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Tag: Vietnam

  • Coca-Cola franchisee posts $236M revenue in Vietnam

    Coca-Cola franchisee posts $236M revenue in Vietnam

    Swire Coca-Cola, a franchisee of the Coca-Cola Company, recorded a revenue of US$236.32 million in the first six months in Vietnam.

    Its pre-tax profit was around $33.21 million in the period.

    Swire Coca-Cola is a partner of the Coca-Cola Company with a franchise to manufacture, market, and distribute products of the Coca-Cola Company in China, Cambodia, Vietnam, and the western U.S.

    Swire Coca-Cola entered the Southeast Asia market in July last year by purchasing the manufacturing line of Coca-Cola in Vietnam and Cambodia for over $1 billion.

    Leaders of Swire Coca-Cola considered the Vietnam purchase successful as it had made considerable contributions to the company, while its unit in Cambodia is posting a loss.

    Coca-Cola entered Vietnam in 1994, producing its beverage in three factories.

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  • ABeam Vietnam offers automation businesses digital operation solutions

    ABeam Vietnam offers automation businesses digital operation solutions

    ABeam Vietnam’s platform integrates cutting-edge digital technology, reduces hurdles, and fosters innovation for rapid, dependable, and trouble-free growth.

    Many organizations across Vietnam are increasingly looking towards cloud-based Enterprise Resource Planning (ERP) solutions to streamline their operations, enhance scalability, overcome challenges, and drive efficiency.

    However, organizations need knowledgeable business partners to help guide them through their transformation journey, navigate changes, and achieve lifetime business value from their investments by leveraging the benefits of cloud solutions.

    ABeam Consulting (Vietnam) has gained extensive experience in various business and industry domains through years of consulting.

    The company provides a comprehensive range of consulting services that leverage the latest digital technologies, address the challenges faced by all industries, and support business innovation to accelerate management decision-making and growth.

    Ryohei Oda, Managing Director of ABeam Consulting (Vietnam), said that many companies hold back because of several uncertainties and challenges around cloud services and solutions. ABeam’s consulting services have been designed to assist clients and help them reach their fullest potential at any stage of digital transformation.

    “Customers can meet their budget and business needs. When they see the components and services clearly mapped out, moving to the cloud will feel safe, easy, and efficient,” Oda said.

    However, organizations in Vietnam are expected to adopt International Financial Reporting Standards (IFRS) instead of the current Vietnamese accounting standards by 2025 in their efforts to enhance comparability and improve transparency.

    SAP S/4HANA Cloud is designed to set up flexible parallel accounting, simplify, and automate to comply with the new legal requirement from Vietnam that mandates the adoption of the international accounting standards IFRS.

    ABeam Consulting has the largest number of certified SAP consultants in Vietnam. It was among the first consultancies to offer customers “RISE with SAP” and “Grow with SAP”. These comprehensive service packages from SAP integrate all the elements necessary for business transformation using ERP applications and cloud services.

    Moreover, the project teams combine industry-expert consultants abundantly experienced in the client’s business field with consultants who specialize in processes and technologies, including the latest SAP solutions such as SAPS/4HANA, C/4HANA, SAP Analytics Cloud, SAP Datasphere, SAP Business Technology Platform (SAP BTP), SAP SuccessFactors, SAP Concur, SAP Ariba, and SAP Integrated Business Planning.

    This enables the firm to provide numerous and diverse SAP consulting services fine-tuned to the client’s business to help them achieve true business transformation.

    Despite the competitiveness of the high-tech solutions market in Asia, earlier this year SAP announced ABeam Consulting as its first partner for the Regional Strategic Services Partner (RSSP) initiative.

    The RSSP initiative enables partners to scale their SAP practices more quickly across the region and collaborate more closely with SAP to deliver joint customer success.

    ABeam Consulting (Vietnam) was established in June 2018. The company has more than 70 consultants, including Japanese experts and Vietnamese consultants in SAP, S&O, and DX, and serves clients throughout Asia, the U.S., and Europe. See more information about ABeam here.

  • Vietnam rubber exports go almost exclusively to China

    Vietnam rubber exports go almost exclusively to China

    Vietnam exported 757,600 tons of rubber for over US$1 billion to China in the first seven months of this year, accounting for 99.8% of its total rubber exports.

    Vietnam is China’s second largest rubber supplier after Thailand.

