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Tag: Vietnam

  • Sharp to launch new solar power plant in central Vietnam

    Sharp to launch new solar power plant in central Vietnam

    Japanese electronics giant Sharp Corporation will begin operating a 45 MW solar power plant in the central province of Ninh Thuan in July. The plant is a joint venture between Sharp Energy Solutions Corp., a subsidiary of Sharp Corporation, Vietnam’s T&T Group JSC, and its affiliate Ninh Thuan Energy Industry JSC.

    The new solar plant is expected to generate 76,373 MWh of electricity per year, enough to meet the average annual demand of 40,500 Vietnamese households. It can offset the equivalent of 25,458 tons of carbon dioxide (CO2) emissions a year, Sharp said in a recent statement.

    Japanese news agency Kyodo News quoted a spokesman of the giant as saying that Sharp has been pushing its solar power business in Asia, having built plants in Thailand, Indonesia, and Mongolia, on the back of expected growth in consumption of electricity.

    Solar power currently accounts for 0.01 percent of Vietnam’s total power output, but the government plans to increase the ratio to 3.3 percent by 2030 and 20 percent by 2050.

    Vietnam currently relies largely on hydropower and thermal power for its electricity needs, but its hydropower potential is almost fully exploited and oil and gas reserves are running low.

    Under its energy development plan, Vietnam aims to have renewables, mainly solar and wind, account for 10.7 percent of total energy production by 2030.

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  • Government to sell its shares in Vietnam’s largest brewer

    Government to sell its shares in Vietnam’s largest brewer

    The government plans to sell its 36 percent stake in the country’s largest brewer, Sabeco, this year. The Saigon Beer Alcohol Beverage Corp (Sabeco) is one of 139 enterprises in a new list in which the government’s stakes will be sold by sovereign fund State Capital Investment Corporation.

    The Ministry of Industry and Trade (MoIT) has been instructed to transfer the government’s stakes in these enterprises to the SCIC by August 31. The government had sold a 53.59 percent stake in Sabeco to ThaiBev for over $5 billion in 2017.

    The news puts paid to speculative claims made by some media outlets in early June that MoIT was seeking to reacquire Sabeco shares from ThaiBev due to “unexpected pandemic effects.”

    At the end of 2019 the maker of Saigon Beer had assets estimated at VND 26.96 trillion ($1.2 billion) and owner’s equity of VND20.07 trillion ($870 million).Sabeco recently scaled down its revenue target for this year by 37 percent to VND23.8 trillion ($1 billion) and post-tax profit target by 39 percent to VND3.2 trillion ($138 million), the lowest in six years.

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  • Vietjet honoured for “the Operating Lease Deal of the Year”

    Vietjet honoured for “the Operating Lease Deal of the Year”

    New-age carrier Vietjet has been honoured as the winner of “the Operating Lease Deal of the Year” for its 10 Airbus aircraft operating lease in 2019. The title is listed in the Annual Global Awards of the world’s prestigious aviation and aerospace finance industry magazine,Airfinance Journal.

    The deal, which was signed between Vietjet and Novus Aviation Capital in July 2019, covers five aircraft (three A321s and two A321neos) delivered in 2019 while the five remaining aircraft are scheduled for delivery this year.

    The award recognised Vietjet’s benefits from the transaction including the flexibility in financing structure, attractive pricing of the lease, repeat documentation, and aircraft delivery schedule.

    “The award is an acknowledgement of Vietjet’s relentless efforts in aircraft financing activities, which sets a strong base for the airline’s sustainable investment and development of new and modern fleet in the coming years,” said Ho Ngoc Yen Phuong, Vietjet Vice President and CFO.

    Vietjet was also previously listed in the Top 50 airlines for healthy financing and operations for two consecutive years of 2018 and 2019 by Airfinance Journal. It is the only Vietnamese carrier in the list, which showed the airline’s positive finance and growth indicators amongst top airlines worldwide.

    Published for more than 40 years, Airfinance Journal is a leading financial publication in the global aircraft and aviation business, headquartered in London. The Journal includes the latest news, analysis and data relating to the financing of aviation industry globally, covering airlines, airports, banks and financial institutions, leasing companies and others.

