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Tag: Vietnam

  • Old Navy Vietnam opens second store

    Old Navy Vietnam opens second store

    Old Navy Vietnam has opened its first store in Hanoi, three months after its debut in the country.

    The 655sqm store is located in Vincom Nguyen Chi Thanh and offers collections for men, women, kids and babies.

    Melissa Fehlman, GM of Old Navy Vietnam, said the brand aims to open more stores throughout Vietnam in coming years, with Ho Chi Minh City’s second shop scheduled this month.

    Acknowledging that Vietnamese customers are trendy, Old Navy commits to refreshing 70-80 per cent of its products every three months, alongside core, long-term lines such as denim wear.

    Old Navy came to Vietnam under a franchise agreement between Gap Inc and Vietnam IPP’s subsidiaries ACFC and CMFC, which also hold the Gap and Banana Republic franchises in Vietnam.

    The nation’s fashion market is booming, buoyed by the recent arrival of international brands, including Pull&Bear and Stradivarius on September 1.

    H&M opens its first store in Ho Chi Minh City on September 9 and Zara will open its first Hanoi store next month.

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  • Vietnamese retailers look to foreign retail markets

    Vietnamese retailers look to foreign retail markets

     

    In late June, The Gioi Di Dong JSC, which owns the largest mobile phone distribution chain in Vietnam, opened its first shop in Phnom Penh, Cambodia. The shop in Cambodia is named BigPhone, but it has a brand identity like The Gioi Di Dong shops in Vietnam.

    The Gioi Di Dong hopes it can earn $100,000 a month from the first shop, and plans to open 10-15 shops in Cambodia this year.

    A senior executive of Pico, a home appliance distribution chain, in early 2016 told the press that the chain was considering penetrating markets like Myanmar, Laos and Cambodia. Of the neighboring markets, Myanmar is the first choice because of favorable conditions of the market: it is easy to find retail premises, and there is less competition.

    Nguyen Ngoc Hoa, when he was chair of Saigon Co-op, affirmed the importance of foreign markets for Saigon Co-op, saying that the retail chain targets Laos and Cambodia for its plan to expand the network.

    “The most important thing in implementing the expansion plan is that Saigon Co-op find reliable partners in doing business overseas,” he said.

    A senior executive of Pico said he can see that there would be both economic and non-economic barriers in the Cambodia and Myanmar markets. He said it would take time to learn about the consumption habits, local culture, the laws and economic factors of the target markets.

    Ho Viet Dong, CEO of The Gioi Di Dong in Cambodia, said though the retail chain has good relations with mobile phone manufacturers, it still faces difficulties in doing business in Cambodia.

    “The mobile phone market here is very complicated,” he said. “Besides, the training of the labor force for long-term business plan also needs consideration.”

    Meanwhile, according to Saigon Co-op’s CEO Nguyen Thanh Nhan, the plan to open a supermarket in Cambodia has been delayed because of the change of the Cambodian partner.

     

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  • Toyota recalls 20,000 cars in Vietnam due to faulty airbags

    Toyota recalls 20,000 cars in Vietnam due to faulty airbags

    The airbags produced by Japanese manufacturer Takata have been linked to 17 deaths worldwide.

    Toyota Vietnam announced the recall of 20,000 cars this week to replace airbags produced by Japanese firm Takata.

    The Japanese auto maker will recall 18,138 of its Vios models assembled in Vietnam between 2009 and 2012, and 1,877 Yaris units imported into the country during the same period.

    The move is part of a worldwide recall of Takata products.

    Airbag-manufacturer Takata has suffered massive losses due to faulty airbags that have been linked to at least 17 deaths worldwide.

    The airbags’ inflators can explode with excessive force and blow a metal canister apart, sending shrapnel into the car.

    Toyota Vietnam said it will replace the airbags free of charge.

    No accidents related to the airbags have been recorded in Vietnam.

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  • Bitcoin rush: Miners on the rise with Vietnam set to regulate virtual currencies

    Bitcoin rush: Miners on the rise with Vietnam set to regulate virtual currencies

    The cryptocurrency reached an all time high of $4,700 this week, so if you’ve got a head for numbers…The demand for hardware to mine Bitcoins in Vietnam is on the rise following a government decision to develop a legal framework to manage digital currencies.

    Assigned ministries will have until the end of next year to complete the legislation, while tax policies for cryptocurrencies must be finalized by June 2019.

    As for now, Bitcoins remain illegal in Vietnam, according to the central bank. But that does not make the virtual currency any less attractive, and Vietnamese people have already started mining.

