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Tag: Vietnam

  • Bamboo Airways CEO resigns after two months

    Bamboo Airways CEO resigns after two months

    CEO of Bamboo Airways Nguyen Minh Hai has resigned less than two months after assuming the position.

    Following his resignation announced by the carrier on Tuesday, deputy chairman Nguyen Ngoc Trong will be the airline’s acting CEO.

    Hai was named Bamboo Airways’ CEO in late May, replacing Nguyen Manh Quan.

    Hai, 51, has a bachelor’s degree in tourism business management from Vietnam National Economics University and 25 years’ experience in the airline industry. He was deputy general director of Vietnam Airlines between April 2015 and January 2019.

    In a meeting last month, Hai informed the carrier’s shareholders the company would be restructuring under a new investor, the Him Lam Corporation. He said making Bamboo Airways profitable to satisfy investor demands was a top priority.

    And then also last month, Bamboo Airways accepted the resignation of four members: chairman Oshima Hideki, standing deputy chairman Nguyen Ngoc Trong, and two deputy chairmen Doan Huu Doan and Phan Dinh Tue.

    The new chairman of Bamboo Airways is Le Thai Sam, who now holds over 50% of the airlines’ shares. The company has said the changes in personnel are part of its restructuring.

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  • European firms worry about power shortages in Vietnam

    European firms worry about power shortages in Vietnam

    The European Chamber of Commerce in Vietnam (EuroCham) has called on the government to focus on long-term plans to mitigate power shortages, which it fears are cyclical.

    Power shortages were among the concerns raised by EuroCham in its second quarter Business Confidence Index report.

    A survey of its member companies found the recent power shortage significantly affected their business.

    While the situation has improved thanks to the heavy rains in recent weeks, 60% of the companies said the shortage had created challenges for them, with 10% saying they have been seriously affected.

    According to EuroCham, reliable power supply is a central requirement for the business sector and overall economic resilience.

    The Government should focus on making long-term plans since power shortages are likely to occur in cycles, EuroCham president Gabor Fluit said.

    Between late May to mid-June this year the northern region was crippled by regular blackouts as electricity demand shot up even as hydropower, one of the two main sources, decreased due to drought.

    European businesses also said Vietnam’s infrastructure is poorer than that of many neighboring countries, with 53% rating it inadequate.

    But the bright spot is that the Government is taking active measures to address this problem like accelerating key infrastructure projects, they said.

    The survey also found that business optimism has increased slightly and Vietnam continues to be considered an attractive destination for foreign investors.

    Some 48% of respondents expected their companies’ direct investment in the country to rise sharply in the next quarter.

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  • Vietnam spends over $480M on meat imports in first 5 months

    Vietnam spends over $480M on meat imports in first 5 months

    Vietnam imported more than 239,000 tonnes of meat and meat products worth $480 million in the first five months of this year.

    The number climbed by roughly 1.6% in terms of quantity but declined by 9.1% in terms of value, according to the General Department of Customs of Vietnam.

    In May, Vietnam imported 57,620 tonnes of meat, worth $108.8 million, up 9.5% in volume but down 10.2% in value year-on-year. This marked the fourth monthly growth in import volume of meat and meat products.

    During the period, the country imported from more than 36 markets, with the five largest suppliers being the U.S., India, Russia, Brazil, and Poland.

    In particular, meat imports from Russia have steadily soared after decreasing in 2022.

    The main types of imported meat and include poultry and offal, fresh chilled or frozen pork, and fresh chilled or frozen beef.

    Imports of chilled or frozen poultry, offal of pigs, buffaloes, and cows were on the uptrend, while pork and beef imports decreased year-on-year.

    In the first five months of 2023, Vietnam imported 29,610 tonnes of fresh chilled or frozen pork, worth $73.62 million, down 19.9% in volume and 5.7% in value.

  • Vietnam Airlines struggles to get flight slots in foreign airports

    Vietnam Airlines struggles to get flight slots in foreign airports

    Vietnam Airlines is unable to get the number flight slots it needs at airports in the U.K., India and China.

    After a period of absence due to Covid-19, the carrier has lost many flight slots in London, chairman Dang Ngoc Hoa said at a meeting with the Ministry of Transport officials Monday.

    India only provides 28 slots at its four big airports for international airlines since it seeks to protect domestic carriers, he said.

    Requests for more slots in Chinese airports too have been rejected, he said.