    Vietjet has been awarded the highest ranking for safety with 7 stars by the world’s only safety and product rating website, AirlineRatings.com. The airline has also been named as Best Low-Cost Carrier by renowned organisations such as Skytrax and CAPA in recent years.

  • Online marketplace Tiki gets US$130 million funding

    Online marketplace Tiki gets US$130 million funding

    Vietnamese online marketplace Tiki has successfully raised US$130 million in its latest funding round led by Northstar Group.

    According to Deal Street Asia, the total value of the investment may increase by a further $20 million.

    Founded in 2003, Northstar Group is a Singapore-based private equity firm, currently investing US$3 billion in more than 30 companies across Southeast Asia.

    Recently, online marketplace Tiki and rival platform Sendo informed authorities of a proposed merger scheme amid intense competition in Vietnam’s e-commerce market, with two strong rivals Lazada and Shopee. However, neither company has commented further on the plan.

    Although Tiki has received large investment amounts, the company is locally referred to as a “money-burning machine”. It accumulated a loss of $60.9 million last year.

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  • Uniqlo opens new Vietnam store, goes online in the Philippines

    Uniqlo opens new Vietnam store, goes online in the Philippines

    Japanese fast-fashion retailer Uniqlo is to open its third store in Ho Chi Minh City this week and will debut online in the Philippines.

    Less than a month after the opening of the Ho Chi Minh’s second store at SC Vivo City, Uniqlo Vietnam is to launch another store in the country’s tallest building Landmark 81 this Friday (June 5).

    Occupying a 2000sqm area, the Uniqlo Landmark 81 store features the brand’s LifeWear products for males, females and kids. The store also features Uniqlo’s latest collections including the Billie Eilish x Takashi Murakami UT. To celebrate the opening, Uniqlo Landmark 81 is running several promotions such as giving away Uniqlo’s mugs and Landmark 81 SkyView tickets.

    Meanwhile, in the Philippines, the fast-fashion brand says it will launch online in the second half of this year.

    “An online store will provide local Uniqlo customers a faster and easier way of purchasing their favorite LifeWear items,” said Masayoshi Nakamura, COO at Uniqlo Philippines.

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  • Vietnam retail sales bounce back after virus outbreak shutdown ends

    Vietnam retail sales bounce back after virus outbreak shutdown ends

    Vietnam retail sales have dropped just 4 percent over the first five months of this year, despite a four-week shut down due to the Covid-19 crisis.

    According to the General Statistics Office (GSO), the retail revenue reached more than US$82.36 billion from January to May.

    ‘Non-essential’ stores across the country were closed from the end of March through most of April, with only supermarkets and pharmacies allowed to continue to trade. However, throughout the closure, all retailers were allowed to sell goods online.

    In May, after restrictions were lifted, Vietnam retail sales surged 27 percent from April’s figures.

    Sales of consumer goods accounted for 80.6 percent of retail revenue, increasing by 1.2 percent year on year.

    Growth sectors included fresh-food products and home appliances while educational products and apparel sales fell by 8.2 percent and 3 percent respectively

    Although restaurants and other catering businesses have resumed their operations, the F&B sales fell 26 percent year on year across the first five months of this year.

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  • Vietnam retail sales down since January

    Vietnam retail sales down since January

    Vietnam retail sales fell 9.6 percent year on year over the first four months of this year, according to the General Statistics Office.

    However, sales of consumer goods across the country increased by 0.4 percent, reflecting increasing demand for groceries and online shopping during the Covid-19 outbreak.

    Sales in the restaurant and accommodation sector plunged 23.6 percent year on year as consumers were banned from eating on-premises and due to travel restrictions.

    Meanwhile, retail sales in Ho Chi Minh City, the country’s commercial capital with a population of 9 million, surged in both supermarkets and traditional markets ahead of the country’s four-day holiday which began on April 30, as myriad promotions were offered.

    According to the Vietnam News Agency, discount promotions at Co.opmart and Co.opXtra supermarkets during the holiday saw sales rise by more than 30 percent compared to normal days.

    The most popular items include local seafood, poultry, fruit and vegetables, soft drinks, masks and kitchenware.

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  • Vietnam Airlines to operate two direct flights to US amid pandemic chaos

    Vietnam Airlines to operate two direct flights to US amid pandemic chaos

    Vietnam Airlines will operate two commercial flights from Hanoi to the U.S. in May, exclusively for U.S. nationals.

