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Tag: Vietnam

  • Vietnam websites overloaded with iPhone 14 orders

    Vietnam websites overloaded with iPhone 14 orders

    Platforms were overloaded with iPhone 14 pre-orders as the sales launch of the latest Apple smartphone model attracted tens of thousands of customers. Bao Tran in Ho Chi Minh City stayed up until 0:00 a.m. Friday to pre-order a purple iPhone 14 but the website she was on was frozen.

    She switched to another seller and its platform ceased to operate at the payment step. Tran then tried a third store but all the purple models were out and she had to select the gold option.

    Several platforms confirmed that they have recorded a surge in pre-orders. As of 10 a.m. Friday, FPT Shop recorded over 93,000 pre-orders and 15,500 of them had put down a deposit.

    This is a record high number of pre-orders for the electronic retailers. It tripled the number of pre-orders for iPhone 13. FPT Shop expects iPhone 14 sales to rise 200% from the previous model. Another distributor of Apple products, ShopDunk, recorded 1,500 pre-orders in the first 30 minutes, a six-time surge compared to iPhone 13.

    This means there was a pre-order for almost every second in the first half-hour of launching, said Pham Tuan Anh, a media representative for the company.

    “There will likely be a shortage for iPhone 14 Pro and Pro Max versions in the first week of delivery in Vietnam.”

    Many other stores reported that the all iPhone 14 Pro Max for the first delivery have been pre-ordered.

    iPhone 14 and 14 Plus, however, are still available. CellphoneS, for example, recorded these models in only 5% of its total pre-orders.

    iPhone 14 is sold from VND24.9 million ($1,040) to VND49.9 million in Vietnam.

    The first official iPhone 14s are set to be delivered to Vietnamese users on October 14, and the second delivery October 24.

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  • Apple adds 4 companies in Vietnam to supplier list

    Apple adds 4 companies in Vietnam to supplier list

    Apple has added four new suppliers in Vietnam for the 2021 financial year, bringing the total to 25 out of its 190 suppliers worldwide.

    The most popular Apple suppliers in Vietnam include Foxconn and Luxshare and subsidiaries of Samsung, Intel and LG.

    The only supplier it excluded from the list was Foster Electric with factories in Binh Duong and Da Nang.

    China remains the most significant manufacturing hub for Apple, accounting for half of all manufacturers.

    The biggest company in the world by market cap is said to be increasing its manufacturing activity in Vietnam, and is set to produce Apple Watch and Macbook in the country.

    Vietnam will make 65% of Apple wireless AirPods by 2025 as the U.S. tech giant continues to shift its production away from China, JP Morgan analysts have forecast.

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  • Seafood exports to US surge 22% in 9 months

    Seafood exports to US surge 22% in 9 months

    Vietnam’s seafood exports to the U.S. rose 22% year-on-year to $1.8 billion in the first nine months as Americans remain the biggest buyers of Vietnamese seafood.

    Exports to China surged 76% to $1.35 billion, while to the EU the value went up 41% to $1 billion, according to the Vietnam Association of Seafood Exporters and Producers (VASEP).

    In total Vietnam’s seafood exports reached $8.5 billion in the first nine months, up 38% year-on-year.

    Shrimp exports rose 23% to nearly $3.4 billion, and pangasius fish went up 82% to $2 billion.

    Exports of pangasius fish in September alone nearly doubled year-on-year as inflation pressure urged consumers to tighten their spending and buy more of the affordable protein.

    VASEP forecast that Vietnam’s $10 billion exports target for this year will be achievable.

    China is expected to be a key market for the remaining months as consumption demand is rising while its geographical proximity with Vietnam is an advantage amid rising transportation costs worldwide.

  • Vietnam’s world’s best rice gets trademark in Australia

    Vietnam’s world’s best rice gets trademark in Australia

    Vietnam’s ST24 and ST25 rice varieties, the latter the World’s Best Rice award winner not long ago, have obtained trademarks in Australia.

    The ‘Gao Ong Cua Viet Nam’ trademark has been registered by Ho Quang Tri Private Enterprise, a company owned by the son of the main developer of ST25, Ho Quang Cua.

    The trademark is valid until June 2031.

    It includes a logo of the brand with Cua’s smiling face next to a stem of grain.

    ST25 won the World’s Best Rice contest in 2019 and secured second place in 2020.

