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Tag: Vietnam

  • Viettel completes Vietnam’s first 5G call

    Viettel completes Vietnam’s first 5G call

    Vietnamese military-run operator Viettel has completed the nation’s first 5G call in collaboration with Ericsson.

    During the trial, conducted as part of Viettel’s ongoing 5G technical testing program, the companies achieved a downlink speed of 1.5Gbps to 1.7Gbps.

    The Vietnamese government has been pushing for Vietnam to become one of the world’s early 5G adopters to help ensure the nation is at the forefront of the Industry 4.0 revolution.

    As part of these efforts, the government aims to ensure Viettel and other providers cover 5G in all of Vietnam’s high-tech zones, national innovation centers and smart factory areas by 2020.

    Viettel commenced deployment of Vietnam’s first 5G base stations in April as part of these trial efforts.

    The operator plans to test 70 5G base stations in Hanoi and Ho Chi Minh City in June in preparation for larger-scale deployment.

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  • Thai AirAsia parent Q1 operating profit halves

    Thai AirAsia parent Q1 operating profit halves

    Revenue for the quarter ended 31 March was flat at Bt11.6 billion, but expenses rose 10% to Bt10.5 billion. Net profit fell 50% to Bt497million. The company says that fuel costs rose during the quarter, as did airport and MRO costs. Despite this, the carrier’s CASK was flat compared with a year ago at Bt1.53 due to a 10% increase in ASKs and a longer average stage length.

    RPKs grew 9%, while load factor was flat at 91%. The carrier’s average fare for the first quarter was Bt1554, down 7%.b Cash and cash equivalents were Bt4.1 billion on 31 March, down from Bt5.97 billion a year earlier.

    In its outlook, the carrier notes that international trade frictions could hurt the global economy and affect exchange rates.

    “As the company has revenues and expenses in various different currencies such as passenger fares, repair, and maintenance as well as aircraft rental, the company has adopted the practice of natural hedging by matching cash expenses and revenues in the same currency as practically possible,” it says.

    It believes that global crude prices could fall in the second half of the year, but has hedged 52% of its 2019 fuel conception at cost of $80 per barrel.

    It adds that Thailand’s tourism industry will remain strong in 2019. It plans to add new routes later this year from Bangkok Don Mueang to new Vietnam destinations such as Can Tho and Nha Trang, as well as the addition of a Chiang Mai-Da Nang service.

    It plans two Cambodia services, Bangkok Don Mueang-Sihanoukville, and Phuket-Phnom Penh. In addition, it will add a Bangkok Don Mueang-Ahmedabad service.

    “This diversified strategy tends to minimize the risk of dependence on the major customer base, enhancing the company and Thai AirAsia’s sustainable revenue growth in the future and maintain its leading low-fare airline in Thailand,” it says.“In 2019, Thai AirAsiamaintains a target of 23.15 million passengers, with a solid load factor at 86%, and plans to acquire more energy efficient aircraft during the year to bring its fleet to 63 aircraft.”

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  • City proposal to slap luxury tax on mobile phones raises hackles

    City proposal to slap luxury tax on mobile phones raises hackles

    HCMC’s proposal to impose a special consumption tax on mobile phones has drawn protests from experts, who said they are not a luxury product. Dr. Nguyen Thanh Binh of the Ministry of Planning and Investment’s Institute of Policy and Development said the proposal should be carefully considered since no other country levies a luxury tax on mobile phones.

    The nature of such a tax is to hit luxury goods or discourage consumption of goods that use up foreign currency for imports or harm the environment or human health, he explained.

    “We have to ask ourselves whether mobile phones are essential or luxury, and what effect it has on the environment and health.”

    Mobiles are now ordinary goods used by everyone, he said.

    The city people’s committee has recently sent to the Ministry of Finance suggestions for a draft proposal on “expanding the tax base and preventing erosion of state revenues.”

    It said mobile phones are not luxury goods but not “very essential” either, and so it wants to regulate consumption to ensure it is “reasonable.”

    It also called on lawmakers to add items such as cameras, perfumes, cosmetics, gaming services, and beauty services to the list of items subject to special consumption tax to target the population segment with above-average income.

