Retail News CRM

Tag: Vietnam

  • Vietnam stock market daily trading value closes in on Singapore

    Vietnam stock market daily trading value closes in on Singapore

    The average daily securities trading value surged 5.6 times year-on-year in April to $725 million, nearly equivalent to that of Singapore, according to HSBC.

    The lender said in a recent report that the figure, which far exceeds those of Malaysia and Indonesia, was due to the increase in new investors and recovery of the economy.

    In March, the number of new trading accounts hit a record 113,900, taking the total to over 3.02 million.

    The economic recovery is underpinned by strong FDI flows, improvements in the manufacturing segment, and increased consumption, the report said.

    The benchmark VN-Index has risen 12.9 percent in the year-to-date compared to 4.2 percent for Asia ex-Japan.

    The index has repeatedly scaled new peaks this year after surpassing the psychological barrier of 1,204 points first reached in 2018.

    HSBC expected the market to continue to rise in the absence of alternative asset classes and bank deposit rates in decline.

    Though foreign investors have been pulling out of the stock market, HSBC said they would not be able to ignore Vietnam for much longer since it has proved to be one of the most resilient growth economies and 24 out of the 30 blue chips have still not reached the foreign cap.

    Besides, despite rising to record levels, the VN-Index remains 5 percent lower than its five-year average level with a price-to-earnings ratio of 15.1.

    Lees ook:

  • Vietnam to reduce thermal power production

    Vietnam to reduce thermal power production

    Vietnam targets reducing coal-fired power production by 6 percent this year to prioritize solar and wind energy even as it grapples with limited transmission capacity.

    This means a cut of 8 billion kilowatt-hours from a projected 126 billion kilowatt-hours of coal-fired power this year. National utility Vietnam Electricity (EVN) estimates total production from all sources at 260 billion kilowatt-hours.

    EVN has also suspended around 8,000 megawatts of hydropower plant capacity from 11 a.m. to 12 p.m. every day in the first four months of this year to prioritize solar power intake, which peaks at noon.

    However, reducing the intake from coal-fired and hydropower plants comes with consequences, with the rising frequency of turbine restarts increasing the risk of system failures.

    The number of restarts due to oversupply last year surged 2.6 times over 2019 to 192. In the first four months this year alone, there were 334 restarts.

    With these cuts, EVN seeks to prioritize solar and wind power intake and also wants to double their production from last year to 32 kilowatt-hours this year.

    Solar and wind power capacity is set to hit 20,000 megawatts this year, accounting for 30 percent of the total supply.

    But due to the limited capacity of the transmission lines, renewable energy only accounts for 12 percent of total production. The figure is set to rise to 17 percent in the next five years.

    The rest of the production comes from traditional sources like thermal power and hydropower.

    EVN has earlier said it will also cut 15-20 percent of solar and wind power capacity to reduce pressure on the national grid.

    “Cutting down renewable energy is something EVN does not desire because it hurts developers,” Nguyen Duc Ninh, director of the National Load Dispatch Center under EVN, said at a meeting Tuesday.

    The dilemma that Vietnam faces now, having an oversupply of renewable energy but limited transmission capacity, has happened because of poor management and planning, experts say.

    Tran Dinh Long, deputy chairman of the Vietnam Electrical Engineering Association (VEEA), said that the boom in solar power in recent years shows a lack of anticipation of the burden they would place on the national grid.

    Lees ook:

  • Vinamilk leaps six notches in Top 50 global dairy companies

    Vinamilk leaps six notches in Top 50 global dairy companies

    Vinamilk has climbed six ranks to 36th in the top 50 world dairy producers with the highest turnovers, according to Plimsoll, a British financial analysis agency.

    With revenue of $2.6 billion in 2020,Vinamilk is the only representative in Southeast Asia to be listed among the Top 50 leading dairy companies in the world. The top 10 include firms from the U.S., New Zealand, Europe, and China.

    In 2017, Vinamilk made the list for the first time. After four years, the company’s revenue has continuously improved in the chart rankings. In 2020, despite Covid-19 impacts, Vinamilk still posted a 5.9 percent increase in revenue over the same period in 2019 and 17 percent compared to 2017, rising six ranks on the world dairy industry map.

