Retail News CRM

Tag: Vietnam

  • Gold prices fall to one-month low

    Gold prices fall to one-month low

    Prices of gold bars branded SJC on Monday dropped VND250,000 ($10.67) to VND66.55 million per tael, the lowest in a month.

    Prices of gold bars of other brands like DOJI and Phu Quy dropped further, by VND300,000-350,000.

    Selling prices of gold rings also decreased VND200,000 to VND51.2 million per tael.

    Prices of gold bars have declined for three straight trading sessions to the lowest over the past month. SJC gold prices are higher than the world average by some VND17.7 million per tael.

    In the world market, gold dropped for a second day after Federal Reserve Chair Jerome Powell pushed back against hopes the U.S. central bank would start easing monetary policy soon, signaling instead that interest rates would keep rising and remain elevated to stamp out inflation.

    Spot gold fell as much as 1% to $1,720.45 an ounce, the lowest level since July 27, and traded at $1,723.70 as of 10:21 a.m. in London, according to Bloomberg.

    Lees ook:

    Lees ook:

  • Vietnam’s first cargo airline inks deals with global manufacturers

    Vietnam’s first cargo airline inks deals with global manufacturers

    IPP Air Cargo, Vietnam’s first cargo airline, could start flying from November, with several partnerships already established, says its chairman Jonathan Hanh Nguyen.

    Nguyen said that the Government Office has ordered six related ministries for their feedback on licensing IPP Air Cargo. There could be clear actions regarding the licensing next week, he added.

    Although the cargo carrier is yet to receive its license, it has reached transport agreements with two world’s leading chip manufacturers with factories in northern Vietnam. Each company has registered to use two aircraft of IPP Air Cargo, he said, without identifying the companies.

    If it gets its license by the end of November, the airline will launch its first flight from Cat Bi Airport in the northern port city of Hai Phong, Nguyen said.

    IPP Air Cargo is also expected to operate a weekly flight transporting agricultural produce from Queensland, Australia to Vietnam’s Da Nang City starting next year, as discussed during this week’s visit by Mark Furner, Minister for Agricultural Industry Development and Fisheries of Queensland.

    The airline has completed procedures to rent four Boeing 737 800BCF aircraft, one of which has been delivered, with the rest due in December and next April. It also signed deals worth $3.5 billion to buy 10 Boeing 777 Freighters.

    IPP Air Cargo has a charter capital of VND300 billion ($12.81 million), with Imex Pan Pacific Group holding a 70-percent stake and the family of Johnathan Hanh Nguyen, the company chairman, the rest.

    Nguyen had mooted the establishment of the airline in 2021, but the Civil Aviation Authority of Vietnam said it was not considering applications amid the Covid-19 outbreak.

    After obtaining an air transport license, the company has to get other permits to fly, including the aircraft operator certificate.

    It targets revenues of $71 million in the first year of operation.

    Lees ook:

  • Seafood exports growth slows due to global inflation

    Seafood exports growth slows due to global inflation

    Vietnam’s seafood exports have been slowing down since July as inflation takes a toll on consumption in the U.S., E.U. and U.K.

    Exports to the U.S. declined by 30.5% year-on-year in July after inflation in that country hit a 41-year high the previous month, according to the Vietnam Association of Seafood Exporters and Producers (VASEP).

    Black tiger shrimp exports were down 69% and that of pangasius fish, 4%. But tuna shipments increased by 34% and that of squid by 90%. But exports were up 30% in the year-to-date.

    Exports to the E.U. rose by 18% year-on-year in July, well down from the 31% in the second quarter.

    Inflation has been skyrocketing in the bloc, with the Russia – Ukraine tension causing food prices to climb, VASEP said, adding that the falling euro also contributed to declining consumption.

    Exports to the U.K. fell by 12% year-on-year in the second quarter and 18% in July, as inflation raged at a 40-year high.

    Shrimp and tuna exports were down 27% and 54%.

    Exports to China rose by 25% in July, but authorities there are still monitoring the spread of Covid-19 closely at the border and will ban any exporter whose cargo is found infected.

    With seafood exports reaching nearly reached $6.7 billion in the first seven months, VASEP is optimistic about achieving $10 billion for the year.