    Its shipments to China were up 12% in volume but down 10% in value year-on-year. The price in July was $1,291 per ton, down 17.9%.

    The Ministry of Industry and Trade’s import-export department forecast rubber exports to China to keep rising in the next few months due to a steady increase in demand.

    The Chinese government has rolled out a series of policies to support the economy after post-pandemic recovery slowed down.

    Vietnam exported over 2.1 million tons of rubber worth $3.3 billion last year, up 9.7% in volume and 1% in value from 2021.

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  • Samsung tax refund delayed for two years in HCMC

    Samsung tax refund delayed for two years in HCMC

    A Samsung subsidiary based in Ho Chi Minh City has not received a VAT refund of US$44 million for two years due to red tape.

    Samsung Electronics HCMC CE Complex (SEHC), which exports around 90% of its products, formally became an export-processing company in May 2021, making it eligible for value-added tax incentives.

    But the VAT refund for before and after the transition it was supposed to receive never arrived, Youn Chel Woon, its CEO, said at a meeting between South Korean companies and HCMC authorities Wednesday.

    Vietnam offers a number of tax incentives to foreign enterprises and exporters, including VAT breaks.

    SEHC became eligible for a refund of $24 million from the time before it became an export-processing enterprise, and $20 million from the period between June 2021 and December 2022.

    The city tax department has been examining the situation since July and recently submitted a report to the General Department of Taxation.

    Woon urged city authorities to be more proactive in refunding taxes, saying some of his company’s suppliers are also having difficulty getting tax refunds promised by the government.

    Another South Korean firm, CJ Foods Vietnam, has not received tax refunds for lacking the title deeds for the land on which its factory is built.

    It was supposed to receive the documents in 2019.

    Issues with tax refunds are among the main problems South Korean companies face in Vietnam, Choi Bundo, chairman of the Korea Chamber of Business in Vietnam, said.

    “Resolving tax refund problems is taking longer and longer. We seek a solution from the authorities.”

    Nguyen Tien Dung, deputy head of the city tax department, referring to the SEHC case, said the reason for the delay is that the Ministry of Finance is yet to decide whether the refund would be made by the tax or customs department.

    As for the CJ Foods delay, he said some changes are occurring at the Hiep Phuoc Industrial Park where the company has its factory, and once they are complete it would receive the title deeds.

    The city government has instructed relevant authorities to resolve this issue by September this year, he added.

    South Korea is the fourth biggest investor in HCMC with $5.5 billion in 2,135 projects.

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  • Vietravel Airlines seeks to lease three more aircraft from Cambodian carrier

    Vietravel Airlines seeks to lease three more aircraft from Cambodian carrier

    Vietravel Airlines, which has leased one aircraft from Cambodia Airways, has asked the carrier for three more this year.

    In June, Vietravel Airlines took delivery of an Airbus A319 to increase its fleet to four. It will get an Airbus A320 from the Cambodian carrier next month.

    If it can lease three more planes from Cambodia Airways before the end of this year, it will expand its network to South Korea and Japan, and better serve the travel boom during the Lunar New Year holidays early next year.

    The deal will also help start more services to tourist destinations in Vietnam and Cambodia.

    The carrier, launched in early 2021, hopes to increase its fleet to 25 aircraft by 2025 and to 50 by 2030.

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  • VinFast becomes 3rd biggest EV maker globally

    VinFast becomes 3rd biggest EV maker globally

    VinFast has become the third most valuable electric vehicle maker behind Tesla and BYD with a market cap of US$85 billion.

    Its shares listed on the U.S.’s Nasdaq stock exchange Tuesday at $22 and closed at over $37 billion.

    VinFast’s market cap is higher than all EV startups in the U.S. combined.

    It also exceeds that of Ford Motor, GM, BMW, Volkswagen, and Mercedes-Benz.

    American company Tesla leads the industry with a market cap of $738 billion followed by China’s BYD with $87 billion.

    VinFast is followed by another Chinese company, Li Auto, with $40 billion.

    But data from Bloomberg shows that shares of EV companies that listed through special-purpose acquisition companies, like VinFast, have plummeted after listing.

    U.S. firms Lordstown Motors lost 99% of its value since its listing in October 2020 and Faraday Future 98% since July 2021.

