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Tag: Vietnam

  • Carriers struggle to ease aircraft shortage

    Carriers struggle to ease aircraft shortage

    Vietnamese airlines have been taking various measures in the face of a fleet contraction triggered by the manufacturer’s engine recall, including adding and replacing aircraft.

    As of July, 195 aircraft of Vietnamese carriers had been granted air operator certificates (AOC), 36 less than a year earlier. According to the Civil Aviation Authority of Vietnam (CAAV), an average of 167 planes were operated during the period, down 51.

    Meanwhile, the CAAV forecast the air transport market in 2024 will record approximately 78.3 million passengers and 1.21 million tonnes of cargo, respectively increasing 7.7% and 13.4% from last year.

    Facing that fact, domestic carriers have continually leased aircraft. So far this year, Bamboo Airways has conducted wet-leasing, also known as ACMI (aircraft, crew, maintenance, and insurance) leasing, of three planes to fly on in-demand routes in the summer travel season like those connecting with Nha Trang, Da Nang, and Quy Nhon.

    General Director of Bamboo Airways Luong Hoai Nam said the firm has strived to add more aircraft to its fleet to serve the domestic market by seeking and negotiating with partners worldwide. It plans to lease another aircraft between now and the year’s end to open some new domestic routes such as Ho Chi Minh City – Da Lat, HCMC – Thanh Hoa, and HCMC – Phu Quoc.

    Le Hong Ha, General Director of Vietnam Airlines, predicted that the aircraft shortage may linger on to 2025. He noted the national flag carrier has devised many solutions, including suspending or reducing the frequency of some routes in off-peak times or inefficient ones, increasing the operational time of each aircraft, and wet-leasing some planes.

    The airline is also boosting flights with attractive ticket prices in early mornings and late evenings. Occupancy rates of the flights to tourist magnets like Hanoi, HCMC, Da Nang, Nha Trang, Da Lat, Quy Nhon, and Phu Quoc that took off after 9 p.m. and before 5 a.m. in May and June were high, reaching 75 – 94%, Ha added.

    For its part, Vietjet plans to receive 10 planes between now and the end of 2024, including eight A321Neos and two E190s. It is scheduled to add more A321Neo, A330-300, E190, and Boeing 737 Max to its fleet in 2025.

    However, CAAV Deputy Director Do Hong Cam pointed out that it is still hard for carriers to lease aircraft due to rising rental, increasing fuel prices, and foreign exchange rate differences. These factors have affected supply and are among the reasons behind airfare fluctuations on domestic routes.

    Sharing the view, Deputy Minister of Transport Le Anh Tuan said the aviation sector will still encounter numerous difficulties in the coming time, including the aircraft shortage, carriers’ restructuring, route rearrangement, higher fuel costs, and foreign exchange differences.

    During the first half of 2024, Vietnamese airlines served nearly 37.5 million passengers, up 3.7% year on year and equivalent to 96% of the figure in the same period of 2019, when the aviation market was enjoying good growth.

    Vietnam’s aviation safety index was rated at 77.1%, up 11.54% from 2016 and well above the Asia-Pacific average of 65.31% and the global average of 68.81%, according to the Universal Safety Oversight Audit Programme of the International Civil Aviation Organization (ICAO).

  • Saigon beer company reports 6% profit increase in first half

    Saigon beer company reports 6% profit increase in first half

    Sabeco has reported a slight profit increase to VND2.3 trillion ($90.85 million) within the first half of 2024.

    According to its latest financial report, the beverage company reported a 6% increase in profit from the first half of 2023, earning an average of VND12.9 billion per day.

    Business in the second quarter this year was better than the same period in 2023, with a profit at VND1.319 trillion, a 9% increase. It was also the second consecutive quarter where Sabeco saw a recovery to its profit.

    The company’s management board said policies for alcohol level control have been implemented in the first half of this year, with the company seeing tough competition in the market.

    But thanks to the recovering economy and positive impacts of increased sale prices, the company’s revenue within the first six months saw a slight increase of 5% to around VND15.27 trillion.

    Higher profit could also be attributed to lower sale costs, with Sabeco cutting sale costs by 14% to VND1.744 trillion, mostly in advertisements and employee discounts.