    It was the result of 25 years of research by Cua and his colleagues who cross-bred the premium fragrant rice, described as having a sweet taste and a hint of pineapple flavor, in the Mekong Delta province of Soc Trang.

    Cua has been pursuing global trademarks for the grain since last year after several companies tried to register the ST25 trademark in the U.S. and Australia.

    He has successfully registered the brand in the E.U. and the U.K.

  • Foreign video-on-demand service providers must register in Vietnam

    Foreign video-on-demand service providers must register in Vietnam

    Video-on-demand service providers, like Netflix or Apple TV, will need to seek licenses from the Vietnamese government to operate in the country, a new decree says.

    They will need to fill out a form for the Ministry of Information and Communications just like their local counterparts, said the decree, which will enter effect Jan. 1 next year.

    The decree also relaxes the content allowed on video-on-demand services by allowing the provider to categorize and edit movies, sports and entertainment content. In previous regulations all video-on-demand had to be edited by a licensed news agency before publishing. News content, however, must be edited by a licensed news agency.

    Video-on-demand services have become popular in Vietnam in recent years thanks to a surge in smartphone usage and internet access.

    The worldwide streamer of movies and TV shows Netflix has been including more Vietnamese movies and series onto its platform, seeking to attract the young local audience.

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  • Vietnam national brand value gains 11%

    Vietnam national brand value gains 11%

    Vietnam saw its national brand value increase by 11% this year to $431 billion thanks to its foreign direct investment policies. Its increase of $184 billion year-on-year was the third highest of any country, U.K. consultancy Brand Finance said in a recent release.

    The country went up one place to 32nd, just behind Thailand and the Philippines.

    “The country has gained momentum as an attractive destination for foreign investment thanks to successful fiscal and monetary policies and investments in human capital, but also amid trade disruptions from China’s lockdowns and continued tensions between Beijing and Washington,” the release said.

    Among the 50 most valuable corporate brands in Vietnam, telecommunications giant Viettel led at $8.8 billion, up 44% from 2021. It was followed by another state-owned telecom firm, VNPT, at $2.9 billion. Other places in the top five were claimed by dairy giant Vinamilk, property developer Vinhomes and brewer Sabeco.

    The top sectors in terms of brand value in Vietnam are telecom, banking and food.

    Globally, the U.S. claimed top spot in the national brand list at $26.5 trillion, followed by China, Germany, Japan, and the U.K.

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  • Mastercard partners with Buy2Sell in cross-border payment solutions in Asia

    Mastercard partners with Buy2Sell in cross-border payment solutions in Asia

    Buy2Sell, an e-commerce B2B platform in Singapore, has announced a new strategic partnership with Mastercard. For a global orientation to 2025, Buy2Sell is also moving towards expanding its cross-border sales through its e-commerce. Buy2Sell will enable multiple payment types to various delivery channels via a single connection through Mastercard cross-border services. At Buy2Sell’s platform, Mastercard is a payment gateway for services, including purchasing and logistics.

    Mastercard’s cross-border payment solution provides buyers and sellers that transact globally through the Buy2Sell platform an easy and safe payment solution for their purchases via a fast, secure, and traceable cross-border payment trail.

    With this partnership, the Buy2Sell platform optimizes the remittance rate for trade imports into Vietnam. Mastercard cross-border services enable financial institutions and partners to build flexible solutions that support multiple use cases and can reach a variety of payment endpoints nearly anywhere in the world via a single connection.

    Mastercard’s platform plays a key role in improving worldwide connectivity and provides innovative payment applications that give customers a choice to route transactions over card or account-to-account infrastructure. The Mastercard network supports multiple delivery channels, including bank accounts, mobile wallets, cash-out locations, and cards, as well as different payment types such as Business-to-Business (B2B), Business-to-Person (B2P), Person-to-Person (P2P), and Person-to-Business (P2B).

    Buy2Sell, headquartered in Singapore, is a leading B2B e-commerce platform. It operates many import and export B2B transactions, mainly on high-end goods supplied between Vietnam, Singapore, Hong Kong, and South Korea.

    For a global orientation to 2025, Buy2Sell is also moving towards expanding its cross-border sales through its e-commerce.

    Mastercard is a global technology company in the payments industry. With connections across more than 210 countries and territories, Mastercard’s mission is to connect and power an inclusive, digital economy that benefits everyone.