    The number of foreign passengers flying on Vietnamese carriers is only 60% of pre-pandemic levels, he said.

    Other challenges, such as fuel prices doubling at certain times from 2019 levels, have been slowing down Vietnam Airlines’ recovery efforts, he said.

    He sought the ministry’s assistance to get more slots in foreign airports.

    Minister of Transport Nguyen Van Thang at the meeting ordered aviation authorities to support the carrier.

    If required, the ministry would dispatch officials to other countries to negotiate slots, he added.

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  • Lychees enter Thailand’s major shopping malls

    Lychees enter Thailand’s major shopping malls

    Vietnamese lychees were already present in Thailand a few years ago, but this is the first time that the fruits are on sale at a major supermarket chain in the country.

    “I am very happy to be one of the pioneering firms to bring fresh lychees to Thai consumers,” said Nguyen Xuan Viet, Chairman of Vifoco, exporter of lychees to Thailand. “My company hopes to export from 1,000 – 2,000 tonnes of fresh lychee to Thailand next year.”

    At the Siam Paragon shopping mall, the lychees from Vietnam have attracted attention from shoppers.

    Somkiat Wongsakulchai, chief executive of Ekthai, distributor of Vietnamese lychees in Thailand, said that his company will expand the distribution of Vietnamese lychees to more branches next year.

    Lychee is grown in many localities in Vietnam, mostly in the north, with Bac Giang province known as the country’s lychee growing hub.

    The province harvested 199,500 tonnes of lychee in 2022 and earned over 290 million USD from lychee sales and support services.

    Bac Giang lychee has affirmed its brand and value in many countries and territories around the world with 75,900 tonnes shipped abroad, making up 38% of the accumulative sales.

  • Techcombank strengthens cooperation with international partners

    Techcombank strengthens cooperation with international partners

    Techcombank has been extending technological collaboration with worldwide partners and organizations in order to improve client personalization, digitization, and security.

    The bank aims to lead the digital transformation of Vietnam’s financial industry with a three-pillared strategy focusing on digital, data, and talent.

    Digital banking would make regular banking easier, more convenient, and simpler. Data is the basis for utilizing analytical skills to make quicker and better decisions. In the “talent” pillar, the bank taking the extra miles to go overseas to bring the best Vietnamese talents to Vietnam, at the same time training all the bank’s staff to use digital and data to provide better services to their customers.

    Techcombank has been focusing on innovation and technology since its establishment.

    This long-term target has led to several technological industry milestones in Vietnam’s banking industry, such as the first credit card launch, zero-fee bank transfers, the digital signature platform for corporate clients, and various world-class platforms being synced on the cloud.

    The three-pillar strategy had been discussed at a virtual press conference of the 7th Singapore Regional Business Forum held in Hanoi on July 7, for which Techcombank is one of two platinum sponsors.

    During this press conference, participants also discussed the crucial role of its partners, trustees, and friends across the region.

    Partners are keys to Techcombank’s success and have shaped its growth story over the last 30 years since its establishment. The bank was founded at a pivotal time for Vietnam, as the government encouraged the transition to a more market-oriented economy.

    Ever since, it has been part of the extraordinary growth of Vietnam’s banking industry over the past three decades, with over 11.2 million retail and corporate customers and more than 12,000 employees in over 46 Vietnamese cities and provinces.

    Partners that are key to its strategic success include McKinsey, Salesforce, Adobe, MISA, and Amazon Web Services.

    In 2009, Techcombank became the very first Vietnamese bank to partner with McKinsey. Following this, in recent years it has also announced partnerships with Amazon Web Services, Salesforce, Adobe, Personetics, and MISA…

    The Techcombank mobile app, developed with Backbase in late 2021, will be instrumental in offering a seamless, highly personalized user experience on a modern digital platform.

    The bank has also partnered with Amazon Web Services to enable a “cloud first” strategy, shifting over the coming years nearly all its applications and, consequently, transactions to the cloud. This will lay the foundation to create and scale new innovative business models, synchronize customer information for better insights, and drive employee productivity.

    In late 2022, Techcombank has partnered with Adobe to provide personalized customer experiences across offline and online platforms.

    The investment in Adobe Experience Cloud and the Adobe Real-Time Customer Data Platform will enable instant interactions and analysis of user behavior.

    In addition, the bank has worked with leading local companies like Masan to launch its WINLife ecosystem, with the aim of ultimately bringing financial services and deepening customer engagement in over 3,400 WIN stores nationwide.