    However, the board still anticipated the beer industry to be stormy this year, as people tighten their budgets and input costs remain high. Alcohol level control policies, along with proposals to increase special consumption tax, will force the company to improve on its commercial activities and supply chain effectiveness, as well as cut costs, the brewer said.

    Sabeco aims for full-year 2024 revenue to reach VND34.4 trillion and profit to reach VND4.58 trillion, an increase of 13% and 8% respectively. After six months, the firm has reached just under half of its intended revenue goal, and just over half of its profit goal.

    However, the board added it would take a few more years before revenues could return to pre-pandemic levels.

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  • Techcombank named Vietnam’s Best Bank again

    Techcombank named Vietnam’s Best Bank again

    Techcombank has been named Vietnam’s Best Bank as well as Best Bank for Corporates at this year’s Euromoney Awards for Excellence.

    Techcombank has been named Best Bank in Vietnam 2024 by three international finance publications: Euromoney, Finance Asia, and Global Finance, becoming the only Vietnamese bank to ever win all three prestigious awards in the same year.

    In June, the bank was also named Number 1 Bank in Vietnam in the World’s Best Banks 2024 rankings by Forbes Magazine, based on an extensive survey of customer opinion.

    Jens Lottner, CEO of Techcombank, said that this is an unprecedented achievement.

    “These awards are testament to the success of the bank’s customer-centric strategy, the quality of its advanced data capabilities and digital infrastructure, and the unwavering commitment to excellence throughout the organization,” Lottner said. “Together, these pillars have firmly established Techcombank as one of the strongest banking platforms in Asia.”

    The Euromoney Awards for Excellence are widely considered to be one of the most prestigious accreditations in the banking industry and a strong and independent endorsement of excellence and achievement.

    Banks from over 100 countries entered the Awards for Excellence in 2024, and the best banks in each market were carefully selected by Euromoney’s independent team of editors and analysts.

    Techcombank has now won the Euromoney award for Vietnam’s Best Bank for an unprecedented fifth time, more than any other lender in Vietnam.

    This year’s award recognized Techcombank for its strong financial performance and profitability in 2023, achieved despite economic headwinds and proving the resilience of Techcombank’s business model.

    “Techcombank further solidified its leadership in Vietnam’s banking sector in 2023,” acknowledged Lousie Bowman, Euromoney Editor.

    Techcombank’s sustained profitability, robust asset quality, and balance sheet strength have enabled it to pay a cash dividend of VND1,500 per share to its shareholders in Q2 2024, one of the highest cash dividends in the industry.

    The award also acknowledged the bank’s focus on customer-centricity and its role as an industry pioneer through the launch of innovative digital and data-led solutions for individual, business, and corporate customers.

    For example, its new auto-earning solution enables individual customers to generate profit from their idle cash; Techcombank Merchant is a holistic solution designed to empower Vietnam’s many merchants to run and grow their businesses; and the new C-Cash solution helps Vietnam’s largest corporations uplift their treasury management to a world-class level.

    The quality of Techcombank’s suite of payments and collections, cash and treasury management, and FX solutions for SME and corporate customers was given special recognition with the Best Bank for Corporates honor in 2024.

    Techcombank has broadly applied data analysis and AI across the bank, and most major systems have been transitioned to the cloud.

    This was acknowledged by the Euromoney Best Bank in Vietnam award to put Techcombank years ahead of its competitors in Vietnam and to enable the bank to leverage its best-in-market digital platforms and data and AI capabilities to create more meaningful and more personalized experiences for customers than ever.

    “The bank’s key differentiator is its digital capability. Techcombank’s apps have received the market’s highest customer rating,” said Bowman of Euromoney.

    This rating is due to the smooth and personalized experiences that customers can enjoy when using the Techcombank Mobile app.

    For example, the bank is helping customers improve their financial awareness by providing personalized financial management advice and insights via the app, which enable them to enjoy their money and save for the future.

    Techcombank has already delivered over 52 million personalized pieces of financial advice to more than 4 million customers since the experience was launched.

    Another example is Techcombank’s new loyalty ecosystem, available through the app, and offering rewards and experiences tailored to individual customer preferences and lifestyles.