    The process of mining Bitcoins involves miners solving complex mathematical problems, and the reward is more Bitcoins generated and awarded to them.

    The participant who solves the puzzle first gets to place the next block on the block chain, a public ledger that records all Bitcoin transactions, eliminating the need for a third party to process payments, and claim the rewards.

    Miners verify transactions and prevent fraud, so more miners equals faster, more reliable and more secure transactions. According to current Bitcoin protocol, 21 million is the cap and no more will be mined after that number has been reached.

    Bitcoin has quadrupled in value since early this year, hitting a record high of more than $4,700 on Tuesday.

    Hardware for mining Bitcoins is now on sale on different sites in Vietnam for VND30-60 million ($1,300-2,600) per system. Each system usually has six to eight graphics cards.

    Two months ago, computer component providers in Vietnam started running out of graphics cards due to the increasing demand for Bitcoin hardware.

    Hai, the owner of a computer store in Hanoi’s Hai Ba Trung District, said he has earned up to VND200 million in revenue this month from selling hardware to Bitcoin miners.

    However, not many miners have been successful because Bitcoin mining is still a new concept in Vietnam, not to mention that the currency is not yet popular or legal.

    “Many of my customers do not understand how to mine for Bitcoins, so they have called it a day and sold the hardware back to me. Several others are leasing their kit out to new prospectors.”

    Miners are also facing fiercer competition and higher input costs. The average miner has to spend more than VND2 million each month on electricity, and the equipment can easily break because it has to run around the clock.

    Financial expert Nguyen Tri Hieu said investing in Bitcoins at this time is a bold move because miners may face legal action or risk going broke as it is possible that the latest price rise in Bitcoins is a speculative bubble.

    He said it would be better if miners had got involved when Bitcoin first appeared in 2009 to guarantee profits.

    In late May, nearly $4 billion was wiped off of the value of Bitcoin in just four days after a correction that saw the cryptocurrency’s price fall almost 19 percent to $2,260.

    The central bank has warned organizations and individuals in Vietnam not to invest in Bitcoin or conduct transactions in the currency, saying they would be taking a huge risk with no legal protection.

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  • Vietnam in talks to acquire rights to Finland’s education programs

    Vietnam in talks to acquire rights to Finland’s education programs

    Finnish high schools will also open their doors to students in Hanoi and Ho Chi Minh City in the near future.

    Education officials from Vietnam are in Finland to learn about the Scandinavian country’s education programs from elementary to undergraduate level.

    A delegation led by Minister of Education Phung Xuan Nha held talks with their Finnish counterparts on Monday about acquiring the rights to publish Finnish educational material in a variety of subjects, local media reported.

    During the meeting, Vietnamese universities, high schools and their partners signed 18 memorandums of understanding on education transfer.

    They also agreed on plans to open a Finnish high school in Hanoi to add to the one in Ho Chi Minh City that will open next year.

    Finland has one of the most successful education systems in the world, which focuses on early education and encourages research and experiment.

    The country is usually one of the best performers among developed countries on the Program for International Student Assessment (PISA) report, a guide used to measure education systems around the world.

    Its students ranked 12 out of 72 economies in the latest test results released last December, a drop compared to its dominance in 2000, 2003 and 2006.

    Vietnam ranked 21st last year.

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  • Vietnam Airlines and Garuda agree partnership

    Vietnam Airlines and Garuda agree partnership

    Asian carriers Vietnam Airlines and Garuda Indonesia have agreed to an extended partnership including more codeshares and working together on MRO (maintenance, repair and operations) operations.

    The CEOs of the two Skyteam members signed a memorandum of understanding (MOU) to work more closely together during an event in Indonesia.

    As part of the deal, the carriers will extend their existing codeshare agreement on to additional routes including Hanoi-Ho Chi Minh City, Hanoi/Ho Chi Minh City-Singapore, Singapore-Jakarta/Bali and Jakarta-Bali.

    Pahala Mansury, CEO of Garuda Indonesia said: “We are pleased to announce this partnership with Vietnam Airlines which extends our network even further within the south-east Asia.

    “Vietnam is an important market for Indonesia and through this partnership we can offer increased travel options for the increasing number of passengers travelling between the two countries.”

    Vietnam Airlines CEO Duong Tri Thanh added: “This MOU takes our co-operation further in the direction of a solid and mutually beneficial partnership, helping both airlines achieve the vast potential of the market.”

