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Tag: Vietnam

  • Vietnam’s Mobile World sales rises

    Vietnam’s Mobile World sales rises

    Vietnam’s Mobile World saw a 43 per cent jump in revenue in the first five months of this year.

    The mobile device and consumer electronics retailer posted net sales of VND37 trillion (US$1.61 billion) and an after-tax profit of $55.8 million, 44 per cent up year-on-year.

    Of its divisions, electronic retail arm Dien May Xanh accounted for 56 per cent, mobile phone retail chain The Gioi Di Dong 41 per cent, and its fledgling grocery chain Bach Hoa Xanh 3 per cent.

    According to Mobile World’s CEO Tran Kinh Doanh, the company plans to expand Bach Hoa Xanh to 1000 stores in Ho Chi Minh City, and more in other provinces.

    The Gioi Di Dong chain has scaled down its network to 500 stores this year after closing six stores.

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  • Vietnam’s Bamboo Airways commits to 20 Boeing aircraft

    Vietnam’s Bamboo Airways commits to 20 Boeing aircraft

    Boeing Co (BA.N) said on Monday entered into an agreement to sell 20 of its widebody long-haul aircraft to Vietnamese startup Bamboo Airways in a $5.6 billion deal at current list prices.

    As part of the deal, which is yet to be finalized, FLC Group-owned FLC.HM Bamboo Airways has made a deposit in mid-June to reserve the 787-9 Dreamliners, whose delivery is likely to begin from April 2020, through 2021, Boeing said.

    Bamboo Airways plans to begin commercial operations next year out of Hanoi.

    FLC Group has also signed an initial agreement with Airbus SE (AIR.PA) in March for up to 24 A321neo aircraft.

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  • Go-Jek to launch ride-hailing services in Vietnam

    Go-Jek to launch ride-hailing services in Vietnam

    Indonesian ride-hailing app Go-Jek will officially launch in Vietnam this July under the brand name of Go-Viet.

    The firm will be run by a group of Vietnamese managers.

    Go-Jek will provide Go-Viet with financial and technological backing, as well managerial inputs.

    “We believe that these in-country teams have the knowledge and experience to make the businesses in Vietnam a huge success,” said Nadiem Makarim, Go-Jek CEO and founder.

    He said local teams will have in-depth knowledge and expertise to operate in Vietnamese market.

    The app would first offer ride-hailing and on-demand logistics services to customers in HCMC before expanding to other cities and provinces with food delivery and other services.

    The launch of Go-Viet in Vietnam is part of Go-Jek’s plan to expand to Southeast Asian markets, including Vietnam, Thailand, Singapore and Philippines.

    Founded in 2010, Go-Jek has raised over $1.5 billion from investors like Google and China’s Tencent Holdings.

    Starting out as a phone-based motorbike ride-hailing app, Go-Jek is now a digital platform which offers transportation, logistics and delivery services.

    Go-Jek isn’t the only firm vying for a spot in Vietnam’s transport market. Singapore based blockchain-powered ride-hailing app MVL is also on the verge of entering.

    Ever since Uber left Vietnam in April, Grab has dominated the local market, and authorities are investigating possible breaches of anti-trust laws.

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  • Vietnam’s Vinalines to go public in September

    Vietnam’s Vinalines to go public in September

    Vietnam’s largest shipping firm and port operator has been given the go-ahead by the Prime Minister to hold its initial public offering (IPO) later this year.

    The equitization plan of State-owned Vinalines, or Vietnam National Shipping Lines, is a combination of divestment and share issuance.

    Nguyen Canh Tinh, acting general director of Vinalines, said the company will auction more than 280 million shares, equal to 20 percent of its total chartered capital of VND14.04 trillion ($616.6 million), on the Hanoi Stock Exchange in September. The shares will carry the code VLG.

    Around 207 million shares, or 14 percent of the capital after equitization, will be offered to strategic investors, and another 2 percent stake earmarked for employees and the trade union as preferred shares.

    The State will retain a 65 percent stake in the company, equal to nearly 913 million shares.

    Vinalines has been in talks with several investment funds, and some multinational companies and shipping firms from Japan, Thailand and South Korea about the share sale. South Korean automaker Hyundai Motor has expressed its interest in buying Vinalines shares.

    Vinalines, under the management of the Ministry of Transport, engages in shipping, port management and maritime service, and logistics activities in Vietnam and international markets.