    It is already one of the largest and most diverse loyalty programs in the Vietnamese banking industry, encompassing over 19,000 points of sale with over 300 brands, where customers can earn reward points.

    The bank’s commitment to ESG excellence and to making a positive social and environmental contribution to Vietnam was also noted by Euromoney.

    In 2023, it provided more green credit to sustainability projects in Vietnam than ever before, while also supporting social initiatives with donations reaching VND148 billion (US$5.84 million) and promoting healthy living and physical fitness through support for the Hanoi and HCMC Techcombank marathons.

    “We are proud and humble to have been named Best Bank in Vietnam by Euromoney for a record fifth time,” Lottner said.

    “But this achievement is just the beginning of a new period of growth. We are now ready to accelerate and to leverage our digital platforms and data and AI capabilities to create more meaningful experiences for our customers and grow our business faster and more profitably than any other bank in Vietnam.”

  • Hanoi villas see price increases

    Hanoi villas see price increases

    The Hanoi real estate market in the first half of this year saw increases in villa and townhouse prices, although the market was still slow, according to a Savills report. In Hanoi, new villas in high-end market projects showed prices increasing by 9% quarter-on-quarter to VND178 million (US$7,007) per sq.m, said the report released on July 11.

    Townhouse prices decreased by 2% quarter-on-quarter to VND188 million per sq.m, with higher priced units already sold and only affordable units remaining. Shophouse prices increased by 3% quarter-on-quarter to VND288 million per sq.m due to the reduced availability of cheap shophouses and price adjustments.

    Primary prices remained high with less to incentivise the secondary market. Secondary villa prices were 8% lower than primary prices, while townhouses were 5% cheaper.

    However, “performance was slow”, said Mathew Powell, director, Savills Hanoi.

    Sales in the second quarter fell by 40% quarter-on-quarter, but rose by 5% year-on-year, reaching a total of 111 dwellings, and quarterly absorption was only 18%. Newly launched properties were 48% absorbed, fell by 15 percentage points quarter on quarter and 3 percentage points year on year.

    The majority of primary transactions were still in Ha Dong district with 61%, due to infrastructure projects aimed for completion such as Le Quang Dao road expected to operate in the last quarter of this year. Hoang Mai and Hoai Duc districts each followed with 14% and Thuong Tin had 9%.

    “Amended laws and infrastructure development are expected to begin to provide momentum,” added Powell.

    The real estate market is showing signs of recovery, thanks to the amended laws which were passed in early 2024 and effective early from August 2024, as well as infrastructure developments and large supply from mega projects in the next few years, according to Savills.

    Thirteen projects will supply a total of 2,951 dwellings by the end of 2024, the majority of which will be in Dong Anh district with 34% of future stock, Ha Dong follows with 19% and Hoai Duc with 16%.

    The report also stated that in the first half of the year, there were 128 new dwellings, up 38% quarter on quarter but down two% year on year.

    New stock came from two existing Ha Dong projects, An Quy Villa with 54 villas and Solasta Mansion with 51 villas, while An Lac Green Symphony in Hoài Đức supplied 12 new townhouses and Him Lam Thuong Tin in Thuong Tin district launched 11 new shophouses.

    Primary stock of 608 dwellings came from 16 projects, decreasing by 9% quarter-on-quarter and 24% year-on-year. Villas remained the main product with a 39% share of the available stock.

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  • Tax collection from online vendors rises by 54%

    Tax collection from online vendors rises by 54%

    Tax collection from online sellers rose 54% year-on-year in the first half to VND9.98 trillion (US$392 million) as the government cracks down on tax evasion by e-commerce sellers.

    Some 43,000 vendors and businesses aid taxes, with over 4,500 also paying fines for violations, according to the General Department of Taxation.

    Typically, a seller needs to pay 1.5% revenue tax.

    Delays in registering a business and apprising the tax office about sales data could result in a fine of VND15 million.

    The government estimates there are 3.1 million households and individuals doing business across the country, many of them online, who have not registered with tax authorities.

