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Tag: Vietnam

  • Chagee’s Return To Vietnam Spurs Renewed Criticism Amid Expansion Plans

    Chagee’s Return To Vietnam Spurs Renewed Criticism Amid Expansion Plans

    Despite facing an earlier boycott due to its utilization of a contentious ‘nine-dash line’ map in its mobile application, Chinese milk tea franchise Chagee has made a return to the Vietnamese market.

    New Store Opens

    Recently, Chagee set up shop in Tan Huong Ward, a location which was previously part of District 7 prior to the administrative reorganization implemented in Ho Chi Minh City on the first of July. In an effort to regain customer trust and loyalty, the company has been offering promotional discounts.

    In an official statement shared on its fanpage, Chagee expressed its commitment to its mission “Chagee Together!”. The company also outlined its goal to “bring a complete tea experience closer to Vietnamese customers”.

    Renewed Criticism

    Nevertheless, the company’s reintroduction into the Vietnamese market has provoked a renewed wave of public criticism. A number of Vietnamese consumers continue to be skeptical of Chagee due to the brand’s link to the unlawful maritime claim represented in its former mobile application.

    One Facebook user stated, “Vietnam has no shortage of great milk tea brands. We should be supporting local businesses.” Following this renewed backlash, Chagee has deactivated comments on its social media platforms.

    Expansion and Controversy

    Additionally, Chagee has developed a website catered to the Vietnamese market, showcasing a beverage menu with prices varying from approximately US$1.65 to $3.35. The company reportedly has plans for further expansion by setting up numerous stores throughout Ho Chi Minh City in the forthcoming period.

    Chagee, established in 2017 in Shanghai, has swiftly expanded throughout Southeast Asia. Earlier this month, it inaugurated its first Philippine outlet.

    Chagee’s original foray into Vietnam was marked by the opening of a flagship store located at the crossroads of Dong Khoi and Nguyen Thiep streets in downtown Ho Chi Minh City, an area formerly part of District 1, now known as Saigon Ward.

    However, this initial launch rapidly fell apart after internet users identified a map on the Chagee app that represented China’s controversial “nine-dash line”. After this revelation, the company deactivated its social media platforms without providing a public explanation.

    Questions & Answers

    Why did Chagee face an earlier boycott in Vietnam?
    Chagee faced a boycott due to the use of a controversial ‘nine-dash line’ map in its mobile application, representing China’s contentious maritime claim.

    How is Chagee handling the renewed criticism and backlash?
    Chagee has responded by disabling comments on its social media platforms to mitigate the negative feedback.

    What are Chagee’s plans for the Vietnamese market?
    Chagee has launched a website targeted at the Vietnamese market and is reportedly planning to establish multiple stores across Ho Chi Minh City.

  • Vietnam Gold Prices Dip as Global Markets Shine Brightly

    Vietnam Gold Prices Dip as Global Markets Shine Brightly

    Vietnam’s gold bar prices experienced a decline on Wednesday morning, even as global bullion rates showed an uptick.

    Local Prices Dip Despite Global Gains

    In Vietnam, the price for gold bars from the Saigon Jewelry Company fell by 0.41%, settling at VND120.6 million (approximately US$4,609.21) per tael. Meanwhile, the price of gold rings also decreased by 0.34%, now priced at VND116.7 million per tael. For context, one tael equals 37.5 grams or 1.2 ounces, a measurement that continues to hold significance in the Asian market.

    Global Market Trends Spark Local Fluctuations

    Across the globe, gold prices saw gains, driven by the latest U.S. consumer price data and mounting anticipation around U.S. President Donald Trump’s trade policies. Spot gold was recorded at an increase of 0.4%, reaching $3,334.12 per ounce, while U.S. gold futures climbed 0.1% to $3,340.90.

    “Gold at this moment is consolidating with a slight downward bias, particularly due to a stronger dollar,” commented Brian Lan, managing director at GoldSilver Central in Singapore. The ongoing negotiations concerning tariffs have injected further uncertainty into the market, leading many investors to seek refuge in traditional safe havens, like gold.

    Gold’s Role in an Uncertain Economy

    Gold’s longstanding appeal as a safe haven in economically turbulent times is expected to persist, especially in low-interest-rate environments. It seems investors are willing to dance with volatility while keeping a close eye on market cues—because in the world of gold, just like in the casino, fortune favors the bold, or perhaps it favors those who are careful!

    Questions & Answers

    What caused the decline in Vietnam’s gold prices despite global increases?
    Local gold prices in Vietnam fell as investors reacted to domestic market fluctuations, even though global prices rose due to changes in U.S. consumer data and trade policy expectations.

    How much did spot gold increase globally on the same day?
    On Wednesday, spot gold rose by 0.4% to reach $3,334.12 per ounce, reflecting broader trends in the international market.

    Why do investors consider gold a safe haven?
    Gold tends to perform well during economic uncertainties and low-interest-rate conditions, making it a preferred asset for those looking to safeguard their investments from market volatility.