    It posted a consolidated revenue of VND16 trillion in 2017, beating its annual target by 15 percent, resulting in a net profit of VND515 billion. Of that revenue, over VND4.4 trillion came from port services and VND7.1 trillion from transport services.

    Its assets were valued at more than VND18 trillion last year.

  • WHO backs Vietnam’s new tax proposal on sugary drinks

    WHO backs Vietnam’s new tax proposal on sugary drinks

    World Health Organization (WHO) experts have expressed strong support for a new tax on sugary drinks proposed by the Ministry of Finance.

    The proposal, which will go into effect in 2019 if passed, will impose a 10 percent special consumption tax on different type of beverages, including sweetened drinks.

    While the tax aims to prompt a shift from unhealthy consumption habits, it has been criticized by business representatives and experts who say the industry is already taxed heavily.

    The tax proposal comes in the wake of Vietnam being put on high alert over its consumption of sugary drinks, which has skyrocketed over the last 15 years.

    The WHO noted that a fourth of Vietnam’s population was already obese or overweight.

    Guilermo Paraje, a WHO consultant, said the 10 percent special consumption tax will increase the average price of sweetened drinks in the Vietnamese market by 5 percent, and provide a VND4 trillion ($173.9 million) boost to the state budget.

    He further suggested three tax proposals that would increase the tax contribution to VND12 trillion – one liter of sweetened beverages will be taxed VND3,500; VND35 per gram of sugar in every 100 milliliters of a drink; or a 40 percent tax on factory price. All three options will increase average soda prices by 20 percent.

    “People will substitute sugary drinks with water or other products, leading to alternative jobs. The industry has also experienced industrialization so there are not many job opportunities in this sector,” Paraje said.

    Dr. Jun Nakagawa, WHO representative in Vietnam, said excessive consumption of sugar was the leading cause of overweight and obesity, which are linked to many health risks such as diabetes, heart disease and gout.

    Vietnam has added sugary drinks to the list of items to be placed under stricter control and tax regulations, along with cigarettes and alcohol.

    The government has banned the sale of soft drinks in all school canteens across Vietnam.

    Truong Tuyet Mai, deputy director of the National Institute of Nutrition, said that Vietnamese people are forecast to consume over 5 billion liters of sweetened drinks in 2018, nine times more than in 2000, and the figure is estimated to reach 11 billion by 2025.

    The new 10 percent special consumption tax would also accrue to other beverages, including carbonated or non-carbonated soft drinks, juices, flavored water, energy drinks, instant tea, pre-packed coffee and flavored milk.

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  • Vietnam slams brakes on GrabTaxi plan to expand operations

    Vietnam slams brakes on GrabTaxi plan to expand operations

    The Transport Ministry has shot down a GrabTaxi plan to extend its services to provinces like Ninh Thuan, Dong Thap and Gia Lai.

    The ride-hailing firm now is allowed to operate in the five cities and provinces of Hanoi, Ho Chi Minh, Da Nang, Khanh Hoa and Quang Ninh.

    However, the firm said its GrabTaxi service is quite different from the GrabCar, so GrabTaxi should be allowed to operate nationwide.

    Both GrabTaxi and GrabCar operate under the same Grab application, but GrabTaxi offers a run-of-the mill taxi service, while GrabCar is a service which connects customers with private cars for ride-hailing purposes.

    In January, a GrabTaxi representative said: “The firm always abides the law and we do not allow GrabCar to operate outside the Ministry of Transport’s designated cities and provinces.”

    Grab is currently under an investigation by Vietnamese authorities after its acquisition of Uber’s Southeast Asia operations shows signs of breaching local antitrust laws.

    The investigation, which began on May 18, is estimated to take 180 days and can be extended by another 120 days, said the Vietnam Competition Authority (VCA) under the Ministry of Industry and Trade.

    Prior to the statement, a VCA investigation had found that Grab’s market share in Vietnam had exceeded 50 percent since its ride-hailing rival Uber left the Southeast Asian market in April.

    Vietnam’s 2004 Competition Law requires that all mergers and acquisitions (M&As) that result in a company gaining over 30 percent of market share must be reported to competition authorities.

    M&As that result in a company gaining over 50 percent of market share are restricted.