    Binh queried this rationale saying the city can simply use income tax for this.

    Nguyen Duc Nghia, chairman of Ho Chi Minh City Tax Agents Club, an association of tax consultants, said the mobile phone has become a commonplace product used by everyone.

    Therefore, a luxury tax would not have the effect of taxing only wealthy individuals and would instead affect everyone, he said.

    Truong Thanh Duc, chairman of Basico law firm, said special consumption tax is normally levied on luxury goods and those that are harmful or which the government wants to discourage people from using.

    In fact, in a quickly developing economy, this tax should be eliminated on many goods since what were once luxury goods gradually become essential items as people become more affluent, he pointed out.

    “Thirty years ago mobile phones were a luxury item but not taxed. Now it has become a popular item, with the number of telephone subscribers equaling the population. Levying a luxury tax on such a good is far from reasonable.”

    Up to 73 percent of the population uses mobile phones, on which 42 percent use smartphones and 50 million people use mobile social media, according to a report by Vietnamese digital advertising firm Adsota earlier this year.

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  • Vietnam makes its very first 5G phone call

    Vietnam makes its very first 5G phone call

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

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

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

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

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

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

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

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

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  • Vietnam cashless transactions among lowest in ASEAN

    Vietnam cashless transactions among lowest in ASEAN

    Cash transactions remain highly popular in Vietnam compared to other ASEAN countries as it has low banking penetration. A new Standard Chartered report says Vietnam has the lowest bank account ratio in six ASEAN countries at 30.8 percent of the population aged 15 and up.

    This ratio is 34.5 percent in the Philippines, 48.9 percent in Indonesia and 81.6 in Thailand. Credit card ownership in Vietnam accounts for only 4.1 percent of the population, compared to 9.8 percent in Thailand. The debit card ownership ratio, meanwhile, is 26.8 percent, lower than Indonesia at 30.9 percent and Malaysia at 73.8 percent.

    Only 3.5 percent of the Vietnamese population have a mobile money account, while this ratio is 10.9 in Malaysia.

    Even though the country’s e-commerce industry has been growing at a double-digit rate in recent years, 90.2 percent of online purchases are paid with cash, the report said. This ratio is highest, compared to only 47 percent in the Philippines where the percentage of the population with bank accounts is only slightly higher than that of Vietnam.

    “Although there is a rise in alternative electronic means of payments in the region, cash still dominates. Apart from Singapore, the more traditional means of banking and payments remain more popular for the rest of ASEAN,” the report said.

    The reasons for high cash usage, Standard Chartered said, is a lack of understanding of how digital payments methods work and how to start using them.

    Others included concerns over the confidentiality of financial records and the perception that cash is still the simplest and most straightforward payment method, the bank said.

    But there is still a lot of potential for cashless payment to grow in Vietnam, the report said, noting that with over 70 million mobile users and 64 million internet users, e-wallet payments are set to gain more traction in the coming time.

    There are over 20 e-wallet apps in Vietnam, while foreign operators such as Samsung Pay, Alipay, and Amazon have also entered the local market to tap the large potential, the report said.

    The value of e-wallets transactions in 2017 exceeded VND53 trillion ($2.2 billion), an increase of 64 percent from the previous year, according to the State Bank of Vietnam.

    The government is striving to increase cashless payment in the country. A resolution issued in January recommended that cashless transactions made viable for all urban household bill payments by the end of this year, prioritizing mobile payments and payment via card readers.

    Ho Chi Minh City this week has instructed all schools, hospitals and many others to accept non-cash payments.

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  • Vietnam Equity Firm buys into Vietnam’s Pharmacity

    Vietnam Equity Firm buys into Vietnam’s Pharmacity

    Vietnam private equity firm Mekong Capital has issued funding to pharmacy chain Pharmacity.

    Pharmacity is now the eighth company to receive funding from Mekong’s latest financing round, following the firm’s investment in mattress producer Vua Nem last year.

    With 186 outlets retailing both traditional Vietnamese and Western medicines, Pharmacity is the country’s most widespread network of pharmaceutical products stores, with 1 million subscribers to its loyalty program. The firm is targeting 1000 outlets in VIetnam within two years.

