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Tag: Vietnam

  • Vietnam gold price drops despite global gain

    Vietnam gold price drops despite global gain

    Prices of gold bars branded SJC on Wednesday decreased 0.15% from the previous day to VND67.1 million ($2,722.11) per tael.

    But gold ring prices went up 0.28% to VND54.15 million per tael. A tael is equal to 37.5 grams or 1.2 ounces.

    Global spot gold was up 0.1% at $1,751.89 per ounce, aided by a dip in the U.S. dollar, with investors largely focusing on Federal Reserve Chair Jerome Powell’s speech for insights into the U.S. central bank’s monetary policy path.

    Powell’s speech is the main focus for the market, said Edward Meir, an analyst with ED&F Man Capital Markets.

    “If Powell takes a hawkish stance, the dollar will strengthen and gold will move lower, probably back to the $1,745 level. But if he sounds more conciliatory, gold could move up to the $1,780 level.”

    Meanwhile, top gold consumer, China reported a slight drop in new Covid cases for Nov. 29, the National Health Commission said.

    Gold needs a strong China as it drives risk appetite and could bolster jewelry demand, and bullion could gain if China’s health authorities provide some clear signals that they are close to tweaking their zero-Covid policy, Edward Moya, senior analyst with OANDA, said in a note.

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  • Foxconn chaos to leave Apple short 6 million iPhone 14 Pro and Pro Max units this year

    Foxconn chaos to leave Apple short 6 million iPhone 14 Pro and Pro Max units this year

    We’ve closely monitored the events at Foxconn’s largest iPhone assembly facility in Zhangzhou, China. The factory reportedly produces half of the iPhone units made worldwide, and this year the plant is turning out iPhone 14 Pro and iPhone 14 Pro Max models. But production has slowed thanks to the exodus of workers who weren’t enamored with China’s COVID lockdown in the city.
    COVID has returned to China, forcing the country to lockdown certain areas. As a result, Foxconn now bans the consumption of meals in the communal dining room, forcing everyone to eat in their dorm. Workers also felt closed in, forced to stay on campus 24/7. After a large number of workers escaped, even Apple had to admit that the production of its pricier iPhone 14 Pro models this quarter would be less than expected. Apple did not specifically give an estimate of how many units it will be short but it did say, “customers will experience longer wait times to receive their new products.” Some reports called for as much as a 33% shortfall.
    Foxconn tried to entice new and former workers to man the assembly lines by offering bonuses for employees who stay for 30 and 60 days, and the Chinese government asked veterans and Communist party members to recruit new employees for Foxconn. And all of these things, the bonuses and the pressure from the government might have worked until last Tuesday night. That’s when a major clash between workers and security guards at the Foxconn grounds in Zhengzhou occurred.

    Workers said that the contracts they were offered would have paid them bonuses only after more than 60 days had gone by, and the employees also said that they weren’t being separated far enough away from older workers who might have COVID. In an attempt to quell the violence, Foxconn offered new employees cash to quit their jobs and leave the Foxconn campus. The company later said that a “technical error” was made relating to the bonuses and it apologized. Supposedly, 20,000 workers took the offer.

    Today, a new report from Bloomberg gives us a better idea about how Apple will be impacted by the chaos we’ve seen in Zhengzhou. The report indicates that Apple will be short nearly 6 million iPhone 14 Pro units this year. And make no mistake about it, the iPhone 14 Pro and iPhone 14 Pro Max are the more expensive 2022 iPhone models. Apple could take a $6 billion revenue hit during the current quarter. That would be 8.4% of the $71.6 billion in iPhone revenue generated during the fiscal first quarter of 2022 (October-December 2021).

    Considering that this shortfall would occur during the holiday shopping season, consumers worldwide could end up frustrated in their attempt to purchase one of the 14 Pro models as a holiday gift. Two weeks ago, even before the issues in Zhengzhou reached a fever pitch, UBS analyst David Vogt said that wait times for the iPhone 14 Pro and iPhone 14 Pro Max in the U.S. and China had hit “extreme levels.” In the U.S., the wait time was 34 days for these models while in China the wait was up to 36 days.