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  • Imports driving Vietnam cattle farmers out of business

    Imports driving Vietnam cattle farmers out of business

    Vietnamese beef prices have been falling because of a market glut, while imported beef is flexing its competitive muscles, offering higher quality for similar prices.

    In the central province of Ninh Thuan, dealers are buying a head of cattle from farmers for just VND7-8 million ($304.3-347.8), a third of the VND20-21 million price it fetched two years ago.

    Dealers in the southern province of Soc Trang province are also giving farmers a hard time, buying beef at VND40,000 per kilogram, 40 percent of the price in 2016.

    “I have never seen beef prices so low,” livestock farmer Lam Sanh said, adding that he might have to quit and find another way to make a living.

    With prices falling over the last two years, small-scaled cattle farmers have been switching to different vocations, a husbandry official in An Giang province said.

    The number of cows and buffaloes raised in Vietnam has fallen to five million now from nearly seven million in 2006, according to the Vietnam Animal Husbandry Association.

    Vietnamese beef is having a difficult time competing with imported beef, which comes in abundance and is priced reasonably, Tong Xuan Chinh, deputy head of the Animal Husbandry Department said.

    Last year, the country imported more than 262,300 heads of cattle, and nearly 42,000 tons of beef and buffalo meat, valued at more than $410 million, according to the Animal Husbandry Department under the Ministry of Agriculture and Rural Development.

    Dealers are putting pressure on farmers to sell their cows at a low price because beef imported from the U.S. and Australia are abundantly available in supermarkets and sold at the same price as local beef at VND250,000–400,000.

    At this price, imported beef is being favored by consumers concerned about safety issues that have plagued the Vietnamese food market in recent years.

    The Vietnamese government has issued policies to assist local cattle farmers but these have not led to raising the scale of production and ability to provide better quality at lower prices.

    “The competition between local beef and imported beef will continue to be intense,” Chinh said.

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  • Higher oil prices boost profits for Vietnam’s PV Gas

    Higher oil prices boost profits for Vietnam’s PV Gas

    PetroVietnam Gas Corporation, Vietnam’s biggest listed energy firm, posted first half net revenues of VND37.5 trillion ($1.65 billion), equal to 66 percent of its annual target.

    Its pre-tax profit jumped to VND6.6 trillion ($290 million), representing 82 percent of the year’s target.

    The booming results were driven by higher global oil prices which traded around $71 per barrel in the first six months of the year, exceeding the company’s expectations by 42 percent, and increased production of light oil, LPG and condensate.

    Le Nhu Linh, Chairman of the Ho Chi Minh-based company, also known as PV Gas, said the company is undertaking 24 projects this year, including pipelines that transport natural gas directly to consumers.

    “To ensure gas supply, our company is negotiating with international partners to import gas from Indonesia and Malaysia through pipelines,” he said.

    The company is also building infrastructure for liquefied natural gas (LNG) imports and seeking contractors for an LNG storage facility that can hold 1 million tons per annum.

    Furthermore, PV Gas is looking to raise its stakes in two associate companies – PetroVietnam Southern Gas JSC and PetroVietnam Northern Gas JSC – to 51 percent in the second half of the year. It is also working on a plan for PetroVietnam, its parent company, to cut its ownership in PV Gas.

    The company targets VND55.7 trillion ($2.4 billion) in total revenue in 2018 and VND6.4 trillion ($281 million) in post-tax profit, down 3.5 and 33.5 percent respectively from last year. These figures are based on expectations of crude priced at $50 a barrel and lower output this year.

    PV GAS stock closed up 5.75 percent at VND92,000 per share on the southern stock exchange last week.

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  • Southeast Asia’s largest solar project to be built in Vietnam

    Southeast Asia’s largest solar project to be built in Vietnam

    Vietnamese construction firm Xuan Cau and Thailand conglomerate B.Grimm have teamed up to build Southeast Asia’s largest solar power plant in Tay Ninh Province.

    The signing of the joint venture agreement in Bangkok was witnessed by the prime ministers of both countries.

    The $420 million, 420MW project is set to be commissioned in June 2019, said Preeyanart Soontornwata, CEO of the B.Grimm Power Public Company.

    With Vietnam’s electricity demand growing significantly, B.Grimm estimates that the project will eventually account for 30 percent the company’s total income.