    “Our partnership with Mekong Capital will empower us to continue improving healthcare for the Vietnamese people,” said Pharmacity founder and CEO Chris Blank, “and help accelerate our growth while better positioning us to execute on our vision and mission to build the most convenient pharmacy chain where customers fully entrust their health and wellness.”

    “The company was the first retailer in this sector to demonstrate that all of Vietnam’s regulations and compliance thresholds can be met and still generate a healthy store level profitability,” added Mekong Capital partner Chad Ovel.

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  • Vietnam, Cuba to strengthen ICT collaboration

    Vietnam, Cuba to strengthen ICT collaboration

    The governments of Vietnam and Cuba have agreed to strengthen cooperation on communications, IT and cybersecurity.

    During a meeting with Cuba’s minister of communications Jorge Luis Perdomo Di-Lella, Vietnam’s minister of information and communications Nguyen Manh Hung pledged its continuing support for Cuba’s goal of developing the nation’s ICT capabilities, the ministry revealed.

    Vietnam’s telecoms ministry plans to share experience in areas including network security, 4G development, and ICT legislative frameworks.

    The Cuban government is planning to soon issue a decree governing security within the ICT industry and is seeking input on its contents.

    During the Cuban delegation’s visit, Vietnam’s prime minister Nguyen Xuan Phuc also tasked the ministry with directing enterprises to study the possibility of boosting ICT trade in Cuba.

    Vietnam and Cuba have been collaborating on telecommunications and IT development for several years. Last year, the two governments signed an agreement to expand this cooperation to cover areas including the sharing of information on policies, legal frameworks, and vocational training.

  • Biofuel consumption rises in HCM City

    Biofuel consumption rises in HCM City

    A survey of multiple HCMC-based filling stations showed that biofuel consumption rose to 40% from the previous 30%, while that of the fossil type RON 95 gasoline declined to 60% from 70%.

    After the price adjustment, the retail price of E5 biofuel was VND1,500 per liter lower than that of RON 95 gasoline, resulting in a rising number of customers using the biofuel. The majority of customers contributing to the increase in E5 biofuel consumption were owners of trucks, coaches, taxis, Grab vehicles and motorcycles.

    To further enhance biofuel consumption to protect the environment from air pollution due to carbon emissions, many fuel outlets have proposed the competent authorities and fuel wholesale firms arrange promotion activities to introduce the quality of biofuel and guarantee the supply and quality of the product to gain customers’ trust.

    A representative of Vietnam National Petroleum Group (Petrolimex) noted that the group is in the process of expanding its direct retail distribution system and cooperating with many traders to boost the sale of E5 biofuel.

    In addition, Petrolimex suggested the Government promote activities that introduce the quality and benefits of E5 biofuel to residents, apart from adopting measures to tighten control over and monitor the quality of biofuel.

    Fuel supply and consumption in the city remain stable, according to the HCMC Department of Industry and Trade.

    The city saw fuel consumption total over 5,700 cubic meters per day, or 171,570 cubic meters per month, last month, with RON 95 gasoline and E5 biofuel amounting to 3,600 and 2,050 cubic meters per day, respectively.

  • Shopee, Tiki solidify positions as top e-commerce sites in traffic in Q1

    Shopee, Tiki solidify positions as top e-commerce sites in traffic in Q1

    Shopee and Tiki maintained their positions as the two leading sites in terms of traffic in Vietnam’s e-commerce sector in the first quarter of this year.

    According to the latest figures from the Map of E-Commerce released recently by iPrice Group – a meta-search website operating in seven countries across Southeast Asia, Shopee still held the dominant position in Q1 2019 with 40.7 million visits per month on average. Tiki followed with 35.6 million visits monthly.

    Lazada ranked third with 29 million visits, closely followed by thegioididong.com (28.8 million visits) and Sendo (25.3 million visits).

    Q1 2019 also saw several positive trends in the performance of local players, especially Tiki, Sendo, and Adayroi. iPrice’s latest data showed through the first quarter included the Tết (New New Year) holiday period, which is usually a tough time for e-commerce businesses in general, those three merchants still managed to maintain their good results from the previous quarters.