  • Vietnam Sets Ambitious Goal: Targeting $4.5B in Cashew Exports by 2025

    Vietnam Sets Ambitious Goal: Targeting $4.5B in Cashew Exports by 2025

    Vietnam is setting its sights on exporting an impressive US$4.5 billion worth of cashew nuts this year, reflecting a 2.7% increase from the previous year, as reported by the Ministry of Agriculture and Environment.

    In the first half of 2025, the country shipped 346,800 tonnes of cashews, valued at $2.36 billion. While this represented a 2.7% decline in volume, the value surged by 20.4% compared to the same period last year. The spike in revenue was largely driven by a notable increase in export prices, with the average price per tonne soaring over $6,805—a hefty 23.8% rise from 2024.

    Vietnam’s top three cashew export destinations—China, the U.S., and the Netherlands—accounted for significant portions of the market, at 22%, 21.6%, and 8.4% of total export value, respectively. Notably, exports to these markets grew by 41.2%, a mere 0.1%, and 22.4% in value, underscoring a dynamic shift despite some fluctuations.

    To meet its ambitious target, the Vietnamese cashew sector needs to ramp up revenues to around $2.2 billion during the second half of the year. The ministry is advocating for intensified efforts to penetrate emerging markets like the UAE and Saudi Arabia, where demand for Vietnamese cashews is on the rise but the presence remains minimal. Additionally, exports to the EU have consistently climbed in recent years, signaling a fruitful opportunity for growth.

    In a sprightly turn of events for manufacturers, the recent drop in raw cashew prices—from $1,450 to $1,350 per tonne—is providing an advantageous cost structure as the peak season approaches, particularly with year-end festivals and the Lunar New Year on the horizon. The Vietnam Cashew Association anticipates the global market for cashews to expand at an average annual rate of 4.6% from 2022 to 2027. Last year, Vietnam recorded an unprecedented export of 730,000 tonnes, generating $4.37 billion, a striking 20.2% increase year-on-year, solidifying its reputation as a global cashew powerhouse.

    Questions & Answers

    What is Vietnam’s target for cashew exports in 2025?
    Vietnam aims to export $4.5 billion worth of cashew nuts in 2025, marking a 2.7% increase from the previous year.

    Which countries are the top buyers of Vietnamese cashews?
    The top three buyers of Vietnamese cashews are China, the United States, and the Netherlands, accounting for 22%, 21.6%, and 8.4% of the total export value, respectively.

    How does the recent decline in raw cashew prices impact manufacturers?
    The decline in raw cashew prices from $1,450 to $1,350 per tonne offers manufacturers a cost advantage as they prepare for the peak export season around year-end festivities and the Lunar New Year.

  • Citi Projects Vietnam’s 2025 GDP Growth at an Impressive 7%: A Bright Future Ahead!

    Citi Projects Vietnam’s 2025 GDP Growth at an Impressive 7%: A Bright Future Ahead!

    Citi has painted a nuanced picture of Vietnam’s economy, indicating that stricter enforcement of rules regarding origin certification might create hurdles for the country’s export growth in the coming months. With the Vietnamese government issuing directives in April to enhance inspections and supervision of goods’ origins, the implications of these changes remain a bit foggy. As a result, companies may face delays as stricter post-deal inspections take effect, leading to a potential slowdown in the anticipated rebound of export growth come Q3.

    In June, year-on-year export growth saw a minor decline to 16%, down from May’s 17%, prompting Citi to adjust its forecast for Vietnam’s GDP growth in 2025 to 7%, up from an earlier estimate of 6.6%. This optimistic adjustment is bolstered by Vietnam’s robust economic performance in the second quarter of the year.

    Vietnam experienced impressive GDP growth of 8% year-on-year in Q2 2025, surpassing expectations and improving from the 7% growth registered in Q1. This acceleration was primarily fueled by manufacturing, which contributed an additional 0.5 percentage points, likely spurred by frontloading activity from the U.S. While manufacturing shines, Citi underscores that intensified growth was also supported by domestically-focused sectors, demonstrating a balanced economic foundation.

    Minh Ngo, Citi’s Vietnam Markets Head and Country Treasurer, explained that the bank is keen on bridging global clients with local markets and vice versa. “Our commitment to supporting Vietnam’s growth is evident in our cutting-edge solutions in FX hedging, rates and commodities derivatives, liquidity management, and structured funding for a diverse clientele which includes corporate, commercial, public sector, and investor clients,” stated Ngo.

    He added, “With our expansive global network and international footprint, we provide clients a considerable edge, empowering them to navigate the ever-evolving market landscape and refine their operations and supply chains to meet the challenges of dynamic external conditions.” In a vibrant market like Vietnam, there’s always the potential for surprising twists — who knew navigating regulations could become the economy’s newest sport?

    Questions & Answers

    What factors are currently affecting Vietnam’s export growth?
    Stricter enforcement of origin certification and enhanced inspections are leading to potential delays and hurdles in export growth.

    How has Citi adjusted its economic forecast for Vietnam?
    Citi has increased its forecast for Vietnam’s GDP growth in 2025 from 6.6% to 7% following strong performance metrics from Q2.