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

    Vietnam depends largely on hydropower and thermal power plants for its electricity demands, but the projects have often drawn criticism from both local and international communities due to environmental concerns.

    Vietnam is aiming to produce 10.7 percent of its electricity through renewable energy by 2030, mainly through solar and wind energy.

    Earlier this month, Prime Minister Nguyen Xuan Phuc said that Vietnam aimed to increase the number of households using solar energy from the current 4.3 percent to 26 percent by 2030.

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  • Vietnamese steel, wood firms might gain from US-China trade war

    Vietnamese steel, wood firms might gain from US-China trade war

    The recent escalation of trade tensions between the U.S. and China could have a positive effect for some industries in Vietnam, but experts warn these gains could prove short-lived.

    U.S. President Donald Trump announced last week that he would push ahead with tariffs on $50 billion of Chinese imports starting July 6, and China retaliated by slapping the same amount of duties on commodities from the U.S.

    The U.S. would impose a 25 percent tariff on more than 800 strategically important imports from China including cars and oil, while China announced that it would slap a 25 percent tariff on 659 U.S. products, from soybeans to seafood.

    Vietnamese wood businesses will be benefit from this trade war should the U.S. impose a heavy tax on Chinese wood starting this July, a representative of the Handicraft and Wood Industry Association of Ho Chi Minh City (HAWA) said.

    In the first two months this year, exports to the U.S. accounted for 39.7 percent of total wood export turnover, an increase of 14.6 percent from the same time last year, the source said.

    One of the reasons for this increase is the anti-dumping duties U.S. slapped on China at the end of last year, the source said.

    Vietnam is currently the fifth largest exporter of wood to the U.S., while China tops the list, according to HAWA statistics. If Vietnamese businesses can take this opportunity, growth can be much faster than now, the source said.

    Apart from wood, Vietnamese steel businesses would also enjoy a surge in steel exports to the U.S. if the latter ups its anti-dumping tariffs on China by 25-35 percent, Nguyen Huy Do, marketing director of Vietnam Italy Steel Jsc, said.

    However, industry insiders are warning that China might invest in manufacturing steel in Vietnam to have a ‘Vietnam label’ on products that will eventually be exported to the U.S.

    Last month, the U.S. Commerce Department slapped steep import duties on steel products from Vietnam that originated in China, finding that they evaded U.S. anti-dumping and anti-subsidy orders.

    After this, the Vietnam Steel Association has requested authorities to impose tighter controls on foreign investment in steel.

    Another risk is that China dumps its residual inventories on other countries in the region, including Vietnam, which will result in an unstable trade market, Dinh Tuan Minh, research director of market research firm Viet Analytics, said recently.

    Vietnam therefore needs to be careful amidst this trade war between the world’s largest economies and should not let itself be the target of steep tariffs, Minh said.

    “What the U.S. is doing to China can be done to Vietnam at some point,” he said.

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  • ASEAN the next big fish for Vietnam’s seafood industry

    ASEAN the next big fish for Vietnam’s seafood industry

    Almost unnoticed, ASEAN is emerging as big market with big potential for Vietnamese seafood, industry insiders say.

    Vietnam exported $612 million worth of seafood last year to ASEAN countries, 9.2 times the $66 million in 1998.

    Local media reports have cited the Vietnam Association of Seafood Exporters and Producers (VASEP) as saying that last year, Vietnam exported seafood to all nine countries in the regional bloc.

    Of these, Thailand, the Philippines and Singapore were the largest importers. Thailand bought $248 million worth of seafood from Vietnam last year, accounting for 40 percent of total export value to ASEAN countries. Seafood export to Thailand reflected the regional intake, multiplying nine times in the last 20 years.

    Philippines, in the second place, imported seafood worth $132 million, a 2,000-fold increase over the paltry $63,000 in 1999.

    Export of sea fish to ASEAN countries reached $289 million last year, making it Vietnam’s main seafood export item to the regional bloc. Squid and octopus came in second at $71 million, more than 10 times the $7 million in 1998.

    The surge and potential of the ASEAN market notwithstanding, Vietnamese businesses have kept their main focus trained on the traditionally top markets for seafood export – the U.S., Japan, China and South Korea.

    These four countries account for 52.7 percent of total export value of Vietnamese seafood last year, according to the Ministry of Agriculture and Rural Development.