    Vogt pointed out that 35% to 40% of Apple’s calendar fourth quarter iPhone production is assembled during December which could lead to shortages during the fourth quarter of this year and extending into the first quarter of 2023. The analyst expects Apple to ship 83 million iPhone units during the fiscal first quarter of 2023 which already takes into account “recent disruptions.”
    However, Vogt made this comment before the violence broke out at the factory and before Foxconn paid 20,000 workers to leave the facility. If he does have a new updated figure, we will update this story.
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  • Online shopping startup Cooky raises $4.5mln

    Online shopping startup Cooky raises $4.5mln

    Online shopping and cooking platform Cooky has raised $4.5 million in a funding round led by Vietnam’s Do Ventures, South Korea’s Nextrans.

    The funding will be used for research and development to create more nutritious recipes at a better cost, said Cooky’s founders Dang Hoang Minh and Nguyen Thanh Dai, also founding members of food platform Foody.

    The startup aims to become a food-tech company, making shopping and cooking easier and more efficient, making both happen within 30 minutes, said Cooky CEO Minh.

    Its app is a combination of an online grocery delivery platform and a cooking delivery service, where customers can shop for ingredients individually or buy a recipe. It has been downloaded more than one million times since it was launched 1.5 years ago.

    After the Covid pandemic boosted demand for online shopping, this consumption behavior has been maintained by Vietnam’s young population. With the rapid rise in popularity of online shopping solutions, the country’s e-grocery market is expected to reach $1.5 billion by 2025, Cooky estimates.

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  • Vietnam Electricity reports losses of $635 mln

    Vietnam Electricity reports losses of $635 mln

    Vietnam Electricity (EVN) posted losses of VND15.758 trillion ($635.4 million) between January and October, with higher fuel prices a major contributing factor.

    EVN said fluctuations in the world prices of coal, oil, and gas since the beginning of this year had caused its production costs and purchase prices of electricity it bought from other power plants to soar.

    According to its financial statements, EVN racked up after-tax losses of more than VND16.586 trillion ($668.79 million) in the first half of this year.

    With world prices of fuels in 2023 predicted to remain high, it would be hard for EVN to achieve good business results next year, the utility said. It estimates losses of VND31.36 trillion in 2022.

    According to a report by the Ministry of Industry and Trade, prices of input materials for electricity production have skyrocketed since the beginning of the year, with that of imported coal doubling to $304.8 per ton, so retail prices of electricity may increase shortly.

    The average retail price of electricity currently stands at VND1,864.44 (7.5 cents) per kWh, excluding value-added tax. In June, EVN said the year’s price should increase to VND1,915.59 (7.7 cents) per kWh.

  • First Vietnamese pomelo exported to US

    First Vietnamese pomelo exported to US

    Pomelo became the seventh Vietnamese fruit to be officially exported to the U.S. Monday with the first 100 tons being transported from the southern province of Ben Tre.

    The batch is split into six containers. Four of them will be exported by air and two by sea.

    Deputy Minister of Agriculture and Rural Development Tran Thanh Nam said at the announcement ceremony Monday that the U.S. is one of the most difficult markets in the world but has large demand for fresh fruits.

    He added that Americans consume about 12 million tons of fruits annually, with 30% of them imported.

    The exported pomelo must come from the 36 growing areas in Vietnam that have been registered with U.S. authorities.

    They span 752 hectares, or 0.71% of Vietnam’s total pomelo growing area.

    Many measures must be strictly taken to ensure the fruits are clean and healthy.

    Ben Tre Province Chairman Tran Ngoc Tam said that of the seven Vietnamese fruits that are exported to the U.S., the province has three: pomelo, longan and rambutan.

    Other fruits that have been approved for official U.S. exports are mango, dragon fruit, star apple and lychee.

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  • Global giants eye Vietnam e-commerce logistics market

    Global giants eye Vietnam e-commerce logistics market

    The world’s largest container shipping line Maersk and U.S. express delivery company FedEx are seeking to enter Vietnam’s e-commerce logistics market. Ditlev Blicher, regional managing director for Asia-Pacific, A.P. Moller – Maersk (Maersk), was in the country this week, three months after the Danish company spent US$3.6 billion on acquiring Hong Kong firm LF Logistics.