    What is Citi’s strategy for supporting its clients in Vietnam?
    Citi aims to connect global clients with local markets and offers solutions in FX hedging, liquidity management, and more to help navigate the complex market landscape.

  • Vietnamese Shoppers Enthralled by Irresistible Chinese Golden Plums at $19/kg

    Vietnamese Shoppers Enthralled by Irresistible Chinese Golden Plums at $19/kg

    The golden-yellow Chinese plum has burst onto the Vietnamese fruit scene, boasting a subtle fragrance, crisp texture, and a hint of delicate sweetness. Its size surpasses that of traditional Vietnamese plums, positioning it as a rival to pricier fruits like seedless lychees and milk grapes, which once ruled the marketplace.

    At a premium fruit shop in downtown Ho Chi Minh City, owner Tuyet shared her enthusiasm after selling over 200 kilograms of this new plum variety within just two weeks of importing it. “Customers often return after their first try,” she remarked, alluding to the fruit’s growing popularity.

    As if on cue, online vendors have ramped up their marketing efforts for this specialty fruit. Le Thoa, an importer of exotic fruits, praised the unique qualities of the Chinese plum, comparing it favorably to her past offerings from Chile and Australia. “It has golden flesh and is as crisp as Vietnamese plums with a mild sweetness that’s easy to enjoy without overwhelming the palate,” she explained, perhaps envisioning a fan base of budding plum enthusiasts.

    Currently, these plums are either hand-carried or imported in small quantities due to the lack of a formal trade agreement between Vietnam and China. Nguyen Lien, a trader in the border province of Lao Cai, revealed that the wholesale prices have skyrocketed, reaching VND300,000 per kilogram.

    Cultivated predominantly in regions like Yunnan, Xinjiang, and Miyun County, this plum variety has a substantial agricultural footprint. In Yunnan and Xinjiang alone, the golden plum occupies thousands of hectares, while in Miyun, approximately 660 hectares are designated for premium plum cultivation.

    The plum’s primary harvest season occurs from late June to August, a window that Vietnamese consumers will likely be eagerly watching. According to customs data, Vietnam imported $402 million worth of fruits and vegetables from China in the first half of this year, capturing 33.5% of total imports in this category. This statistic cements China’s position as Vietnam’s largest supplier of fresh produce, and it looks like the golden plum is ready to take its rightful place on the fruit crown.

    Questions & Answers

    What makes the golden Chinese plum stand out in the Vietnamese market?
    The golden Chinese plum is larger than traditional Vietnamese plums and offers a unique flavor profile with its crisp texture and mild sweetness, appealing to consumers looking for something new.

    How has the reception been for this fruit among consumers?
    Retailers like Tuyet have reported strong sales, with returning customers indicating that the plum is becoming a popular choice among fruit lovers.

    What are the challenges faced in importing these plums to Vietnam?
    Imports are currently limited to hand-carried shipments or small volume imports due to the absence of a formal trade agreement between Vietnam and China, impacting the supply chain for this fruit.

  • Da Nang Retailer Faces $3,800 Penalty for Peddling Counterfeit Gucci and Chanel Goods

    Da Nang Retailer Faces $3,800 Penalty for Peddling Counterfeit Gucci and Chanel Goods

    A store in the central city of Da Nang faced significant penalties for hawking counterfeit luxury goods, including popular brands like Gucci, Chanel, and Dior.

    The Mega Premium Shopping Mall, a family-operated establishment located on Tran Phu Street, was slapped with a fine exceeding VND100 million (approximately US$3,825) after market inspectors uncovered a trove of 232 counterfeit items valued at over VND183 million. The fakes not only featured high-end names such as Bottega Veneta and Celine but also found their way into the hands of unsuspecting tourists.

    Authorities took swift action, destroying the counterfeit goods after seizing them during a series of raids. These operations, which took place in May, targeted several shops in the bustling downtown area where counterfeit items were rampant. Just a stone’s throw from the beach, these unassuming storefronts capitalized on the tourist influx, offering cheap imitations of luxury products.

    Notably, during an inspection at The Black Label shop at 156 Tran Phu, staff took the not-so-subtle approach of barricading the doors, continuing to sell to foreign customers inside. Meanwhile, CoCo Accessory & Bag at 144 Tran Phu offered goods priced from a mere few hundred thousand dong up to VND2 million, luring bargain-hunting shoppers looking for designer labels.

    Two other outlets, Gu at 27 Hung Vuong and Mirror Shop at 15 Nguyen Thai Hoc, were caught displaying an assortment of goods of dubious legitimacy. Collectively, nearly 2,000 counterfeit items were seized, and multiple businesses faced fines. Gu was fined VND77.5 million for selling knockoffs and an additional VND45 million for dealing in unverified products. The Black Label Shop, on the other hand, faced a hefty VND111 million fine and an order to destroy 127 fake items.

    This crackdown comes at the behest of the Ministry of Industry and Trade, which is zealously working to combat smuggling, commercial fraud, and the prevalence of counterfeit goods across Vietnam. In a market where luxury brands should signify quality and prestige, the presence of these knockoffs serves as a cautionary tale for both consumers and the industry alike.