    A report from Nielsen also shows Vinamilk is leading the domestic dairy market in key segments, including liquid milk, powdered milk, and condensed milk. Vinamilk has recently introduced new products to consumers, including Vinamilk Green Farm fresh milk, fresh milk with bird’s nest, premium juice Fruit Love, and Hero fruit milk. With a wide variety of new and quality products that meet diverse nutritional needs, the Vinamilk brand has been the most chosen by Vietnamese consumers for eight consecutive years, according to Kantar Worldpanel’s Asia Brand Footprint 2020.

    Vinamilk currently owns 13 factories, 13 farms, with a herd of about 150,000 cows, producing more than 250 types of products.

    The company has exported its products to 56 countries and territories, with a total turnover of more than $2.4 billion. Since 2017, Vinamilk’s export revenue has grown continuously along with the expansion of new export markets.

    In the first quarter of 2021, Vinamilk’s export revenue increased by 7.9 percent over the same period last year.

    To rank higher on the world dairy industry map, Vinamilk has promoted corporate governance and sustainable development as its focal points in the future direction.

    A sustainable development strategy aims at ensuring sustainable values for the economy, society, and environment.

    Mai Kieu Lien, general director of Vinamilk, said the company would maintain stability in production and business and further promote cohesion and value sharing with stakeholders.

    “At Vinamilk, sustainable development will be oriented towards advanced models of the world dairy industry. Specific action plans and initiatives would be implemented along all parts of the value chain, from research and development, farm systems, factories to supply,” Lien maintained.

    Lees ook:

    Lees ook:

    Lees ook:

    Lees ook:

    Lees ook:

  • Samsung Vietnam proposes direct purchase of renewable energy

    Samsung Vietnam proposes direct purchase of renewable energy

    Electronics giant Samsung Vietnam has proposed that it joins a trial program to purchase power directly from renewable power plants instead of monopoly distributor Vietnam Electricity.

    Choi Joo Ho, CEO of Samsung Vietnam, submitted the proposal to the Ministry of Industry and Trade last week. He asked that the company participates in the Direct Power Purchase Agreements (DPPA) policy that is being studied for a three-year trial.

    Three to four other big companies also want to join the program, a person familiar with the matter told VnExpress.

    The program will allow manufacturing companies with a minimum of 22-kilovolts power lines to negotiate and buy directly from solar and wind power plants.

    In the first three years, when the policy will be trialed, the customer needs to buy at least 80 percent of the agreed amount of power.

    Solar and wind farms with a capacity of 30 megawatts or more can sign these agreements and need to begin commercial operation within nine months of joining the pilot program.

    The program with a total capacity of around 1,000 megawatts is set to start this year and run until 2023. At the end of the trial period, the ministry will review it and take a decision on making the arrangement permanent.

    The program is being considered amid the challenges solar power plants face in running at full capacity due to the limited capacity of the country’s transmission lines. Vietnam is set to cut up to 1.74 billion kilowatt-hours of renewable energy in the second half this year to deal with national grid overload, Vietnam Electricity, has announced.

    Lees ook:

  • Vietnam replaces China as largest furniture exporter to US

    Vietnam replaces China as largest furniture exporter to US

    Vietnam has overtaken China as the largest furniture exporter to the U.S. as tariffs drive manufacturers out of the world’s second-largest economy.

    Vietnam exported $7.4 billion worth of furniture to the U.S. last year, compared to China’s $7.33 billion. This marked a 31 percent year-on-year surge for Vietnam, while that of China fell 25 percent.

    The shift has happened over the past two and a half years with the U.S. imposing tariffs as high as 25 percent on almost all furniture categories from China, pushing manufacturers to move out.

    In 2018 and 2019, Vietnam’s furniture shipments to the U.S. rose by double digits each year, while that of China fell by double digits.

    “That doesn’t surprise me at all,” said Fred Henjes, CEO of Riverside Furniture Corp. “We are no longer buying products out of China, and I know there are many others besides us.”

    Strong import categories of this company from Vietnam include bedroom, dining room, and home office furniture, Furniture Today quoted him as saying.

    Another company, Klaussner Home Furnishings, sources all of its wood furniture from Vietnam now. Its sales in the wood segment from Vietnam were up 10 percent last year.

    The U.S. was Vietnam’s largest export market in the first four months at $30.3 billion, up 50 percent, followed by China at $16.8 billion, up 32.4 percent.