    One would leave at 9:45 a.m. on May 2 and arrive in San Francisco at 10:00 a.m. local time, and the other will depart from Hanoi at 6:20 a.m. on May 10 and land in Washington, D.C., at 1:00 p.m. local time, the U.S. embassy announced.

    The fare would depend on the number of passengers and could be higher than a normal one-way ticket, it said, calling for citizens who need departure assistance to register with the embassy by Tuesday afternoon.

    Vietnam has suspended all international flights as a containment measure against Covid-19 and thousands of foreigners are stuck in the country.

    Some special flights have been operated in recent weeks to repatriate Europeans and citizens of several Southeast Asian countries.

    The U.S. Federal Aviation Administration issued a Category 1 rating to the Civil Aviation Authority of Vietnam under its International Aviation Safety Assessment program in 2019, meaning it met safety standards to operate flights to the U.S.

    Vietnam has emerged as a favorite travel destination for Americans.

    The United States Tour Operators Association had said Vietnam was one of the hottest destinations for U.S. travelers in 2019, with 746,171 of them visiting, an increase of 10.8 percent from 2018.

  • Samsung Display workers asked to be quarantined in Vietnam

    Samsung Display workers asked to be quarantined in Vietnam

    Based on a statement released by the anti-COVID-19 task force of Vietnam’s Bac Giang province, a worker at the Samsung Display factory’s EQC-SI unit, age 25, had tested COVID-19 positive on Sunday.

    This led to the quarantine of all 44 people in that unit, while the factory, located in the province of Bac Ninh, and buses used for transporting workers have been additionally sprayed with disinfectants. Samsung has confirmed the case, while noting that Samsung Display’s production lines in the country have not been affected.

    Samsung is Vietnam’s largest foreign investor, and the world’s largest OLED screen manufacturer, holding over 90% of the entire market.

    Worldwide, most smartphone companies have been experiencing various setbacks due to the coronavirus pandemic. Phone sales hit a 10-year low in sales, as people are increasingly reluctant to update their older smartphones or purchase expensive new flagships due to the financial uncertainty the virus brings.

    We recently reported that an Apple supply partner in Taiwan prepared for decreased production in the upcoming months, while COVID-19 is also expected to delay the manufacturing processes of many other companies’ upcoming flagship and 5G smartphones.

    Several tech companies took measures towards supporting their customers and various affected groups around the world during the coronavirus pandemic. Apple is letting Apple Card users skip monthly payments without occurring interest, and is donating millions of dollars towards the fight against COVID-19. Samsung began offering door-to-door servicing of their Galaxy products in some regions, encouraging customers to remain safely at home. In addition, Google recently made its Premium Google Meet service free until the end of this year, in an effort to help businesses and schools remain connected.

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  • Over 320,000 jobs in Asia-Pacific travel-retail industry under threat

    Over 320,000 jobs in Asia-Pacific travel-retail industry under threat

    Governments across Asia Pacific are being urged to protect more than 320,000 duty-free and travel-retail industry jobs at risk during the coronavirus pandemic.

    The Asia Pacific Travel Retail Association claims that the jobs in the US$36 billion industry may be overlooked by politicians devising financial rescue measures to deal with the economic fallout of the pandemic. It is asking governments to support the industry along with airlines, airports and maritime businesses.

    In a special report, the association outlines the industry’s almost $15 billion contribution to GDP across Asia Pacific.

    “Airport retail and commercial services, including food and beverage, constitute a crucial business sector providing up to 60 percent vital commercial income for airport owners, outpacing aeronautical revenue streams,” read a statement issued by the association.

    “It is the most significant direct contributor to the investment in Asia-Pacific’s aviation infrastructure and ongoing development of world-class national gateways, the region’s hubs to the world.”

    “The dynamics of duty-free and travel retailing are intrinsically linked to the aviation and maritime industries and its viability is entirely dependent on the return in passenger traffic,” said association president Grant Fleming.

    “This means 320,000 jobs are at risk that could be safeguarded if governments extend financial support packages to the industry.”

