed at 859.7 points, marking a 10-year high.

    On the bond market, funding raised from government bonds also witnessed an improvement. In October, the State Treasury of Vietnam issued $307 million worth of government bonds, an on-month increase of 41 percent.

    According to the commission, demand for short-term government bonds (five-year and seven-year terms) increased, but demand for long-term bonds (more than 10-year terms) declined.

    As of October, the State Treasury had completed 85 percent of its bond issuance target for 2017, which has been set at $8.03 billion.

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