    Lees ook:

    Lees ook:

  • Honda Vietnam to recall cars over fuel pump issue

    Honda Vietnam to recall cars over fuel pump issue

    Honda Vietnam has announced it would recall 27,640 locally assembled and imported vehicles to resolve a fuel pump malfunction.

    The affected models are City (8,626 units), Civic (3,624 units), CR-V (10,687 units), HR-V (3,630 units), Jazz (630 units) and Accord (442 units) made in 2019. Out of nearly 28,000 defective vehicles, 19,014 were locally assembled, with the rest imported from Thailand. The recall will start this Wednesday.

    Faults related to the fuel pump installed in these vehicles may involve defective impellers. Over time, the pump may crack, deform and prevent the engine from starting or stalling.

    At present, there is no record of safety threats due to the fuel pump error in the Vietnamese market. Vehicle owners are advised to visit authorized dealerships to have their engines checked.

    Replacements will be made when spare parts become available. Spare parts and related services would be completely free of charge. For vehicles imported through non-genuine import dealerships, in case customers request, Honda Vietnam would still provide relevant information.

    Honda was the fourth best-selling auto brand in Vietnam in the first quarter of this year with 6,782 units sold, up 24.7 percent year-on-year.

  • Vietnam largest gold market in Southeast Asia

    Vietnam largest gold market in Southeast Asia

    Vietnam is the largest gold market in Southeast Asia and among the top 10 markets in the world, a recent study has found.

    Last year consumer demand in Vietnam was 39.8 tons, higher than Indonesia’s 37.6 tons and Singapore’s 9.4 tons, according to the World Gold Council (WGC).

    Gold is the top asset class for 68 percent of Vietnamese investors, it said citing a study of 2,000 investors in March last year.

    The outlook for the precious metal is positive with 81 percent of people who bought gold in the past considering buying more, nearly twice the global average of 45 percent.

    Seventy-six percent supported opening a gold investment account at banks to formalize the gold market. Currently, most buy gold at shops.

    “Research shows demand for gold in Vietnam is strong and there is support to develop new investment products such as buying gold through digital platforms or opening a gold investment account,” Andrew Naylor, director in charge of ASEAN at the World Gold Council, said.

  • Airport ground service firm reports $1.4 mln loss

    Airport ground service firm reports $1.4 mln loss

    Taseco Air Service JSC, owner of restaurants, duty-free shops, and advertising contractor at several airports across Vietnam, has posted a VND31.8 billion ($1.4 million) loss in Q1.

    This is the fourth consecutive quarter that the firm has reported a loss as it goes through one of the most challenging times for the aviation industry. International flights remain restricted after more than a year and the Covid-19 outbreak triggered late January hampered domestic travel recovery.

    The firm’s revenue fell 70 percent year on year to VND58.3 billion.

    It currently operates over 100 restaurants and souvenir shops at seven international airports nationwide.

    The firm has targeted VND317 billion in revenues this year, down 12 percent from last year. It expects to suffer a VND83.87 billion loss this year.

    Lees ook:

  • Share issuance value surges as businesses expand

    Share issuance value surges as businesses expand

    The share issuance value of listed companies as of mid-April this year was more than 1.6 times that of 2020 as businesses seek to expand operations.

    As of April 13, 54 listed companies have announced plans to issue more shares this year to raise nearly VND44.7 trillion ($1.94 billion), according to financial data provider FiinGroup.

    In the first quarter, 43 companies raised nearly VND19.8 trillion, accounting for nearly 70 percent of the total amount raised last year.

    With Vietnam being able to contain its Covid-19 outbreaks relatively efficiently, businesses are seeking to recover and expand production. Therefore, there is high demand for raising capital, a FiinGroup report says.

    The biggest issues this year are set to be that of national flag carrier Vietnam Airlines and agriculture giant HAGL Agrico, together accounting for one-third of the projected total.

    Vietnam Airlines is set to raise VND8 trillion through share issuance this year, seeking to reduce its debt-over-equity ratio from 6.2 to 5.2.

    HAGL Agrico is set to raise VND 7.4 trillion.

    Several brokerages are also planning to issue more shares amid rising demand for margin debt as new investors pour cash into the stock market.

    VNDirect plans to raise VND2.2 trillion, while Ho Chi Minh City Securities wants to raise VND2.1 trillion.