    He said with LF Logistics’ expertise in omnichannel orders, Maersk would have a better position in the global e-commerce market, including Vietnam. He said that his company plans to offer business-to-business (B2B) and business-to-consumer (B2C) delivery services.

    Hoan Dang, head of omnichannel order fulfillment at Maersk Vietnam and Cambodia, said with the acquisition of LF Logistics, his company could join hands with e-commerce platforms to handle goods orders in the Vietnamese market.

    FedEx is integrating its services with e-commerce platforms to enable online retailers to use them without leaving the platforms.

    Hardy Diec, managing director of FedEx Express Indochina, said e-commerce would continue to flourish in Vietnam.

    Earlier this month his company opened a new $2-million operations center in Hanoi’s Bac Tu Liem District. Vietnam will be one of the top 10 countries for FedEx in terms of trade volume growth over the next five years.

    Vietnam will achieve the highest growth in the digital economy in Southeast Asia between 2022 and 2025, a report by Google, Temasek and Bain & Company has forecast.

    Its digital gross merchandise volume is likely to reach $23 billion in 2022, and $32 billion by 2025.

    According to global firm Allied Market Research, Vietnam’s express delivery market is expected to be worth $4.88 billion by 2030 after growing at 24.1% annually, with the growth of e-commerce being one of the main drivers.

    Logistics firms are expanding their services and lowering prices.

    This month Lazada Logistics announced it would start offering omnichannel deliveries for online shops.

    J&T Express announced cuts of 10-20% in freight.

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  • Global giants eye Vietnam e-commerce logistics market

    Global giants eye Vietnam e-commerce logistics market

    The world’s largest container shipping line Maersk and U.S. express delivery company FedEx are seeking to enter Vietnam’s e-commerce logistics market. Ditlev Blicher, regional managing director for Asia-Pacific, A.P. Moller – Maersk (Maersk), was in the country this week, three months after the Danish company spent US$3.6 billion on acquiring Hong Kong firm LF Logistics.

    He said with LF Logistics’ expertise in omnichannel orders, Maersk would have a better position in the global e-commerce market, including Vietnam. He said that his company plans to offer business-to-business (B2B) and business-to-consumer (B2C) delivery services.

    Hoan Dang, head of omnichannel order fulfillment at Maersk Vietnam and Cambodia, said with the acquisition of LF Logistics, his company could join hands with e-commerce platforms to handle goods orders in the Vietnamese market.

    FedEx is integrating its services with e-commerce platforms to enable online retailers to use them without leaving them. Hardy Diec, managing director of FedEx Express Indochina, said e-commerce would continue to flourish in Vietnam.

    Earlier this month, his company opened a new $2-million operations center in Hanoi’s Bac Tu Liem District. Vietnam will be one of the top 10 countries for FedEx in terms of trade volume growth over the next five years.

    Vietnam will achieve the highest growth in the digital economy in Southeast Asia between 2022 and 2025, a report by Google, Temasek, and Bain & Company have forecast. Its digital gross merchandise volume will likely reach $23 billion in 2022 and $32 billion by 2025.

    According to global firm Allied Market Research, Vietnam’s express delivery market is expected to be worth $4.88 billion by 2030 after growing at 24.1% annually, with the growth of e-commerce being one of the main drivers.

    Logistics firms are expanding their services and lowering prices.

    This month Lazada Logistics announced it would start offering omnichannel deliveries for online shops.

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  • Gold prices continue to drop

    Gold prices continue to drop

    Prices of gold bars branded SJC on Monday dropped 0.4% from the weekend to VND67.35 million ($2,716.82) per tael.

    Selling prices of gold rings remained unchanged, reaching VND54.05 million per tael. A tael is equal to 37.5 grams or 1.2 ounces.

    Globally, gold prices slipped on Monday, as a stronger U.S. dollar made the greenback-priced metal more expensive for buyers holding other currencies.

    Spot gold was down 0.2% at $1,752.66 per ounce, as of 0016 GMT. U.S. gold futures fell 0.1% to $1,751.80, according to Reuters.

    SPDR Gold Trust, the world’s largest gold-backed exchange-traded fund, said its holdings rose 0.2% to 908.96 tonnes on Friday from 906.93 tonnes on Wednesday.