  • Uniqlo Vietnam opens new store in Ho Chi Minh City

    Uniqlo Vietnam opens new store in Ho Chi Minh City

    Uniqlo Vietnam is to open Ho Chi Minh’s second store this year despite the coronavirus outbreak.

    Located at SC Vivo City shopping mall in District 7, the city’s second Uniqlo Vietnam store will occupy more than 2000sqm of area, featuring its LifeWear products for males, females and kids.

    The opening date has yet to be disclosed, but the store is expected to open this spring/summer with the interior fit out well underway.

    “We are aware of the huge demand from Vietnamese customers for Uniqlo products,” said Osamu Ikezoe, Co-CEO of Uniqlo Vietnam. “We are excited to open the SC Vivo City store to introduce our fashion philosophy LifeWear to our customers.”

    Osamu said Uniqlo Vietnam plans three more stores this year. According to a prior company statement, the brand aims to operate at least three stores in Hanoi and eventually reach up to 20 nationwide.

    Earlier this month, Uniqlo Vietnam made its Hanoi debut, attracting more than 2000 people on its opening day.

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  • Fake luxury goods seized at famous Vietnam markets

    Fake luxury goods seized at famous Vietnam markets

    Ho Chi Minh City authorities seized thousands of fake luxury goods at two famous local markets last week.

    According to Tuoi Tre News, market watchdog officers seized more than 1500 fake items worth US$6282 at Saigon Square and Ben Thanh Market, the latter one of Ho Chi Minh City’s most popular tourist attractions.

    All the products seized are copies of famous luxury brands including Prada, Montblanc, Gucci, and Rolex.

    Representatives of the General Department for Market Management said the unit will keep preventing vendors from selling counterfeit and pirated goods, focusing on hotspots where these items are commonly on show.

    Located in the city’s center, Saigon Square and Ben Thanh Market are renowned for selling fake luxury goods to tourists.

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  • Aeon Vietnam plans a massive expansion

    Aeon Vietnam plans a massive expansion

    Japanese retail giant Aeon Vietnam says it will invest US$2 billion expanding its presence across the country.

    Aeon Vietnam opened its fifth shopping center in the country last November, its second in the capital city Hanoi. Now, the general director of Aeonmall Vietnam, Iwamura Yasutsugu, says the company is eyeing 25 centers across the country

    Aeon launched in Vietnam in 2013, opening its first mall, Celadon City, in a remote suburb of Ho Chi MInh City, which was expanded last June. More malls have been built in locations including the industrial city of Binh Duong, near Ho Chi Minh City, and Hanoi’s Long Bien district.

    The latest center, in the Duong Noi commune at Ha Dong, covers 150,000sqm and has about 200 tenant stores as well as the Aeon hypermarket and food anchor.

    Aeon’s strategy to date of expanding in Vietnam is to build centers in suburban districts rather than downtown locations, shaping its offer to local communities and mixing local goods with imported products.

    Aeon Vietnam also has a program to boost exports of Vietnamese goods to stores it operates outside the country. It aims to export US$500 million of goods this calendar year and reach $1 billion within five years.

    Last August, Aeon’s Japanese board held a meeting in Ho Chi Minh City and toured the Celadon City site, further evidence of the company’s commitment to the market.

    At the time, chairman Hiroshi Yokoo described Vietnam as “the most significant market of the company in Southeast Asia”.

    Aeon Vietnam plans US$2 billion expansion

  • South Korean carriers cut Vietnam flights as coronavirus infections spiral

    South Korean carriers cut Vietnam flights as coronavirus infections spiral

    South Korea’s largest carriers have decreased the frequency of flights to Vietnamese tourist hotspots over rising Covid-19 infections at home.

    Korean Air, the largest airline in South Korea, has announced that it will suspend many flights departing from Seoul and Busan to Ho Chi Minh City and Hanoi, Vietnam’s two largest metropolises, Da Nang and Nha Trang in central region and Phu Quoc Island in the south until the end of March.

    Asiana Airlines, the country’s second-largest carrier, has also canceled many flights from Incheon Airport in Seoul to Hanoi, Da Nang and Nha Trang at least until mid-March. This airline’s Incheon-Phu Quoc route will continue operations, but the frequency will be reduced from four flights a week to two.