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  • High logistics costs hurt Vietnam’s economic competitiveness

    High logistics costs hurt Vietnam’s economic competitiveness

    Inadequate transport infrastructure and connectivity, and domestic enterprises’ low capacity and slow technology adoption and digital transformation are hindering the otherwise rapidly growing logistics industry, experts have said.

    The industry has grown rapidly along with the economy, trade, manufacturing, and e-commerce.

    The logistics industry is growing at an average of 14-16% a year and worth US$40-42 billion a year, said Tran Thanh Hai, Deputy Director of the Ministry of Industry and Trade’s Agency of Foreign Trade.

    Transport infrastructure has received large investments in recent years, with new seaports and airports being built. But the development has not been in lockstep and so failed to meet the growing demands of the logistics industry, Hai told a roundtable in Ho Chi Minh City on August 10.

    Many businesses are involved in logistics, but most are small or medium-sized with limited capital, information technology application, digital transformation, and human resources. This has led to high costs, he said.

    Dang Vu Thanh, Vice Chairman of the Vietnam Logistics Business Association, said the industry has yet to tap its potential fully.

    He pointed out that the poor transport infrastructure and connectivity between seaports, airports, warehouses, and industrial parks are hampering the development of the industry.

    He said that logistics costs are equivalent to around 18% of GDP, much higher than in other countries.

    He added that the high logistic costs reduce the competitiveness of the country’s exports and economy, and lowering them is a pressing concern.

    Mike Bhaskaran, group chief operating officer for digital technology at DP World, said to help businesses improve their trade capacity and support the development of logistics businesses, Vietnam needs to increase its visibility and transparency through promoting the development of the Internet of Things and GPS tracking system and improve its ability to predict market trends.

    On the business side, it must transform management technology to enhance automation, reduce delivery times and improve internal supply to reduce logistics costs, he added.

    The roundtable was held on the sidelines of the inaugural Vietnam International Logistics Exhibition that opened at the Saigon Exhibition and Convention Center on August 10.

  • Vietnam aluminum mining to increase exponentially

    Vietnam aluminum mining to increase exponentially

    The government plans to mine for bauxite, the ore used to produce aluminum, at three new locations in the north.

    It plans to develop by 2030 one site in Lang Son Province and two in Cao Bang, the Ministry of Industry and Trade said Wednesday.

    Their combined capacity will be within 1.55-2.25 million tons of ore annually.

    Besides, at least two existing mines in Lam Dong Province in the Central Highlands will be upgraded to increase production.

    The government will also explore the possibility of mining 68-112.2 million tons of bauxite annually in four central highlands provinces.

    At 5.8 billion tons, Vietnam has the world’s second-largest bauxite reserves behind only Guinea (7.4 billion), according to the U.S. Geological Survey.

    The majority of bauxite in Vietnam is found in the Central Highlands, especially Dak Nong Province.

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  • Musang King durian moon cake prices up 10%

    Musang King durian moon cake prices up 10%

    Musang King durian moon cake prices, made with the popular durian variety originally from Malaysia, have increased by 2-10% year-on-year in Vietnam.

    Their cost ranges between VND900,000 ($37.90) to VND1.7 million per box. Last year, the most expensive product sold for around VND1.5 million.

    Hoang Anh, a moon cake vendor in Ho Chi Minh City’s District 3, sold out 500 boxes of Musang King and Black Thorn moon cakes in two weeks last year.

    She has doubled her imports this year.

    “We have to order five months in advance as the manufacturer needs to prepare durian beforehand.”

    A major distributor in HCMC plans to sell nearly 30,000 cakes this year, triple the amount last year.

    The cakes are mostly imported from Malaysia. Other markets that also sell them are Singapore and Hong Kong.

    Industry insiders say prices have gone up due to rising ingredient costs.

    Moon cake is a popular type of desert in Asian countries. It is often enjoyed during the Mid-Autumn Festival in the middle of Lunar August, which falls on Sep 29 this year.

  • Okxe opens first motorbike service station in Hanoi

    Okxe opens first motorbike service station in Hanoi

    Hanoi’s first OKXE Motorbike Service Station officially opened at 92 Kham Thien on August 8.

    The station is the second Okxe to open in Vietnam since its online-to-offline (O2O) motorbike business model was put into operation in May 2022. The first was opened in HCMC at 40E Ut Tich, Ward 4, Tan Binh District.

