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Tag: Vietnam

  • Techcombank profits soar

    Techcombank profits soar

    Vietnam’s top private lender, Techcombank, reported a 59.6 percent rise in pre-tax profits for the first nine months of 2021 to VND17.1 trillion ($737.1 million).

    Loans outstanding were up nearly 16 percent for the year at VND321 trillion.

    The bank’s bad debt ratio was 0.57 percent, higher than at the beginning of the year but still much lower than the average industry rate.

    Its current account and saving account (CASA) ratio grew by 49 percent, among the highest in the industry, thanks to a six-fold rise in margin deposit.

    Provisions for bad debts were down 9 percent.

    In the third quarter alone, pre-tax profit climbed by 40 percent year-on-year to VND5.56 trillion, mostly from interest income, service fees and securities investment.

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  • Vietnam eyes nine new rail routes by 2030

    Vietnam eyes nine new rail routes by 2030

    Vietnam plans to have nine new railway routes, running 2,362 kilometers, by 2030 as it seeks to upgrade its outdated transport network.

    The total capital needed for these projects accumulates to VND240 trillion ($10.3 million), set to come from state coffers and private investors.

    The biggest route would run from Hanoi to Ho Chi Minh City, covering 1,545 kilometers, according to the government’s approved plan for the 2021-2030 period.

    The Ministry of Transport has proposed that two sections be prioritized on this route: from Hanoi to the central city of Vinh and HCMC to the central town of Nha Trang.

    There will be three routes in the north, connecting Hanoi with tourist hotspot Ha Long and with port city Hai Phong. Another route will run along the eastern boundary of the capital.

    One route is planned for the central region, connecting Vung Ang Port in Ha Tinh Province with the Laos border.

    There will be four routes in the south, with one connecting Bien Hoa town in Dong Nai Province with Vung Tau Province. Two routes will connect HCMC with Can Tho City and the Cambodia border. The remaining route would connect HCMC’s Thu Thiem Station with Long Thanh International Airport in Dong Nai.

    The railway sector targets to transport 11.8 million tons of goods a year by 2030, or 0.27 percent of total goods transported.

    It eyes to carry 460 million passengers or 4.4 percent.

    By 2050, the country is set to have 25 rail routes covering 6,354 kilometers. It now has seven routes covering 2,440 kilometers.

    Vietnam’s railway network has not received major upgrades for decades and has lost its competitiveness to roads and aviation, which are preferred for speed and convenience.

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  • Vietnam Airlines to resume all domestic flights

    Vietnam Airlines to resume all domestic flights

    Vietnam Airlines is set to gradually resume flying on 40 routes, or nearly its entire domestic network, by next month, prioritizing Hanoi, HCMC and Da Nang.

    Several flights are set to be resumed to the southern archipelago Con Dao Island, the central highlands province of Buon Ma Thuot and the northern province of Dien Bien from Thursday to Nov. 30.

    The group, which comprises low-cost carrier Pacific Airlines and Vietnam Air Services Company (VASCO), will start conducting 90 routes a day from Thursday and will increase the figure to 120 from the end of this month.

    There will be three flights a day between Hanoi, HCMC, and Da Nang City. For the other locations, the group will try to have at least one route a day, which could rise to two depending on demand.

    Passengers can fly if they have been fully vaccinated for at least 14 days, or to have recovered from Covid-19, or to test negative within 72 hours.

    Vietnam Airlines Group started resuming its domestic flights on Oct. 10. As of Tuesday, it had conducted around 150 flights carrying nearly 12,000 passengers on 16 flight routes.

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  • Mekong Delta fruit prices surge as travel restrictions ease

    Mekong Delta fruit prices surge as travel restrictions ease

    Jackfruit, longan, and lemon cultivated in the Mekong Delta are fetching two to four times the prices that prevailed when Covid-19 related transport restrictions were in force before Oct. 1.

    Lemons bought directly at gardens are priced VND7,000-8,000 ($0.31-0.35) per kilogram these days, while they were selling for just VND2,000 per kilogram earlier.

    Prices of Thai jackfruit have also surged to VND19,000-30,000 per kilogram. These prices are four times more than the previous four months when travel was restricted.

    Similarly, longan prices have doubled to VND12,000-14,000 per kilogram.

