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Tag: Vietnam

  • Samsung arm increases ownership in Vietnam IT firm

    Samsung arm increases ownership in Vietnam IT firm

    South Korea’s Samsung SDS has bought a five- percent stake on the market in leading IT services provider CMC Corporation.

    Its combined 30 percent stake now, after buying a 25 percent stake comprising newly issued shares last month, is reportedly worth over $40 million.

    CMC said it would use most of the proceeds for developing Internet of things (IOT) and artificial intelligence (AI) technologies with Samsung SDS, the systems development subsidiary of Samsung Electronics.

    CMC Chairman and CEO Nguyen Trung Chinh said this commitment from Samsung would propel CMC into the global league in the next five years and double its overseas sales to more than 30 percent of total sales by 2023.

    CMC also aims to integrate its IT systems with Samsung SDS’s and use IOT and AI to automate production lines, a model that would be implemented first in Vietnam before being exported to other markets, he said.

    Samsung SDS had announced in late July it would buy a 25 percent stake in CMC through a private placement, which it hoped would accelerate its foray into Vietnam’s fledgling cloud market and other markets in Southeast Asia.

    Samsung Electronics has two smartphone factories in the northern provinces of Bac Ninh and Thai Nguyen, which produce more than 150 million units a year, or half of Samsung’s all global sales.

    It also has a home appliances factory in Ho Chi Minh City. Last year Samsung products accounted for over $60 billion of Vietnam’s exports, or around 25 percent of its total.

    Founded in 1993, CMC is one of Vietnam’s largest IT services companies with revenues of VND5.23 trillion ($224 million) in 2018.

    The Hanoi company has eight subsidiaries and 3,000 employees, and it works mainly in system integration, software development, cloud computing, and IT infrastructure management.

    The strategic partnership would also help CMC’s goal of reaching $1 billion in sales by 2023, Chinh said.

  • AirAsia reveals exclusive route from Kuala Lumpur to Da Lat

    AirAsia reveals exclusive route from Kuala Lumpur to Da Lat

    Air asia has launched an exclusive route to Da Lat from Kuala Lumpur, further expanding its footprint in Vietnam.

    The four times weekly service to Da Lat, capital of Lam Dong province in the Central Highlands, will commence on Dec 20.

    Da Lat, known as the City of Eternal Spring for its pleasant weather, was developed as a leisure town by the French in the early 1900s, and boasts some fine examples of colonial architecture, such as Da Lat Railway Station and Lycée Yersin. Da Lat is also home to three mansions owned by Emperor Bao Dai, the last emperor of Vietnam.

    Other attractions include Xuan Huong Lake, a popular icon of Da Lat located in the city centre, and Linh Phuoc Pagoda, which is covered in colourful mosaic made from pieces of pottery and glass. For nature lovers, Robin Hill offers a panoramic view of the city and its natural surroundings, including Tuyen Lam Lake and Lang Biang Mountain, while trekking to the top of Mount Samson allows visitors to get a highland view of Da Lat.

    AirAsia Malaysia CEO Riad Asmat said, “We are proud to expand our fast-growing network with the introduction of this new and unique route to Da Lat, Vietnam. As the first international airline to fly to Da Lat, visitors from Malaysia no longer need to drive three hours from Nha Trang or five hours from Ho Chi Minh City to get to this picturesque city. This new route will strengthen economic ties for the people of southern Vietnam, while enhancing connectivity into other parts of Asean and beyond.”

    To celebrate the new route, AirAsia is offering all-in members fare for Kuala Lumpur-Da Lat from as low as RM99 from now until Sept 29 for travel from Dec 20 until March 27, 2020, only on airasia.com and the AirAsia mobile app.

    Da Lat is AirAsia’s seventh destination in Vietnam after Hanoi, Ho Chi Minh City, Da Nang, Nha Trang, Can Tho and Phu Quoc.

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  • GIC buys into Vietnam’s Vingroup retail group

    GIC buys into Vietnam’s Vingroup retail group

    A GIC-led investment group has purchased a minority shareholding in a Vingroup JSC retail business for US$500 million.