    The department of taxation is cross-checking their data with that of the Ministries of Public Security and Industry and Trade, and e-commerce platforms such as Shopee, Lazada, Sendo, and Tiki to ensure no one escapes the tax net.

    Hanoi has identified thousands of online vendors, including livestreamers, and collected VND10 trillion from them in the first six months.

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  • Vietnam Airlines takes delivery of first A320neo

    Vietnam Airlines takes delivery of first A320neo

    Vietnam Airlines recently received its first Airbus A320neo as part of its fleet rejuvenation efforts.

    This is the first among the three A320neo planes, each seating 182 passengers, to be delivered to the carrier this year.

    By adding the A320neo family, the airline affirms the resolve to leverage its operation capacity to meet passengers’ increasing demand, particularly during the peak summer travel season.

    The new aircraft will help Vietnam Airlines provide an additional nearly 40,000 seats during the summer peak, and some 300,000 in the second half of the year.

    They will be used on such domestic routes as Hanoi – Da Lat, Hanoi – Phu Quoc, Ho Chi Minh City – Thanh Hoa and Ho Chi Minh City – Chu Lai.

    The modern narrow-body aircraft is equipped with a new-generation engine that helps save 16% of fuel consumption, reduce noise by 75% and cut some 50% of toxic exhaust compared to previous models.

    Vietnam Airlines stressed that it has made unceasing efforts to improve its services and fleet, hoping to bring passengers safety and comfort.

    The carrier will add large-body Boeing 787-10, the biggest passenger aircraft used in Vietnam at present, to its fleet in the coming time.

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  • Vietnam Railways reports record half-year revenue

    Vietnam Railways reports record half-year revenue

    Vietnam Railways, the monopoly state-owned railroad operator, has reported record half-yearly revenues of VND4.5 trillion (US$177.13 million), surpassing its full-year earnings for the years 2019-2021.

    At a recent conference, it announced that revenues had increased by more than 10% compared to the same period last year. It targets revenues of VND6.258 trillion for the full year.

    It said passenger numbers increased by nearly 21%. It launched specialized services such as the “heritage connection” train between Hue and Da Nang, and charter trains, offering custom itineraries and services in March, and the “Da Lat night train journey” in April.

    It has expanded international freight transport, including to Russia, Europe, Mongolia, and Central Asia.

    Last year VNR turned the corner after three years of losses, reporting a profit of VND77 billion. But it had accumulated losses of over VND2.08 trillion.

    The company has 25 subsidiaries, 17 directly managed units and eight joint venture and associated companies, and manages a railway infrastructure totaling 3,143 km of tracks on 15 routes that run from north to south.

    Hanoi Railway Transport and Saigon Railway Transport are the two largest members, and last year they reported profits of VND14 billion and VND11 billion.

    Thanks to surging passenger demand, their profits were three times their full-year target in the first quarter of this year.

    The two companies are soon set to merge after receiving shareholder approval. They are in the process of completing the procedures for this.

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  • Samsung promises ‘strong investment’ in Vietnam in next 3 years

    Samsung promises ‘strong investment’ in Vietnam in next 3 years

    South Korean electronics giant Samsung has planned “strong investment” in Vietnam in the next three years to make the country its biggest display module producer globally, its chairman Lee Jae Yong has said.

    “Vietnam’s success is Samsung’s success”, he told Prime Minister Pham Minh Chinh in Seoul on Tuesday, adding that Samsung commits to journey with Vietnam in the long run.

    In May the chairman told PM Chinh that Samsung would invest around $1 billion in Vietnam each year.

    Chinh praised Samsung’s success in Vietnam and asked the company to diversify its supply chain in the country and make the country its strategic location for manufacturing and research.

    He added that Vietnam’s is making policy changes to attract investors in the high-tech, semiconductor and AI sectors.

    Vietnam is also making negotiations for new free trade agreements to expand its exports to the Middle East, South America and Africa, which will help distribute Samsung products to these markets.

    The PM urged Samsung to increase the localization of manufacturing and allow Vietnamese firms to participate deeper in its supply chain.

    He wants Samsung to provide high quality training of Vietnamese staff.

    Lee said that 310 Vietnamese companies are now Samsung suppliers, and the number has surged 12 times from 2014.