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  • Vietnamese shoppers no longer the world’s thriftiest

    Vietnamese shoppers no longer the world’s thriftiest

    Consumer spending seems to be on the rise with less people interested in saving. Vietnamese consumers have just lost their crown as the world’s most avid savers to penny-pinching shoppers in Hong Kong after three years reigning supreme, according to the latest report on consumer confidence conducted by Nielsen, a global information and measurement company.

    During the first half of this year, only 63 percent of surveyed Vietnamese shoppers said they would put their spare cash into savings, comparing to the 76 percent who said they would save during the same period last year.

    Around 80 percent of people in Hong Kong said they chose to save money rather than spending it on leisure activities, figures from Nielsen revealed.

    The Vietnamese are still securing money for the future, but they are also spending more on leisure activities.

    “Vietnamese consumers’ lifestyles are evolving fast and consumers are more willing to spend on big items to upgrade their living,” said Nguyen Huong Quynh, managing director of Nielsen Vietnam. “This reflects their strong desire for a better life.”

    Saving requires a stable job, which is still a top priority for Vietnamese people. For half of the respondents, securing a position at a company is a big deal.

    “A financial guarantee is considered one of the top priorities among Vietnamese consumers,” Quynh added. “Hence, job stability as well as economic prospects directly influence the level of consumer spending. This explains why job stability is important to Vietnamese people.”

    Vietnam’s Consumer Confidence Index in the second quarter this year reached 117, helping the country secure fifth position on the global optimism table. Indexes above 100 indicate optimism.

    This is also a five-year high for the country, suggesting that Vietnamese consumer sentiment is improving. The surge illustrates the optimistic perception of personal finance and immediate spending intention, the report said.

    It should be noted that the index is calculated by Nielsen based on respondents with online access in 60 countries.

  • FJT Logistics ships ocean cruising trimaran from Vietnam to New Zealand

    FJT Logistics ships ocean cruising trimaran from Vietnam to New Zealand

    FJT Logistics, a Pangea member in New Zealand, has shipped a brand-new ocean cruising trimaran constructed from light weight carbon fibre in Cat Lai, Vietnam to Auckland, New Zealand. The Trimaran departed from Tan Cang – Cat Lai port, near Ho Chi Minh city, which is the biggest and most modern container port in Vietnam.

    The Trimaran was secured with a special tailor-made wood support saddle and shrink-wrapped for protection against damages during the whole journey. The packed Trimaran measured 18m long, 4.8m wide and 5.33m high, with a total weight of 10,000kg.

    The boat was stowed under deck on a platform of 8 40’ Flat Racks and departed on 25th July. It was shipped from Vietnam via Kaohsiung Port in Taiwan and finally arrived at Auckland on board M/V OOCL Savannah on 18th August.

    Once the Trimaran arrived to Auckland, FJT Logistics coordinated the lifting and discharging operations as well as the delivery with a low bed truck to Silo Park boat yard, where the boat will be assembled and rigged. After sea trials are completed the ultimate Trimaran will begin cruising in the ocean.

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  • Vietjet announces Ho Chi Minh City and Jakarta route launch

    Vietjet announces Ho Chi Minh City and Jakarta route launch

    Vietjet today announced the launch of a new international route connecting Ho Chi Minh City with the Indonesian capital of Jakarta. The announcement ceremony was witnessed by high-ranking dignitaries from Vietnam and Indonesia on the official visit of His Excellency Mr. Nguyen Phu Trong, General Secretary of the Communist Party of Vietnam to Indonesia. The new route will meet the increasing demand for travels between the two countries and boost regional trading and integration.

    The Ho Chi Minh City (HCMC)-Jakarta route, a three-hour journey, will operate daily from December 20, 2017. The HCMC-Jakarta flight departs from HCMC at 20:40 and arrives in Jakarta at 23:40 (local time). The return flight takes off at 01:40 (local time) and lands in HCMC at 04:40.

    Mr. Dinh Viet Phuong, Vietjet’s Vice President, said: “Since its inception, Vietjet has been developing friendly and professional flight services in operating key international routes, helping connect Vietnam’s main business and tourism hubs with foreign destinations, including Jakarta. With its mission of making air travel approachable and possible for everyone and building a future in the air, Vietjet’s new route from HCMC to Jakarta will boost ties between these two economic, cultural and financial hubs, thus helping to boost regional trading and integration.”

    Jakarta is famous for its own distinctive multicultural style, amazing cuisine and colorful tourism attractions. It also serves as a gateway to the country, which offers the world “Consistency in Diversity”. The Indonesian archipelago boasts UNESCO-listed world heritages such as Borobudur and Prambanan, Komodo National Park, Ujung Kulon National Park and Sumatra rainforest and, of course, breathtaking ‘paradise’ islands, such as Bali, one of the world’s most incredible beach destinations.