    The Vietnamese business, VCM Services and Trading Development JSC, is a recent venture set up to oversee the group’s VinMart-branded supermarket and convenience store chains.

    A statement by the Singapore sovereign wealth fund released last week stated that the subsidiary and its parent firm had “established themselves as reputable retail companies with attractive brands in Vietnam’s fast-growing consumer market”

    GIC’s investment is intended as a signal of confidence in the growth outlook for disposable incomes and household consumption in Vietnam.

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  • Saado eyes US expansion after Southeast Asian success

    Saado eyes US expansion after Southeast Asian success

    Vietnamese startup footwear brand Saado plans to expand its retail network into the US after successful launch in Laos, Cambodia and Myanmar within just a year – all without a single store.

    Last month, Saado launched its products on Amazon in the US, using the tagline “US Brand, Vietnam Soul”.

    “By applying for a US trademark, our brand is able to protect our products while enabling us to sell the sandals at more competitive prices” said Le Lam Hai Phung, CEO at Saado.

    Despite successful growth in four countries, Phung added he had no intention to set up physical outlets and planned to focus on a direct-to-consumer “Uber in Retail” business model instead.

    Founded in January last year, Saado has partnered with 40 stores throughout Vietnam as well as selling direct online and through marketplace platforms like Shopee. The company plans to enter three other Asian markets by the end of next year.

  • The Coffee Club opens first store in Vietnam

    The Coffee Club opens first store in Vietnam

    The first The Coffee Club Vietnam store has opened, marking the Australian-founded chain’s 10th international market.

    Minor International subsidiary Minor Food signed up Vietnam Investment Group (VI Group) as its local partner in The Coffee Club Vietnam last October.

    Paul Kenny, CEO of Minor Food said the chain will provide a coffeehouse-style experience with an all-day menu following the Australian format. Together with Western dishes, the Vietnam store’s menu also includes Asian cuisine.

    “The Coffee Club offers a distinctive restaurant experience with great selections of food and beverages menus, excellent coffee and a welcoming relaxed atmosphere enriching the contemporary lifestyles of the Vietnamese consumers,” said David Do, VI Group MD.

    Since opening its doors in Brisbane in 1989, The Coffee Club has become Australia’s largest home-grown cafe group serving approximately 40 million customers in more than 400 stores.

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  • Vietnam’s Vingroup buys Queensland mart

    Vietnam’s Vingroup buys Queensland mart

    Vietnamese business empire Vingroup has acquired local supermarket business Queenland Mart via its retail unit Vincommerce.

    The move will expand the firm’s retail market share, following its recent purchase of the Shop&Go convenience store chain that brought 87 new locations under Vingroup’s wingspan. Queenland Mart has eight stores located in the city’s more affluent neighborhoods. The stores will now be rebranded as Vinmart outlets, as were the 23 Fivimart stores the group acquired last year.

    Following the deal, Vingroup has 120 Vinmart supermarkets and 2122 retail locations in total. The conglomerate is targeting 200 supermarkets and 4000 retail outlets by next year.

    The financial terms of the deal remain undisclosed.

     

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  • Ride-Hailing Firm Grab Plans Major Investment In Vietnam

    Ride-Hailing Firm Grab Plans Major Investment In Vietnam

    Singapore-based ride-hailing firm Grab is set to invest “several hundred million dollars” in Vietnam where the company sees its next major growth market, just weeks after it unveiled a $2 billion plan in Indonesia.

    The proposed investment is the latest example of a top-notch regional brand deepening its commitment to Vietnam, one of Asia’s fastest growing economies. It also shows the eagerness of Grab, which has raised billions of dollars from investors, to put its cash to work.

    “We’re very excited about Vietnam. We see very similar characteristics to Indonesia,” Grab President Ming Maa told Reuters in an interview.

    Grab and rival Indonesia-based Go-Jek are evolving from ride-hailing app operators to become one-stop shops for services as varied as payments, food delivery, logistics and hotel bookings in Southeast Asia.

    Grab, with its app on more than 160 million mobile devices across eight countries, has said its Indonesia investment aims to build a next-generation transport network and transform how critical services such as healthcare are delivered.