    Around 2,500 engineers and researchers are working at its research and development center in Hanoi, where Samsung is researching AI and 5G equipment.

    Chinh added that in the near future he hopes to see a Vietnamese executive in Samsung Vietnam’s board.

    Samsung is the biggest foreign direct investor in Vietnam with four factories in the country with a total investment of $2 billion to date.

    Over 50% of its smartphones sold globally are made in Vietnam.

    Prime Minister Pham Minh Chinh and his wife are on an official visit to South Korea from June 30 to July 3 at the invitation of South Korean Prime Minister Han Duck-soo and his spouse.

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  • 17 million Vietnamese products sold on Amazon in 2023

    17 million Vietnamese products sold on Amazon in 2023

    he number of Vietnamese products sold on Amazon soared by 300% in the previous five years to 17 million in 2023.

    The value of the goods exported through the U.S. e-commerce platform increased by 50% during the period, Trinh Khac Toan, northern regional director of Amazon Global Selling Vietnam, which supports sellers, said at a forum Thursday.

    The number of Vietnamese sellers with annual sales of $1 million increased 10-fold between 2019 and 2023, while those who have legitimized their brands through the Amazon Brand Registry program increased by 35 times, he noted.

    The figures demonstrate the astonishing potential of cross-border e-commerce, he said.

    Amazon Global Selling forecasts cross-border e-commerce in Vietnam and Southeast Asia to grow at 20% annually until 2026.

    Bui Trung Kien, vice chairman of the Vietnam E-Commerce Association, said developing cross-border e-commerce is crucial to boosting Vietnam’s exports.

    But the country’s legal framework for businesses could pose a hurdle to this, he warned.

    Cao Cam Linh, a representative of the Vietnam Association for Logistics Manpower Development, said logistics need to be developed to support e-commerce.

    Toan said online businesses need to invest in market research to identify customer needs, improve their products and build their own brands with a long-term vision.

    In Vietnam, Amazon has collaborated with the E-commerce and Digital Economy Agency to train 10,000 people for the cross-border e-commerce industry.

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  • Vietnam to start work on high-speed rail within next 3 years

    Vietnam to start work on high-speed rail within next 3 years

    Work on a 1,500-kilometer high-speed rail link between the northern and southern regions will start in 2026 or 2027, Minister of Transport Nguyen Van Thang has said.

    Vietnam hopes to partner with China in building the railroad and rolling stock and setting up its signaling system, he told Lou Qiliang, chairman of China Railway Signal & Communication Corporation (CRSC) at a meeting Tuesday in China’s Dalian City.

    The three determine the safety of a rail project, and China has advanced technologies for developing them and at reasonable prices, he said.

    CRSC is a state-owned company and the world’s biggest supplier of rail control systems.

    It accounts for 45% of China’s subway market.

    Railroad infrastructure, especially for the north-south high-speed route, is among the government’s priorities for enhancing the country’s competitiveness.

    Prime Minister Pham Minh Chinh said at the meeting that China has strengths in developing high-speed and urban rail networks.

    He sought China’s support in design, construction and technology transfer, including for three cross-border rail projects spanning 700 kilometers between the two countries.

    Work on the first is set to begin next year, connecting China with the northern province of Lao Cai, Hanoi and the port city of Hai Phong.

    Lou told the PM that his company is seeking opportunities to partner with Vietnam, and can provide assistance in researching and developing rail signaling systems.

    Human resource training also plays an important role in rail projects, he added.

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  • Vietnam Stock Exchange posts first profit decline

    Vietnam Stock Exchange posts first profit decline

    Vietnam Stock Exchange, which operates the country’s two main bourses, saw profit dropping 8% to VND1.92 trillion ($75 million) last year, its first decline since establishment.

    The operator of Ho Chi Minh Stock Exchange and Hanoi Stock Exchange saw revenue falling 10.5% to VND3.06 trillion.

    92% of its revenue came from stock transaction services.

    Around 60% of its revenue and profit were recorded in the second half of the year when VN-Index recovered rose 20% between May and August.

    The Vietnam benchmark closed the year 12% higher.