    In the first four months this year, China recorded a strong year-on-year growth of 28.8 percent in seafood imports from Vietnam. China is also the largest importer of Vietnamese pangasius fish, and potentially of shrimp in the future, a VASEP report says.

    The association has urged local businesses to look at ASEAN as the next potential market, saying establishment of ASEAN Economic Community (AEC) in 2015 has created an opportunity for Vietnam’s seafood industry with significant tax incentives.

    Moreover, ASEAN population is estimated to reach 790 million in 2050, creating a considerable demand for food. VASEP estimates that seafood consumption in the bloc will increase from 24.5 million tons in 2015 to 37 million in 2030, and per capita seafood consumption will grow from 38.4 kilograms per person a year to 51.5 kilograms in 2030.

    Vietnam exported $8.32 billion worth of seafood last year, a growth of 18 percent over 2016.

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  • Vietnam’s renewable energy yet to get wind in its sails

    Vietnam’s renewable energy yet to get wind in its sails

    Vietnam is far away from realizing its short and medium term wind power goals, with no ready solution in sight to several impediments, experts say.

    They said at a recent conference on wind energy development in Vietnam that high interest rates, low selling prices and inadequate power purchase agreements from the investors’ point of view were major stumbling blocks to realizing set targets.

    Vietnam plans to produce 800 megawatts of wind energy by 2020 and 6,000 megawatts by 2030.

    However, the country has just 7 functioning wind energy projects with a total capacity of 190 megawatts, noted Nguyen Van Thanh from the Ministry of Industry and Trade.

    Tran Vinh Thong, technical officer for wind energy firm Thuan Binh, which is currently investing in the Phu Lac wind energy project in southern Binh Thuan Province, said the project’s initial cost was VND1.1 trillion ($49 million) and it generated an annual revenue of about VND100 billion, of which VND70-80 billion goes for just interest payments.

    “We only have VND20-30 billion left each year to pay our employees’ salaries and meet maintenance costs,” he said.

    Low electricity selling prices are also an issue, Thong added.

    Currently, electricity derived from wind energy costs about 7.8 cents per kilowatt per hour. At this price, the Phu Lac wind energy project would need 14 years to recoup its initial cost, while a typical wind energy project only lasts 20 years before it is replaced as maintenance costs soar, he said.

    Meanwhile, the buying price for wind power is 20 cents in Thailand, 29 cents in the Philippines and 30 cents in Japan.

    However, disadvantageous power purchase agreements remain the biggest obstacle to grow Vietnam’s wind energy industry, said Bui Vinh Thang, business development officer for Irish sustainable energy firm Mainstream.

    Currently, businesses in Vietnam who want to produce electricity can only sell their output to national distributor Vietnam Electricity Corporation (EVN), which has a monopoly on the service. Worse still, EVN can cancel the power purchase agreement at any time, regardless of the time agreed upon in the contract.

    “That is too much of a risk,” Thang said.

    Moreover, EVN unilaterally gets to temporarily suspend electricity distribution for energy grid maintenance should it deems necessary to do so.

    “During the time electricity distribution is temporarily suspended, we don’t make any money. And EVN doesn’t have to reimburse us at all,” Thang said.

    Last year, the Ministry of Industry and Trade proposed an increase in selling prices for wind energy. Land and sea projects would have their selling prices increased to 8.77 and 9.95 cents per kilowatt per hour, respectively.

    Vietnam is trying to generate enough energy to sustain the country’s growth and connect those who still do not have access to power, while gradually shifting towards clean and low-carbon energy.

    It aims to produce 10.7 percent of its total electricity through renewable energy by 2030, mainly through solar and wind sources.

  • Vietnamese importers fret over dollar rate

    Vietnamese importers fret over dollar rate

    The dollar gained against the Vietnamese dong on Tuesday as the U.S. Federal Reserve raised interest rates last week.

    As of 3 p.m. Tuesday, dollar selling prices reached 22,810 at some currency exchange points in Ho Chi Minh City. At Vietcombank, BIDV and Eximbank, the dollar was being sold for VND22,880, 22,885, and 22,890, respectively.

    Buying prices also rose to VND22,800-22,815 per dollar at local banks by 3 p.m. Tuesday.

    The USD/VND exchange rate has increased by VND40-45 from June 13 when the Fed upped dollar interest rates for the second time this year to between 1.75 and 2.00 percent, ending the pledge to keep rates low enough to bolster the economy for “some time.” It signalled it would tolerate above-target inflation at least through 2020.