    Doing the best in this regard was Tiki. Similar to the previous quarter, the website continued to achieve over 35 million visits per month on average for Q1 2019, helping its web traffic grow at a rate of 23 percent per quarter on average since the second quarter of last year.

    Aside from Tiki, other notable local companies Sendo and Adayroi have been showing encouraging signs. According to iPrice’s Map of E-commerce, the two companies both have an average traffic growth rate of over 16 percent per quarter for the past four quarters.

    Sendo’s CEO Trần Hải Linh also confidently told IT website Tech in Asia recently that his company was on track to achieve US$1 billion in GMV (gross merchandise volume) much earlier than the previously projected target of 2020.

    This year would be an inflection point for the Vietnamese e-commerce market, Linh said, adding the market would grow much faster.

    “We will see sizable businesses becoming comparable to regional players [and] customers becoming more familiar with e-commerce,” Linh told.

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  • Brooks Running moves China footwear production to Vietnam

    Brooks Running moves China footwear production to Vietnam

    The chief executive of Brooks Running, part of Warren Buffett’s Berkshire Hathaway Inc, said his company will shed much of its presence in China by moving running shoe production to Vietnam, a result of the trade dispute between China and the US.

    Jim Weber, who has run Brooks since 2001, said in an interview that Brooks made the decision in January when US President Donald Trump was threatening to boost tariffs on the shoes to 45 percent from 20 percent.

    Weber said the tariff threat weighed “massively” because Brooks cannot simply raise prices on its shoes, which typically retail for US$100 to $160 a pair, and though trade tensions have cooled, the company could not wait for a resolution.

    “We’re going to pull most of our production out of China,” he said. “We’ve had to make a long-term decision on this picture. It’s disruptive, but the reality. So we’ll be predominantly in Việt Nam by the end of the year.”

    About 8,000 jobs will also move to Vietnam from China, Weber added.

    Việt Nam is emerging as a preferred destination for companies looking to move production because of tariff concerns.

    The country generates about 55 percent of Brooks’ running shoe production, with China accounting for the remainder. Brooks shoes are sold in 56 countries and account for the bulk of the Seattle-based company’s annual revenue, which grew 26 percent last year to $644 million.

    Revenue from January to April is up 22 percent in 2019, and Weber is targeting full-year revenue of just under $750 million. He hopes revenue will reach $1 billion by 2021. Brooks also sells apparel.

    Weber said Brooks may start shoe production in a third, yet-to-be-determined country next year. The eventual breakdown could be 65 percent from Việt Nam, 10 percent from China and 25 percent from the third country, he said.

    Brooks plans to continue research and development, as well as small production runs of shoes, in China.

    Weber also said Brooks hoped to “prototype small, custom personalized shoe runs” in the US within the next several years, but much of the company’s technical know-how and automation is in Asia. “Volume is a long ways away,” he said.

    Brooks became part of Berkshire in 2006 when Berkshire’s Fruit of the Loom unit bought its parent at the time, Russell Corp. Berkshire spun out Brooks as a standalone unit in 2012.

    Weber began reporting last year to Berkshire Vice Chairman Greg Abel, after previously reporting to Buffett.

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  • Peugeot manufacturing plant debuts in Quảng Nam

    Peugeot manufacturing plant debuts in Quảng Nam

    The Trường Hải Automobile Corporation (Thaco) in co-operation with French car manufacturer Peugeot Group (PSA) officially inaugurated a new manufacturing plant and rolled out two made-in-Vietnam models – the Traveller Luxury and Traveller Premium – in the central province of Quảng Nam yesterday.

    The luxury European car brand’s plant, which cost VNĐ4.5 trillion (nearly US$200 million), was designed with a total capacity of 20,000 cars per year for domestic use and export.

    The general director of Thaco Phạm Văn Tài said the plant was thanks to the relationship that had been built between Thaco and Peugeot since 2013.

    “The newest Peugeot models follow the successful introduction of SUVs  Peugeot 3008 and 5008 in Việt Nam. The plant is equipped with modern production lines and updated automation technology to meet the luxury brand’s standards under the supervision of French technical experts,” he said.