    Vietnam Stock Exchange was stablished in 2020-end and began operation in mid-2021. It is entirely owned by the Ministry of Finance.

  • Vietnam Airlines Group eyes record revenues

    Vietnam Airlines Group eyes record revenues

    Vietnam Airlines Group, which operates three airlines, targets record revenues of VND80.89 trillion (US$3.18 billion) this year but expects the profit rate to be less than 1%.

    Its first quarter revenues rose by 25% to VND28.27 trillion.

    Amid high demand, the company expects to see international and domestic passenger numbers rise by 20% and 13%.

    High fuel costs are expected to be a drag on profits. The company disclosed to shareholders that if fuel prices increase by $1 per barrel, its costs rise by VND230 billion a year.

    The economic slowdown is causing international travel to recover at a slow pace, while geopolitical tensions show no signs of abating, it said. Its top market, China, is also seeing an extremely slow recovery.

    Many of its debts start falling due in July, posing a financial burden.

    Vietnam Airlines Group, the parent of Vietnam Airlines, Pacific Airlines and Vietnam Air Services Company, plans to sell its stakes in Tan Son Nhat Cargo Service Company this year for VND1.7 trillion.

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  • How livestreaming is taking over Vietnam e-commerce

    How livestreaming is taking over Vietnam e-commerce

    At the time GUMAC, the fashion company Van founded, was a small startup in HCMC, but seeing the potential of the new sales method, the then-CEO began to livestream eight to 10 hours each day.

    With hundreds of thousands of viewers watching some sessions, his brand grew quickly and allowed him to open 30 new stores within a year.

    Van never dreamed that, eight years later, livestreaming on social media would become one of the most successful marketing tools in Vietnam.

    Shops started to first come across livestreaming when it became a Chinese trend in 2016 after e-commerce giant Alibaba launched Taobao Live, a streaming platform that worked like TV shopping but allowed two-way real-time interaction between sellers and buyers.

    Taobao proved a success with nearly US$14 million in sales through livestreams and videos in 2018, and 34% of viewers making purchases.

    “Vietnamese picked up the trend quickly,” Chu Xuan Duc, chairman of digital media company DC Media Global, says.

    Vendors turned Facebook Live into a distribution channel, taking advantage of the large number of social media users.

    In a typical livestream one or two sellers would introduce a large number of products along with discounts and say the name of the customers who have made a successful order.

    “I was addicted to livestreaming,” Van, who livestreamed three sessions a day for three years, says.

    At one point he coughed blood due to overwork.

    Three years after Facebook Live was launched, e-commerce platforms began to see the potential of livestreaming and created their own versions of it, with Lazada making the first move, followed by Shopee and Sendo.

    But though these platforms made shopping through livestreaming easier, they were unable to take advantage of the large number of users on Facebook.

    TikTok saw the opportunity and launched its shoppertainment feature TikTok Shop in 2022 allowing sellers to reach millions of users via livestreaming.

    Nguyen Lam Thanh, policy director of TikTok Vietnam, says his platform provides a continuous experience for users who do not need to leave the app to shop.

    Owners of businesses also found it much easier to sell via TikTok compared to traditional marketing platforms.

    Nguyen Phuong, founder of fashion brand GUNO, says: “Thanks to TikTok’s livestreaming feature, I was able to make my brand so popular that there were times when I could not fulfill all the orders.”

    After a year of livestreaming on TikTok, GUNO’s monthly revenues surged 20-fold.

    Within a few months GUNO became one of the 10 best-selling vendors on TikTok Shop.

    In its most successful session, which had over 3,000 viewers, the company sold VND2 billion worth of goods.

    TikTok Shop has now surpassed Lazada in the number of vendors and is the second biggest e-commerce platform in Vietnam in terms of revenues behind Shopee.

    Duc says TikTok is able to retain users because it does not allow rewatching of livestreams, which means users lose the opportunity to get discounts if they do not turn on the app.

    The influence of reviewers and opinion leaders also plays a big role in making livestreaming popular.

    Around 53% of Vietnamese consumers are influenced by online communities when making shopping decisions, and 86% want to discover products and buy them on the same platform.

    As livestreaming expanded, big brands in Vietnam felt compelled to join the trend and began to sell expensive smartphones and TVs through this channel.