    Lees ook:

  • Boeing wants to expand Vietnam operations

    Boeing wants to expand Vietnam operations

    One of the world’s leading aircraft manufacturers, Boeing, says it wants to develop its supply chain Vietnam by making more domestic businesses its suppliers.

    At the Boeing Aerospace Industry Forum held in Hanoi Thursday, Michael Nguyen, general director of Boeing Vietnam, said that in the next 30 years, experts believe Southeast Asia would need 4,000 planes. Vietnam is in a leading position to be part of satisfying such a demand, he said.

    Boeing would like to become a strategic supplier for Vietnam, he added.

    The aircraft maker currently has seven suppliers based in Vietnam, but there is only one Vietnamese company among them. In the long run, Boeing would like to directly work with Vietnamese suppliers as it is currently working with mainly South Korean or Japanese partners, Nguyen said.

    “We really want to directly work with Vietnamese companies, but domestic businesses need to learn to walk before they can run. We really want to help Vietnamese businesses to walk fast and run fast,” Nguyen said, adding that Boeing would like to cooperate with universities to train their personnel in the sciences.

    Craig Abler, Boeing director of supply chain Asia, said he had introduced to Vietnamese partners the Boeing’s criteria, including product quality and delivery time, to become a supplier for Boeing. The firm would also visit potential factories and have teams develop suppliers in Vietnam, he said.

    Nguyen said all Boeing planes have parts made in Vietnam, such as doors or door handlers. But the American giant believes Vietnamese workers and experts can grow even more and produce other components with the right guidance, so it would like to expand its operations in Vietnam.

    Do Nhat Hoang, head of the Foreign Investment Agency under the Ministry of Planning and Investment, requested Boeing and other U.S. companies to continue with cooperation initiatives, investments and technological transfer with Vietnam regarding fields like infrastructure and production, among other areas.

    He also wished that Boeing looks into developing a training center for pilots, experts and engineers in aerospace, not to mention aircraft production facilities in Vietnam.

    Boeing has been operating in Vietnam since 1995. Since then, the firm has made several contributions to Vietnamese aviation, including technical assistance in defense and commercial aviation.

  • Taiwan sends back Vietnamese noodles for containing banned substance

    Taiwan sends back Vietnamese noodles for containing banned substance

    Taiwan has returned 1.44 tons of Vietnam’s Omachi instant noodles saying they contain high levels of carcinogenic ethylene oxide.

    The Taiwan Food and Drug Administration has determined that the batch of noodles, imported by Chinese company Qianyu, contains 0.195 milligrams of ethylene oxide per kilogram, which exceeds Taiwan’s standards.

    Ethylene oxide is banned in food in Taiwan as authorities consider it a carcinogen as long exposure to it could increase the risks of cancer and some neurological diseases.

    Masan Consumer, the producer of the noodles, said that it did not sell the noodles to Qianyu, even though it does produce noodles for the Taiwan market.

    Each country and territory has its own food standard and therefore Masan Consumer produces products specifically for each country and territory.

    “We have strict terms with distributors to prevent them from exporting products from one market to another.”

    Masan Consumer affirms that the Omachi noodles meet Vietnam’s food standards and are safe for consumers.

    Vietnam’s Ministry of Industry and Trade is looking into the issue.

    Last August, several batches of instant noodle products by Vietnamese businesses were also recalled by the E.U. for heightened levels of ethylene oxide.

    In July this year, Germany has issued warnings about certain imported Vietnamese instant noodle products that contain heightened levels of ethylene oxide.

  • Imported pork prices dip to record low over low demand

    Imported pork prices dip to record low over low demand

    Import pork prices have fallen to a record low at half their domestic equivalents due to modest demand at restaurants and hotels.

    Import pork prices have fallen by 36-40% year-on-year with ribs costing around VND88,000 ($3.76) per kilogram, half the domestic figure.

    Hanh, a pork seller in Ho Chi Minh City’s District 12, said that there has been weak demand for imported pork since the beginning of the year.

    “We sell imported pork mostly to restaurants, but consumption has been falling there, causing prices to drop.”

    Hanh has lowered her import by 30% year-on-year.

    Thanh, a seller in Go Vap District, stopped selling imported pork from Russia two weeks ago.

    “Only a few customers come by each day, and I was recording losses. I decided to stop selling it.”