  • Vietnam’s seafood exports nearing $11 bln in 2022

    Vietnam’s seafood exports nearing $11 bln in 2022

    Vietnam’s seafood exports this year could reach $11 billion for the first time, spearheaded by shrimp, pangasius and tuna, according to the Vietnam Association of Seafood Exporters and Producers (VASEP).

    Truong Dinh Hoe, VASEP general secretary, said at a conference in HCMC Saturday that by November, seafood exports had already crossed $10 billion, so by the end of the year, it could reach $11 billion for the first time.

    The largest seafood export markets for Vietnam are the U.S., Japan, China and the EU. The EU, the U.S., and China account for 60% of the global seafood trade and 50% of Vietnam’s export turnover in the first ten months of this year.

    Hoe said all sectors of the seafood industry grew 18-77%, but exports began to slow down amid lower purchasing power, higher interest and fluctuating exchange rates. He added that as the world enters a recession and inflation increases, demand is falling globally.

    As such, Vietnam’s seafood industry would face tough competition from competitors that offer lower costs and prices, like Ecuador or India.

    Economist Dinh The Hien said that the global economy would worsen in 2023, directly affecting the seafood industry.

    “However, businesses shouldn’t be too pessimistic; they should search for new opportunities to grow,” he said.

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  • Tech professionals in Vietnam prefer foreign companies

    Tech professionals in Vietnam prefer foreign companies

    Six takeaways from the most-updated nationwide report reveal what IT professional salaries and expectations in 2022-2023 look like.

    Designed to address and understand the multifaceted IT job market with tons of “rosy myths” about salary and tasks, “Salary & Job Expectation of IT Professionals in Vietnam 2022-2023” builds on a detailed analysis of 1,257 IT workers’ responses across the country.

    With an employee-based orientation, the latest report reveals, including but not limited to, IT professionals’ salaries based on positions and experiences, expectations among employers, and desired improvement areas.

    Information technology (IT) jobs have been in high demand as technology products and services become more integral to our lives. The U.S. Bureau of Labor Statistics (BLS) projects the computer science and IT industry’s employment rate to grow 21% from 2021 to 2031, much faster than the average for all occupations.

    The job market in Vietnam is not an exception, which is witnessing an expansion in the IT field regarding the number of companies and jobs. While there are still unexplored facets in the field, the report titled “Salary & Job Expectation of IT Professionals in Vietnam 2022-2023”, for the first time ever, has been released to reveal in-depth aspects of IT jobs based on 1,257 responses from IT professionals.

    Game, Data, and AI/Machine Learning positions have the highest salary compared to others with the same years of experience.

    According to self-report salaries from IT professionals in different types and years of experience, IT professionals in the field of Data and AI/Machine Learning, who have at least three working years, can earn a monthly salary of VND30,500,000.

    Meanwhile, with the same experience, Front-end Developers and Designers make only VND23,000,000VND and VND28,000,000 per month, respectively. Even professionals with more experience in the job market receive lower salaries or just slightly higher than those in Data and AI/Machine Learning positions.

    Four-year experienced Back-end and Full-stack Developers, for instance, have a median monthly salary of VND30,000,000 and VND29,000,000, correspondingly. Mobile Developers with five experienced years can make VND33,500,000 per month. In contrast, by merely acquiring two years of experience, a Game Developer can receive a monthly salary of VND27,000,000.

    Trendy and specialized programming languages like Python, TypeScript, and Go may guarantee higher pay than other skills. IT professionals mastering these languages have a monthly salary of VND30 million to VND40 million with three to five years of experience. HTML/CSS, conversely, is the lowest-paid skill, with a salary of VND16 million per month.

    With skills in Dart and C# programming languages, it may be more challenging for IT professionals to earn a competitive salary. Their monthly median salary is VND22,500,000, with four-year experience, and VND28,500,000, with five-year experience.

    JavaScript, Bash/Shell, and Ruby languages are worth keeping an eye on if IT professionals want higher earnings, thanks to their essentiality and productivity.

    The Covid-19 pandemic might impact the way employees in all professions think about their working modalities. A total 70.2% of 1,257 IT professionals participating in the research were attracted and cared more about job offers that allowed hybrid working mode. Nevertheless, it was not their top concern when applying for a job.

