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Tag: Vietnam

  • High air freight costs for Vietnamese fruit exporters

    High air freight costs for Vietnamese fruit exporters

    The shipping fee per kilogram of fruit can be three times higher than the price at farmer’s garden. Vietnamese fruit exporters are struggling to stay competitive due to high air freight costs compared to other countries.

    Fruit exports from Vietnam to European countries are subject to a $3.2 per kilogram shipping fee, 44 percent higher than Thailand’s at $1.8, Dam Quang Thang, CEO of Agrice VN, told. Thang’s company is exporting mango, longan, dragon fruit and lychee at a cost up to three times higher than their price at farmer’s garden.

    Exports to Shanghai, China are also facing high air freight fee of $1.8 per kilogram, while the cost is $2.6 from Vietnam to Australia, Thang said.

    As fruits are preferred to be consumed fresh, shipping by sea is not appropriate as the long duration can rotten the produce. However, high air freight costs are pushing up prices of Vietnamese agricultural products overseas, said Ta Duc Minh, Vietnam’s commercial counsellor in Japan at an agriculture conference in February.

    In Japan, Vietnamese mango is priced higher than that of Ecuador and Thailand, even though the distance from Vietnam to Japan is shorter compared to those countries, Minh said.

    Additionally, promotion of agricultural trade is also facing many difficulties due to the increase of protectionism in countries such as the U.S., China, Japan and the European Union, said Tran Van Cong, deputy director of the Department of Agricultural Product Processing and Marketing under the Ministry of Agriculture and Rural Development.

    Negotiations to open foreign markets to Vietnamese agricultural products are difficult and usually take five to seven years to complete. Competition is increasingly fierce in terms of price, quality, design and food safety, Cong said.

    Vietnam’s agriculture products export turnover reached $36.3 billion last year. This year, the country plans to reach $40.5 billion.

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  • Don Chicken Vietnam adding more restaurants

    Don Chicken Vietnam adding more restaurants

    Don Chicken Vietnam is planning to expand its Hanoi portfolio through franchising.

    There are two branches of the Korean fast-food chain in the capital, one in Vincom Royal City.

    As a first move for its expansion in Hanoi and the north, Don Chicken has launched an event to find partners experienced in the dining sector, and will offer franchisees training and marketing support.

    Founded by Apgujeong Group in 2007, Don Chicken has 400 stores across Korea and has also expanded into China and Thailand.

    Don Chicken opened its first store in Vietnam in 2015, in Ho Chi Minh City. It started franchising from 2016 and now has 13 stores nationwide.

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  • Vietjet further expands with new routes to Taiwan and South Korea

    Vietjet further expands with new routes to Taiwan and South Korea

    Vietjet continues its Asian expansion program with the launch of two new international routes: Hanoi – Taichung (Taiwan) and Danang – Daegu (South Korea). Tickets have started selling for the two routes which will meet the traveling demand of both locals and tourists and contribute to regional trade and integration promotion.

    The Hanoi – Taichung route will be operated with 5 return flights per week on every Monday, Wednesday, Friday, Saturday and Sundayfrom June 22, 2018 with around two and a half hours flight time per leg. The flight departs from Hanoi at 13:00 and arrive in Taichung at 16:30 (local time). The return flight takes off at 17:30 (local time) in Taichung and lands in Hanoi at 19:20.

    The Danang – Daegu route will be operated on a daily basis from July 19, 2018 with around four and a quarter hour flight time per leg. The flight will depart from Danang at 00:15 and arrive in Daegu at 06:30 (local time). The return flight will take off at Daegu at 07:30 (local time) and lands in Danang at 10:00 every day.

    With 6 routes serving Taiwan including HCMC – Taipei; Hanoi – Taipei; HCMC – Kaohsiung; Hanoi – Kaohsiung; HCMC – Tainan; HCMC – Taichung, Vietjet is the airline flying the most Taiwanese destinations from Vietnam.

