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Tag: Vietnam

  • Vietnam makes power price hike ahead of year-end production rush

    Vietnam makes power price hike ahead of year-end production rush

    Vietnam raised retail power prices by 6 percent on Friday, a decision that comes amid the peak year-end production season with little advanced notice.

    The Ministry of Industry of Trade issued an announcement late on Thursday that prices would be raised to VND1,721 (7.6 U.S. cents) per kWh. It said the first increase in three years was set based on “independent” audits of the power industry’s production costs and trade in 2016 and 2017.

    The ministry said earlier this year that the government would “carefully” consider any power price hikes because they could stand in the way of the country’s economic growth target of 6.7 percent this year.

    The decision has been described as a “surprise” by several media outlets, as no relevant plans or proposals have been reported in recent months.

    Vietnam Electricity (EVN), the state-owned power monopoly which also invests in power facilities, finance and labor training, reported a VND2.66 trillion ($117 million) profit in 2016, but said it lost nearly VND594 billion ($26 million) from electricity sales.

    EVN often claims losses when asking for permission to raise prices, and did so for the last increase of 7.5 percent to VND1,622 (currently 7.1 U.S. cents) per kWh in March 2015.

    Retail prices have stayed unchanged since then, but wholesale prices were lifted 2-5 percent in May last year.

    At a meeting in June, Vietnamese officials said that it’s not entirely convincing for EVN to keep justifying price hikes by claiming it is operating at a loss, given the fact that the company is also the country’s biggest debtor.

    It owed nearly VND487 trillion ($21.5 billion) at the end of last year, according to a government report issued in October.

    Deputy Minister of Home Affairs Nguyen Trong Thua has said the giant debt “definitely keeps prices high”.

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  • Vietjet seeks shareholders opinion on dividend payout increase for 2017

    Vietjet seeks shareholders opinion on dividend payout increase for 2017

    he Board of Directors of Vietjet Aviation Joint Stock Company (stock code HoSE: VJC) approved on November 29, 2017 a resolution finalizing the shareholders list to collect shareholder opinion on increasing the 2017 estimated dividend payout ratio from 50% to 60%, including a maximum 40% cash dividend payment.

    If being approved, the 2017 estimated dividend payout ratio would be 60%, of which the cash dividend would rise from 30% to 40%. The purpose of this opinion collection exercise is to make necessary arrangements for the second dividend advanced payment in 2017.

    In addition, Vietjet will also collect the opinion of shareholders on the change of its business lines and the address of its headquarters to No. 302/3 Kim Ma Street, Ngoc Khanh Ward, Ba Dinh District, Hanoi City. The registration deadline for submitting opinion in writing is December 19, 2017.

    In mid-August this year, Vietjet advanced VND 645 billion (around USD 28.5 million) as 20% cash dividend payment for 2017. Before that, Vietjet also paid a 40% bonus share dividend and finalized the 2016 cash and bonus share dividend payment at the rate of 119%.

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  • Vietnam’s Jan-Nov FDI rises 11.9 pct on-year

    Vietnam’s Jan-Nov FDI rises 11.9 pct on-year

    Vietnam received an estimated $16 billion in foreign direct investment (FDI) in the first 11 months of this year, up 11.9 percent from the same period in 2016, the government said on Monday.

    FDI pledges for new projects, increased capital and stake acquisitions jumped 82.8 percent from a year ago to $33.09 billion, the investment ministry said in a report published on its website.

    The manufacturing and processing industry received the most foreign funds as of November, followed by the electricity and air production and distribution sector.

    South Korea, Japan and Singapore were the biggest investors in Vietnam.

    Vietnam’s FDI inflows hit a record high of $15.8 billion in 2016.

  • Philippines’ San Miguel says looking to bid for Vietnam’s Sabeco

    Philippines’ San Miguel says looking to bid for Vietnam’s Sabeco

    The Philippines’ San Miguel Corp (SMC.PS) is looking to bid for Vietnam’s largest brewer Sabeco (SAB.HM), the conglomerate’s president said on Wednesday.

    “Yes,” Ramon Ang said when asked if San Miguel is looking to join the bidding for the Vietnamese brewer.

    Vietnam said earlier on Wednesday it is open to selling a 54-percent stake in Saigon Beer Alcohol Beverage Corp, but capped foreign ownership at about 49 percent.

    Sabeco received a strong response from potential suitors at an investors’ roadshow in Singapore last week, its chairman Vo Thanh Ha said, as the government moves closer to finalizing a stake sale in the $9 billion maker of Bia Saigon and 333 brews.