    The top four topics an IT professional would love to discuss during a job interview include the working style of future leaders, company culture, company/product development potentiality, and new challenges to conquer.

    Interestingly, while salaries do not appear as IT workers’ most prioritized consideration, a large number of them expected to receive at least a 20% salary increase to accept a new job offer.

    Salary is the main deciding factor for IT employees when it comes to reasons for quitting their current job. Unsatisfying salaries and rare/no chances to raise wages are the top two motives leading IT professionals to give up. Two more are no challenges in working tasks and rare/no promotion opportunities. Employees may find no conquering tasks when their assignments are too easy, on a small scale, or already in shape. Factions and politics at the workplace also contribute to employee decisions to resign.

    Regarding an ideal company, IT professionals tend to refer to corporations originating from European countries, America, or Canada. Vietnamese companies come in third place, which is moderately higher than Australian and New Zealand corporates.

    Once again, flexibility to work at home or no timekeeping required plays an important role to make employees stay loyal. Other factors concerning company culture are getting along with colleagues and reasonable workload, particularly, limited overtime tasks.

    A clear vision of prospective growth from the company, leaders and themselves is the most significant preference of IT professionals when considering staying with a company. They would love not only to know their development and promotion potential but also to have leaders who can provide explicit foresight and orientations.

    Most IT professionals want to enhance their technical skills & knowledge for short-term plans, covering 60% of responses, while switching to management skills and positions involve long-term objectives.

    The top two improvement areas that they focus on are English and technological expertise. They are looking forward to learning new programming languages including Python, Go, and TypeScript at 25,3%, 22,4%, and 15%, respectively. If you find those languages familiar, yes, you read it from the second takeaway. It is reasonable to learn skills that bring you more stipend.

    The report has been released for the very first time, conducted and published by ITviec, the leading job site for IT recruitment in Vietnam. The report’s findings aim to provide employers a better understanding of each IT position/type, thus, developing more successful job offers.

    Qualitative information was gathered via in-depth interviews with professionals in typical IT roles. An online survey was employed consisting of multiple short questions and can be completed within 20 minutes. Qualified respondents are ITviec users and from other sources that do not relate to the ITviec platform. The report does not include IT freelancers and people who do not work in IT.

  • Bank deposit interest rates surpass 10%

    Bank deposit interest rates surpass 10%

    Some banks have hiked deposit interest rates to 10-10.35% amid low liquidity in the system. NCB is paying the highest interest rate of 10.35% for 12-month deposits of VND1 billion (US$40,300) downwards made online. For six-month deposits, it is offering 10%. Over the past month, lenders have increased deposit interest rates frequently, even weekly in some cases.

    At least ten banks are now offering more than 9% deposit interest rates. Most have also launched promotions offering higher rates than officially listed to attract depositors. MSB is offering 9.9% to new clients if they place a deposit of at least VND1 million.

    Many, including Kienlongbank, GPBank, BaoVietBank, PGBank, OCB, VPBank, VietBank, Sacombank, and SeABank, are paying over 9% for 12-month deposits. Public banks are offering around 8% for 12 months.

    For periods of below six months most banks are paying around 6%. Banks lack liquidity and so have had to sharply hike the rates to meet the needs of business borrowers, Nguyen Quoc Hung, general secretary of the Vietnam Banks Association, said.

    The director of a large bank said the tightened bond and property markets mean some lenders have to increase deposit interest rates to ensure liquidity steeply.

    In the last two months, interest rates on deposits of six months or more have increased by 1.5-2.5 percentage points, leading to higher lending interest rates. Floating interest rates are predicted to soon surge to 15% yearly for individual borrowers and 11-12% for businesses.

    Now they are around 13% and 9%.

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  • Old iPhones back in vogue as new models remain beyond reach

    Old iPhones back in vogue as new models remain beyond reach

    With the iPhone 14 series expensive and difficult to obtain, many Vietnamese consumers are turning to used models.

    Huy Quoc of Hanoi has been looking to buy a phone with about VND20 million ($800) in hand. Originally, he planned to buy an iPhone 14 or an iPhone 14 Pro Max via instalment payments. Retail prices of iPhone 14 Pro and Pro Max are in the VND28.9-32.5 million ($1,165-1,310) range.