    Questions & Answers

    What prompted the crackdown on counterfeit goods in Da Nang?
    The Ministry of Industry and Trade ordered the crackdown as part of a broader initiative to combat smuggling, commercial fraud, and counterfeit goods across Vietnam.

    How much was the Mega Premium Shopping Mall fined for selling counterfeit items?
    The store faced fines exceeding VND100 million, which is approximately US$3,825, for selling counterfeit luxury goods.

    What types of counterfeit products were being sold in Da Nang?
    The inspected stores offered a range of counterfeit luxury items, including brands like Gucci, Chanel, Dior, Bottega Veneta, and Celine, luring unsuspecting shoppers with the promise of high-end fashion at low prices.

  • Vietnam’s Gold Prices Soar to Two-Month High: What This Means for Retail Investors

    Vietnam’s Gold Prices Soar to Two-Month High: What This Means for Retail Investors

    Gold prices in Vietnam have soared to a two-month high following a surge in global rates prompted by new import tariffs announced by the U.S. government.

    On Saturday morning, gold bars from the Saigon Jewelry Company increased by 0.41% to reach VND121.5 million per tael (approximately US$4,652.59), marking the highest price since May 10. Meanwhile, gold rings saw a modest rise of 0.25%, ending the day at VND118.2 million per tael. Since the start of the year, gold prices have surged by an impressive 44%.

    This recent climb is largely attributed to a global uptrend in gold prices, which rose over 1% on Friday. Investors are flocking to safe-haven assets in response to U.S. President Donald Trump’s announcement of new tariffs, prompting silver to reach its highest price in more than 13 years, according to Reuters.

    Spot gold saw an increase of 1% to $3,356.93 per ounce, peaking earlier in the session at its highest level since June 24. U.S. gold futures closed at $3,371.20, up 1.4%.

    The global equities market took a hit as President Trump intensified his tariff offensive against Canada, declaring a staggering 35% tariff on imports set to commence next month, with plans to apply blanket tariffs of 15% to 20% on most other trading partners.

    “We are witnessing the return of the uncertainty premium to the market, leading to increased interest in gold as a safe haven,” explained Aakash Doshi, global head of gold strategy at State Street Global Advisors. He anticipates that gold prices will likely range between $3,100 and $3,500 in the third quarter, stating, “It’s been a remarkable first half of the year, and now we seem to be entering a phase of consolidation,” as reported by Reuters.

    Questions & Answers

    What factors are contributing to the rise in gold prices in Vietnam?
    The surge in gold prices is primarily due to increased global rates following the announcement of new U.S. tariffs, which have led investors to seek safe-haven assets.

    How much have gold prices increased since the beginning of the year?
    Gold prices in Vietnam have risen by an astonishing 44% since the start of the year, reflecting a strong demand amid market uncertainty.

    What are experts predicting for gold prices in the near future?
    Analysts, including Aakash Doshi from State Street Global Advisors, suggest that gold prices are likely to range between $3,100 and $3,500 in the third quarter, indicating a phase of consolidation after a robust first half.

  • Dollar Sees Slight Dip Against Dong in Black Market Exchange Rates

    Dollar Sees Slight Dip Against Dong in Black Market Exchange Rates

    In a curious twist of the foreign exchange market, the U.S. dollar has lost a bit of its footing against the Vietnamese dong on the black market this past Saturday morning. The greenback slipped 0.04% to VND26,490 at unofficial exchange points, while Vietcombank held its rate steady at VND26,290. The State Bank of Vietnam maintained its reference rate at VND25,128, keeping a steady course amid fluctuating markets.

    On a global scale, however, the U.S. dollar appeared to regain strength against other major currencies, bolstered by renewed trade frictions as President Donald Trump announced new tariffs aimed at Canada and other nations. This development reignited fears among traders that might ripple through international relations and global trade patterns.

    The dollar made a notable gain of 0.79%, reaching 147.4 against the Japanese yen—setting it on a trajectory for nearly a 2% rise for the week, marking its largest weekly gain since early December. And while it remained flat against the Swiss franc, trading at 0.79695 franc, the situation was more dynamic elsewhere.

    In Europe, the euro fell by 0.1% to $1.1688 as Trump’s tariff threats cast a long shadow over trade discussions between the European Union and Washington, potentially threatening the delicate balance of ongoing negotiations. Against the yen, the dollar edged up by 0.6% to 147.05 yen.

    The Canadian dollar also felt the pinch, dropping 0.11% to C$1.3672 after a sharp decline of over 0.5% in the wake of Trump’s tariff announcement. The Brazilian real followed suit, depreciating by 0.26% against the dollar, illustrating the sweeping influence of the U.S. currency market.

    Questions & Answers

    How is the U.S. dollar performing against the Vietnamese dong?
    The U.S. dollar has declined slightly, slipping 0.04% to VND26,490 on the black market, while official rates remained unchanged at VND26,290 for Vietcombank and VND25,128 for the State Bank of Vietnam.