    In turn, Ho Chi Minh City will be the country’s doors to Indonesian visitors travelling in Vietnam, which also boasts UNESCO-listed world heritages and incredible beaches. The capital city of Hanoi is an incredible historic city with a rich culture and unique atmosphere. Other cities and destinations include the former imperial capital, Hue, a wonderful, romantic destination, the city of Da Nang, where there are stunning beaches and the wonderland of Quang Binh province, home to the largest caves in the world. As the country’s largest economic, financial and modern tourism hub, Ho Chi Minh City is a destination in its own right, one that visitors will find is as sweet and charming as it is dynamic and entertaining.

    With its high-quality services, special low-fare tickets and diverse ticket classes, Vietjet offers its passengers enjoyable flights with a dynamic and friendly flight crew, comfy seats, delicious hot meals, special surprises as part of the inflight activities and amazing ticket fares during the daily “12 pm, It’s time to Vietjet” promotion.

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  • Golden Gate steps into bubble-tea market

    Golden Gate steps into bubble-tea market

    Vietnam restaurant group Golden Gate has stepped into the bubble-tea market with its first Yu Tang outlet in Hanoi.

    It is on the Chua Lang site formerly occupied by failed The Coffee Inn. The group acquired the property at the end of last year.

    Yu Tang expands on the traditional bubble-tea offering with Taiwanese finger foods such as dumplings and popcorn chicken.

    Founded in 2005, Golden Gate now owns local and franchised F&B chains in Vietnam such as Gogi House, Kichi Kichi, SumoBBQ and Vuvuzela Beer Club.

    Meanwhile, Taiwanese milk-tea brands Sharetea and T4 have moved into Ho Chi Minh City this year, promising more stores in the near future. A third brand, Presotea, is seeking a partner for Vietnam.

    Cashing in, fast-food giant McDonald’s has launched its own milk-tea recipe at all its Vietnam outlets. Its Milkfoam Kacchiato is made from speciality tea grown in Bao Loc city.

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  • Vinaphone debuts carrier billing on Google Play

    Vinaphone debuts carrier billing on Google Play

    Vietnam’s Vinaphone has become the fourth and last of the nation’s four major mobile operators to launch carrier billing over Google Play using the Fortumo payments platform.

    The operator’s 20 million subscribers will be able to use the Fortumo platform to pay for apps and in-app content using their airtime balance.

    With the launch, 95% of the population of Vietnam can now make payments on Google Play through Fortumo – significant for a country with smartphone penetration of 40% but credit card ownership of below 2%.

    Fortumo will also provide Vinaphone with access to its Fortumo Insight statistics and data analytics platform, which helps operators analyze the performance of Google Play and use the data to make improvements to their payment infrastructure and marketing campaigns using the platform.

    “Vietnam is one of Asia’s fastest growing markets for mobile services. Vinaphone has been able to successfully capitalize on this expansion and enabling Google Play for carrier billing is the logical step for Vinaphone to accelerate the growth further,” Forumo chief business officer Gerri Kodres said.

    “Fortumo has established itself as the provider of choice for carriers in Asia and we are proud to help Vinaphone make Google Play payments available to millions of their users.”

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  • MobiFone to be privatized next year

    MobiFone to be privatized next year

    Vietnamese state-owned operator MobiFone has been instructed to complete a privatization and restructuring process known as equitization in 2018, while former parent VNPT has been instructed to equitize in 2019.

    The Ministry of Information and Communications plans to assess and approve the restructuring plans of MobiFone as well as Vietnam Television Corporation and VNPost by the end of the month.

    VNPT will meanwhile submit its own restructuring plan during the same period in advance of an equitization in 2019.

    The government has revealed plans to concentrate on improving the strength of the companies rather than maximizing revenue from the privatization processes, and will decide whether to sell stakes to a few strategic investors or to many individual shareholders on a case-by-case basis.

    MobiFone was separated from VNPT is 2014 as part of the latter’s restructuring plan, which also involved dividing VNPT’s operations into three subsidiaries concentrating on infrastructure, services and sales respectively.

    After its separation, MobiFone commenced its equitization plan and appointed appraisers for an IPO. The company has drawn interest from a number of potential international investors, including Singtel, Telenor, Australia’s Telstra and Sweden’s Comvik.