    However, after a few weeks of deliberation, he decided to buy a used 13 Pro Max in mid-November. Quoc said the “99%” (almost new) iPhone 13 Pro Max 256 GB cost him VND 20.5 million.

    He felt the price and six-month warranty provided by the store made his purchase a reasonable choice given his current budget and needs.

    “Even though it’s not the latest product, this is still a phone model with a more advanced configuration and design than the regular iPhone 14, with more stock, no waiting and not as costly as the 14 Pro Max,” he said.

    Many people seem to have adopted Quoc’s approach. Several retailers in Vietnam say that the number of people looking to buy used iPhones has increased significantly in November.

    The most bought used models are the Pro series of iPhone 12 and 13, and the regular and Pro Max versions of iPhones 11.

    The CellphoneS chain said that sales of second-hand iPhones in October and November increased by 40% compared to the previous months.

    “The iPhone 13 Pro Max is the most popular item among consumers, accounting for 40-45% of old iPhone sales,” said Nguyen Lac Huy, the company’s representative.

    At the HnamMobile chain, the iPhone 11 Pro Max model launched three years ago and currently priced at VND11 million continues to be the most popular old model, accounting for nearly 40% of second-hand phone sales, followed by 12 Pro / Pro Max, 13 Pro / Pro Max, each with 20%.

    According to Xa Que Nguyen, CEO of HnamMobile, pre-owned iPhones are now quite large in number and vary in models.

    “In the context of the genuine iPhone 14 being in short supply and of high price, older models, especially the Pro and Pro Max versions, are becoming the go-to option for many domestic users,” Nguyen said.

    According to store representatives, after sales of the iPhone 14 began mid-October, many people bought new models, indirectly creating a supply of used iPhones in the market.

    The new 128 GB VN/A iPhone 13 Pro Max is currently selling for about VND27 million, while an old one can be bought for VND20-21 million. The old iPhone 11 costs VND7-8 million, VND3 million lower than the new one. The iPhone 11/12 Pro Max can only be purchased as used devices.

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  • Workers worry about pink slip as global economic woes dry up orders

    Workers worry about pink slip as global economic woes dry up orders

    With her company planning to cut its payroll from 300 to 20, Ngoc has a constant dread of being fired, and does not even dare take sick leave.

    “Everyone goes to work with a constant worry, not knowing who will be fired next,” she says.

    She returns home at 9 p.m. after four straight shifts. “Our company does not have new orders, and so people have to manage existing ones.”

    She works for a steel company in the southern province of Long An that does not have enough cash flows to pay salaries and so is laying off workers gradually.

    Those still with jobs have to work harder and harder.

    Ngoc works overtime, but does not get extra pay though the law requires payment of 150-300% of normal wages for overtime.

    “My salary is VND250,000 (US$10) per day. My overtime rate remains the same. But I don’t dare quit since I don’t know what to do next.”

    Ngoc is one of many workers worried about losing their job amid the fewer orders due to rising global inflation and economic instability.

    The Long An Province Trade Union of Industrial Parks recently reported that more than 4,100 workers in local industrial parks have been sacked or had their working hours reduced.

    In another province next to HCMC, Binh Duong, some 28,000 workers have been laid off without compensation this year, and 240,000 others have cut their working hours.

    In Ho Chi Minh City, 2,858 workers have been let go from 27 companies.

    More than 61,400 people in Hanoi applied for unemployment benefits in the first 10 months of this year, up 14% from the same period last year, according to the Hanoi Employment Service Center.

    The HCM City Business Association said a number of textile and apparel businesses have had to downsize their workforce and production as a result of lack of orders and financial challenges.

    As the pandemic faded away orders had surged from the fourth quarter of 2021, and this lasted until July this year.

    But recently consumption has declined drastically as a result of high inflation, particularly in Vietnam’s major textile and apparel export markets such as the U.S. and E.U.

    The conflict between Russia and Ukraine has had a significant impact on logistics and raw material costs. Some 95% of textile and apparel exports to Russia have come from Vietnam, but shipments have fallen by 42% during the conflict.

    Other challenges businesses must deal with include the strengthening dollar, rising oil prices and surging bank interest rates.