    Like Indonesia, many middle class and young consumers in Vietnam are using apps and websites to access services, Maa said.

    “I would expect us to invest over several hundred million dollars into growing our Vietnam business,” he said without giving specific details on the investment.

    Vietnam ranks third or fourth among Grab’s top markets, said Maa, who joined the company three years ago from its major investor, Japan’s Softbank Group Corp, and a previous decade-long stint at investment bank Goldman Sachs.

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  • UOB Opens Hanoi Branch

    UOB Opens Hanoi Branch

    The bank’s first branch outside Ho Chi Minh City comes a year after the incorporation of UOB (Vietnam), the bank’s Vietnam subsidiary.

    United Overseas Bank (UOB) has announced the opening of its first branch in Vietnam’s capital Hanoi, marking the bank’s first foray out of Ho Chi Minh City, where it has operated a representative office since 1993.

    Our new branch reflects our continued confidence in the country as we seek to serve more customers in both the northern and southern parts of Vietnam. It will enable us to connect customers to the opportunities that Vietnam offers and to support Vietnamese companies in seizing opportunities across ASEAN and further afield, Wee Ee Cheong, UOB deputy chairman and chief executive, said about the milestone in a press statement.

    UOB (Vietnam) CEO Harry Loh noted the significance of Hanoi as an important gateway for the country’s fast-growing northern cities.

    UOB was the first Singapore bank to open a branch in Vietnam in 1995. In 2017, UOB received a foreign-owned subsidiary bank (FOSB) licence from State Bank of Vietnam, which enabled it to extend its branch network beyond Ho Chin Minh City and to offer its products and financial solutions to businesses and consumers located in other cities.

    The bank said the new branch reflects UOB’s commitment to providing its financial services and solutions to more customers across the country.

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  • Vietjet is named Forbe’s Vietnam’s Best 50 Listed Companies

    Vietjet is named Forbe’s Vietnam’s Best 50 Listed Companies

    New-age carrier Vietjet has been named one of Forbes’ Vietnam’s Best 50 Listed Companies. This is the third consecutive year that Vietjet has been included in Forbes’ “50 Best” List since it was officially listed on the Ho Chi Minh City Stock Exchange (HOSE) in February 2017. The award ceremony was held by Forbes Magazine during the Business Forum 2019 in Ho Chi Minh City on August 15.

    Forbes’ seventh “50 best listed companies in Vietnam” gathered leading companies on HOSE and Hanoi Stock Exchanges (HNX), including Vinamilk, Sabeco, FPT, Vietjet, DHG Pharmaceutical, Bao Viet, Mobile World and Vingroup. The chosen companies this year were evaluated by industry standards, based on compound annual growth rate, profit, return on equity, earnings per share growth between 2013 to 2018, branding, quality of corporate management, source of profit and the prospect of sustainable development.

    According to Forbes, the companies chosen this year has shown impressive growth. All 50 companies in this year’s list accumulated VND 127,530 billion (approximately USD 546 million) in profit after tax, an increase of 19.2 per cent year on year. The total capitalisation of the 50 companies reached USD 94 billion, equivalent to 63% of the total market capitalisation on HOSE and HNX.

    The 50 best listed companies in Vietnam this year recognised in particular the growth of the private sector, highlighting companies such as Vietjet, Vingroup, Masan and Hoa Phat. HOSE companies dominated the list with 45 companies, while five HNX companies were included.

    With outstanding business results, Vietjet’s shares have attracted the attention of investors, being listed in VN30 in the first year of its listing. In 2018, Vietjet had year of high and sustainable growth, with its revenue at VND 53,577 billion (approximately USD 2.3 billion) and profit before tax at VND 5,816 billion (approximately USD 249 million).

    In the first six months of 2019, Vietjet’s air transport revenue increased sharply by 22 per cent to reach VND 20,148 billion (approximately USD 863 million), while the pre-tax profit of air transport reached VND 1,563 billion (approximately USD 67 million), up 16 per cent year on year. Consolidated revenue reached VND 26,301 billion (approximately USD 1.1 billion), an increase of 24 per cent, and profit before tax reached VND 2,398 billion (approximately USD 103 million), up 11 per cent year on year. Vietjet operated a total of 68,821 flights and transported 13.5 million passengers in the first half of 2019, accounting for up to 45 per cent of the total number of flights operated by all Vietnamese airlines. As a result, Vietjet has maintained its leading position in domestic transport.