    Daegu is the fourth largest city of South Korea, after Seoul, Busan and Incheon. With a convenient and diversified transportation system, Daegu is connected with many major cities of South Korea. Palgongsan Mountain, Cosmos Land or many famous parks including Apsan Park, Woobang Tower, Daegu Arboretum, Mangwoo Park, Gyeongsan-gamyeong and Gukchaebosang Memorial Park are the most favourite tourist attractions in Daegu.

    Aiming to be a “Consumer Airline”, Vietjet is continually opening new routes, adding more aircraft, investing in modern technology and offering more added-on products and services to serve all demands of customers. Vietjet is a pioneering airline that is loved by many for its exciting promotional and entertainment programs, especially during the festive season. With high-quality services, diverse ticket classes and special low-fare tickets, Vietjet offers its passengers flying experiences on new aircraft with comfy seats, delicious hot meals, beautiful and friendly cabin crews, and other interesting added-on services.

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  • Vietjet reports a year of success with high growth and more international routes in 2018

    Vietjet reports a year of success with high growth and more international routes in 2018

    Vietjet yesterday reported a year of success at the Annual General Shareholders Meeting (AGM) 2018 of Vietjet Aviation Joint Stock Company (HoSE: VJC – HOSE), with 91.74% shareholders in attendance and high approval ratings for all issues raised at the AGM.

    According to the report presented by Vietjet Managing Director, Luu Duc Khanh, who spoke on behalf of the Board of Management, the company enjoyed a successful year across all categories.

    Specifically, Vietjet received 17 aircraft, including the first A321 Neo in Southeast Asia. By continually saving costs efficiently and effectively, Vietjet has maintained the most efficient operating costs in the region. Indicators for operation safety and ground operation were also among the highest in the region. The airline’s technical reliability reached 99.66%, the highest level among the Airbus’ A320/321 fleet worldwide.

    To continue its expansion of domestic routes as well as penetrating the markets in the North Asia region, up until the end of 2017, Vietjet operated 38 domestic routes and 44 international routes connecting major cities in a part of the world that is home to more than half of the world’s population. In 2017, the company operated 98,805 safe flights, transporting 17.11 million passengers, a 22% increase over 2016.

    Besides increasing the volume of international passengers and the number of international charter flights, ancillary services also grew in proportion to the number of flights. At the AGM, Vietjet also announced that the airline had surpassed its financial targets. According to the audited and consolidated financial statements of 2017, revenue stood at VND42,303 billion (US$1.92 billion), after-tax profit stood at VND5,073 billion (US$230.59 million), with increases of 54% and 73% respectively over 2016. Earnings per share reached VND11,356 (US$0.52).

    On February 28, 2017, Vietjet listed its shares on the Ho Chi Minh City Stock Exchange (HoSE) with the Board of Directors’ total commitment in applying international standards in corporate governance, management and information transparency.

    On the back of these positive business results, the Board of Directors proposed and received approval from the shareholders to increase the dividend payment of 2017 from 50% to 60%. Accordingly, the company advanced a 30% dividend payment in cash and will pay a cash dividend of 10% on May 25. Vietjet will pay a further dividend of 20% by shares.

    In 2018, the company has set a target to reach VND50,970 billion (US$2.24 billion) in revenue and VND5,800 billion (US$254.75 million) in profit, with increases of 20.5% and 10% respectively compared to those of 2017. The Board of Directors also submitted a proposal to the shareholders to increase the dividend payment of 2018 to 50%.

    The aviation market of Vietnam and the region is expected to continue growing strongly in 2018, especially as the economy is forecast to achieve the highest GDP growth ever, and the government is promoting tourism as a key economic sector that will attract millions of tourists to Vietnam. With its expanding fleet and increasing number of new international routes to destinations in countries such as Japan, India and Australia, Vietjet is on its way to becoming a multi-national airline with a global vision and competitive abilities.

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  • Vietjet Soaring to Greater Heights

    Vietjet Soaring to Greater Heights

    In just a little over a decade, Vietjet – Vietnam’s new-age airline has taken Asia and the world by storm, making waves in the global aviation industry and turning heads with its rapid growth, unique service offerings and cheeky out-of-the-box ideas.