    Le, a garment worker in Binh Duong, has also been particularly worried since her company has laid off close to 1,000 employees recently.

    Those remaining are rotated due to the lack of orders at the moment.

    She says: “There is far less work to do. It will take us just two to three hours to complete the work. The salary is not enough for daily expenses, but I don’t know where to apply for a new job since all companies face the same challenges.”

    Mai, a worker at a leather footwear company in Ho Chi Minh City, is not so lucky and is set to get a pink slip this month.

    She says: “Many of our company’s products are unsold. Frequently buyers complain about and return products, which causes the inventory to swell. Before Covid sometimes I would not have time to relax, but now I spend way too much time not working.”

    Most people are trying to retain their jobs at least until Tet so that they can get the annual bonus.

    “After a year of hard work, everyone looks forward to the Tet bonus to take care of our family. If I quit now, there will be no Tet bonus, and getting a new job at year-end is incredibly difficult.”

    A loan package worth VND10 trillion ($402.37 million) out of a total of VND20 trillion has been urgently rolled out to provide immediate support to workers at industrial parks across the country since tens of thousands are losing their jobs or having their working hours and wages reduced.

    The union is also making an effort to assist workers during this Lunar New Year.

    The Binh Duong Province Confederation of Labor is trying to mobilize resources along with union funding to support workers through the difficult period until they can return to work.

    Le and other workers hope things will get better in the new year.

    The Bac Giang Province native says she will try to stay at this job at least through Tet. She feels luckier than others for still having a job though it does not pay too well.

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  • Electric motorbike startup raises another $8 mln

    Electric motorbike startup raises another $8 mln

    Vietnamese electric motorbike startup Dat Bike has secured $8 million in a funding round, bringing the total since its establishment to $16.5 million.

    The round was led by returning investor, Singapore-based Jungle Ventures, with participation from GSR Ventures, Innoven Capital, Wavemaker Partners, and Delivery Hero Ventures – the investment arm of Foodpanda’s parent firm.

    The startup will use the new round of funding to invest in technology, scale production, product development and hiring talent, said Nguyen Ba Son, founder and CEO of Dat Bike.

    Founded in 2019, Dat Bike says its revenue grew 10 times over the past 12 months.

    The launch of its latest model, Weaver 200, has solved the problems of performance and range as it has a maximum capacity of 6,000W, covering 200 km with a 3-hour charge, Son said.

    The startup has also launched Dat Charge – an ultra-fast charging station for its electric bikes, which allows charge for a 100km trip in 20 minutes and 150km in 30 minutes. This is the highest electric bike charging speed in the country at present, according to the company.

    After four years of operations, Dat Bike has three stores in Ho Chi Minh City, Hanoi and Danang. It plans to enter other Tier 1 cities, including Quang Ninh, Hai Phong, Nha Trang, Binh Duong and Can Tho, soon.

  • Gold prices surge as Fed signals slower rate hikes

    Gold prices surge as Fed signals slower rate hikes

    Marked ingots of 99.99 percent pure gold are placed in a cart at the Krastsvetmet non-ferrous metals plant in the Siberian city of Krasnoyarsk, Russia March 10, 2022.

    Gold prices rose as soon as the U.S. Federal Reserve announced that it may slow the pace of interest rate hikes in the future. The price of SJC branded gold bars surged VND100,000 ($4.04) from the previous day to VND67.6 million per tael. A tael is equal to 37.5 grams or 1.2 ounces.

    The selling price of gold rings also increased by VND200,000 to VND54.1 million per tael.

    SJC gold prices are typically higher than the world average by some VND15.5 million per tael

    The minutes of the Fed’s Nov. 1-2 meeting showed that a “substantial majority” of Fed policymakers agreed it would “likely soon be appropriate” to slow the pace of interest rate hikes.

    Fed fund futures are now pricing in an 85% chance of 50-basis point (bps) increase in the December meeting, after four straight 75 bps hikes.

    Globally, gold prices bounced above the key $1,750an ounce level on Thursday, consolidating gains after minutes of the U.S. Federal Reserve’s latest meeting signalled slower interest rate hikes.

    Spot gold rose 0.4% to $1,755.73 per ounce by 0321 GMT. U.S. gold futures advanced 0.6% to $1,755.90.