    To date, the new age carrier has operated 129 domestic and international routes to countries such as Singapore, Japan, South Korea, China, Indonesia, Malaysia, Myanmar, Cambodia, Thailand and Taiwan.  Vietjet also maintains the one of the highest safety and operation requirements in the world and region. With remarkable business and operation results, Vietjet’s CEO is also the first ‘self-made’ female billionaire in Southeast Asia, and the first and only Vietnamese female billionaire in Forbes’ and Bloomberg’s top lists. She has been mentioned in the world’s Top 100 most powerful women in 2017 and 2018. With all the successes of Vietjet, she was also mentioned in a research case study from Harvard University.

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  • Yamaha Tracer Mini Adventure Tourer Spotted In Vietnam

    Yamaha Tracer Mini Adventure Tourer Spotted In Vietnam

    Yamaha may be looking at introducing a small displacement adventure tourer in the Yamaha Tracer range, as a latest spy shot from Vietnam seems to suggest. There are not enough details about what the powerplant of this mini adventure touring motorcycle is, but speculations point to a Yamaha Tracer with either a 125 cc, or a 150 cc engine. From the looks of the spy shot, it appears that the mini Tracer is near production ready, and Yamaha Vietnam may soon unveil the model, in all likelihood, at the upcoming Ho Chi Minh Motorshow later this month.

    What is also not clear at this stage is whether Yamaha will be introducing a 125 cc Tracer, or a bigger 150 cc Tracer based on the Yamaha MT-15. So far, Yamaha has two models in the Tracer range, based on the MT-09 and the MT-07, called the Tracer 900 and the Tracer 700 respectively. But none of the models in the Yamaha Tracer family are offered on sale in India. If Yamaha does decide to introduce a 150 cc Tracer, and if it is eventually manufactured completely in India, we could look at a possible launch sometime in 2020, but that would also depend on if at all India Yamaha will be looking at demand for such a model in the world’s largest two-wheeler market.

    A production-ready model of the mini Yamaha Tracer, in both 125 cc and 150 cc variants, could well be unveiled in November this year at the EICMA show in Milan. We are of course, excited at the prospect of a compact adventure tourer in the lower end of the displacement spectrum, and if Yamaha does decide to introduce such a model in India, it will certainly make for a very attractive package. The current naked 150 cc Yamaha MT-15 has been well-received in India, and a touring variant could well make for a good product strategy in India.

  • JD increases stake in Tiki Vietnam

    JD increases stake in Tiki Vietnam

    Chinese online giant JD has become the largest shareholder in e-commerce platform Tiki Vietnam.

    JD has bought a 25.65-per-cent stake in the business, taking its shareholding past that of previous leading investor VNG Corporation, which holds 24.4-per-cent ownership in the platform. VNG has invested US$22.4 million in Tiki over the past two years.

    Tiki Vietnam has grown from an online bookstore to Vietnam’s second-largest e-commerce provider in terms of traffic, after rival Shopee.

    The firm is reportedly seeking a $100 million investment in its next funding round in order to boost its competitive edge.

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  • Smashburger weighs down Jollibee results

    Smashburger weighs down Jollibee results

    Jollibee’s Smashburger and Red Ribbon business units significantly dragged down the restaurant operator’s first-half profits.

    Jollibee Foods Corporation says the company’s net income attributable to shareholders was P1.1 billion (US$21.1 million) in the second quarter – half that of the preceding three months. First-half profit was down 34 percent on the same period last year.

    The company blamed the decline on losses relating to the Smashburger chain and lower sales by its Red Ribbon bakery business.

    “On Smashburger, we introduced major changes that created short-term disruption in sales and profit but will drive sustainable sales growth and strengthen the brand health,” said Jollibee CFO Ysmael Baysa.