    Between just December 2023 and March 2024, over 13,000 stores opened on TikTok Shop, including FPT Shop, one of the biggest electronics retailers in Vietnam.

    FPT’s director of commerce, Nguyen The Kha, said the rise of shoppertainment and changes in young people’s shopping habits are among the reasons why FPT Shop sells on social media.

    Young people enjoy interacting directly with sellers on livestreams because it saves them time from going to a store, he says.

    “Livestreaming is turning things upside down in the e-commerce market,” Pham Thao Linh, head of e-commerce at the consumer product division of L’Oreal Vietnam, the biggest cosmetics company in the country, says.

    Some unknown brands have attained popularity in no time while established brands struggle to catch up with changes, she says.

    Big brands often have many protocols on how to advertise their products and they are inflexible in following social media trends, she adds.

    Traditional companies that want to dive into livestreaming often partner with opinion leaders and social media influencers, she says.

    One such company sold 1,000 products in two minutes during a livestream session, which was unprecedented for it, she says.

    The rise of livestreaming and social media shopping has created new jobs in Vietnam.

    Duc says there are over 400,000 content creators on TikTok and many “streamers,” people who broadcast livestreams.

    Pham Ngoc Duy Liem, cofounder of streaming service provider GoStream, says top streamers make VND200-300 million for a session plus commissions.

    While there are many streamers who work for legitimate companies, some admittedly take advantage of livestreams to sell fake goods.

    Nguyen Hong Son, a lecturer at Hanoi Law University, says strea

  • Gasoline prices move up

    Gasoline prices move up

    Gasoline prices rose for the second week in a row Thursday afternoon.

    The popular fuel RON05 went up 1.03% to VND22,460 ($0.88) per liter. Biofuel E5 RON92 rose 0.89% to VND21,500.

    Diesel increased by 3.66%.

    Globally fuel prices were affected by rising tension in the Middle East and Ukraine’s repeated attacks on Russia’s oil storage, regulators said.

    Gasoline added 1.3% while oil increased by 2.4-4.3%. RON95 is now at $92.7 per barrel and oil $98.9.

  • Chinese people rush to gold amid uncertain economy, crisis-ridden real estate market

    Chinese people rush to gold amid uncertain economy, crisis-ridden real estate market

    People in China have been turning to gold despite rising prices as the precious metal is deemed the best safe haven asset amid economic uncertainties and a crisis-hit property sector.

    Prices of the yellow metal have gained about 11% in the year to date, Business Insider reported.

    Despite this, Caibai, a renowned jewelry store in Beijing, China, has seen more and more customers, many of whom have no great wealth and only modest savings, buying gold as a way to safeguard their wealth amid economic uncertainties, as reported by French newspaper Le Monde.

    As China struggles to recover from several years of pandemic and reels from a property sector in crisis, gold remains the best safe haven asset for its citizens.

    “It’s reliable. People think it’s the best investment. There was also real estate and the stock market, but today people are hesitant, whereas gold has continued to rise,” Wang Anmei, a salesman at Caibai, explained.

    The demand for safe havens has pushed China’s gold consumption up 5.94% from a year earlier to 308.91 tons in the first quarter of 2024, according to data from the China Gold Association cited by state-owned daily newspaper China Daily.

    The gold rush is not only seen among people in China, but its central bank has also been snapping up the precious metal.

    According to industry association World Gold Council, the People’s Bank of China (PBOC) purchased 225 tons of gold in 2023, the most for a single year since at least 1977.

    This also makes PBOC the world’s largest institutional buyer of gold, the association said.

    The central bank had been snapping up the yellow metal for 18 straight months before pausing last month when spot gold prices hit a record high of $2,449.89 per ounce, official data showed on Friday.

    It had actually started to slow purchases in April, when it bought just 1.87 tons of the precious metal, down from 4.98 in March and 12.1 in February.

    Nonetheless, industry players said that they are expected to resume buying yellow metal once prices ease.

    “They are just waiting and watching. If prices correct to the US$2,200 per ounce level, they will resume again,” David Tait, CEO of the World Gold Council (WGC), told Reuters.

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