    To complete the process MobiFone will need to be reappraised – its last valuation in 2015 has expired. Previous valuations have suggested that the company could be worth over $4 billion.

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  • GrabBike drivers slam on the brakes in Hanoi to strike against pay cut

    GrabBike drivers slam on the brakes in Hanoi to strike against pay cut

    Some drivers are trying to stall the ride-hailing app by making false bookings. GrabBike drivers in Hanoi are encouraging each other to switch off the ride-hailing app in protest to a pay cut the company announced last weekend.

    Some are even hijacking the service by making false bookings to make life difficult for both passengers and other drivers who have not joined the picket line.

    Grab Vietnam has said starting September 5 it will deduct up to 20 percent of the fares that drivers receive from passengers instead of the current 15 percent.

    “The new payment poses a serious problem for us because the current fares that Grab charges are already very low, and more and more people are applying to work as GrabBike drivers,” said a driver named Binh in Cau Giay District.

    “The cost for fuel and phone cards is on us; the company does not cover those expenses,” he added, saying he and other disgruntled drivers have stopped working in the hope that the company would change its policy.

    A driver named Nam who has not switched off his engine said the situation is affecting customers because they can’t find a driver as easily and quickly as before.

    “I received three false bookings yesterday and I think they all came from GrabBike drivers,” he said.

    These bookings get canceled shortly before the drivers arrive, leaving real customers waiting and the drivers without a job.

    “The 20 percent deduction is fine with me. I think I just need to work harder. This job is still better than others because I can control my own schedule,” he said.

    Nam added that GrabBike fares have increased slightly recently.

    On their online forum, some drivers are telling others to switch from Grab to U.S.-based Uber, currently the firm’s only rival in Vietnam.

    Malaysia’s Grab Vietnam said the company has not decided what to do about the strike or the false bookings, and has just asked drivers to play by the company’s rules.

    “Grab started applying the 20 percent fee for new GrabBike drivers in Ho Chi Minh City in early May, and we will do the same for all GrabBike drivers in HCMC and Hanoi from September 5,” said Nguyen Thi Thu An, media director of Grab Vietnam.

    GrabBike drivers told us on Tuesday that they used to earn from VND150,000 ($6.6) to VND350,000 each day, but with more drivers joining the company, they only make around VND100,000 now.

    Several drivers told us a similar story in June, saying they are earning less and less now that they are having to compete with fellow drivers in the same network.

  • Vietnam chews over special consumption tax on sugary drinks

    Vietnam chews over special consumption tax on sugary drinks

    The tax could help combat the country’s rapidly increasing obesity rate. The Ministry of Finance on Tuesday proposed levying a special consumption tax on a range of sweetened beverages. If approved, the proposal would see the tax imposed on carbonated and non-carbonated soft drinks, energy drinks, sports drinks and bottled instant coffee and tea.

    The ministry has suggested either a 10 percent or a 20 percent rate for the new sugary drink tax to be applied from 2019, with 10 percent being the preferred option.

    “The tax will help regulate the consumption of sweetened beverages, and it’s also an international norm,” the proposal said.

    A can of carbonated soft drink, for example, currently costs around VND10,000 ($0.44).

    At Tuesday’s press conference, the ministry cited a report by the World Health Organization (WHO) that shows excessive consumption of sugary drinks can lead to obesity. Obesity, in turn, has been linked to many health risks such as cardiovascular disease, hypertension and strokes.

    Meanwhile, a study unveiled in June found that about 25 percent of Vietnamese adults are overweight or obese. The obesity rate for children under 5 years old is also rising fast.

    Many Southeast Asian countries have already imposed sugary drinks taxes, according to the ministry. The current rate is 20-25 percent in Thailand, 5-10 percent in Laos and 10 percent in Cambodia.

    Myanmar, the Philippines and Indonesia are also considering imposing the tax.

    In Vietnam, special consumption taxes are levied on items and services considered unhealthy or luxurious such as tobacco, alcoholic drinks and cars.

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  • Miniso South Africa launches in Pretoria

    Miniso South Africa launches in Pretoria

    Miniso South Africa has officially launched with a store at Pretoria’s Menlyn Park Shopping Centre, with another 50 outlets in the pipeline.

    The Chinese discount merchandise chain is also opening at Maponya Mall in Soweto, to be followed by stores in Gauteng, Forest Hill in Kyalami and Norwood Mall in Johannesburg, reports Marklives.com.

    Cape Town and Durban stores will be launched next month.

    With more than 2000 stores in 62 countries, the Chinese discount merchandise chain had global sales of US$1.5 billion last year.

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