    What recent events are influencing the U.S. dollar’s value globally?
    The U.S. dollar has gained strength against major currencies due to President Donald Trump’s announcement of new tariffs on Canada and other trading partners, which revived trade tensions and uncertainty.

    What are the implications of rising tariffs for investors?
    Rising tariffs can lead to increased volatility in the currency markets, creating opportunities but also risks for investors as trade relations shift and economic forecasts become more uncertain.

  • Cafe Amazon Drives Record-breaking Quarter For Thailand’s Ptt Oil And Retail Business

    Cafe Amazon Drives Record-breaking Quarter For Thailand’s Ptt Oil And Retail Business

    PTT Oil and Retail Business (OR), the lifestyle and retail subsidiary of Thailand’s PTT Group, has announced a record-breaking financial performance for the first quarter of this year. This success is largely attributable to its leading brand Cafe Amazon, which experienced a period of significant expansion throughout Southeast Asia.

    Noteworthy Performance

    Cafe Amazon sold over 112 million cups of coffee during the first quarter, emphasizing the strength of the brand. With 391 stores now in operation outside of Thailand, the cafe chain has become a key driver of OR’s earnings growth. The company’s total revenue hit an impressive US$5.6 billion, with net profits increasing by 46 per cent from the last quarter to approximately $134 million. This represents a 17.6 per cent growth year-on-year.

    ML Peekthong Thongyai, CEO of OR, credited the robust performance to the resilience of the business model. “Our strong performance this quarter underscores our long-term strategic direction. We are expanding with a clear purpose, delivering value for individuals, contributing to community prosperity and demonstrating our commitment to environmental responsibility.”

    Global Expansion

    Cafe Amazon’s reach extends to nine markets. These include Cambodia, Laos, Vietnam, the Philippines, Malaysia, Oman, Saudi Arabia, Bahrain, and Japan.

    The cafe chain is part of OR’s wider Global Business segment. This segment reported a 30.8 per cent year-on-year increase in sales volume together with an 81.5 per cent rise in EBITDA.

    Peekthong reiterated the company’s mission beyond monetary profit. “We’re not just about selling fuel or coffee. Our goal is to build platforms that strengthen local economies, encourage entrepreneurship, and facilitate long-term, sustainable growth.”

    OR oversees 415 PTT Stations and 391 Cafe Amazon outlets across Asia and the Middle East.

    Questions & Answers

    What factors contributed to OR’s record-breaking financial performance?
    The company attributes its success to the significant expansion of Cafe Amazon, which sold over 112 million cups of coffee in the first quarter.

    What markets does Cafe Amazon currently operate in?
    The cafe chain operates in nine markets, including Cambodia, Laos, Vietnam, the Philippines, Malaysia, Oman, Saudi Arabia, Bahrain, and Japan.

    What is OR’s greater mission beyond selling products?
    OR aims to build platforms that strengthen local economies, promote entrepreneurship, and facilitate sustainable, long-term growth.

  • Vietnam Unleashes 5G Surge: 11,000 New Base Stations Set to Transform Connectivity

    Vietnam Unleashes 5G Surge: 11,000 New Base Stations Set to Transform Connectivity

    Vietnam’s leading mobile operators—Viettel, VNPT, and MobiFone—are accelerating their 5G expansion, deploying a total of 11,000 base stations throughout the country. This ambitious rollout, which accounts for approximately 7.7% of Vietnam’s existing 4G infrastructure, now brings 5G connectivity to around 26% of the population. It’s a tech treasure trove unfolding, one that promises to enhance how millions of Vietnamese connect and interact.

    Viettel, the nation’s largest operator, is at the forefront of this 5G race. With about 6 million 5G subscribers already on board, the company aims to boost this figure to 10 million by year’s end. Chairman and Director General Tao Duc Thang revealed plans for an additional 20,000 5G base stations in 2025, significantly enhancing data transmission speeds over two-fold to accommodate evolving, data-hungry applications.

    VNPT’s mobile arm, VinaPhone, is also making strides, currently boasting approximately 3 million active 5G users. The company is focusing its network expansion efforts in provincial centers and bustling public venues like airports and parks, aligning with the country’s digital transformation initiatives. Collaborations with global giants such as Nokia and Ericsson are set to explore innovations in data transmission and artificial intelligence platforms, broadening the horizons of Vietnamese telecommunications.

    MobiFone, with around 2.5 million 5G subscribers, is working diligently to improve service in major urban areas and key provincial hubs. Their ambitious plans include deploying an additional 10,000 base stations, aiming for full coverage across all communes in the near future.

    The Ministry of Information and Communications (MIC) is pushing for the commercial launch of nationwide 5G services this year. Their ambitious goal? To reach 99% coverage by 2025, ensuring a minimum data speed of 100 Mbps, revolutionizing connectivity for businesses and consumers alike.

    Operators are also positioned to benefit from the National Assembly’s Resolution 193, which allows telecom companies to receive subsidies covering 15% of equipment costs if they install and activate at least 20,000 base stations by the end of the year. The urgency to blanket Vietnam in digital connectivity is palpable, and the stakes couldn’t be higher.