    While Smashburger, a relatively recent acquisition for the company, was not yet performing, Baysa says Jollibee has considerable experience restructuring businesses it buys into more profitable operations, namely Yonghe King and Hong Zhuang Yuan in China, and the Highlands Coffee business in Vietnam.

    The poor performance of Red Ribbon during the quarter was attributed to a shortage of supplies relating to the transfer of the company’s commissary kitchen to new premises south of Metro Manila.

    Last month, Jollibee announced the purchase of California cafe chain The Coffee Bean & Tea Leaf for US$350 million. It expects that business to contribute to Jollibee’s bottom line within 12 to 18 months.

    Global sales by Jollibee rose 13.8 percent in the first half, to P113.8 billion (US$2.11 billion) . Most of that growth came from its international operations, which grew by 24.9 percent, far faster than the 13.8 percent of its domestic business.

    Between January and June, the company opened 170 stores, 111 of those in its home market.

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  • Double-digit leap for General Vietnam retail sales

    Double-digit leap for General Vietnam retail sales

    Vietnam retail sales surged by 11.6 percent in the first seven months of this year, according to figures from the nation’s government.

    According to the General Statistics Office of Vietnam, sales of goods and services reached US$120.57 billion from January through July, with 76.1 percent of that figure ($91.76 billion) spent on goods – 12.5 percent up year on year.

    In July alone, according to the government estimates, sales of retail goods and services reached $17.84 billion, 1.7 percent up on June and 12.4 percent ahead of July last year.

    By category, Vietnam retail sales of food and foodstuffs rose by 12.8 percent year to date, with clothing and textiles up by 10.7 percent.

    Accommodation and restaurant services grew 10 percent year on year to $14.51 billion. Travel services rose 12.5 percent to $1.1 billion.

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  • Body Shop Malaysia and Vietnam operator to list

    Body Shop Malaysia and Vietnam operator to list

    The retailer and distributor of The Body Shop products in Malaysia since 1984 has yet to fix the issue price and the opening and closing dates of the IPO. But local news reports have suggested the IPO may raise up to MYR200 million (US$48.6 million).

    InNature has indicated plans to use any IPO proceeds for capital expenditure, working capital and new business development.

    The firm has 89 locations in Malaysia and 26 in Vietnam, including online platforms. It plans to enter Cambodia later this year.

  • Vietjet Recognised as One of the “Best Companies to Work for in Asia 2019”

    Vietjet Recognised as One of the “Best Companies to Work for in Asia 2019”

    Vietjet has been recognised as one of the best employers in Asia at the ” HR Asia – Best companies to work for in Asia 2019″ awards. Held in Ho Chi Minh City and organised by Asia’s leading human resource magazine, HR Asia Magazine, the awards recognise Vietnamese companies with the best working culture.-

    The HR Asia Awards is a prestigious regional award that evaluates and recognises companies with excellent working environments throughout Asia and has been held annually in various Asian countries such as Hong Kong, Singapore, China, Malaysia, Indonesia and Taiwan. Other companies in Ho Chi Minh City such as HDBank and Sun Group also received the award this year. HR Asia carries out in-depth surveys with senior executives and HR managers at leading Vietnamese companies to evaluate their HR policies, recruitment and strategies put in place to cultivate excellent working environments, among other factors to determine the winners of the award.

    Speaking about the award, Vietjet Managing Director Luu Duc Khanh said: “Our company’s greatest asset is our employees, and thus, we take great pride in creating a work environment and culture that fosters success. Vietjet’s success is contributed to by the performance of each employee and team work and this award is especially exciting as an employee survey is used as part of the evaluation. We will continue our commitment to investing in employee well-being and engagement in order to ensure our further success.” 

    The new-age airline Vietjet has not only created a “revolution” in the aviation industry by offering flying opportunities for millions of passengers all around the region and the world, but has also offered countless opportunities to its staff with a young, dynamic working environment, good benefits and good HR policies.

    Vietjet has been honored to be the best employer brand in Asia for many consecutive years and one of the top 50 airlines worldwide by Air Finance Journal for financing and operations. The company has also been recognised with many other domestic and international awards. 

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