    Korean Air normally operates 20 flights between the two countries a day, while Asiana Airlines has an average 4 flights a day. The two carriers did not reveal specific numbers of suspended flights.

    The flight suspensions follow the rapid spread of the novel coronavirus in South Korea, where more than 4,800 infections and 23 deaths have been recorded.

    Vietnam is a leading destination among South Koreans, ranked third after Japan and mainland China, according to Global Destination Cities Index (GDCI), released by Mastercard last year. South Korea is the second-largest feeder market of Vietnam’s tourism after China, with around 4.2 million visitors in 2019, up 23.1 percent year-on-year.

    Nha Trang and Da Nang are among top holiday destinations for South Koreans.

    The Covid-19 outbreak, with its epicenter in China, has severely cut the number of South Koreans traveling abroad, and Vietnam’s tourism sector has borne the brunt.

    Around 322,000 South Koreans came to Vietnam in February, down 16 percent from a year ago. Worse still, the number is expected to decrease dramatically in the coming months after the South Korean government declared a red alert, its highest level of epidemic alarm.

    The Vietnamese government, too, has deployed various measures to prevent the spread of the virus, including canceling many flights to South Korea and suspending visa-free entry for South Koreans starting last Saturday.

    In Vietnam, national flag carrier Vietnam Airlines has said it will suspend all flights to South Korea from Thursday while private carrier Bamboo Airways halted services to the country South Korea from February 26.

    Hanoi’s Noi Bai and Ho Chi Minh City’s Tan Son Nhat, Vietnam’s two largest airports, had stated they would stop receiving South Korea arrivals starting Sunday.

    Passengers scheduled to land in Noi Bai will have to do so at Van Don Airport in northern Quang Ninh Province, around four hours drive away, while those headed for Tan Son Nhat will have to travel a similar distance to Can Tho Airport in the Mekong Delta.

    This decision was taken after a large number of Vietnamese returning from South Korea overloaded medical quarantine facilities in both cities.

    All 16 people with Covid-19 recorded in Vietnam so far have been discharged from hospitals.

    Globally, the death toll has reached 3,069, mostly in mainland China, followed by Iran (66), Italy (52) and South Korea (34). The U.S and Japan which have reported six deaths each.

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  • Vietnam says no more drinking scenes in movies

    Vietnam says no more drinking scenes in movies

    Scenes of actors drinking alcohol in films will be restricted under a new decree guiding the alcohol law.

    Cinemas will only show actors drinking if they are playing historical characters or acting in scenes that criticize alcohol addiction, Decree 24, which took effect on Monday to guide several provisions of the Law on Preventing Alcohol’s Harmful Effects, lays down.

    Movies are not allowed to admire or praise individuals and organizations achieving success by producing alcohol or doing any business related to alcohol.

    In June last year lawmakers approved time restrictions for advertising liquor on television and radio. According to the decree, advertisements for alcoholic drinks will be banned from 6 p.m. to 9 p.m. and immediately before and after and during children’s programs.

    Decree 24 relaxes it slightly and permits beverages with an alcohol content of under 5.5 percent and made by sponsors of regional, continental or global sporting events held in Vietnam to be advertised between 6 p.m. to 9 p.m.

    Producers of drinks with less than 15 percent alcohol must add warnings saying drinking alcohol can lead to traffic accidents, affect the fetus and those under 18 are not allowed to drink under the law.

    If an advertisement appears on TV or radio, the warning must be read out aloud at a speed equivalent to that of other content.

    If it is advertised on a website, social media or print publications, the warning must make up at least 10 percent of the advertisement’s content and be in a color that makes it easy to read.

    A ban on advertising hard liquor has been in place for long.

    The new drunk driving law, which came into effect on January 1, doubled existing fines and revokes driving licenses for up to two years.

    There are fines for the first time for cyclists and electric bicycle riders, and anyone caught driving under the influence will have to pay VND400,000-600,000 ($17-26).

    Motorcyclists and car drivers could be fined VND6-8 million and VND30-40 million (VND1,730) and lose their licenses for 22-24 months.

    The country consumed some 4.6 billion liters of beer in 2019 after rising 10 percent from 2018, but growth could fall to 6-7 percent this year due to the tough new penalties, top brokerage SSI Securities Corporation (SSI) said last month.