    “Farmers hope to a lot of longan and make a profit when Chau Thanh District (Dong Thap Province) harvests the fruit in about a month,” said Nguyen Van Thuan, a farmer from the district.

    In July, fruit from the Mekong Delta, Vietnam’s agriculture hub, was sold poorly at lower prices as wholesales markets across HCMC close due to Covid-19.

    Mekong Delta contributes 90 percent of the country’s rice exports, 65 percent of seafood exports, and 70 percent of fruit exports.

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  • One Mount develops comprehensive technology ecosystem

    One Mount develops comprehensive technology ecosystem

    One Mount provides solutions covering the entire financial services, distribution, real estate, and retail-sector value chain.

    Approved in June 2020, the National Digital Transformation Program aims to turn Vietnam into a country with digital technology competitiveness comparable to those of developed nations. This sets favorable conditions for Vietnam to actively capitalize on opportunities brought on by today’s technological revolution.

    According to experts, Vietnam has unlocked great potential for digital enterprises to thrive across the country. Technology has been the key factor leading to the explosion of innovative startups in the field of information technology.

    One Mount, with its comprehensive technology capabilities, was named at the Top 10 Vietnam ICT Companies 2021 event as a great example of the new breed of companies providing a suite of technological solutions and offerings for businesses and consumers across multiple life stages.

    Launched in the fall of 2019, One Mount had to navigate a global pandemic in its first two years of operation. This has brought it both challenges and opportunities as it sought to affirm the value of its technology business, which has contributed to the country’s technology and economic goals, even during this challenging period.

    After two years, One Mount has pioneered the deployment of technology solutions that help businesses digitalize their operations and solve bottlenecks in many traditional sectors.

    Leveraging its multi-faceted and modern technology offerings, One Mount is focused on optimizing benefits for value chains across a spectrum of industries and audiences including small to medium enterprises, end-consumers across distribution, retail and real estate, to name a few.

    In the distribution sector, VinShop has established itself as one of the country’s largest consumer goods distributors, which has helped to digitalize more than 80,000 small groceries. Taking advantage of technological advancements to provide maximum support for users, One Mount has connected businesses, manufacturers, and consumers within its ecosystem, allowing goods to reach customers quickly while ensuring stable prices.

    Besides improving the income of thousands of small groceries, VinShop also helps ensure the supply of essential goods while helping consumers feel confident about the quality of products.

    One Mount has developed a lifestyle super app with VinID, a loyalty platform serving millions of users on a monthly basis. VinID recently refined its point tiering system and is rolling out a more dedicated personalization engine, bringing users a more curated experience for their favorite products and brands.

    Meanwhile, OneHousing and OneHousing Pro Agent has established itself as the number one distributor and supplier of Masterise Homes projects in Hanoi. In addition to its premium services, the myHome application integrated with VinID has attracted ten thousand of homeowners and households during its beta launch.

    With more products and premium services on the horizon, OneHousing is expected to transform the real estate landscape in Vietnam by providing a complete one-stop shop experience for home buying, selling and living.

    To realize this early success and fulfill its grand vision, One Mount has formed landmark strategic partnerships with reputable industry leaders like TechcomBank and Google.

    The former has bolstered the vision of bringing financial solutions to more people and underserved areas across Vietnam while the latter helped develop powerful technology infrastructure and AI capabilities via Google Cloud offerings.

    One Mount commits to supporting Vietnam’s digital transformation strategy.

    Recently, One Mount’s potential was affirmed by VINASA when the latter included it among its Top 10 Vietnam ICT Companies 2021. One Mount nabbed a spot in three different categories: Top 10 Companies Providing Digital Transformation Platforms, Top 10 Fintech Companies, and Top 10 Logistics and E-Commerce Companies.

    One Mount was selected by HR Asia Magazine as one of its Best Companies to Work For in Asia 2021 in recognition of its outstanding HR practices, attractive benefits, policies, and engaging work environment.

    With a large technological ecosystem, One Mount provides solutions and services along the entire value chain in the financial services, distribution, real estate, and retail sectors through its three core business units: VinShop, VinID, OneHousing.