    Lees ook:

    Lees ook:

  • Sun Group lures Vietnamese talents by investing in working environment

    Sun Group lures Vietnamese talents by investing in working environment

    With a dynamic and far-reaching recruitment strategy, Sun Group offers employees a work-life balance and opportunities through sustainable and community-oriented projects.

    Over 14 years, Sun Group has developed iconic landmarks in Vietnam, including unique resorts, world-class entertainment complexes, and real estate ecosystems.

    Sun Group has created its own organizational culture, continually attracting and retaining young, dynamic, and highly sought-after talent in Vietnam. It seeks to hire and train highly qualified and principled individuals.

    The group has sought out talents in Vietnam since the beginning. To attract and retain top talent, it offers not only competitive salaries but also a forward-thinking and positive working environment, where employees can develop their careers and benefit from international labor standards.

    “We invest in the well-being of employees, making sure they always feel valued and happy to be part of such a dynamic team. A positive, high-energy and friendly workplace would inspire personnel to do their best,” a Sun Group representative said.

    To handle work pressure, Sun Group creates a work-life balance at the office. It offers wellness programs, sports events, on-site gym facilities, even smoking cessation programs to promote healthy lifestyles.z

    Sun Group strives to take care of its employees in the same way a family would. For employees working far from home, the company provides accommodation, on-site childcare facilities, and transit services.

    Charity programs like Sunflower Fund and Warm Spring support the poor and disadvantaged. “We empower them to be the best version of themselves, boosting creativity as a work culture while retaining a sense of homeliness and togetherness,” the representative said.

    “Sun Group contributes to the sustainable recovery of Vietnam’s tourism industry amid Covid-19, and minimizes the impact of the crisis on its employees by implementing flexible policy solutions toward ‘the new normal’.”

    By launching campaigns like Go Green, No Plastic Waste, Stop Smoking, Live Happily – Live Healthily, Sun Talents and Change for Future, it aims to spread the message of sustainable and healthier living.

    Despite operations being severely affected by Covid-19, Sun Group still strives to contribute to the sustainable recovery of Vietnam’s tourism industry, and its actions continue to minimize the impact of the crisis on its employees.

    During a challenging time, the company swiftly acted, implementing plans and offering flexible policies to help employees adjust to the ‘new normal’. Sun Group also rolled out various cultural and social media activities to encourage a positive spirit across communities and maintain employee morale.

    Responding to the Covid-19 impact on global tourism, the group introduced exciting products and services to boost the industry while supporting the government to eliminate this disease.

    Developed by Sun Group, Van Don International Airport has welcomed thousands of flights over the past year, welcoming Vietnamese returning home from countries affected by the pandemic.

    In central Vietnam, Sun Group set up Tien Son field hospital in just three and a half days to treat Covid-19 patients. A team of Sun Group professionals was dispatched to Chi Linh Town, Hai Duong, hotspot of a recent outbreak, to support field hospital construction.

    “The outbreak came just two weeks before Tet (Lunar New Year), an occasion for family reunions, so I feel a little bittersweet about this outstanding effort. At Sun Group, we all wished to make a contribution in the hope of controlling infections in Hai Duong, so people could welcome the new year safely and happily. It was nothing compared to the ceaseless efforts being made by the doctors, nurses and soldiers on the frontline, who have been battling to contain and eliminate the virus,” said Pham Hoang Tuan, Project Manager in Capital Region of Sun Group.

    A Sun Group representative said: “Creating positive working environment, caring for employees as family and inspired them to make a difference… all of these are the reason to explain why Sun Group has consistently been identified as one of the best companies and one of the leading employers in Vietnam.”

    In 2020, the group received the “Top 5 Real Esate Companies”, “Top 100 Vietnam Best Places to Work 2020” and “Top 50 for Vietnam’s Most Attractive Employers 2020” awards.

    Sun Group was named on the “Top 10 Excellent Companies with Responsive Human Capital Initiative” list, a prestigious award in the field of human resources.

    Lees ook:

  • Australian firm seeks patent for Vietnam rice variety

    Australian firm seeks patent for Vietnam rice variety

    An Australian firm has sought a patent for Vietnamese rice varieties ST25 and ST24.