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  • Gold prices dip further after two-month low

    Gold prices dip further after two-month low

    Vietnam gold prices continued to fall Wednesday after hitting a two-month low as the precious metal faces pressure from the surging U.S. dollar.

    Saigon Jewelry Company (SJC) sold its gold at VND64.5 million ($2,716) per tael in the morning, down 1.68% from Tuesday. VND million per tael (VND1 million = $42.11)SJC gold price

    Other companies also let prices slide down by roughly the same rate. Global gold price has gone down 0.31% this week to $1,625 per ounce as the USD Index has gone up nearly 0.4% in a single day.

    Also global gold price improved slightly Tuesday, “it was just a little bit of a recovery after some of the extreme weakness seen over recent days,” said Ryan McKay, commodity strategist at TD Securities.

    He said that the rebound did not show really fundamental change taking place in the gold market.

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  • Gold prices dip further after two-month low

    Gold prices dip further after two-month low

    Vietnam gold prices continued to fall Wednesday after hitting a two-month low as the precious metal faces pressure from the surging U.S. dollar.

    Saigon Jewelry Company (SJC) sold its gold at VND64.5 million ($2,716) per tael in the morning, down 1.68% from Tuesday.

    Other companies also let prices slide down by roughly the same rate.

    Global gold price has gone down 0.31% this week to $1,625 per ounce as the USD Index has gone up nearly 0.4% in a single day.

    Also global gold price improved Tuesday slightly, “it was just a little bit of a recovery after some of the extreme weakness seen over recent days,” said Ryan McKay, commodity strategist at TD Securities.

    He said that the rebound did not show really fundamental change taking place in the gold market.

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  • One in five Vietnamese spend 9 hours a day online

    One in five Vietnamese spend 9 hours a day online

    A total 22% of Vietnamese use the internet for more than nine hours a day studying, entertainment and shopping, with the majority on their smartphones, a report has found.

    This is a surge from 2020 when only 9% of respondents used the internet for more than nine hours a day, according to the Vietnam E-commerce 2022 report by the Vietnam e-Commerce and Digital Economy Agency (iDEA).

    However, there were declines in internet usage time in other segments. As many as 27% say they use the internet from three to five hours a day, compared to 31% in 2020. Besides, 23% log five to seven hours, against 27% in 2020. Most respondents access the internet on their smartphones.

    The main reason Vietnamese people use the internet are studying, watching movies or listening to music, and online shopping said the report, which surveyed 4,584 respondents nationwide.

    Nearly 75% of respondents say they shop online, while 91% use their smartphones.

    The top sales categories are “clothes, footwear and cosmetics,” “household appliances”, and “electronic devices”. Cash remains king as 73% pay cash on delivery. But there is a rise in e-wallet usage, from 23% in 2020 to 37% last year. A quarter of respondents, 24%, say they spend more than VND10 million ($422) a year shopping online.

    Reputation of an e-commerce platform is the most important factor for online consumers, according to 74% of respondents.

    Other key factors are quick delivery and promotions.

    Vietnam’s e-commerce economy is set to grow 20% to 16.4 billion this year, approaching the 25% growth achieved in 2019 before the Covid-19 pandemic.

    iDEA estimates that at least 57 million people will shop online this year, up 4% from 2021.

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  • Vietnam, Cambodia trade climbs to record level

    Vietnam, Cambodia trade climbs to record level

    Trade between Vietnam and Cambodia reached a record US$7.7 billion in the first eight months of the year.

    Vietnam’s exports rose by 32% year-on-year to $4.1 billion, as the country turned last year’s deficit into a surplus, according to its customs department.

    The most significant item was iron and steel, accounting for 17% of the total, followed by garments and fuel.

    Vietnam’s imports from Cambodia rose marginally to $3.6 billion, with rubber and cashew being the main items.

    As a result, last year’s deficit of $0.4 billion turned into a surplus of $0.5 billion.

    Cambodia is Vietnam’s third largest trading partner in Southeast Asia, behind Thailand and Singapore.

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  • Berluti makes its Vietnam debut

    Berluti makes its Vietnam debut

    LVMH-owned Parisian shoemaker Berluti has expanded its footprint into Vietnam, opening its first store in Hanoi in partnership with local partner S&S Group.