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  • Cambodia’s exports to Vietnam quadruple

    Cambodia’s exports to Vietnam quadruple

    Cambodia’s exports to Vietnam nearly quadrupled to $3.7 billion in the first nine months of this year, according to statistics from the General Department of Vietnam Customs.

    Cambodia increased its exports of vegetables and fruits by 61 percent, cashew by 595 percent, soybeans by 549 percent, and rubber by 391 percent.

    Exports of wood products, fabric, scrap, and other goods grew by 5-300 percent.

    Trade between Cambodia and Vietnam increased by 90.9 percent year-on-year in the first nine months of this year to US$7.2 billion.

    According to the Cambodian Ministry of Agriculture, Forestry and Fisheries, the country exported agricultural products to 90 countries and territories though Vietnam (64.11 percent), Thailand (21.49 percent) and China (9.69 percent) accounted for most of it with all others accounting for only 4.71 percent.

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  • VN-Index slips in narrow band

    VN-Index slips in narrow band

    Vietnam’s benchmark VN-Index fell 0.01 percent to 1,395.33 points Tuesday, continuing along with a narrow band near the 1,400-range resistance.

    Last-minute selling pressure pulled the index down by 0.2 point. It has been fluctuating within a three-point margin for the past six sessions, after surging to the 1,390-range on Oct. 11.

    Trading value on the Ho Chi Minh Stock Exchange (HoSE), on which the index is based, fell 14 percent to VND20.34 trillion ($899 million).

    The VN30 basket, comprising the 30 largest capped stocks, saw 17 tickers in the red, led by STB of Ho Chi Minh City-based lender Sacombank with a 2.6 percent drop.

    GAS of state-owned Petrovietnam Gas dropped 1.7 percent after hitting a new peak Monday.

    VRE of retail real estate arm Vincom Retail fell 1.6 percent to the lowest in over a week.

    MSN of conglomerate Masan Group lost 1.4 percent, while HPG of steelmaker Hoa Phat Group fell 1.2 percent.

    Foreign investors were net sellers to the tune of VND470 billion, with the strongest pressure on HPG and VHM of real estate giant Vinhomes.

    The HNX-Index for stocks on the Hanoi Stock Exchange, home to mid and small caps, rose 0.55 percent while the UPCoM-Index for the Unlisted Public Companies Market gained 0.23 percent.

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  • Furniture companies seek reopening autonomy

    Furniture companies seek reopening autonomy

    Furniture companies in Binh Duong are proposing more autonomy in imposing Covid-19 measures as they reopen after months of social distancing.

    Members of Binh Duong Furniture Association said due to the limited number of government workers, their proposals to resume production have faced delays.

    There are about 50 staff working as industrial park managers in the province, though there are around 3,900 companies.

    Apart from these parks, there are over 50,000 companies in the province.

    Deputy Director of Binh Duong Department of Industry and Trade Nguyen Thanh Toan said the province is set to issue guidelines for companies to reopen with safety measures.

    The province is currently letting companies test their own workers. It allows the combination of samples from three workers in one test to reduce costs.

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  • Mercedes dealer reports record loss in Q3

    Mercedes dealer reports record loss in Q3

    Hang Xanh Motors Service JSC (Haxaco), a major Mercedes-Benz dealer in Vietnam, reported a record loss, more than VND33 billion ($1.4 million) in Q3, due to social distancing orders.

    Revenue in Q3 was VND700 billion, down 59 percent compared to the same period last year.

    Social distancing measures applied in Hanoi, Ho Chi Minh City and other localities in this quarter have seriously affected Haxaco and the automobile industry. The company’s two branches in HCMC had to temporarily close in Q3 while another in Hanoi was closed until Sept. 12.

    “This has caused a decline in our sales and services during this period,” the company noted.

    Between January and September, the auto dealer’s revenue was VND3.4 trillion, down 9 percent over the same period, equivalent to 35 percent of this year’s business plan.

    However, profit dropped by 45 percent to VND44 billion.

    Despite the revenue decline, the company retains a positive forecast for the last quarter of this year. It has thoroughly prepared to resume operations in the new normalcy, with all employees fully vaccinated to ensure operational safety.

    Previously, in the annual meeting at the beginning of the year, the company set a business plan for 2021 with a net profit of VND126 billion.