    High dollar prices will create difficulties for Vietnamese import businesses, economist Nguyen Tri Hieu said.

    Viet Steel is a company which imports 1.5 million tons of raw materials every year for steel production. “As 80 percent of our material is imported, the company will be affected by the dollar hike,” said chairman Do Thuy Thai.

    The company leaders are discussing increasing the prices of steel products to retain profit, Thai said.

    As a small import business, the Como Textile Company is also worried about the high rate of the U.S. dollar. “We often import 60 percent of our material, thus this will be a big challenge for the company in the future,” chairman Nguyen Huu Phuc said.

    However, the higher dollar rate is not a completely adverse development for Vietnam. Export businesses will enjoy the high rate as they often change U.S. dollars to Vietnamese dong, economist Nguyen Tri Hieu said. He added that they should push further in manufacturing and take foreign currency loans as interest rates are currently low.

    Hike continues

    As the U.S. economy “appears to be in a pretty good place” to U.S. Federal Reserve officials, they plan to increase the interest rate two more times this year.

    Vietnamese experts are not too worried. They are confident that these hikes won’t affect the country’s economy in any major way.

    Despite the hike in dollar prices, there is no sign of tension in the supply and demand of foreign currency, financial expert Ngo Xuan Hai said.

    Vietnam currently enjoys record-high foreign exchange reserves at $63 billion. It recorded a $3.39 billion export surplus in the first five months this year and there is abundant foreign currency supply, so “there is no need to worry,” Hai said.

    Echoing Hai, HSBC country head of global markets Ngo Dang Khoa said Vietnam currently has favorable conditions to keep the USD/VND rate from fluctuating too strongly, particularly with foreign direct investment disbursement reaching 13 to 14 billion USD each year and has been increasing.

    “As foreign investors usually look at the long term, temporary fluctuations in exchange rate won’t affect their investment decisions” Khoa said.

    The State Bank of Vietnam (SBV) can take monetary measures to stablize the economy, economist Hieu said. “With abundant foreign exchange reserves it may intervene into the market to maintain the rates,” he said, estimating that the exchange rate will increase by 1-3 percent this year.

    “SBV is closely monitoring the exchange rate to take timely decisions,” SBV deputy director Nguyen Hoang Minh said.

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  • Most Southeast Asian markets fall as trade tensions escalate

    Most Southeast Asian markets fall as trade tensions escalate

    Most Southeast Asian stock markets declined on Tuesday, in line with broader Asia, as U.S. President Donald Trump threatened new tariffs on Chinese goods in an escalating trade war between the world’s top two economies.

    Trump warned on Monday that Washington would impose a further 10 percent tariff on $200 billion of Chinese goods after Beijing’s decision to raise tariffs on $50 billion in U.S. goods, which was in retaliation for U.S. tariffs announced on Friday.

    Trump said if China increases its tariffs again in response to the latest U.S. move, “we will meet that action by pursuing additional tariffs on another $200 billion of goods.”

    “This is causing a little bit of uncertainty in the market. It is very worrisome for investors and they are staying on the sidelines and avoiding risky assets such as equities,” said Lexter Azurin, a senior equity analyst at Manila-based AB Capital Securities.

    MSCI’s broadest index of Asia-Pacific shares outside Japan hit its lowest since February as safe-haven assets such as gold and the Japanese yen gained.

    Philippine shares fell as much as 2.2 percent to their lowest since March 27, 2017, weighed down by industrials and financials. SM Investments Corp declined 3.2 percent, while BDO Unibank Inc shed 2.9 percent.

    A slim majority of economists believe the Philippine central bank will raise interest rates on Wednesday, but opinions are sharply divided, with the weak peso likely to be the factor that will tilt the scale.

    Thai shares fell nearly 1 percent to their lowest since Sept. 28, 2017 and were on track for a fifth straight session of decline.

    On Wednesday, the central bank is expected to leave its policy interest rate near a record low to encourage more broadly-based economic growth at a time when inflation remains low, according to all 21 economists surveyed in a Reuters Poll.

    Vietnam shares fell 2.8 percent to their lowest in nearly three weeks, with Petrovietnam Gas Joint Stock Corp declining to its lowest in six months, while Vietnam Technological and Commercial Joint Stock Bank dropped 6.8 percent.