    According to Jens Lottner, CEO of Techcombank, Vietnam’s privatization process has highlighted the importance of cooperation and outward thinking in today’s connected world, such as strategic partnerships between Vietnam and Singapore, for many years.

    “Vietnam and Singapore are attractive global economies with different profiles. Vietnam offers tremendous growth opportunities with its rapidly growing incomes and low financial penetration. Banks and businesses play a critical role in accelerating growth in Vietnam, while Singapore’s highly educated and skilled workforce attracts global businesses. Both countries will continue to leverage their respective strengths for growth,” Lottner said.

    The CEO hopes that both nations will play critical roles in addressing global challenges and capitalizing on opportunities.

  • Vietnam earns over $2B from coffee exports

    Vietnam earns over $2B from coffee exports

    Coffee is an export highlight of agricultural products in the first half of 2023, as the industry’s export revenue earned $2 billion in the period, the General Department of Customs has announced.

    According to statistics from the department, as of June 15, the country exported 934,900 tonnes of coffee, down 3.7% compared to the same period in 2022 with export prices increasing nearly $2 per tonnes.

    The sector has been listed in “one-billion-USD” club since 2010 and reached its peak of $4.056 billion in 2022. The club includes exports that fetch at least $1 billion a year.

    Vietnamese coffee has been present in 38 markets worldwide, of which it enjoys an export turnover of over 10 million in 25 markets and more than $100 million in six traditional ones.

    If export turnover reaches about $360 million a month from now until end of this year, the sector will set a new record of $4.5 billion in 2023, an increase of 10.9% compared to 2022.

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  • Gasoline prices drop

    Gasoline prices drop

    Gasoline and diesel prices declined in Vietnam Monday afternoon, following a similar trend globally.

    The popular RON95 gasoline dropped 2.68% to VND21,420 ($0.91) per litter after staying unchanged in the last two revisions by authorities.

    Biofuel E5 RON92 fell 1.91% to VND20,470 per liter.

    Diesel, after rising two times in a row, was 0.06% lower at VND18,160 per liter.

    Global fuel prices since June 21 have been falling due to a plunge in U.S. fuel reserves and concerns about central banks’ rate hikes, according to the Ministry of Industry and Trade and Ministry of Finance.

    RON92 fell nearly 1.5% to $86.78 per barrel while RON95 dropped 1.8% to $91.59. Diesel declined by 0.5% to $92.16.

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  • Vietnam leads rice exports to Philippines

    Vietnam leads rice exports to Philippines

    Vietnam continued to be the biggest rice provider to the Philippines in the first five months of this year with a turnover of $772.4 million, surging 31.1% year-on-year.

    During January-May, the Philippines imported 1.5 million tons of rice from Vietnam, accounting for nearly 90% of its total imported rice, according to the Asia-Africa Market Department under the Ministry of Industry and Trade, citing data from the Philippine Bureau of Statistics.

    This was also the record level of Vietnam’s rice exports to the Philippines so far.

    million dollarsRice export turnover to the PhilippinesJanuary-May period between 2019 and 2023turnover

    In the first five months, Vietnam exported 3.6 million tons of rice, with the Philippines accounting for 42.3% of the share.

    In the last six months of the year, rice exports to the Philippines are forecast to continue to increase due to the impact of climate change and the El Nino phenomenon that could severely affect domestic food production in the country of 113 million people.

    To take advantage of the opportunity to export rice to this market, businesses should closely follow market developments and policies on rice trade, the Asia-Africa Market Department said.

    Market research firm Fitch Solutions forecast that the global rice market will face the most severe shortage for 20 years in 2023. A shortfall of about 8.7 million tons is expected in the 2022-2023 crop year, the highest level since 2003-2004.

    Vietnamese agricultural experts said that rice prices will stay good in the short term due to global economic, and political uncertainties pushing up demand for food reserves.

    In addition to the Philippines, Indonesia and many countries in Asia are also increasing purchases of Vietnamese rice due to a decrease in supply.

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  • Vietnam halves car registration fees to boost sales

    Vietnam halves car registration fees to boost sales

    Vietnam has cut car registration fees in half for locally-made or assembled cars as authorities hope against hope that the move will boost sales.

    The 6-month cut takes effect July 1 and the fees will return to normal starting Jan. 1, according to a government decree issued Wednesday.