    With an e-commerce platform specializing in trading motorbikes with strengths in AI and Big Data technology developed since 2018, Okxe Motorbike Service Station purchases and sells motorbikes with the market’s first warranty service at an affordable market price.

    In addition, the company provides professional vehicle repair services with a team of well-trained Okxe Care technicians.

    With a modern design and focus on customer experience, Okxe is confident in bringing a special type of motorbike buying and selling service, completely new and unprecedented.

    Okxe provides a clear look outside the motorbike and has strict requirements on the origin and legal documents for the purchase of a used motorbike.

    The company also ensures the quality of the product when building and putting into operation a vehicle quality inspection process consisting of 60 evaluation points for used motorbikes instead of committing to the quality of each vehicle sold at its stations.

    In addition to ensuring the quality of motorbikes sold, the Okxe Care team with experienced personnel also brings peace of mind to customers with a 1-year warranty policy worth more than VND3.3 million (US$139), including 10 comprehensive maintenance categories that apply to both used and new motorbikes.

    All services of Okxe are oriented towards the motto “Buy motorbikes easily, sell motorbikes leisurely,” providing a full range of motorbike buying and selling solutions, from online to offline transactions, including used and brand-new motorbikes for users with guaranteed quality and simple procedures.

    Trang Vu, Vice President of Okxe, said that after more than a year of directly participating in the motorbike business in Vietnam, the company has been recording positive signals with stable sales growth. That is also the basis for Okxe to continue its efforts to perfect the chain of products and services for users.

    “With the opening of the Motorbike Service Station in Hanoi as well as the implementation of the plan to expand the store system from now until the end of 2023, Okxe commits to providing top-quality experiences so that customers are always satisfied during the process of using our services, from considering selection, owning, and using until later transfer,” a representative of the start-up company added.

    On the occasion of opening the Motorbike Service Station in Hanoi in August 2023, Okxe is offering many attractive promotions for customers. Interested readers can read more here.

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  • Vietnamese EV maker VinFast gets go ahead for Nasdaq SPAC listin

    Vietnamese EV maker VinFast gets go ahead for Nasdaq SPAC listin

    Vietnamese electric vehicle maker VinFast said it expects to start trading on the U.S. Nasdaq as soon as next week after its merger into a special purchase acquisition company (SPAC) was approved on Thursday.

    On Thursday, shareholders of Hong Kong-based Black Spade Acquisition, a blank-check company, voted to approve the merger with VinFast.

    VinFast, in a joint statement with Black Spade, said it would list on the Nasdaq under the ticker symbol VFS “on or around August 15”.

    The remaining shareholders of Black Spade approved the merger on Thursday. In July, over 80% of the shareholders in the SPAC had opted to redeem their shares before the merger.

    The SPAC merger will not raise new capital for VinFast but the company’s founder Pham Nhat Vuong has championed a U.S. listing as the carmaker seeks to expand in the U.S. market and is building a plant in North Carolina.

    The two companies said the merger had valued VinFast at $23 billion. In comparison, the current market capitalization of U.S.-listed EV makers Rivian and Lucid are $21 billion and around $17 billion, respectively.

    It leaves VinFast’s existing shareholders, including parent company Vingroup and Vuong, Vietnam’s richest man, with 99% of shares in the company.

    “The voting results today are a vote of confidence in VinFast from Black Spade shareholders,” VinFast’s global head Thuy Le said in the statement.

    VinFast had filed for an initial public offering on the Nasdaq last December, but in May announced plans to list through a merger with Black Spade.

    Other EV makers including Faraday Future, Nikola Corp and Lucid have listed via SPAC deals but the market for such deals has faced increased scrutiny from investors and regulators.

    VinFast has shipped around 3,000 EVs to the United States from its plant in Haiphong, Vietnam. It started to deliver its first VF8 EVs in March. It has not announced U.S. sales figures.

    VinFast’s first-quarter revenue dropped 49% from the previous year and it posted a net loss of $598 million. In 2022, the company posted a loss of $2.1 billion. It has not yet made a profit.

    Vuong, who is also chairman of Vingroup, Vietnam’s largest conglomerate, told Vingroup shareholders in May that VinFast expected to sell as many as 50,000 EVs this year and could break even as soon as the end of 2024.

    The company has previously missed some of its internal delivery targets. It faces competition from established rivals led by Tesla, which have been driving down prices and bringing a range of new EVs to market.