    He also added that 4,500 Peugeot 3008 and 5008 were sold in Vietnam in 2018, leading the European luxury car brand segment in the domestic market.

    General director and CEO of PSA Laurence Noel said the introduction of the Peugeot Traveller marked an important step in the development of Peugeot and positive co-operation with Thaco.

    She said the debut of the two models was a result of the latest interest in the newest French car brand in Vietnam after the successful debut of the SUV models.

    She said the Peugeot Traveller had made an impressive start in the European and global markets after it was introduced at the Geneva Motor Show in 2016.

    Laurence also said the latest made-in-Vietnam MPVs conformed to the strict control standards of the PSA and network of PSA plants around the world.

    Thaco has been an exclusive agent for the French car giant’s return to the local market in 2014.

    The local manufacturer has already opened 13 Peugeot showrooms with 3S (sales-services-spare parts) facilities across the country.

    Thaco has produced and distributed vehicles for Kia from South Korea, Mazda from Japan, Peugeot and BMW.

    The local carmaker has invested VNĐ17.478 trillion (US$773 million) to build an agricultural and forestry industrial park, the expansion of the Thaco-Chu Lai Mechanical Automotive Industrial Park, the new wharf at Chu Lai-Trường Hải Port and residential quarters for workers in Quảng Nam Province’s Chu Lai Open Economic Zone (OEZ).

    It has also built 32 automobile manufacturing and support industry plants in the OEZ, creating 8,000 jobs and contributing $700 million to the provincial budget each year.

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  • Moody’s backs Vietnam’s strict proposal on unsecured consumer lending

    Moody’s backs Vietnam’s strict proposal on unsecured consumer lending

    The State Bank of Vietnam has proposed changes to regulations on personal unsecured lending by consumer finance companies. The proposed changes include limiting unsecured personal loans in cash to existing customers with good credit and no overdue debt; and limiting the maximum amount of such cash loans to 30 percent of total loans.

    The central bank has not specified when it intends to carry out the new regulations.

    According to Moody’s, the proposal is credit positive for Vietnamese finance companies because the stricter regulations will help alleviate asset quality pressure by curbing excessive growth in the riskier consumer-loan segment, which will lead to stronger risk-adjusted returns and will support internal capital generation in the future.

    The rating agency also said that the bottom-line profitability of finance companies was expected to decrease in 2019 as companies adjust to the new rules.

    VPBank Finance Co Ltd (FE Credit) has the highest proportion of personal loans in its loan portfolio among the three largest finance companies by total loans in Viet Nam. The other two companies are Home Credit Vietnam Finance Co Ltd (Home Credit) and HD Saison Finance Co Ltd

    All three companies will need to make adjustments to their businesses by focusing on lower-yield products such as consumer durables and motor vehicle loans. Moody’s expects that FE Credit will need to make the most significant adjustments to comply with stricter regulations because of the higher amount of personal loans on its books.

    The three companies are also market leaders in other consumer finance segments in Viet Nam and will have to make fewer adjustments to their business practices than smaller finance companies as a result of the new regulations.

    These smaller companies have been more reliant on personal loans for business growth and will have greater pressure on their revenue than the top three companies.

    Revenue growth of finance companies remains supported by strong consumer demand for credit, while credit costs will be contained by the tighter lending requirement. Both factors will drive stronger risk-adjusted returns for finance companies, according to Moody’s.

    Vietnam’s consumer finance industry grew at a compound annual rate of 41 percent between 2013 and 2017 on the back of higher personal income and greater penetration of services.

    Moody’s expects growth in personal loans to slow significantly when the new regulations come into effect, after far exceeding growth over the past three years for other less-risky consumer loans, such as those for the purchase of motorcycles and durables.

    The demand for consumer finance is strong and supported by the buoyant Vietnamese economy.

    Now, finance companies constrained from extending new personal unsecured loans because of the new regulations will focus on growing other product segments and will benefit from increased diversification in their lending portfolios and more emphasis on lower-risk products.