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  • Vietnam set to keep public debt under control

    Vietnam set to keep public debt under control

    Vietnam is set to keep its public debt under control this year at 43.7 percent of GDP, against the cap of 60 percent.

    This amounts to around VND3,700 trillion ($162.58 billion), according to a government report recently submitted to the National Assembly.

    Last year, public debt was 55.3 percent against a threshold of 65 percent.

    The government is set to pay VND365.93 trillion in debt this year. It said debt duties so far have been paid fully and on time.

    But the complicated Covid-19 situation is set to cause challenges to achieve growth targets this year.

    GDP expanded by only 1.42 percent in the first nine months, while a lower-than-expected growth rate for the year could cause a negative impact on budget overspending and public debt safety indicators.

    Issues in negotiation, signing and disbursement of Official Development Assistance loans due to Covid-19 and other knots in policies and differences between domestic and foreign administrative procedures are set to put more burden on mobilizing money domestically.

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  • Vietnamese apathetic over iPhone 13 mini

    Vietnamese apathetic over iPhone 13 mini

    iPhone 13 mini seems to be the least favorite model of the latest Apple smartphone lineup, accounting for only 5 percent of total pre-orders in Vietnam.

    The most favored is iPhone 13 Pro Max with 70 percent pre-orders, followed by iPhone 13 and iPhone 13 Pro, each 12.5 percent, according to data from retail chains.

    But the iPhone 13 mini, the smallest and cheapest of the lineup, is set to see shortages due to a lack of supply.

    For retail chain CellPhoneS, only 2 percent of its iPhone 13 imports are mini.

    “We might only meet 50 percent of customer demand,” said spokesperson Nguyen Lac Huy.

    The unofficial market, where buyers pick up the phone in Singapore and Hong Kong and bring them back to Vietnam, does not seem to have a lot of supply for iPhone 13 mini either.

    “We only imported a small number as there is almost no demand from customers,” said a smartphone vendor in downtown Hanoi.

    Last year, the iPhone 12 mini was also the least favorite. Many stores had to repeatedly lower prices to get rid of their inventory.

    Industry insiders say Vietnamese prefer the most expensive iPhones.

    The four models of the iPhone 13 line is set to be officially delivered to Vietnam starting Oct. 22.

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  • Vietnam remains magnet for EU investment despite Covid

    Vietnam remains magnet for EU investment despite Covid

    EU investments in Vietnam rose by $483 million year-on-year in the first nine months of this year to $22 billion despite the Covid-19 pandemic.

    In a recent report to the National Assembly, the Government said trade with European countries too increased sharply since the EU- Vietnam Free Trade Agreement (EVFTA) took effect in August last year.

    Investment by 26 out of 27 EU member countries increased in the year-to-date, and includes major names such as Shell Group (the Netherlands), Total Elf Fina (France – Belgium), Daimler Chrysler (Germany), Siemens, and Alcatel Comvik (Sweden).

    The Netherlands is the largest investor with nearly $10.4 billion in 382 projects. It is followed by France with $3.62 billion and Germany with $2.25 billion.

    European investment is forecast to keep increasing in the medium and long terms, mainly in high-tech industries.

    To attract EU investment, many provinces and cities are acquiring lands around industrial zones, building infrastructure and creating a skilled workforce in agriculture, manufacturing and logistics and simplifying administrative procedures.

    Trade between the EU and Vietnam has also prospered in the year since EVFTA took effect despite the hurdles caused by Covid.

    This year, it has risen by nearly 12 percent year-on-year to $54.6 billion, with Vietnam’s exports being worth $38.5 billion.

    Vietnam’s main exports have been phones and components, computers, other electronic products and components, shoes, textiles, garments, machinery, equipment and appliances, tools and spare parts, and iron and steel products.

    Vietnam is still struggling to comply with the stringent sustainability and other technical standards of the EU market. Besides, protectionism and use of trade remedies and non-tariff barriers is increasing in the bloc.

  • French energy company invests in Vietnam rooftop solar developer

    French energy company invests in Vietnam rooftop solar developer

    French company EDF Renewables has made an undisclosed investment into a rooftop solar power developer subsidiary of VinaCapital, seeking to profit from the booming industry in Vietnam.