    Located in the heart of Hoan Kiem district across from the famous Metropole Hotel, the Berluti Vietnam boutique follows the brand’s signature simple design dominated by wood and leather elements.

    After passing through the stripe pattern glass facade, customers are welcomed with a leather wall highlighting the brand’s ‘art of patina’ and a designed chandelier inspired by Vietnam’s tiered ‘rice ladder fields’.

    The store offers a full selection of Berluti’s men’s accessories, including shoes and leather goods.

    Founded in 1895 by Alessandro Berluti, the brand is known for its elegant craftsmanship and deep understanding of producing men’s footwear and accessories. Berluti has more than 60 boutiques across several markets, including South Korea, Mainland China, Hong Kong, Singapore and Japan.

  • Foodpanda starts delivering Lego kitsets in Asia in quickcommerce move

    Foodpanda starts delivering Lego kitsets in Asia in quickcommerce move

    Singapore-based e-commerce platform Foodpanda has partnered with the toy giant Lego to expand the region’s q-commerce marketplace.

    Lego says the partnership signifies the company’s entry into the q-commerce sector, which enables users to purchase Lego sets and have them delivered to their doorstep within 30 minutes.

    Customers in Malaysia and Singapore can buy Lego products through Foodpanda in the initial phase, with other markets likely to follow.

    “Entering the quick commerce market will make it more convenient for our customers to get Lego products and bring new opportunities for people to build and play together whenever and wherever they feel like,” said U-Fong Chua, SEA e-commerce head at Lego.

    With its own custom in-app storefront in Singapore, the Lego store will be highlighted on Foodpanda shops. At the same time, buyers in Malaysia can purchase Lego sets at a few Pandamart Cloud locations in Klang Valley and Seremban.

    Foodpanda stated that it had reached the milestone of digitalising 50,000 merchants around Asia, including supermarket chains, quick-service restaurants, drug stores, and fashion retailers. Through this agreement, Foodpand has opportunities for non-grocery categories to better meet the needs of customers for their everyday needs.

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  • Electricity company Trungnam Group plans $500-mln bond issuance

    Electricity company Trungnam Group plans $500-mln bond issuance

    Energy developer Trungnam Group plans to issue US$500 million worth of bonds in the next three years to fund a number of projects until 2030.

    It is planning onshore and near-shore wind power plants that will almost triple its renewable energy capacity by 2026 from the current 1.6 gigawatts of mostly wind and solar energy, its management said.

    It will also bid for a 1,500-megawatt liquefied natural gas power project in the central province of Ninh Thuan next year.

    One of Vietnam’s largest renewable energy developers is mulling setting up a pilot green hydrogen plant with a capacity of 120-200 megawatts by 2025.

    Trungnam became the first private company to build a 500-kilovolt transmission grid in Ninh Thuan, and planned to donate it to the country, but the lack of legal provisions to support the transfer of a private asset to the government has put the deal on hold.

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  • Asia Coffee-Vietnam market tepid ahead of new crop season, low supplies in Indonesia

    Asia Coffee-Vietnam market tepid ahead of new crop season, low supplies in Indonesia

    Coffee trading remained subdued in Vietnam this week due to a lack of beans, with traders awaiting the new crop season that starts next month.

    Farmers in the Central Highlands, Vietnam’s largest coffee-growing area, sold beans COFVN-DAKat VND46,900-47,200 ($1.98-$1.99) per kilograms, down from last week’s VND47,000-48,200 range.

    “Trade is muted now as everyone is waiting for new beans,” said an exporter based in Ho Chi Minh City.

    “We are assessing the current situation ahead of the harvest amid stronger dollar, raising freight rates, higher production costs.

    Traders in Vietnam offered 5% black and broken-grade 2 robusta COFVN-G25-SAIat a discount range of $200-$250 per tonne to the November contract.

    Another trader said coffee growing area was bracing for more rains but rains at the time helped pick off weak cherries from the cherry before the harvest.

    November robusta futures on ICELRCc2 settled down $10, or 0.4%, at $2,226 per tonne on Wednesday.

    In Indonesia’s Lampung province, discounts for Sumatran robusta beans were unchanged this week, local traders said.

    One trader offered $140 discount to the November contract, while another offered $50-$60 discount to the October and November contracts.

    “Volume of beans has started to come down as harvest has ended, while local buyers are still trying to buy more beans,” one of the traders said.

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