    Questions & Answers

    What is the significance of the 5G rollout in Vietnam?
    The 5G rollout is pivotal for Vietnam as it enhances connectivity and supports the country’s digital transformation efforts, impacting how millions of people engage with technology across various sectors.

    How many 5G subscribers does Viettel currently have?
    Viettel currently serves around 6 million 5G subscribers and is targeting to increase this number to 10 million by the end of the year.

    What incentives are telecom operators receiving for expanding 5G coverage?
    Under Resolution 193, operators can receive subsidies covering 15% of their equipment costs if they successfully install and activate at least 20,000 base stations by year-end, incentivizing rapid expansion.

  • Gold Prices Edge Up Slightly Amid Market Fluctuations: What’s Next for Investors?

    Gold Prices Edge Up Slightly Amid Market Fluctuations: What’s Next for Investors?

    In a market marked by subtle shifts, Vietnam’s gold prices crept upward on Thursday morning, reflecting a slight rise in global rates. The Saigon Jewelry Company saw its gold bars increase by 0.17%, bringing the price to VND120.8 million (approximately US$4,626.58) per tael. In a similar vein, gold rings rose by 0.18%, now priced at VND117.2 million per tael.

    So far this year, gold prices in Vietnam have soared by an impressive 43.5%, showcasing the metal’s resilience amidst economic fluctuations.

    On a global scale, gold prices dipped into positive territory on Thursday. This uptick was bolstered by a mild retreat in the dollar and bond yields, as investors remained vigilant following U.S. President Donald Trump’s expansion of tariff measures, according to reports from Reuters.

    Spot gold prices increased by 0.3%, reaching $3,322.46 per ounce, while U.S. gold futures mirrored this rise, also climbing 0.3% to $3,331.

    As market analyst Matt Simpson from City Index aptly noted, “The market impact of tariffs seems to lessen with each new headline. Tariff fatigue is here, and traders need a new catalyst to awaken volatility from its lull.”

    Lower bond yields diminish the appeal of holding non-yielding bullion, and a weaker dollar further makes gold an attractive purchase for investors using alternative currencies.

    Questions & Answers

    How have gold prices performed in Vietnam this year?
    Vietnam has seen a remarkable 43.5% increase in gold prices in 2023, highlighting the metal’s growing allure amid economic uncertainties.

    What factors are influencing the rise in global gold prices?
    Global gold prices are currently benefitting from a slight decline in the dollar and bond yields, which makes the metal more appealing to investors.

    What did market analyst Matt Simpson suggest about current market conditions?
    Simpson indicated that traders are experiencing “tariff fatigue,” expressing a need for a new catalyst to reignite volatility within the market.

  • UOB Boosts Vietnam’s GDP Growth Outlook to an Impressive 6.9%

    UOB Boosts Vietnam’s GDP Growth Outlook to an Impressive 6.9%

    Vietnam’s economy is doing a celebratory dance. A report from UOB’s Global Economics & Market Research Unit reveals that in the second quarter of 2025, Vietnam’s real GDP soared by an impressive 7.96% year-on-year, well surpassing Bloomberg’s forecast of 6.85% and UOB’s own prediction of 6.1%. This uptick follows a revised growth figure of 7.05% from the first quarter, highlighting a vibrant and resilient economy.

    Throughout the first half of this year, Vietnam’s GDP achieved an astonishing growth of 7.52% year-on-year, marking the highest rate recorded since data collection began in 2011. This remarkable performance can largely be attributed to businesses ramping up export orders during a 90-day window when the U.S. temporarily suspended reciprocal tariffs, replacing them with a standard 10% tariff rate.

    In the first six months of 2025, Vietnam’s export turnover surged by 14.4% compared to the same period last year, reaching $219 billion, while imports rose by 17.9% to $212 billion. These figures are nearly equivalent to the full-year growth rate witnessed in 2024, creating a picture of a robust trading environment.

    However, it’s not all sunshine and rainbows. Vietnam’s Purchasing Managers’ Index (PMI) suggests that the manufacturing sector still faces hurdles, having recorded six readings below the crucial 50-point threshold over the last seven months. This indicates ongoing challenges, particularly stemming from a dip in new orders. Alarmingly, the most recent data from S&P Global shows that export orders in June dropped at the steepest rate since September 2021, mirroring the declines observed in May 2023.

    With recent positive shifts in trade talks with the U.S., experts at UOB are cautiously optimistic, suggesting that the worst may be behind Vietnam, although tariffs continue to pose a significant challenge. In response to the adjusted U.S. tariffs on Vietnamese goods, UOB has revised its export forecast. Rather than the previously anticipated 20% decline, they now expect exports to the U.S. to grow modestly by 5%. Meanwhile, exports to other markets are projected to rise by 10%, closely aligning with the 11.3% increase recorded last year.