    Black Spade was founded by the private investment arm of Lawrence Ho, son of the late gambling mogul Stanley Ho.

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  • Vietnam to impose anti-dumping duties on Thai sugarcane products

    Vietnam to impose anti-dumping duties on Thai sugarcane products

    Vietnam has imposed anti-dumping and countervailing duties on sugarcane products from several Thai companies from August 18 to June 15, 2026.

    The duties will be imposed on the Mitr Phol Sugar group, Asia’s largest sugar and bioenergy manufacturer, along with four affiliated companies and Czamikow Group Limited.

    The Thai Roong Ruang Industry group, Thailand’s second-largest sugar manufacturer, along with its five affiliated companies, will also see duties imposed, according to the Ministry of Industry and Trade.

    The lowest rate of anti-dumping duties will be 25.73% and the highest at 32.75%. The highest rate of countervailing duties will be 4.65%.

    In June 2021, Vietnam officially began to impose anti-dumping and countervailing duties on sugarcane imported from Thailand. At the time, the rate was 47.64%. In August 2022, the ministry decided to keep this rate.

    Investigations revealed that Thailand’s sugarcane products entering the Vietnamese market have caused great damage to local production, resulting in 3,300 people losing their jobs and 93,225 farmer’s families affected, authorities have said.

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  • Fuel imports rise over 60% this year

    Fuel imports rise over 60% this year

    Vietnam spent nearly $5 billion importing fuel in the first seven months of 2023, up 61% year-on-year, to ensure adequate supply as its biggest refinery Nghi Son is set to shut down for major maintenance.

    Its biggest import markets were South Korea, Singapore and Malaysia.

    Nghi Son in the central province of Thanh Hoa, which accounts for around 35-40% of domestic fuel supply, will undergo its first major maintenance since establishment starting from August 25. The maintenance will last around two months.

    The Ministry of Industry and Trade said it has carefully monitored fuel supply this year to prevent shortages.

    Vietnam exported 1.26 million tons of fuel worth around $1 billion in the first seven months of this year.

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  • Citizen database helps reduce credit default risks

    Citizen database helps reduce credit default risks

    A trial credit scoring model that encompasses the national citizen database has proven useful for lenders as it reduces lending risks by up to 20%.

    The model, which is built on the standards of global credit scoring company FICO, is now almost complete with 18 citizen data fields, Vu Van Tan, deputy head of the citizen administration unit under the Ministry of Public Security, said at a meeting on August 7.

    The model was tested by MB’s consumer loan unit MCredit on 10,000 data fields, PVcombank with 20,000 fields, and fintech firm Datanest with 60,000 fields.

    These companies saw their credit risks reduced by 7-20%.

    “After the trial, these companies all want to encompass the model in their operations officially,” Tan said.

    Banks and the Ministry of Public Security have long been working together to authenticate and synchronize the personal ID and credit information of over 40 million bank customers.

    The partnership also helped banks to launch money withdrawal services using ID cards at ATM. Bank customers can also use their electronic ID account to confirm identity.

    But as this partnership had its limitations in building an effective credit scoring system, the Ministry of Public Security has collaborated with the Hanoi University of Science and Technology to build the trial model using FICO standards.

    Deputy governor of the State Bank of Vietnam Pham Tien Dung said that credit scoring in Vietnam is gaining popularity among banks as it helps them to predict the probability of getting their money back from a borrower, and this only works with a precise database.

    A representative of state-owned lender BIDV said that the authentication of a third-party organization, especially a state-owned entity, plays an important role in credit scoring, ensuring that the data bank employees have collected is precise.

  • Chinese company to build aluminum factory in Vietnam

    Chinese company to build aluminum factory in Vietnam

    Innovation Precision Vietnam, a unit of a Chinese manufacturer, has received licenses to build a $165 million aluminum factory in the central province of Nghe An.

    The company, a subsidiary of aluminum products manufacturer Shandong Innovation Metal Technology, will build a plant with the capacity to produce 100,000 tons of aluminum a year, according to Nghe An’s People’s Committee.

    It is set to begin operations in October next year and will create 1,500 high-skilled jobs.

    Innovation Precision Vietnam received all its licenses within only two months of its representatives first entering the province to consider investing.

    This will be the first plant that Shandong Innovation Metal Technology has built outside of China.

    Shandong was established in 2002 and is among the 500 biggest manufacturers in China.

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