    Registration fees are calculated based on car prices in each locality. The rates are 12% in Hanoi and Hai Phong, and 10% in HCMC.

    Vietnam issued the same 50% cut for six months in 2020 and 2022 to boost consumption. The move caused sales to double in both cases.

    The Ministry of Finance, however, said earlier that the cut might not be as effective this time since the economy is seeing a strong decline in industrial activity and exports amid high inflation and low GDP growth.

    In the first five months, 113,500 auto units were sold, a 36% plunge year-on-year, according to the Vietnam Automobile Manufacturers Association.

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  • Fake Chanel perfume seller fined

    Fake Chanel perfume seller fined

    A shop in the Central Highlands has been fined VND50.5 million (US$2,100) for selling counterfeit Chanel and Lancome perfumes and sunscreen through Facebook livestream.

    The shop in Pleiku, Gia Lai Province, was busted during a livestream session, the local police said.

    They had been monitoring the shop for some time, and during the raid found 300 bottles of perfumes labeled Chanel and 118 purporting to be Lancome besides 204 sunscreen tubes with the latter’s label.

    The police checked all the documents the shop provided and established that the products were fake.

    They also found 440 breath refresher bottles without invoices.

    The shop was fined VND50.5 million for selling fake goods, violating intellectual property rights and trading cosmetics of unknown origin.

    All the fakes were confiscated and will be destroyed.

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  • Bamboo Airways plans to soar under new management

    Bamboo Airways plans to soar under new management

    Property developer Him Lam, the new owner of Bamboo Airways, plans to build an aviation ecosystem centered around the latter while expanding its presence in Asia.

    Bamboo Airways began flying in 2019 and became the first private carrier to operate wide-body aircraft.

    It quickly expanded its fleet to nearly 30 by the end of 2021 when it held a 20% share of the domestic market and also flew on some international routes.

    But the arrest of its key leaders, including chairman Trinh Van Quyet, for alleged stock market manipulation came as a death blow.

    Him Lam, a south-based developer of condos and a hotel management service provider, took over Bamboo this year.

    A new leadership has been appointed this week to hopefully begin a new chapter.

    “The last five years have been a journey of establishing a brand for the airline,” deputy chairman Nguyen Ngoc Trong said at the company’s annual general meeting on June 21.

    “In the next five years Bamboo Airways will focus on developing efficiency and professionalism.”

    CEO Nguyen Minh Hai said the company seeks to achieve breakeven by next year to turn profitable by 2025.

    Expanding its services to increase revenues is therefore one of its main focuses.

    Revenues soared by 3.3 times last year to over VND11.7 trillion, but the airline still could not break even.

    Hai said a larger fleet is imperative for doing this. The current fleet of 30 aircraft needs to be expanded by eight to 10 a year until 2026, and each aircraft needs to operate more than the current 10 hours a day, he explained.

    Reducing costs is another key task.

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  • Former Japan Airlines leader to chair Bamboo Airways

    Former Japan Airlines leader to chair Bamboo Airways

    Oshima Hideki, the former chairman of Japan Airlines, has been appointed chairman of Vietnam’s Bamboo Airways for the 2023-2028 period.

    He is among seven new directors of the airline, according to decisions made at the company’s general meeting on Wednesday.

    Hideki has nearly 40 years of experience in the aviation industry.

    He was previously Deputy General Director of Japan Airlines, Deputy General Director of the Tokyo Narita Airport, and a Project Manager at Haneda Airport.

    Bamboo Airways’ new deputy chairmen are Nguyen Ngoc Trong, Doan Huu Doan and Phan Dinh Tue. The other members of the board of directors are Le Ba Nguyen, Le Thai Sam and Tran Hoa Binh.

    A new board of supervisors, comprised of three members, has also been appointed.

    Bamboo Airways plans to operate 30-36 aircraft by the end of this year, aiming for an occupancy rate of 81.5% and an on-time flight ratio of 90%.

    The carrier is targeting a revenue increase of 15-20% from last year’s VND11.73 trillion ($498.94 million). It also wants to expand its network in Europe, Northeast Asia, Southeast Asia and Australia.

    Bamboo Airways is building an aviation ecosystem for itself by establishing subsidiaries for transportation, ground services, aviation technology and food services.