    Once the underdog of the race, Vietjet is now leading the domestic aviation market in Vietnam and actively expanding its fleet to support its foray into new international markets.

    Earlier this year, the airline was the first in Southeast Asia to take delivery of an A321neo Airbus aircraft, adding to its existing fleet of 55 aircraft, which includes a mix of A320s and A321s.

    Vietjet also recently announced its decision to upgrade an existing order for 42 A320neo aircraft to the superior and larger A321neo models. Accordingly, the airline now has a total of 73 A321neo and 11 A321neo on order for future delivery.

    The airline currently operates 44 international routes, including flights to and from Hong Kong, Thailand, Singapore, South Korea, Taiwan, Malaysia, Cambodia, China and Myanmar – making traveling across Southeast Asia both convenient and less expensive. Domestically, Vietjet’s extensive flight network connects passengers to a total of 38 destinations within Vietnam, allowing travellers to explore the many hidden gems the country has to offer.

    With a vision of becoming a favourite multinational airline, Vietjet has also made great strides in the expansion of its flight network both domestically and internationally. The airline has established a comprehensive code-sharing partnership with Japan Airlines, providing customers better access to destinations between Vietnam and Japan, and beyond.

    Just recently, the airline also announced plans to connect Vietnam with New Delhi, India and Brisbane, Australia. Scheduled to commence in 2019, the non-stop service between Ho Chi Minh City and Brisbane will give the airline much reason to celebrate as it will mark Vietjet’s first Australian long-haul destination.

    There is no denying the vast potential of the growing tourism market. Moving forward, Vietjet aims to continue exploring unchartered territories, forging partnerships and taking hold of opportunities to facilitate deeper international and regional integration. In the coming months, the airline will continue adding new routes to its ever-expanding list of destinations, spreading its wings to even more destinations across the globe. These are but a few of the things the airline is doing to better serve its customers in the region.

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  • Cocosnack offers a new diner experience

    Cocosnack offers a new diner experience

    Cocosnack, in the centre of Hue city, claims to be the first American diner in Vietnam offering both local and international food.

    As the photos show, the venue features an unforgettable pink colour palette with strong 1950s-influenced theming. The shocking pink is offset by a black-and-white chequered floor.

    As well as burgers featuring Australian beef, the new outlet offers freshly made Vietnamese specialities.

    Using imported flour, the diner’s French chef can also produce French country-style bread, kebabs, pasta and pizza, as well as snacks.

    It is easy to recognise the diner with its stylised Citroen car by the entrance.

  • Lyn Vietnam to open a new shop in Hanoi

    Lyn Vietnam to open a new shop in Hanoi

    Thai handbag and accessories label Lyn Vietnam is opening three more stores in Ho Chi Minh City and Hanoi.

    One store will be opened inside Vincom Center this Friday. The other two will open at Hanoi’s Vincom Royal City and Trang Tien Plaza, on May 2 and 14 respectively.

    The openings coincide with the introduction of Lyn’s Spring/Summer collection.

    Lyn was founded in Thailand in 2001, and arrived in Vietnam last November with the first store on Nguyen Trai street, Ho Chi Minh City.

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  • Vietjet plans to pay a dividend of 60% for its US$231 million profits

    Vietjet plans to pay a dividend of 60% for its US$231 million profits

    Vietjet today announced its plan to pay a dividend of 60% of its 2017 profits after posting positive business results for the year. According to the audited and consolidated financial statements released by Vietjet Aviation Joint Stock Company (HOSE: VJC), the airline’s after-tax profit stood at VND5,074 billion (US$230.63 million).

    The airline’s net revenue stood at nearly VND42,303 billion (US$1.92 billion). After-tax profit of Vietjet in 2017 stood at VND5,074 billion (US$230.63 million). These figures have exceeded the airline’s targets for 2017 respectively by 150% and 103% year-on-year.

    Profit attributable to shareholders of the parent company increased to VND5,073 billion (US$230.59 million), exceeding the company’s targets for 2017 by 150% and 103.3% year-on-year. Earnings per share (EPS) stood at VND11,356 (US$0.52), an increase of 73% year-on-year.