    Ha said the government is due shortly to publish details of a divestment plan for its nearly 90 percent stake in Sabeco as part of a lengthy fund-raising exercise.

    The sale has attracted interest from brewers seeking access to one of Asia’s most-promising beer markets, which is already the second-most profitable for Dutch brewer Heineken NV (HEIN.AS).

    Vietnam is shaping up as a battleground for global brewers thanks to a youthful population and beer-drinking culture.

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  • Vietnam’s biggest brewer to sell majority stake

    Vietnam’s biggest brewer to sell majority stake

    Vietnam said Wednesday it would sell a majority stake in the country’s largest state-owned brewer next month but limit foreign ownership to 49 percent, as the government seeks to pay off public debt.

    The long-delayed sale shares in Sabeco, the leading brewer in the beer-obsessed nation, will take place in December and aims to raise $4.8 billion, according to a statement on the company’s website.

    More than 340 million shares – amounting to 54 percent of the company – are up for grabs, but foreign ownership will be capped to safeguard the local brand, the firm said.

    “Foreign investors are allowed to own a maximum of 49 percent of the registered capital of Sabeco,” the statement said.

    Some 10 percent of Sabeco is already foreign owned, with the rest belonging to the government.

    Prices will be set at a minimum of $14 a share at the sale scheduled for December 18, the company added.

    The brewer, which owns household beer names Saigon Special and 333, said it was committed to “maintaining and developing Vietnam’s beer trademark” in limiting foreign control of the company.

    The sale, which officials originally hinted might happen at the beginning of this year, is part of the government’s privatization push as it seeks to rein in mounting public debt.

    As part of the promised reform, shares of several state-owned enterprises are to be sold off, though plans have repeatedly stalled.

    Vietnam’s public debt hit 63.7 percent of GDP at the end of last year, and is predicted to inch up to 64.8 percent by the end of this year, according to official figures.

    The government-sanctioned debt ceiling is 65 percent of GDP.

    With a population of 93 million people, Vietnam is one of Asia’s leading per capita beer drinkers, including in Hanoi where ubiquitous “bia hoi” streetside beer markets fill daily with thirsty patrons.

    Crown jewels Sabeco and fellow state-owned firm Habeco are the country’s leading brewers, though some foreign players such as Heineken, Carlsberg and Sapporo also have a foothold in the market.

    Dizzying economic growth has seen per capita incomes in Vietnam more than double in the past decade to over $2,200 today, with newfound disposable incomes largely spent on consumable goods.

  • Positive trend for Vietnam retail sales

    Positive trend for Vietnam retail sales

    Vietnam retail sales will exceed US$484.58 billion annually by 2025 and nearly $1.938 trillion by 2035 according to figures from the Ministry of Industry and Trade.

    In a draft strategy document released for public comment, the ministry expects an annual increase in sales of 13 per cent between now and 2020, rising to 14 per cent between 2012 and 2025. The figures were calculated after examining sales trends between 2011 and 2015.

    The paper predicts that domestic retail organisations will account for 80 per cent of the nation’s retail trade by 2020 but foreign direct investment will grow its share beyond 50 per cent as consumers move away from traditional retail models and shop in so-called ‘modern trade models’.

    Modern trade, which now accounts for 30 per cent of retailing, will grow to 35 per cent by 2025 and reach 50 per cent by 2035, the ministry predicts.

    AT Kearney last year ranked Vietnam in the world’s top 30 retail markets and with the best opportunities for multinational retailers.

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  • Vinacas Golden Cashew Rendezvous in Vietnam

    Vinacas Golden Cashew Rendezvous in Vietnam

    Last September, Bolloré Logistics organized a conference gathering approximately 50 members from Vinacas – Vietnam Cashew Association – in its Ho Chi Minh Head Office, to share about the upcoming Cashew Campaign 2017 in Tanzania.

    Then, and in order to reinforce its partnership with Vinacas members in Vietnam and promote its expertise in Cashew Nut supply chain worldwide, Bolloré Logistics Vietnam attended the 9th Vinacas Golden Cashew Rendezvous on November 13-15, 2017, in Phu Quoc, Vietnam.

    This event is held every year to promote the international cashew trade. On average, 400 domestic and international delegates are present from over 40 countries.

    As a leader with the largest integrated logistics network in Africa, Bolloré Logistics seized this opportunity to promote its logistics services in Africa to all cashew-related companies in Vietnam and globally. The B2B networking events, conversations and the conference allowed us to refine our knowledge on what can be done for raw cashew importers and cashew kernel exporters in Vietnam in terms of logistics services such as warehousing & fobbing at the country of origin, sea freight from Africa to Vietnam or from Vietnam towards the USA, Europe, and Middle East-South Asia.