    Malaysian shares were down for a seventh straight session, while Singapore shares rose on the back of gains in financials.

    Indonesian financial markets are closed through Tuesday for Eid Al-Fitr.

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  • DHL eCommerce brings same-day metro deliveries to Vietnam

    DHL eCommerce brings same-day metro deliveries to Vietnam

    DHL eCommerce, a division of Deutsche Post DHL Group, today announced the introduction of DHL Parcel Metro Same Day in Ho Chi Minh City and Hanoi. The service allows Vietnamese online retailers to offer same-day delivery to consumers in both cities with real-time tracking and rescheduling of deliveries through DHL’s digital platform. The service uses an “elastic delivery” concept where DHL taps into a varied set of delivery service providers. This allows deliveries to be fast and flexible while allowing same-day service to remain affordable for retailers.

    DHL Parcel Metro Same Day service allows retailers to offer same day delivery to consumers with real-time tracking and rescheduling of deliveries through its fully customizable digital platform.

    “Vietnam remains an exciting market for us with immense potential — Ho Chi Minh City is forecast to be the second fastest-growing Asian economy by 2021, with predicted annual growth of 8% . With about 30% of the Vietnamese population expected to shop online by 2020[2] , demand for e-commerce parcel deliveries will only increase,” said Charles Brewer, CEO, DHL eCommerce.

    “Globally, the demand for same-day delivery is expected to grow 43% till 2025 and capture 22% market share of domestic B2C delivery by then[3] . While the number of e-commerce parcel deliveries continues to soar, urban consumers are at the same time expecting instant and same-day delivery amid growing pressures of congestion, overtaxed infrastructure and costs. DHL Parcel Metro Same Day’s urban-friendly and flexible same-day delivery service aims to relieve last-mile pressures while providing retailers with fast, flexible, visible and reliable deliveries necessary to build consumer trust,” Brewer added.

    DHL Parcel Metro Same Day adds to DHL eCommerce Vietnam’s existing nationwide domestic delivery service supported by its fleet of vans and bikes, and regular air and road connections between its hubs for next-day delivery in Ho Chi Minh City, Hanoi and other primary markets. Coupled with its growing network of over 200 DHL ServicePoints, DHL eCommerce provides sellers and consumers with convenient pick-up and drop-off locations across the country. DHL eCommerce will also offer its fulfillment services along with DHL Parcel Metro Same Day to provide retailers a localized e-commerce solution, allowing them to store their inventory closer to their consumers and to deliver parcels faster and more efficiently to their shoppers.

    “Vietnam’s e-commerce market is growing 32% CAGR from 2018-2022 according to Euromonitor, and consumers — particularly the millennial and urban population — are increasingly expecting instant and same-day deliveries for their online purchases. For a great customer experience, retailers need not only fast and reliable delivery services, but also a personalized and seamless digital experience that inspires customer confidence from the very first click. DHL Parcel Metro Same Day’s customizable designs and Application Programming Interface (APIs) make it even easier for Vietnamese e-tailers to provide their customers with a seamless delivery experience and win their trust,” said Thomas Harris, Managing Director, DHL eCommerce Vietnam.

    DHL Parcel Metro Same Day also allows retailers to offer a fully branded experience in their delivery, with real-time tracking and rescheduling of deliveries through DHL’s fully-customizable digital platform. The digital platform uses a dynamic dispatching and routing engine to improve cost and operational efficiency, and supports a range of delivery modes — including motorcycles, bicycles, and foot couriers, alongside more conventional vans and cars — for maximal speed and agility in complex and often congested urban environments. This includes DHL’s own network of couriers and crowd-sourced partners that meet DHL’s stringent quality and standards.

    DHL eCommerce is part of Deutsche Post DHL Group, established in 2014 as part of the Group’s growing focus in e-commerce logistics solutions. Along with its sister divisions DHL Express, DHL Supply Chain and DHL Global Forwarding as well as its subsidiary Blue Dart Express in India, the Group offers end-to-end solutions for e-commerce retailers. This includes cross-border shipping with a premium offering from DHL Express and affordable solutions from DHL eCommerce; fulfillment solutions through DHL eCommerce and DHL Supply Chain; and air/sea/road/rail freight solutions from DHL Global Forwarding.

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