    With the investment SkyX Energy, the holding company of SkyX Solar that has 30 megawatt-peak of solar projects under operation, plans to invest more than $100 million into further develop 200 megawatt-peak of rooftop solar and distribute energy solar projects for customers over the next few years, VinaCapital stated.

    “The potential for renewables in Vietnam is enormous, and we are keen to expand our footprint in the country by drawing on our global know-how in rooftop solar solutions,” said Yalim Ozilhan, Southeast Asia director of EDF Renewables.

    In recent years, Vietnams’ rooftop solar energy sector has grown from virtually nothing into Southeast Asia’s leading solar market, with cumulative rooftop solar capacity totaling 9.3 gigawatts by the end of last year, VinaCapital said.

    EDF Renewables is an international leader in renewable energies, with a gross installed capacity of 13.8 gigawatts worldwide.

    SkyX Solar invests, designs, builds and operates solar systems for its commercial and industrial customers in Vietnam.

    Founded in 2003, VinaCapital is a leading investment management firm headquartered in HCMC, with a diversified portfolio of over $3.7 billion in assets under management.

  • Wind power developers race to complete projects for incentive price

    Wind power developers race to complete projects for incentive price

    Investors in wind power projects are racing to complete construction this month to enjoy an incentive feed-in tariff, but face procedural hurdles and those caused by Covid-19.

    This month the developer of a plant in Quang Tri Province is rushing to complete construction and begin test runs, but is being slowed down by the various administrative procedures they have to go through.

    The chairman of the investing company, who asked not be identified, said the plant needs to operate at least 70 percent of capacity, which means when the wind is weak this cannot be done.

    “We made much effort but the test depends on the weather.”

    To encourage renewable energy, Vietnam will give wind power projects that begin operation before Nov. 1 a feed-in tariff of 9.8 U.S. cents per kilowatt-hour to offshore projects and 8.5 U.S. cents for onshore ones. The tariff lasts 20 years.

    But of the 106 wind power farms that have registered to provide 5,655.5 megawatts of power, there were only six that have received an operational permit by the end of last month.

    Developers complain about the large number of permits they need to acquire to start the project, for example, the fire safety permit, and there are many unexpected challenges that lie ahead in getting these permits.

    “We won’t be relaxed until the final permit is given, as from now until it is difficult to anticipate what will come up,” the chairman in Quang Tri said.

    He proposed that the Department of Planning and Investment in the province increase the work hours of its employees, even at night, to support developers in acquiring permits. Several challenges contributed to a construction delay.

    Some developers said that the fourth Covid-19 wave slowed their projects by two months, as experts were unable to enter the country, while the transportation of equipment faced blockages as authorities tightened social distancing.

    Hoang Ngoc Quy, CEO of a developer HBRE, has been letting workers take three shifts to work 24 hours a day in the last three days.

    He proposed that the government provides incentive policies, especially in loans, to support wind power farms.

    The best support to extend the deadline until December next year for onshore projects and December 2025 for offshore projects.

    Vu Chi Mai, head of component for renewable energy and energy efficiency at the German Agency for International Cooperation (GIZ), said that Covid-19 caused unexpected impacts on the projects, and therefore the deadline should be pushed back three to six months.

    Ha Dang Son, deputy director of the Vietnam Low Emission Energy Program, said that the extended deadline should be given to certain projects depending how severe the Covid-19 impact was, not to all projects, as some have not even started.

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  • Fruit exports to South Korea surge

    Fruit exports to South Korea surge

    Vietnam exported $107.25 million worth of fruit and vegetables to South Korea in the first eight months of this year, up 3.47 percent year-on-year.

    The export value of vegetables and fruit to this market reached $11.1 million in August, up 13.66 percent over the same period last year, according to the General Department of Vietnam Customs.

    Six kinds of Vietnamese fruit have been exported to the Asian market including: coconuts, pineapples, white and red dragon fruit, mangoes and bananas.

    However, the number of fruit exported to South Korea is still low. Banana volume accounts for approximately 2 percent of total imports of the fruit. Meanwhile, the figure of the Philippines is about 75.8 per cent.

    Vietnam’s pineapple volume accounts for 0.62 percent, while the volume imported from the Philippines accounts for 93 percent of the total.

    Vietnam is cooperating with South Korean agencies to open more markets for other fruit like pomelos, lemons, longans, rambutans and Lychees

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