  • Vietnam’s Petrolimex plans Countrywide Convenience Stores

    Vietnam’s Petrolimex plans Countrywide Convenience Stores

    Vietnamese petroleum retailer Petrolimex is planning to build a convenience-store chain.

    After five years of research, the group plans to open stores across its network of 5200 gas locations across the country.

    “Petrolimex will expand into this sector, each store will host 1500 to 2000 products,” a Petrolimex representative said during a conference.

    “Our strategy partner JX Nippon Oil will support us to set up the chain in the most optimal way.”

    Petrolimex has tested the industry with its P-Mart in Hanoi’s Hoai Duc district. The store only sells Petrolimex-branded products such as oils and a limited range of snacks and beverages.

    There is no official information if Petrolimex will base its chain on this concept or build a different one.

    Stepping into the convenience-retailing sector, Petrolimex will compete with experienced players such as Circle K, 7-Eleven, VinMart + and FamilyMart, but none of those brands are affiliated with service stations.

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  • Vietnamese good to be displayed at Japanese supermarket chain

    Vietnamese good to be displayed at Japanese supermarket chain

    A week for Vietnamese goods this year will be held at the Aeon supermarket chain in Saitama prefecture and Kanto region in Japan from June 5-12, according to organizers.

    During the week, Vietnamese goods will be highlighted at 40 outlets in the Aeon distribution system, along with many activities such as plant tours, product assessment, and consultations.

    Business-to-business contacts between Vietnam and Aeon importers, the introduction of Vietnamese products and capacity, popularisation of standards for imports, and agreement signing, along with food shows, tourism promotion, and art performances will be held within the framework of the week.

    After the week, enterprises will be supported to connect with Aeon so as to supply their products to the supermarket chain. AEON committed to raising Vietnam’s export turnover through the group’s system to US$500 million in 2020 and $1 billion in 2025, following a memorandum of understanding (MoU) inked between the Japanese group and the Ministry of Industry and Trade.

    In order to help Vietnamese businesses to join the AEON supply chain and become a supplier for the over 1,000 AEON supermarkets around the globe, the group has built a plan including a number of activities to increase the presence of made-in-Việt Nam goods, Yuichiro Shiotani, General Director of AEON Topvalu Vietnam, said at a recent conference in HCM City.

    AEON has also provided technical support to improve the production capability of Vietnamese suppliers and help them access Japanese customers, as well as boost the purchase of Vietnamese goods to sell at its stores in Japan and other countries, he said

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  • Burger King slammed for ‘racist’ ad promoting Vietnamese burger

    Burger King slammed for ‘racist’ ad promoting Vietnamese burger

    The clip shows several people tying and failing to eat a burger with large, red chopsticks. A caption accompanying the video read “Take your taste buds all the way to Ho Chi Minh City with our Vietnamese Sweet Chilli Tendercrisp.”

    The video, shared by Maria Mo via the account @mariahmocarey, has received more than 2.7 million views. Mo told that she shared the clip as she was tired of large corporations portraying Asians in an offensive manner.

    “I could not believe that such a concept was approved for such a big, well-known company. It says a lot about what kind of demographics they must employ across the board for their ads.”

    Other social media users were quick to slam the fast foot retailer for making fun of a utensil that has been used across Asia for thousands of years.

    Viet Thanh Nguyen, the Pulitzer Prize-winning Vietnamese-American novelist, shared the clip with the comment “What’s worse, this ad or using chopsticks in your hair?”

    The advertisement was later removed from all of Burger King NZ’s social media platforms.

    Respond to the controversy, Burger King released a statement, saying: “The ad in question is insensitive and does not reflect our brand values regarding diversity and inclusion. We have asked our franchisee in New Zealand to remove the ad immediately.”

    Burger King New Zealand’s Chief Marketing Officer James Woodbridge expressed regret.

    “We are truly sorry that the ad has appeared insensitive to our community. We have removed and it certainly does not reflect our brand values around diversity and inclusion.”

    Burger King entered the Vietnamese market in 2011 but has struggled to win over local consumers. The firm hoped to have 60 outlets in the country by 2016, but as of 2018 had only 11.

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