    Overall, Vietnam’s exports are anticipated to climb by 8.5% in 2025 — a notable deceleration from the 14% growth recorded in 2024. Taking all of this into account, UOB’s Global Economics & Market Research Unit has adjusted its GDP growth forecast for 2025, now predicting a rise of 0.9 percentage points, projecting a growth of 6.9% compared to the earlier estimate of 6.0%.

    On the monetary policy front, UOB indicates that the strong economic performance may reduce the urgency for further policy easing. As such, the bank expects the State Bank of Vietnam to keep its current policy rates steady, maintaining the refinancing rate at 4.5%.

    Questions & Answers

    How does Vietnam’s GDP growth in the second quarter compare to past performance?
    Vietnam’s GDP growth of 7.96% in Q2 2025 is the highest growth since data collection began in 2011, significantly exceeding forecasts by both UOB and Bloomberg.

    What are the main factors driving Vietnam’s economic growth in 2025?
    The acceleration in export orders during a temporary suspension of reciprocal tariffs by the U.S. plays a critical role, alongside a robust increase in both exports and imports.

    What challenges does Vietnam’s manufacturing sector currently face?
    The manufacturing sector struggles with a declining Purchasing Managers’ Index (PMI) and a significant drop in new export orders, reflecting ongoing vulnerabilities in the industry.

  • Couple Struggles with Mental Health, Loses $480K in High-Stakes Gamble at Hanoi’s Luxury Pullman Casino

    Couple Struggles with Mental Health, Loses $480K in High-Stakes Gamble at Hanoi’s Luxury Pullman Casino

    In a sensational case that highlights the complex interplay between gambling and mental health in Vietnam, a couple is at the center of a scandal involving massive losses and alleged corruption. Nguyen Mai Anh and Le Van Dong are part of a group of 145 Vietnamese nationals—including officials, business figures, and even entertainers—who reportedly gambled a staggering US$106 million at a casino.

    Gambling Gone Awry: The Couple’s Journey

    Vietnamese law restricts gambling to select casinos under a pilot program, yet Anh and Dong, both 47, found themselves deeply enmeshed in the gambling culture. Prosecutors have noted that both individuals exhibit “signs of mental illness.” Under the alias “MRS ROSE,” Anh participated in 67 gambling sessions at the King Club between February and June last year, racking up an almost $395,000 loss. Meanwhile, her husband, playing as “MR BANK,” wagered 33 times, losing roughly $85,100.

    Investigating Mental Health Claims

    The couple is now receiving mandatory mental health treatment at the Central Forensic Psychiatry Institute in Hanoi. Police sought an evaluation of their cognitive and behavioral control as they navigated their gambling activities. With evaluation results still pending, their gambling actions have been separated for further examination.

    Corruption Behind Closed Doors

    However, the plot thickens. The couple faces separate allegations of manipulating the psychiatry institute to procure false mental health evaluations. Reports suggest they bribed officials to gain private accommodations and the freedom to leave the facility at will. Their room was reportedly outfitted with air conditioning and sound systems, enabling parties and drug use—far from the sterile environment one would expect from a mental health institution.

    During their “treatment,” Anh and Dong frequently escaped the confines of the institute, even vacationing with staff members. They adeptly brokered deals with leaders of the institute, offering hefty payments in exchange for favorable evaluations for other individuals seeking to evade criminal responsibility. In fact, they allegedly received “billions of Vietnamese dong” in return for these services, with “hundreds of millions” reportedly funneled to institute director Tran Van Truong as kickbacks.

    A Ripple Effect on Mental Health Evaluations

    The fallout from this scandal has been extensive. The Hanoi police have moved to prosecute 36 leaders and staff members from the Central Forensic Psychiatry Institute, including Truong, as the ramifications of fake mental health evaluations extend throughout the community, allowing many without genuine mental health concerns to escape accountability.

    As this complex case unfolds, it raises pressing questions about the integrity of mental health institutions and the lengths some will go to game the system. In the world of gambling, where fortunes can turn swiftly, it seems that not all bets pay off—especially when intertwined with corruption.

    Questions & Answers

    What are the implications of this case for gambling regulations in Vietnam?
    The case could prompt a reevaluation of the existing gambling laws in Vietnam, especially regarding mental health assessments, and reinforce the need for stricter oversight in casinos.

    How has the public reacted to the couple’s alleged actions?
    The public response has been one of shock and outrage, as the intertwining of gambling, mental health treatment, and corruption raises serious ethical questions about the integrity of those involved.

    What could be the long-term consequences for the individuals implicated in this scandal?
    The long-term consequences could include criminal penalties for those involved in bribery and corruption, while also putting a spotlight on the greater systemic issues within mental health and gambling sectors in Vietnam.

  • Ho Chi Minh City Set to Welcome 6,000 New Prime Apartments This Year

    Ho Chi Minh City Set to Welcome 6,000 New Prime Apartments This Year

    In a dynamic shift for Ho Chi Minh City’s real estate sector, JLL projects the introduction of an impressive 5,500 to 6,000 high-end apartments and around 1,300 RBL (residential building lot) units by 2025. This surge is anticipated following significant infrastructure completions and the city’s proactive measures to address legal bottlenecks affecting 22 pivotal projects.