    According to intellectual property authority, IP Australia, T&L Global Foods Supply PTY LTD on April 22 sought to register ‘Rice; Best Rice of the World’ trademarks for the two varieties.

    It is the sixth company internationally – the other five are in the U.S. – to seek to appropriate ST25.

    Both were developed in Vietnam by farmer-scientist Ho Quang Cua, with ST25 going on to win the first prize in the 2019 World’s Best Rice Contest held in the Philippines and ST24 the second prize in the 2017 contest in Macau.

    Ngan Tran, director of Maygust Trademark Attorneys in the Australian capital Canberra, said it takes three to four months to carry out checks for patent registration.

    If an application meets all the requirements, the IP agency would issue a notice accepting the trademark and disclose the information enabling anyone with an objection to file within two months, she explained.

    If there is no objection, the patent would be granted, she said.

    Of the five applications for ST25 submitted to the United States Patent and Trademark Office (USPTO), only the one by I&T Enterprise Inc. has crossed the first stage.

    The Vietnam Trade Office in the U.S. is helping a Vietnamese company fight I&T.

    The USPTO is set to publish the application by I&T on May 4, and Cua and his son’s company need to file an objection by June 4.

    Several ministries are assisting Cua’s company, which has also hired a law firm.

    Lees ook:

    Lees ook:

  • Fraudulent digital apps stalk, rob Vietnamese netizens

    Fraudulent digital apps stalk, rob Vietnamese netizens

    Investment platforms offering quick, handsome profits are mushrooming in Vietnam as fraudsters look to take advantage of gullible social media users.

    Over 700 reports have recently been filed with HCMC police by thousands who have been tricked by smartphone app Coolcat. The extent of fraud is estimated at VND200 billion ($8.7 million), the police said.

    This is just one of many apps that have made their appearance in Vietnam recently, aiming to trick investors with promises of quick and easy profits.

    Over 160 investors this month claimed to have been tricked by Bounty, a website that rewards users with money if they interact with online vendors on social media, such as liking a post on Facebook or subscribing to a YouTube channel. There are 10 levels of users, and users up their levels by putting in more money, which will allow them to complete tasks with higher profits.

    Ngoc, an investor, was able to gain VND1.4 million ($61) in just a few days, so she decided to invest a total of VND194 million in the platform and invited others to join.

    But on April 24, Bounty investors started to leave the groups and stopped posting on social media; and three days later, the website interface was changed from Vietnamese to Chinese.

    Another platform, Lifeshop, allows users to make money by placing fake orders on online shopping websites. By placing 12 orders a user can make VND25,000, but he or she can make more by spending money to advance to higher levels.

    Similarly, an app called Lucky Money offers commissions of 1-5 percent for each task a user completes, without providing any information about the company behind it.

    Hatching eggs apparently can make money too, with the app TamaGo promising 5 percent interest in just eight hours if investors put in a sum of money to “hatch” a digital egg.

    Promoters of the app say it is developed in Singapore and is being welcomed in Japan and South Korea, but offer no statistics or other evidence.

    “You will never lose,” they assert.

    Dinh Trong Thinh, senior lecturer at the Academy of Finance in Hanoi, said that many investors are drawn to this kind of investment because they think they can withdraw early without making losses.

    This business is not regulated in Vietnam and investors have to engage in them at their own risk, he said.

    Early birds might make some money with these platforms, but later investors will likely lose, he added.

    Ngo Tan Vu Khanh, a faculty member of University of Economics Ho Chi Minh City, said that creating an app is very easy these days. Whenever a suspicious app crashes, another will replace it. Developers can even make several such apps with some adjustments of users interface to lure new investors in, he said.

    Until there is a legal framework to regulate such apps, users should not invest in them as the chance of losing money is very high, he added.

    Lees ook:

    Lees ook:

    Lees ook:

    Lees ook:

  • Panasonic stops producing TVs in Vietnam

    Panasonic stops producing TVs in Vietnam

    Japanese electronics giant Panasonic will end TV production in Vietnam and India by the end of fiscal 2021.

    Panasonic decided to negotiate with Chinese rival TCL, the world’s third-largest TV maker, to handle its outsource production, after considering many major manufacturers.

    It said the development of low-end TVs, which have low margins, will be outsourced to cut costs.