    Vietjet’s unallocated profit up to December 31, 2017 was VND5,809 billion (US$264 million). Before that, the company raised its 2017 dividend payout from 50% to 60% due to its positive business results. Vietjet advanced the 2017 cash dividend payment at the rate of 30% and plans to pay the remaining 30% dividend in shares. With the higher profits and cash reserves, the Board of Directors expects to submit the proposal for the payment of 10% cash dividend and 20% share dividend in the coming Shareholder Annual Meeting. Vietjet has built a reputation for consistently making high dividend payments to its shareholders.

     

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  • Phuc Long makes it debut in Danang

    Phuc Long makes it debut in Danang

    Vietnamese coffee and tea chain Phuc Long has opened its first Danang outlet.

    Located on the second floor of Lotte Mart, the new Phuc Long Danang store drew long queues on opening day, as it offered three days of launch promotional activity. From today until Sunday, customers who come early and check-in on Facebook will get free vouchers and coffee mugs.

    Phuc Long has partnered with Grab to offer discount for rides to its store – for both GrabBike and GrabCar.

    The second Phuc Long Danang outlet will open soon on Nguyen Van Linh.

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  • Innisfree Vietnam pop-up boosts brand

    Innisfree Vietnam pop-up boosts brand

    Korean cosmetics brand Innisfree has opened its first pop-up store, inside Saigon Center in Ho Chi Minh City, from now until Sunday.

    Called New Hydration Station, the Innisfree Vietnam pop-up introduces the brand’s new green tea range through different sections such as Hydration Station, Hydration Wash Zone, Beauty Wash, Green Tea Store, Green Tea Zone.

     

    After the pop-up, the brand will open new store at Crescent Mall in District 7, in the hub of the city’s Korean community.

    During the first two days, customers will get the chance to receive Innisfree tumblers, eco bags, and masks with bills over VND300,000.

    After arriving in Vietnam in 2016, Innisfree has opened four stores, all in Ho Chi Minh City.

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  • DHL Vietnam appoints Drew Duncan as Managing Director

    DHL Vietnam appoints Drew Duncan as Managing Director

    DHL Supply Chain, the global market leader for contract logistics solutions, today announced the appointment of Drew Duncan as Managing Director of DHL Supply Chain Vietnam. In his new role, Drew will manage the strategic development of DHL Supply Chain Vietnam, steering growth in warehouse management, transportation management and value added supply chain services.

    Drew has more than 13 years’ experience in the logistics industry and has spent six years with DHL Supply Chain Thailand. Prior to this appointment, Drew was the Vice President — Retail, managing a combined workforce of over 6,000 personnel, 30 distribution centers and a fleet in excess of 3,000 vehicles. Drew is a pioneering leader of change, and has employed many globally tested supply chain innovations in our local operations, yielding significant improvements in cost and service for our customers.

    Kevin Burrell, CEO, DHL Supply Chain Thailand Cluster (Thailand, Vietnam, Cambodia and Myanmar), said: “Vietnam’s economy is growing rapidly, and this dynamic environment demands a leader who drives constant improvement across all areas of our business. We are pleased to announce the appointment of Drew Duncan as Managing Director of our operations in Vietnam. Having worked in Southeast Asia for half of his career, Drew has a keen understanding of regional and local culture. With his illustrious track record and rich experience working within DHL, we are confident of fulfilling our promise of being the leading enabler for our customers in the country and contributing to improving our consumers’ daily lives. We have huge ambitions for our business in Vietnam, and look forward to capitalizing new opportunities under Drew’s stewardship”.

    DHL aims to provide a one-stop service for logistics supply chain integration to global standards, supporting local and international customers in various sectors — Retail, Consumer, Technology, Automotive, Life Sciences, Chemical, Engineering and Manufacturing. Its diverse expertise enables speedy operational set-up for customers from all sectors using DHL’s multi-user warehouses and transport networks. DHL Supply Chain sees a real opportunity in Vietnam to help its customers grow successfully and constantly improve safety, quality and cost management through innovation and market differentiated services.

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  • Superdry Vietnam launching first Hanoi flagship store

    Superdry Vietnam launching first Hanoi flagship store

    Superdry Vietnam will open first flagship store on Saturday, at Hanoi’s Trang Tien Plaza.

    It will showcase the British fashion brand’s latest menswear, women’s and children’s casualwear, sportswear,  footwear, undergarments and accessories.

    For its Vietnam debut, Superdry will also introduce its latest perfume collection, Superdry SS18.

    On opening day, the first 100 customers will each be given a Superdry shirt.

    Superdry comes to Vietnam via Jaspal Group, which owns the Vietnam rights to such brands as CC Double, CPS Chaps, Lyn, Misty Mynx and Santas.

    Superdry has 515 locations in 46 countries.

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  • TrueMoney Vietnam wins payment services license

    TrueMoney Vietnam wins payment services license

    TrueMoney Vietnam has obtained an Intermediary Payment Services License from the State Bank of Vietnam to operate digital financial services in the market.

    The company, part of Thailand-based True Corporation’s payment services subsidiary Ascend Money, has secured approval to operate e-money, e-payment, wireless transfers, and payment gateway services.

    With the approval, Vietnam will be the second country in the region to launch TrueMoney Wallet after Thailand.

    Consumers in Vietnam are expected to be able to use TrueMoney Wallet to make online purchases, pay bills and top up their pre-paid mobile and gaming cards, as well as to transfer money from their bank accounts to the digital wallet and from their wallet to other wallets.

    Offline and online merchants will be able to use TrueMoney’s system as a payment gateway and companies will soon be able to disburse payroll to their employees via TrueMoney Wallet.

    TrueMoney has a network of over 5,000 agents across 40 provinces in Vietnam. Agents are small business owners who conduct financial services for customers, enabling the Vietnamese population to access services such as top-up and bill payment near their location.

    TrueMoney Vietnam aims to soon offer additional financial services such as loans and insurance in the second quarter of 2018.

    “Winning the license to operate digital financial services cements our presence in Vietnam, an important market for Ascend in our expansion throughout Southeast Asia,” Ascend Money president Tanyapong Thamavaranukupt said.

    “This means TrueMoney is now able to deploy a broad range of safe, affordable and convenient digital money solutions to Vietnam’s population of 90 million. In particular we hope to provide equal access to financial services for the unbanked.”

    Vietnam has one of the lowest banking penetration rates in the region, with only one third of the population having an account with a formal financial provider, compared to the regional average of 69%.

    “While Vietnam has the potential to surpass China in GDP growth by 2020, the country urgently needs to connect its people and businesses to financial services, to reap the benefits of inclusive growth. As Southeast Asia’s fastest growing mobile commerce market, as well as one of its largest unbanked populations, Vietnam poses a key opportunity for TrueMoney to innovate and scale,” Tanyapong continued.

    TrueMoney has e-money licenses to operate financial services in Thailand, Myanmar, Indonesia, Cambodia, Philippines, and Vietnam.

    Vietnam, along with the Philippines, Indonesia, and Myanmar, has been identified by the World Bank as among the top 25 countries to focus strategic efforts on financial inclusion. According to the World Bank, in 2014 Vietnam had the lowest credit card usage in Southeast Asia, and only 50% of the debit cards in circulation were in use.

    The Asian Development Bank estimates that bringing digital financial services to Southeast Asia’s unbanked population can boost the GDP of economies by as much as 6%.

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  • Pop-ups leading way for Dickies Vietnam

    Pop-ups leading way for Dickies Vietnam

    Dickies Vietnam is planning to open its first Ho Chi Minh City flagship store.

    Meanwhile, the American apparel brand is paving the way by opening pop-up stores at Diamond Plaza, Parkson C&T, Parkson Hung Vuong, Parkson Saigon Tourist and Takashimaya from this month through to June.

    Dickies arrived in Vietnam in November under distribution deal between Son Kim Fashion and Williamson-Dickie, with a flagship store being opened at Vincom Royal City in Hanoi.

    The group plans to open 30 Dickies stores in five years.

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  • TrueMoney Wins Payment Services License in Vietnam, Launches TrueMoney Wallet

    TrueMoney Wins Payment Services License in Vietnam, Launches TrueMoney Wallet

    TrueMoney Vietnam (“TrueMoney”), part of Southeast Asian Fintech company Ascend Money, has obtained the Intermediary Payment Services License from the State Bank of Vietnam to operate digital financial services in e-money, e-payment, wireless transfers, and payment gateways. TrueMoney is processing over one million transactions per month, with 500,000 customers a month transacting with TrueMoney agents and TrueMoney Wallet.

    Tanyapong Thamavaranukupt, President of Ascend Money, said, “Winning the license to operate digital financial services cements our presence in Vietnam, an important market for Ascend in our expansion throughout Southeast Asia. This means TrueMoney is now able to deploy a broad range of safe, affordable and convenient digital money solutions to Vietnam’s population of 90 million. In particular we hope to provide equal access to financial services for the unbanked.”

    Consumers can now use TrueMoney Wallet to make online purchases, pay bills and top up their pre-paid mobile and gaming cards, as well as to transfer money from their bank accounts to the digital wallet and from their wallet to other wallets. Offline and online merchants can use TrueMoney’s system as a payment gateway. Companies will soon be able to disburse payroll to their employees via TrueMoney Wallet.

    TrueMoney has a network of over 5,000 agents across 40 provinces in Vietnam. Agents are small business owners who conduct financial services for customers, enabling the largely underserved Vietnamese population to access fast and easy services such as top-up and bill payment near their location. TrueMoney Vietnam will soon offer additional financial services such as loans and insurance, in the second quarter of 2018.

    Vietnam has one of the lowest banking penetration rates in the region, with only one third of the population having an account with a formal financial provider, compared to the regional average of 69%.

    “While Vietnam has the potential to surpass China in GDP growth by 2020, the country urgently needs to connect its people and businesses to financial services, to reap the benefits of inclusive growth. As Southeast Asia’s fastest growing mobile commerce market, as well as one of its largest unbanked populations, Vietnam poses a key opportunity for TrueMoney to innovate and scale,” Tanyapong continued.

    TrueMoney, an e-payment and financial services provider for digital and unbanked consumers, is the only Fintech company with e-money licenses to operate financial services in Thailand, Myanmar, Indonesia, Cambodia, Philippines, and Vietnam. Across Southeast Asia, Ascend Money has reached over 35 million customers in 2017 and aims to reach 100 million customers by 2020.

    Vietnam, along with the Philippines, Indonesia, and Myanmar, has been identified by the World Bank as among the top 25 countries to focus strategic efforts on financial inclusion. According to the World Bank, in 2014 Vietnam had the lowest credit card usage in Southeast Asia, and only 50 per cent of the debit cards in circulation were in use.

    Tanyapong added, “The blurred lines between the unbanked and the underbanked—those with formal access but limited engagement—points to the need for not just access to bank accounts, but the regular use of banking in the daily lives of the population. This means that digital financial services can reach a much larger segment of the population if delivered through a comprehensive platform—addressing not just the need for a digital wallet, but also broader daily needs of merchants and users to transition from offline to online payment methods seamlessly. By strengthening the overall prevalence and convenience of e-money in daily life, Ascend Money plays a leading role in unlocking the potential of the digital economy in Southeast Asia for digital consumers and the underbanked alike.”

    Vietnam is the second country in the region to launch TrueMoney Wallet after Thailand. Following the successful roll-out of TrueMoney Wallet across Thailand in major retail outlets such as 7-Eleven convenience stores, with almost 10,000 branches nationwide, Ascend has continued to expand in markets that are among the region’s lowest in financial inclusion rates.

    TrueMoney Wallet was officially launched in Vietnam this year during the Lunar New Year with the TrueGift campaign, in which celebrities and users sent virtual red packets (hongbao) to their fans and friends to celebrate the special holiday.

    The Asian Development Bank estimates that bringing digital financial services to Southeast Asia’s unbanked population can boost the GDP of economies by as much as 6%.