    “This was the perfect occasion to gather more information about the soft commodity market trends – especially regarding food safety and regulations, and to further develop our trade lanes to create new opportunities,” mentioned Marc MOESCHLIN, Managing Director at Bolloré Logistics Vietnam.

    Bolloré Logistics’ team consisted of Marc MOESCHLIN, Managing Director at Bolloré Logistics Vietnam; Astrid VANIER, General Manager – Sales and Development at Bolloré Logistics Vietnam and Nhat-Minh NGUYEN, Africa Route Manager at Bolloré Logistics Vietnam. Those mentioned also act as points of contact in Vietnam.

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  • Mitsubishi Materials units falsified product data

    Mitsubishi Materials units falsified product data

    Subsidiaries of Mitsubishi Materials have falsified product data, the company said Thursday, becoming the latest major Japanese firm to admit problems with quality control.

    Affected products included rubber sealing materials used for packing and gaskets, often used to prevent leaks of liquid or gas from pipes in a wide variety of industries including aerospace and automobiles, the company said in a statement.

    The scandal also affected brass strip products for cars and other products, it said.

    Mitsubishi Materials said its subsidiaries falsified specification data before shipping some of its products to clients.

    It added the company is working with affected clients to ensure the safety of their products.

    The admission came after Japanese consumers saw a series of quality control and governance lapses at major firms including Kobe Steel, Nissan and Subaru.

    Kobe Steel has admitted falsifying strength and quality data for a string of products shipped to hundreds of clients, from automakers to plane manufacturers.

    Nissan recalled some 1.2 million vehicles after admitting in October that staff without proper authorisation had conducted final inspections on some vehicles intended for the domestic market before they were shipped to dealers.

    Subaru also recalled nearly 400,000 vehicles from its domestic market after admitting that it also allowed uncertified staff to conduct vehicle inspections.

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  • Speed Lotte shopping app, Lotte Mart’s next move

    Speed Lotte shopping app, Lotte Mart’s next move

    Korean retailer Lotte Mart has launched its Speed Lotte shopping app in Vietnam.

    The app allows smartphone users to buy more than 1000 items from categories including fresh food, lunch boxes and Korean products as well as Lotte Mart’s Choice L home-brand products.

    Free delivery within a radius of 10km will apply for purchases over VND100,000.

    Both Lotte Mart members and non-members can shop through the app, although registered members can enjoy frequent promotions from the retailer.

    The first 1000 customers to spend more than VND200,000 via the app will get vouchers worth up to VND100,000.

    The app is being tested at Lotte Mart District 7 and Go Vap, in greater Ho Chi Minh City before being launched nationwide.

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  • Uber-inspired Vietnamese start-up wins golden ticket to Silicon Valley

    Uber-inspired Vietnamese start-up wins golden ticket to Silicon Valley

    Ten aspiring Vietnamese start-ups went head-to-head on Thursday at the final of UberEXCHANGE, a nationwide competition offering a $4,400 prize and two tickets to visit Silicon Valley.

    Logivan, a two-month-old start-up, emerged as the winner with its plan to ‘Uberise’ Vietnam’s road freight market.

    “From my house I can see lots of empty trucks returning to their depots after completing their deliveries,” said CEO Linh Pham. “It’s a huge problem.”

    The start-up already works with 300 trucks and ships up to 28,800 tons of freight per year.

    Logivan hopes to step up in the giant market that will be worth an estimated $9 billion in 2017.

    “If you bought something, a truck brought it!” the slogan says.

    Last year, the Vietnamese government set a target of reaching one million new firms by 2020, turning the country into a start-up nation.

    In the cozy conference room, both experts and competitors were positive about the country’s start-up scene.

    “People say that Vietnamese start-ups are not tech-related, and that might have been true a few years ago when most people were focused on commercial start-ups,” Nguyen Thi Thu Van, said board member and vice president of the Vietnam Youth Union.

    “But this year we’ve seen two clear tech trends: bio and information technology.

    “I don’t think the government’s target is out of reach,” Van continued. “Since the plan was announced, remote provinces like Kon Tum have been the most supportive for start-ups.”

    Diep Que Anh, head of communications for Uber Vietnam, shared Van’s optimistic view.

    “We’ve seen a number of them reaching international markets in their very early stages,” Anh said. “So I think there’s a lot of reasons to be optimistic and excited about.”