    The company has followed other leading Japanese brands in scaling down TV production – an area formerly a major competitive advantage for the country’s electronics industry. Panasonic will continue to produce its own high-end TVs, mainly for sale in Japan. However, the company will also consider consolidating or shrinking production locations at home and abroad.

    “Panasonic’s TV business has been struggling due to fierce competition from Chinese and South Korean rivals.”

    Panasonic used to hold 10 percent of the global TV market share but gradually lost its appeal when low-cost competitors from China appeared. Previously, Panasonic withdrew from the plasma TV segment and discontinued production in the U.S. and China.

    According to British research firm Omdia, by 2020, Panasonic ranked 12th worldwide in TV shipments with a 1.8 percent market share.

    Sales and production of TVs account for less than 10 percent of Panasonic’s total revenue. This segment was profitable in the fiscal year ending March 2021 thanks to strong development of the domestic market.

    However, the company soon found the opportunity to earn long-term profits from TVs is no longer stable. They were forced to restructure their businesses, similar to many other Japanese brands.

    Previously, in 2012, Japanese electronics firm Hitachi terminated its domestic TV production and sold its entire brand in 2018. That same year, Japan’s electronics maker Toshiba also sold all of its TV assets to China’s electronics maker Hisense Group. Meanwhile, Sony has restructured its business model by reducing sales channels and some inefficient product lines.

    Panasonic annually sells about six million TVs worldwide.

    In Vietnam, Panasonic has eight companies, including Panasonic System Networks Vietnam in Hanoi which specializes in products for the export market like phones, projectors, and others, and refrigerator and washing machine factories, an R&D center scattered across different locations, from Hanoi to central Da Nang and southern Ho Chi Minh, Can Tho cities.

  • Vietnamese studio bags $1 mln funding for new blockchain game

    Vietnamese studio bags $1 mln funding for new blockchain game

    Vietnamese game studio Topebox and its blockchain partner KardiaChain have raised $1 million for an upcoming blockchain game called My DeFi Pet.

    The investors include Shanghai-based venture capital firms Axia8 Ventures, OKEx Blockdream Ventures, and the venture capital fund of cryptocurrency exchange OKEx in Hong Kong. Vietnam-based venture capitalist Megala Ventures and Chinese game developer Animoca Brands have also pitched in.

    Based in HCMC, Topebox is the developer of hit games like Pocket Army, Sky Dancer: Free Falling, and King Rivals. It had bagged $1 million in the seed funding round from Singapore’s mobile game publisher Habby in April last year.

    My DeFi Pet is its first blockchain gaming project, which is set to launch globally in mid-May. The game will include decentralized finance (DeFi) and non-fungible token (NFT) features. NFT is a unit of data stored on blockchain that certifies a digital asset to be unique and therefore not interchangeable.

    Accordingly, players can earn tokens while playing the game, get rewards by participating in the game’s events and make profit from selling in-game characters.

    The Topebox developer team includes experienced game producers from Vietnam’s gaming giant VNG and leading global mobile video games developer Gameloft.

    It aims to have it business appraised and valued at $150 million in the next 3-5 years.

    Before My DeFi Pet, Vietnam had developed another blockchain game called Axie Infinity, released in 2018. It was developed by Vietnamese game developer Sky Marvis and was the first blockchain game developed in Southeast Asia.

    Lees ook:

    Lees ook:

  • Honey exports set for anti-dumping probe in US

    Honey exports set for anti-dumping probe in US

    The U.S. Department of Commerce has received demands for anti-dumping investigations into honey imported from Argentina, Brazil, India, Ukraine, and Vietnam.

    According to the Trade Remedies Authority of Vietnam, for the first time ever the country’s honey products face the risk of being investigated for trade remedies in the U.S.

    The complainants are the American Honey Producers Association and the Sioux Honey Association, who have listed 12 Vietnamese firms in the petition and calculated the dumping margin at 207.08 percent.

    They want the anti-dumping investigations to be done for the period from October 1 last year to March 31 this year, and want damage investigation done from the beginning of 2018.

    Data from U.S. customs shows Vietnam exported 50,700 tons of honey products in 2020, or 25.8 percent of that country’s total honey imports.

    The DOC will decide whether to launch an investigation within 20 days.

    The U.S. International Trade Commission is reviewing the two associations’ lawsuits to assess the damage done to the U.S. honey production industry.

    Lees ook: