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Tag: Vietnam

  • Buy2Sell Vietnam opens two new showrooms in Hanoi, HCMC

    Buy2Sell Vietnam opens two new showrooms in Hanoi, HCMC

    Buy2Sell Vietnam established two new showrooms in Vincom Mega Mall in Hanoi and SC Vivo City in Ho Chi Minh City last month.

    The Hanoi showroom is on the 1st floor of Vincom Mega Mall Times City and the HCMC showroom on the 3rd floor of SC VivoCity.

    Buy2Sell Vietnam plans to expand its new showroom chain to more than 100 stores in shopping centers in Southeast Asia during 2024-2030.

    Thousands of cosmetics, F&B, houseware, and appliances products… are exclusively distributed and displayed at these stores.

    All products are directly imported from over 60 countries, including the U.K., France, the U.S., Italy, Switzerland, Australia, Korea, and Japan.

    Vang Online is a high-end imported beverage distribution brand under Buy2Sell, specializing in wine and spirits, introducing numerous international premium beverage brands to the Vietnam market.

    In Vietnam, Buy2Sell is renowned as one of the first B2B e-commerce platforms focused on distributing imported goods since 2015, especially from brands yet to enter the market.

    Besides Vincom Mega Mall and SC ViVo City, Buy2Sell has invested in establishing its store chains at other top-tier shopping centers, including Lotte Mart (part of Lotte Korea Group).

    Buy2Sell has also invested in its online e-commerce platform, playing its role as a bridge for international brands to access the Vietnamese market more easily.

    Vincom Mega Mall Times City covers more than 230,000 m2 of various spaces including retail, food courts, supermarket and other entertainment venues, which is developed by Vingroup.

    SC VivoCity covering an area of around 62,000 m2 is developed by Mapletree, a major real estate investment, development, and fund management company in Asia.

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  • WinMart’s loss triples in 2022

    WinMart’s loss triples in 2022

    WinCommerce, the operator of WinMart retail chain, saw its loss tripling from 2021 to VND445 billion ($18.97 million) last year.

    Since being acquired by Masan Group from Vingroup in 2019, WinCommerce has not been able to turn a profit.

    Its revenues declined 5% to VND29.37 trillion last year. Its equity rose marginally to VND3.98 trillion, and debts were at VND14.32 trillion.

    WinCommerce is Vietnam’s biggest retailer in terms of number of outlets. It had 3,268 WinMart+ stores and 130 WinMart supermarkets by the end of December.

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  • Vietnam Railways eyes profit in 2023

    Vietnam Railways eyes profit in 2023

    Train operator Vietnam Railways expects to earn a profit this year after posting losses in three previous years due to the impact of Covid-19.

    The company predicts a post-tax profit of VND3 billion ($127,960) and a revenue of over VND6.5 trillion.

    In the first quarter this year subsidiary Hanoi Railways served over 800,000 passengers and recorded VND300 billion in revenues. Both figures went up 200% year-on-year.

    Its other major subsidiary, Saigon Railways, also saw revenues rise 147% to VND360 billion and passenger numbers grow 136% to 660,000.

    Vietnam Railways attributed the rise to increasing demand and discounts of 50%-65% during days with low bookings. Other types of discounts for groups of four and large tourist groups also contributed to higher ticket sales.

    Vietnam Railways started to see signs of recovery last year after two years of difficulties due to Covid-19. It saw revenue rising 14% to VND7.7 trillion, and saw losses dwindling from VND1.33 trillion in 2020 to VND130 billion last year.

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  • Southern house prices down 30%

    Southern house prices down 30%

    The price of townhouses and villas in the South have dropped 10-30% year-on-year amid record-low sales in the first quarter of 2023.

    The prices in Dong Nai Province plunged 15-20%, even 25-30% in some cases, as cash-strapped investors have tried to cut losses, according to a survey.

    Many investors lowered their selling prices for villas in the province’s Bien Hoa City by VND4-5 billion ($169,000-211,000) per unit in late March, down from VND21-23 billion in early January.

    Some struggling investors said they slashed prices by VND5.5 billion per villa, accepting losses of 30%, including taxes, brokerage fees, and bank loan interest.

    Van, a real estate broker in the province’s Nhon Trach District, said that even though she had dropped her prices 15-20% by March, she still sold less than one townhouse a month in the first quarter of this year, compared with 5-7 units a month over the same period in 2022.

    According to the survey, average prices for houses in rural districts of Ho Chi Minh City and the neighboring province of Long An dropped some 10%, and few transactions have been completed so far this year.

    Property service provider DKRA Vietnam said houses in the South saw prices decrease by an average of 10% in the first quarter.

    Property consultancy JLL Vietnam said the sale of houses in Ho Chi Minh City dipped 91.7% against the fourth quarter of last year, and by 98.3% against 2022’s first quarter.

    In the first quarter of 2023, only 19 houses were sold, JLL Vietnam said, noting that most buyers and investors are adopting a wait-and-see approach.

    Real estate developers are cautious about launching new products amid economic uncertainty and lingering legal issues, especially as demand is forecast to remain weak through mid-2023 and the property market continues to face economic difficulties, according to JLL Vietnam.

    Vo Hong Thang, R&D vice director at DKRA Vietnam, said that despite the price drop, many buyers are waiting to fish the bottom or are too cautious about investing in real estate as the market is so quiet. This has resulted in record low liquidity this first quarter, he said.

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  • Samsung says Vietnam is ‘global manufacturing hub’

    Samsung says Vietnam is ‘global manufacturing hub’

    Samsung considers Vietnam a global manufacturing hub and wants to make it a center of research and innovation, the South Korean giant’s CFO, Park Hark Kyu, has said.

    In a meeting with Prime Minister Pham Minh Chinh Thursday, he said he highly regarded Vietnam’s investment and business environment. Samsung wants to make Vietnam the “center of centers” for research and development.

    Last year the company set up an R&D center in Hanoi and provided training to ensure there would be more Vietnamese in its leadership ranks.

    Over 2,000 engineers work at the center.

    The number of level 1 and 2 Vietnamese suppliers in Samsung’s global supply chain has increased tenfold since 2014, from 25 to 257.

    Park also spoke to Chinh about the use of “made in Vietnam” products, and the global minimum tax.

    Chinh hailed Samsung’s business activities in Vietnam as helping shift the country’s economic structure, promoting exports and creating millions of jobs.

    Last year Samsung’s profits in Vietnam topped US$4.6 billion. It has invested $18 billion in the country so far, and is planning to increase it to $20 billion.

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  • Vietnam edtech startup receives $15M investment

    Vietnam edtech startup receives $15M investment

    MindX, a startup that offers training in technology and programming, has received a US$15 million investment from a group of international funds in the Series B round.

    The funding round was led by Singaporean fund Kaizenvest, which has invested in many famous startups in the field of education technology (edtech), including unicorns Byju’s and upGrad in India, and Yola English Center in Vietnam.

    The other participating investors are Thai education group Aksorn, Japanese human resources group Mynavi, and venture capital funds like Wavemaker Partners and Beacon Fund.

    MindX, founded in 2015 in Hanoi, specializes in technology training for people of various age groups. It has centers in many cities, and also provides training online.

    In November 2021 it had raised $3 million in a Series A round.

    Sandeep Aneja, the founder of Kaizenvest, said the demand for learning technology in Vietnam and Southeast Asia is increasing.

    “This investment is commensurate with the market potential and our belief in today’s growing demand for technology learning.”

    Nguyen Thanh Tung, MindX’s co-founder, and CEO, said being equipped with skills and critical thinking to apply new tools and technologies is the way for Vietnam to have a pioneering generation of innovation, considering how technology is constantly evolving today.

    With the new funding, the company plans to expand its scale and portfolio of products and services and optimize the user experience and data systems.

    MindX is also partnering with more than 200 firms in countries like Singapore, Australia, and Thailand, allowing the world to access Vietnam’s highly skilled digital workforce.

    The $15 million represents one of the largest amounts raised by edtech in Vietnam this year.

    According to the e-Conomy report by Google and Bain&Company, investments for startup projects in Vietnam went down to $0.7 billion in the first half of 2022.

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  • Tuna exports to UK triple

    Tuna exports to UK triple

    Tuna exports to the U.K. tripled year-on-year in the first two months even as shipments to some main markets like the U.S. and E.U. plunged.

    Exports to the U.K. were worth US$1.3 million, enabled by a 13-fold rise in February, according to the Vietnam Association of Seafood Exporters and Producers (VASEP).

    Vietnam now ranks 13th out of 45 countries and territories that export tuna to that country.

    Last year its exports to the U.K. rose by 10%.

    Other markets to which Vietnam’s tuna exports grew by 32-99% in the first two months were Japan, Thailand, Germany, and Israel.

    They made up the country’s top five markets in the first two months along with the U.K.

    Vietnam’s total exports, however, dropped 30% year-on-year to $109 million in the period.

    The U.S. and the E.U. each posted a 50% decline, which VASEP attributed to rising inflation and a change in consumers’ shopping habit.

    The fact that Vietnam still has a yellow card given by the E.U. for illegal, unreported and unregulated fishing also pose challenges to exports, VASEP added.

    The association expects global demand for tuna to recover in the second half of this year.

    Vietnam has nine tuna species across its seas, with an estimated reserve of 600,000 tons. The three biggest tuna fishing localities are Binh Dinh, Phu Yen, and Khanh Hoa.

  • President calls for sustainable Vietnamese business in Laos

    President calls for sustainable Vietnamese business in Laos

    President Vo Van Thuong has asked the Vietnamese community in Laos to set its sights on long-term sustainable business growth even though weathering current short-term difficulties will be complicated.

    During Tuesday’s meeting with the Vietnamese community in Laos, Thuong praised the patriotism and contributions made by Vietnamese people and enterprises in Laos.

    For their part, Vietnamese enterprises in Laos proposed that more measures should be taken to support investment, especially capital, to improve competitiveness and expand operations.

    The President said he had asked relevant agencies to provide appropriate solutions.

    About 100,000 Vietnamese live, work, or study in Laos, with nearly 40,000 located in the capital of Vientiane, according to Vietnamese Ambassador to Laos Nguyen Ba Hung.

    After his meetings in Vientiane, Thuong wrapped up his two-day visit to Laos and returned home from his first foreign trip since taking office last month.

    Vietnam and Laos established diplomatic relations in September 1962, and raised the label of their “traditional friendship” to “great friendship” in February 2019.

    Vietnam has currently invested some $4.7 billion in 219 projects in Laos, making it Laos’ third largest foreign investor after China and Thailand.

    Bilateral trade last year increased 25% to around $1.7 billion.

  • Bamboo Airways shareholders shoot down capital increase plan

    Bamboo Airways shareholders shoot down capital increase plan

    Shareholders of Bamboo Airways, at an extraordinary general meeting on Monday, rejected plans for a private placement of shares to increase charter capital.

    The proposal for a VND9.57-trillion ($405.5 million) issue to increase the capital to VND28 trillion, restructure loans and swap debts for shares based on agreements with creditors was rejected by 56.4% of shareholders.

    Bamboo Airways chairman Nguyen Ngoc Trong said he would hold discussions with major shareholders and submit a plan for increasing the charter capital at the next annual general meeting.

    Trong said that in the first quarter of this year, with its fleet operating at full capacity, the airline would almost break even.

    It is expected to get delivery of six to eight aircraft this year and 10 more in 2024-25, he said.

    “Bamboo Airways will become profitable by 2025.”

    He said 2026 or 2027 would be an optimal time for it to make an IPO.

    The carrier now flies to 21 out of 22 airports in Vietnam, and in April would add Ca Mau to its destinations.

    Internationally, it has been resuming services to Europe and Australia post-Covid.

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  • Hyundai automobile sales in Vietnam increased by 5.5% in March

    Hyundai automobile sales in Vietnam increased by 5.5% in March

    Thanh Cong Group (TC Group) on April 11 announced its sales results for March with over 5,770 Hyundai automobiles sold in Vietnam last month, up 5.5% over February.

    Hyundai Accent continues to be the best-seller model in March with 1,355 units delivered to customers, followed by Hyundai Creta with 1,035 units – equal to the level a month earlier, and Hyundai Grand i10 with 664 units.

    Over 640 Hyundai Stargazer were sold last month, 2.5 times higher than February’s. The TC Group recorded sales of 514 Hyundai Santa Fe units, equivalent to the previous month Hyundai Tucson of 307, up 54.2% compared to February.

    Hyundai commercial models achieved sales of 1,016 vehicles in March, an increase of 42.1% compared to February 2023.

    In the first quarter of 2023, Hyundai-branded models achieved sales of 14,736 units, down 21.1% compared to the same period last year.

    TC Group expects higher sales in the second quarter of this year, explaining that the demand will increase thanks to the peak tourism season with greater travel demand.

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  • Vietnam exports 1.7 million tonnes of rice in Q1

    Vietnam exports 1.7 million tonnes of rice in Q1

    Vietnam exported 1.7 million tonnes of rice in Q1 worth over $900 million, a 19% increase in quantity and 30% rise in value over the same period last year, according to Vietnam Customs.

    According to the Ministry of Industry and Trade (MoIT), Vietnamese rice has seen some success in improvements in quality and demand over the last several years.

    The majority of exported rice came from the Mekong Delta, with the rest of the country’s rice production centres mainly serving the domestic market.

    Le Thanh Tung, deputy head of the plant cultivation department under the Ministry of Agriculture and Rural Development (MARD), said rice production this year for the Mekong Delta alone is projected to reach 24 million tonnes. Consumption for the Delta and Ho Chi Minh City, Vietnam’s most populous city, will stay around 11 million tonnes, leaving 13 million tonnes for export.

    Of which, premium-quality rice for export accounts for 3 million tonnes, specialty rice 2.1 million tonnes and regular rice 1 million tonnes.

    Vietnamese rice will likely continue to be sought after in the second quarter of the year as demand has been on the rise in major markets including the Philippines, China and Africa, said the Vietnam Food Association (VFA).

    Nguyen Ngọc Nam, President of the VFA, said Vietnamese rice has been fetching good prices on the international market despite a gloomy outlook for the global economy as countries look to stock up on food for uncertain times ahead.

    In addition, major free trade agreements including the European Union – Vietnam Free Trade Agreement (EVFTA) have seen tariffs on Vietnamese rice reduced by as much as EUR175 per tonne, giving Vietnamese premium rice an advantage in the European markets.

    As demand soars, exporters have been trying to purchase additional amounts from farmers to maximise efficiency and profit. However, many have voiced concerns over a lack of capital.

    Phan Van Chinh, Director of MoIT’s Agency for Foreign Trade, said the ministry has been working closely with exporters to find solutions to minimising logistic costs and dealing with import/export protocols in international markets.

    On the other hand, the ministry said it is to keep a close watch on the amount of rice being exported to ensure the country’s food security.

    In an earlier development, the State Bank of Vietnam (SBV) has ordered commercial banks to review and streamline the borrowing process for rice traders to help them access additional capital sources.

  • Vietnam’s sole female billionaire becomes chairwoman of Vietjet

    Vietnam’s sole female billionaire becomes chairwoman of Vietjet

    Nguyen Thi Phuong Thao, Vietnam’s only female billionaire, has become the chairwoman of budget airline Vietjet.

    Dinh Viet Phuong, who has been with the company since its establishment in 2007, moved up to CEO.

    Thao, who replaced Nguyen Thanh Ha as chairwoman on Thursday, was the deputy chairwoman and CEO of Vietjet for many years. She is the first self-made female billionaire in Vietnam.

    Phuong has been holding the chief operations officer title since October 2020. He has made many contributions to the airline, helping it to survive during the Covid-19 period.

    He has an engineering degree from Vietnam Maritime University, an MBA degree from France’s CFVG and a doctorate in transport from Russia’s Moscow State Academy.

    Last year Vietjet transported 20.5 million passengers on 116,000 flights and saw number of domestic passengers grow 20% from pre-Covid.

  • Buyers keen to take stake in PGBank

    Buyers keen to take stake in PGBank

    Sixteen potential buyers have registered to purchase a combined 213 million shares of PGBank, almost twice the number its biggest shareholder is selling.

    The buyers, comprised of nine individuals and seven domestic organizations, have signed up to participate in the auction of 120 million shares of PGBank, or a 40% stake, which is being sold by Vietnam’s oil and gas giant Petrolimex.

    At a starting price of VND21,300 ($0.91) per share, Petrolimex is set to get at least VND2.55 trillion from the sale.

    MSB, another lender, is set to seek shareholder permission to buy a domestic credit organization which is “operating normally and high credit quality.”

    PGBank is among the lenders that MSB is interested in buying, a leader of the latter told reporters recently.

    Several key leaders of MSB have left the lender for PGBank in recent years.

    In March 2020, Hoang Xuan Hiep left MSB for PGBank and is now the deputy director in charge of debt handling.

    In November 2020, Nguyen Phi Hung, a former deputy director, became the CEO of MSB.

    In February this year, Do Thanh Cong, who used to be a member of the risk department of MSB, became a deputy director of PGBank.

    PGBank had total assets of nearly VND49 trillion last year and equity of VND3 trillion, the lowest in the banking system.

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  • Vietnam to inspect TikTok content to stop harmful videos

    Vietnam to inspect TikTok content to stop harmful videos

    Vietnam will begin to conduct an inspection of TikTok next month to deal with harmful content and false information.

    Le Quang Tu Do, head of the Department of Radio, Television and Electronic Information under the Ministry of Information and Communications, said that recently a lot of toxic, offensive, false and superstitious content has been appearing on the social media app TikTok in Vietnam.

    The inspection, to be conducted by the communications ministry, seeks to ensure that the social media complies with Vietnam’s regulations, both in content and operations.

    “TikTok, Facebook and YouTube are all cross-border social media with international standards,” Do said. “But when entering Vietnam, they need to comply with Vietnam’s laws, which includes regulations on content management and tax, payments and commercial policy.”

    TikTok was launched in Vietnam in 2019 after a year of beta testing. It now has nearly 50 million Vietnamese users aged 18 and above. Vietnam ranks sixth out of 10 countries with the biggest number of TikTok users, according to research company DataReportal.

    In the first quarter of last year TikTok said it removed some 2.43 million videos uploaded by Vietnamese users for violating its community guidelines related to nudity and sexual acts involving minors, inciting violence and also frightening content, harassment, bullying, suicides, and more.

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  • Gold prices rise

    Gold prices rise

    SJC gold price rose 0.07% to VND67.1 million ($2,858.97) per tael Tuesday morning. Gold ring price went up 0.36% to VND56.1 million per tael.

    Globally gold prices edged lower on Tuesday as traders assessed the likely path of the Federal Reserve’s monetary policy after data showed a slump in U.S. manufacturing activity and as OPEC+’s production cut sparked inflationary risks.

    Spot gold was down 0.2% at $1,980.39 per ounce. U.S. gold futures dipped 0.1% to $1,997.70.

    The dollar index was slightly higher, making bullion expensive for overseas buyers.

    Gold in the near term could see “consolidative price action in absence of a fresh catalyst and as markets monitor the extent of price gains in oil as that may throw a curve ball on inflation outlook and complicate monetary policy decision,” said OCBC FX strategist Christopher Wong.

    Oil prices steadied with investors’ attention shifting to demand trends and the impact of higher prices on the global economy.