    Vietnam, particularly its biggest economic hub Ho Chi Minh City, has long been known to the global tech market as an outsourcing haven, but the nation is yet to register on the global startup map.

    In the Global Startup Ecosystem Report 2017 released by U.S. research organization Genome, Ho Chi Minh City was not mentioned in its top 20.

    Geektime, one of the biggest tech blogs that focuses on global innovation, estimated the number of tech start-ups in Vietnam stood between 1,400 and 3,000 in 2016, making the country the third largest ecosystem in Southeast Asia. However, around 95 percent of start-ups die within 3-5 years.

    But Vietnam’s start-up spirit, its young, tech-savvy generation, and recently, ambitious leadership, make the country an attractive new ecosystem.

    What Vietnamese start-ups are missing is access to experienced professionals.

    “Even the best teams we’ve seen today don’t have the necessary presentational and persuasive skills,” said board member Van Nguyen.

    “It helps to receive mentorship from successful startups to learn about management skills,” Van stressed.

    Diep Que Anh, head of communications for Uber Vietnam, offered more advice.

    “It’s always important to understand the landscape in which you are competing,” Anh said. “They need to look regionally and globally, not to solve just Vietnam’s problems.”

    Despite all these problems, Phan Nguyen, CEO of another finalist, said it was a good start. “It’s good to see the quantity first, then the quality will improve.”

    Uber’s Que Anh agreed.

    “If these are the indications, then the future is very bright,” she said

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  • Lotte Duty Free plans expansion in Nha Trang

    Lotte Duty Free plans expansion in Nha Trang

    Korea’s Lotte Duty Free will open its second Vietnam airport store in Nha Trang next year.

    The store is set to locate at Cam Ranh International Airport’s new terminal which is now under construction, and on track to be complete in first half of 2018.

    The operator expects to gain US$644 million in sales from the new store over the next 10 years.

    The operator has recently completed its first airport store in Da Nang, with a part re-launched in May.

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  • Calvin Klein Vietnam opens Hanoi store

    Calvin Klein Vietnam opens Hanoi store

    Fashion house Calvin Klein Vietnam has opened a store in Vincom Ba Trieu, Hanoi.

    The store is located on level two of the shopping centre, and offers items from latest collections including jeans, underwear and accessories for women and men.

    Calvin Klein store Ha Noi Vietnam

    Inside the 147sqm shop, the interior is designed with neutral colors and “Simply as possible” spirit of the brand.

    Calvin Klein was brought to Vietnam in 2009 by IPP’s subsidiary ACFC.

    It now has 20 stores nationwide.

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  • New Thai Vietjet route launches to bring more passenger traffic

    New Thai Vietjet route launches to bring more passenger traffic

    New route launches by Thai Vietjet is expected to bring significant increases in passenger traffic between Thailand and Vietnam starting next month. This follows the official announcement that Thai Vietjet has just received the recertified AOC (Air Operator Certificate) from the Civil Aviation Authority of Thailand (CAAT).

    The new certificate, bestowed to the airline by Transport Minister Arkhom Termpittayapaisit, is in line with ICAO (International Civil Aviation Organization) standards. It was presented to Vietjet during a special ceremony with the theme “Let’s Enjoy A New Journey” on November 8.

    The airline also announced a new international route from Bangkok to Dalat – known as the ‘City of Flowers’ and a much-loved mountainous retreat for local and international travelers, particularly from Thailand. Earlier, Thai Vietjet announced that it will introduce two new international routes connecting Phuket and Chiang Mai with Vietnam’s largest tourism and economic hub of Ho Chi Minh City.

    “We believe that the recertification will further reassure the confidence of travelers across the globe in our services and the Thai airline industry as well,” said Ms. Nguyen Thi Thuy Binh, Thai Vietjet’s management representative. “To further deliver our promise to contribute to the growth of Thai tourism, today I am also pleased to announce the opening of Thai Vietjet’s new international route from Bangkok to Dalat in the Central Highlands of Vietnam. The new flight will be launched just before the International Flower Festival of Dalat, which is held in December this year. I am delighted that people from these two countries can now enjoy their neighboring country even more through our expanding flight network.”

    The Transport Minister of Thailand, Mr. Arkhom Termpittayapaisit, said: “Thai Vietjet is the 12th carrier to pass the recertification process since CAAT started to recertify the AOC for airlines. I have witnessed the airline’s dedication on preparing and improving itself to successfully pass the overall operational standards of ICAO. And the new AOC, bestowed to Thai Vietjet today, is a remarkable milestone for the carrier to further prove its safety and services as it spreads its wings and continues to fly further and higher on this journey of sustainable development.”

    Commencing 18 December, 2017, the new Bangkok – Dalat route will be operated by an Airbus A320 with four return flights per week, flying every Monday, Wednesday, Friday and Sunday. The flight departs at 10:45am from Bangkok and returns at 12:45pm from Dalat with a flight time of one hour 45 minutes. One-way fares start from only THB 99 (HKD $23.33) (excluding tax and charges).

    Dalat is the capital city of Lam Dong province, located in the Lang Biang highlands – part of the Central Highlands region of Vietnam – 1,500 meters above sea level. Boasting thick pine forests and verdant valleys of postcard beauty as well charming old French villas, beautiful waterfalls and gorgeous lakes, the city of Dalat has become one of the most favorite destinations in the country and the region, particularly when it comes to winter where flowers blossom in full colors all over the city. Therefore, the city is known to Vietnamese by many lovely names such as Little Paris, the City of Love, the City of Poetry, the Green City.

    Following the newly-launched route to Dalat in December 2017, Thai Vietjet and Vietjet Group will operate a total of six direct routes between Thailand and Vietnam, including Bangkok to Hanoi/ Hai Phong/ Ho Chi Minh City and Dalat and Phuket/Chiang Mai to Ho Chi Minh City.

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  • $1 billion plan taxis onto runway to upgrade int’l airports in Vietnam

    $1 billion plan taxis onto runway to upgrade int’l airports in Vietnam

    Vietnam’s aviation agency has proposed a plan to upgrade three international airports near popular tourist destinations Ha Long, Hoi An and Hue over the next three years.

    The project is expected to cost VND23.3 trillion (more than $1 billion) and includes new passenger and cargo terminals, buildings and runway upgrades, the Civil Aviation Authority of Vietnam (CAAV) said in its proposal to the transport ministry.

    It said the money would be spent at Cat Bi Airport, which is 70 kilometers (43 miles) from Ha Long Bay, Phu Bai Airport just outside the former royal capital Hue, and Chu Lai Airport, 77 kilometers south of Hoi An.

    The CAAV said Phu Bai and Chu Lai were operating far above capacity last year, while Cat Bi, which offers the shortest route to Hai Phong, is likely to be overloaded next year.

    Vietnam’s aviation market is growing at the third fastest pace in Asia-Pacific and the country is grappling with an acute dearth of airport capacity.

    Aviation authorities estimated that the number of passengers on domestic flights soared 35 percent to 28 million in 2016, accounting for more than half of the total air travel in the country.

    Airports across the country served more than 55 million passengers during the first seven months of this year, according to the CAAV. The number in July alone reached 9.1 million, up 12.2 percent against the same month last year.

    In March, the Airports Corporation of Vietnam asked for VND32 trillion ($1.4 billion) from the state budget to upgrade large airports across the country.

  • More street food zones in the making for downtown Saigon

    More street food zones in the making for downtown Saigon

    People with a literal taste for the outdoors will be pleased to know that more street food zones are expected to open in downtown Saigon following the success of the first two areas and the need to keep the city’s sidewalks in order.

    Seven out of ten wards in District 1 want to set up street food zones, Tran The Thuan, the district chairman, said at a meeting Tuesday.

    The new zones will include two on Nguyen Thai Hoc Street and one on Phan Van Truong Street.

    Before the new zones are opened, District 1 will offer food safety training for vendors as it did at the first and second zones, which are located on Nguyen Van Chiem Street near Notre-Dame Cathedral and in Bach Tung Diep Park near Reunification Palace.

    The first two zones are open from 6 a.m. to 9 a.m. and from 11 a.m. to 2 p.m.. The district administration has said it is looking at plans to extend the opening times for the new zones.

    Vendors in the new zones will be selected from those who have been barred from selling their wares on the sidewalks in recent months in the same way as the first two zones, where vendors say they have finally found peace after years of playing cat and mouse with officers.

    District 1 has been making efforts to clean up its sidewalks since February.

    Led by the district’s vice chairman Doan Ngoc Hai, aka Captain Sidewalk, the campaign has taken a zero-tolerance approach to cars, bikes, vendors and structures that invade the sidewalks and rob pedestrians of their space.

    It has been widely applauded by locals, but has also raised concerns for being too extreme.

    Hai has been told by city leaders to tread carefully around diplomatic cars, and has also received death threats that warranted police protection.

    City leaders eventually stepped in to set up a new task force that will only react when complaints are made, essentially undercutting Captain Sidewalk’s authority.

    The move was welcomed by street vendors who have been left devastated, with many seen crying and yelling when police or soldiers seize their food stands.

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