    Breaking Ground: HCMC’s Push for Affordable Housing

    Despite being primarily characterized by high-end residential offerings, the report hints that more affordable housing projects are on the horizon, particularly in the outer districts of the city. JLL notes that attractive sales strategies are likely to propel buyer interest, a welcome development for those longing for more budget-friendly options.

    Market Insights: Trends in the High-End Segment

    During the first quarter of 2025, Ho Chi Minh City saw a mere 118 transactions in the high-end apartment market. The excitement, however, is palpable with soft launches from reputable developers such as Eaton Park and Lancaster Legacy anticipated to attract eager buyers.

    In the RBL sector, just 29 transactions were logged, yet Phase 2 of L’Arcade shone brightly with all units sold. The limited primary inventory remains a hurdle, presenting high unit values that pose access challenges for many potential buyers.

    Supply Dynamics: The Search for Balance

    The supply of high-end apartments showcased limited growth in Q1 2025, introducing only 82 new launches, including Kieu by Kita in the CBD fringe. Activity remains vibrant ahead of several large-scale project launches in Q2, with developers collaborating with distribution agents to maximize reach for upcoming ventures such as The Global City’s Sola by Masterise Homes and Keppel’s FORESTA by Khang Dien.

    Price Momentum: Reflecting Investor Confidence

    Price trends are also noteworthy, with the primary cost for high-end apartments increasing by 2.0% quarter-on-quarter to USD 5,104 per square meter. This uptick is bolstered by the handover of 630 units from the ultra-luxury Grand Marina, which saw completed-home prices jump by 5.7% quarter-on-quarter, now standing at USD 3,866 per square meter. Even in the landed property market, primary prices climbed 1.4% quarter-on-quarter and 6.6% year-on-year, illustrating sustained investor confidence.

    Questions & Answers

    What type of housing projects are expected to emerge in Ho Chi Minh City by 2025?
    JLL anticipates a mix of high-end apartments and an important influx of more affordable housing options, especially in the outer districts, to cater to diverse buyer needs.

    How did the high-end apartment market perform in Q1 2025?
    The market recorded only 118 successful transactions, though interest remains healthy with exciting upcoming launches like Eaton Park and Lancaster Legacy drawing attention.

    What factors are driving price increases in Ho Chi Minh City’s real estate market?
    The price growth is largely attributed to the completion of high-end projects like Grand Marina, driving up overall completed-home prices and reflecting strong investor confidence in both high-end and landed property segments.

  • Dollar Dips in Value Against Vietnamese Dong: What It Means for Retailers

    Dollar Dips in Value Against Vietnamese Dong: What It Means for Retailers

    The U.S. dollar weakened against the Vietnamese dong on Monday morning, continuing its downward trend while remaining at multi-year lows against both the euro and the Swiss franc.

    Vietcombank set the dollar’s exchange rate at VND26,320, marking a slight decrease of 0.11% from the previous weekend. In the informal market, the U.S. currency slid by 0.08% to VND26,500.

    The State Bank of Vietnam’s reference rate also dropped by 0.01%, now sitting at VND25,113.

    On a global scale, the dollar is teetering near its lowest value since 2021 against the euro and its weakest since 2015 compared to the Swiss franc, with traders nervously awaiting any trade developments as the countdown to President Donald Trump’s tariff deadline continues, according to Reuters.

    In Asian markets, the dollar depreciated 0.1% to 0.7944 Swiss francs, inching closer to the July 1 low of 0.7869 franc—its weakest level since January 2015. Interestingly, it did manage a modest uptick to 144.73 yen.

    The euro experienced a small dip of 0.1% to $1.1773, closely trailing the July 1 peak of $1.1829, which was the highest it has been since September 2021. Meanwhile, sterling fell 0.2% to $1.3628, yet it remained near its July 1 pinnacle at $1.3787, marking its strongest showing since October 2021.

    Despite these fluctuations, the dollar index—a gauge that compares the U.S. currency against six major counterparts—rose 0.1% to 97.058, staying above Tuesday’s near three-and-a-half-year low of 96.373.

    “Market volatility seems unavoidable once the pause ends and new tariff levels are unveiled,” warned James Kniveton, a senior corporate FX dealer at Convera, in a note to clients. However, he noted that “the impact may be more muted this time,” explaining that current proposals are not as unexpected as previous announcements, which often exceeded market anticipations.

    Questions & Answers

    How did the U.S. dollar perform against the Vietnamese dong on Monday?
    The U.S. dollar weakened against the Vietnamese dong, with Vietcombank setting the exchange rate at VND26,320, down 0.11% from the weekend.

    What recent trends have been observed in the global currency markets?
    Globally, the dollar is at multi-year lows against the euro and the Swiss franc, raising concerns among traders as they await developments related to trade tariffs.

    What insights did a senior FX dealer share regarding potential market impacts?
    James Kniveton, a senior corporate FX dealer, indicated that while market volatility is likely when new tariffs are announced, the impact could be less significant than in previous instances due to the anticipated nature of current proposals.