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  • Bayer Vietnam announces strategic partnership with National Obstetrics Hospital

    Bayer Vietnam announces strategic partnership with National Obstetrics Hospital

    Bayer Vietnam and the National Hospital of Obstetrics and Gynecology have announced a new strategic partnership to advance the health and well-being of women in line with a new Memorandum of Understanding (MoU).

    The partnership aims to improve the knowledge and clinical experience of ob-gyn healthcare professionals while enhancing public awareness of gynecological health issues and empowering women to take control of their health and well-being.

    This collaboration will also utilize the partners’ complementary strengths and capabilities to improve knowledge and clinical expertise among obstetricians and gynecologists, while enhancing public awareness of women’s health issues and promoting self-care through educational online and offline platforms.

    The MoU spans from 2023 to 2025 to allow time for major initiatives to be launched and achieve results.

    For healthcare professionals, Bayer Vietnam and the National Hospital of Obstetrics and Gynecology (NHOG) will coordinate to develop and deliver training content. They will also continue medical education programs and scientific seminars focused on the correct and safe use of modern contraceptive methods.

    The latest treatments and therapies will focus on gynecological conditions like endometriosis, heavy menstrual bleeding, vaginal infections and menopause management, with up-to-date guidelines on pregnancy nutrition, and self-care solutions.

    The partnership will also include collaboration with international ob-gyn organizations and experts to exchange the latest knowledge and information, ensuring the local medical community stays abreast of global developments and innovations to deliver higher-quality healthcare for Vietnamese women.

    For the general public, disease awareness campaigns will be implemented across multiple channels, both online and offline, to educate women about reproductive health and gynecological problems, and encourage them to seek preventative care and early treatment, which will lead to improved quality of life and reduced risk of future health issues.

    By leveraging the power of digital platforms and social media channels, the initiative will combine the hospital’s expertise and patient insights with the company’s resources and capabilities. The impact of these efforts can be multiplied, increasing the reach and credibility of the campaign message, and contributing to the sustainable development of the healthcare industry.

    Associate Prof. Tran Danh Cuong MD Ph.D., Director of the National Hospital of Obstetrics and Gynecology, said: “Educating both physicians and patients is essential for transforming healthcare quality, benefiting both patients and the medical community. Working together with Bayer Vietnam allows us to optimize our expertise in women’s health and broaden our outreach to improve public health literacy as well as the professional capacity of the healthcare workforce, not only at our hospital but also in satellite hospitals across the country. We hope this will open up the prospect of identifying new effective diagnoses and treatment options in the field of ob-gyn, and elevate the standard of care for women in Vietnam.”

    Ingo Brandenburg, Managing Director of Bayer Vietnam, emphasized: “At Bayer, care is the core of our work, and women’s healthcare is in our DNA. We are thrilled to partner with Vietnam’s National Hospital of Obstetrics and Gynecology, which shares our mission of advancing care and addressing unmet needs in women’s health. I very much look forward to seeing the fruits of our collaboration, a future where each and every woman has access to quality healthcare services and is empowered to reach her full potential in life.”

    This MoU aligns with the company’s strategy of fostering collaborative relationships across the healthcare industry with a patient-and-consumer-centric approach to realize its vision of “Health for all, Hunger for none.”

    Bayer is a global enterprise with core competencies in the life science fields of healthcare and nutrition. Its products and services are designed to help people and the planet thrive by supporting efforts to master the major challenges presented by a growing and aging global population.

    In fiscal 2022, the group employed around 101,000 people and posted sales of 50.7 billion euros. R&D expenses before special items amounted to 6.2 billion euros.

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  • 15-inch MacBook Air to be launched in Vietnam in mid-July

    15-inch MacBook Air to be launched in Vietnam in mid-July

    First MacBook Air laptops with 15-inch screens will be officially sold in Vietnam in the second or third week of July at a starting price of VND32.99 million (US$1,398), some Apple authorized resellers said.

    Vietnam will be the second group of markets selling the latest laptop model of Apple.

    In the U.S. market, 15-inch MacBook Air laptops were pre-ordered right after its launching ceremony on June 6 and delivered to users one week later.

    15-inch MacBook Air is like the enlarged 13-inch version with no design changes. But many people has been waiting for this model because it is Apple’s only thin and light laptop with a large screen and good prices.

    Four configuration versions of 15-inch MacBook Air will be sold in Vietnam, with the 8-GB RAM, 256-GB memory version costing VND32.99 million, and the 512- GB memory version costing VND37.99 million.

    The device is available in four colors: blue, black, silver, gray and gold.