    Tran Hoan, a media representative for a pork importer in HCMC, said that restaurants and hotels are the biggest buyers of this product, but they have not been buying because consumption is week.

    In the first six months, pork imports fell 48.7% in value to $96 million, according to Vietnam Customs.

    Brazil accounted for 35.1% of the value, followed by Russia, 25.7%, and Germany, 16.6%.

    An average kilogram of imported pork is priced at VND50,000-60,000, compared to domestic fresh pork prices of VND100,000-170,000.

    Lees ook:

    Lees ook:

  • Leading seafood firm to issue 1:1 bonus

    Leading seafood firm to issue 1:1 bonus

    Major listed seafood exporter Minh Phu Seafood JSC is set to issue bonus shares at a ratio of 1:1.

    It is expected to be done this year by capitalizing reserves, and will double the company’s charter capital to VND4 trillion (US$170.9 million).

    Minh Phu also plans to pay a cash dividend of VND2,300 per share.

    Its revenues in the first six months rose 43% to VND8.7 trillion, but profits fell 15% to VND236 billion due to bad debt provisioning and rising financial costs.

    It eyes revenues of VND18.96 trillion and profits of VND1.27 trillion for the full year.

    Lees ook:

  • Lotte to focus on Vietnam expansion

    Lotte to focus on Vietnam expansion

    South Korea’s fifth largest conglomerate Lotte Group is picking up the pace of expansion in Vietnam’s retail and F&B industries as it pulls out of China.

    Its chairman, Shin Dong-bin, recently released from jail, is set to visit Vietnam for his first overseas business trip after receiving a presidential pardon on Liberation Day on Aug. 15.

    The trip “shows how serious (South) Korea’s fifth-largest business group is about doing business” in its “third-most important market […] after S. Korea and Japan” as it is near completion of withdrawal from China, The Korea Times said.

    A number of Lotte CEOs, including Kim Sang-hyun of Lotte Shopping, Jung Jun-ho of Lotte Department Store and Kang Sung-hyun of Lotte Mart, have visited Vietnam this year to check on their businesses.

    The Korea Times quoted a Lotte Shopping official as saying: “We are actively operating in Vietnam and Indonesia currently. The Vietnamese market in particular shows steep growth in the retail business and there is still room to grow. Korea has a good reputation in Vietnam that helps with our business there and people’s income levels are rapidly growing too.”

    Lotte has 270 Lotteria fast-food restaurants and 15 Lotte Mart hypermarkets in Vietnam. Its other subsidiaries are also building shopping complexes and residential apartments in Hanoi and HCMC.

    It established Lotte Ventures Vietnam last year, the first foreign venture capital firm to be approved in the country.

    Meanwhile, Lotte is planning to sell its last department store in China and pull completely out of the country after 14 years of doing business.

    China allegedly retaliated against South Korean firms there after the deployment of the U.S.’s THAAD anti-ballistic missile defense system in 2017.

    Shin was sentenced to 30 months in prison in a bribery case involving former president Park Geun-hye, and spent seven months in jail.

    Lees ook:

    Lees ook:

  • Vinacafe sales up 19% in H1

    Vinacafe sales up 19% in H1

    Leading instant coffee producer Vinacafe Bien Hoa reported a 19% jump in sales year-on-year in the first half ending June to VND950 billion (US$40.6 million).

    Its post-tax profits were VND190 billion, up 21%.

    Vinacafe instant coffee and Wake-up 247 coffee-flavored energy drinks remained its top products with combined sales of VND800 billion. The rest came from instant cereal.

    For the full year, it targets revenues of VND2.5-2.9 trillion and profits of VND500-600 billion.

    The management said the company would promote coffee-based beverages and roll out new products to meet “the unmet needs of Vietnamese customers.”

    Last year, sales and profits were VND2.2 trillion and VND430 billion.

    Masan Beverage, a subsidiary of conglomerate Masan Group, owns 98.79 percent of Vinacafe.

  • Masan increases Phuc Long stake to 85%

    Masan increases Phuc Long stake to 85%

    Conglomerate Masan Group has bought another 34% in beverage chain Phuc Long Heritage to increase its ownership to 85%.

    It paid VND3.62 trillion ($154.60 million) for the deal on August 1, according to its half-year report.

    It has invested a total of VND6.45 trillion in Phuc Long.

    In the first half of this year Phuc Long reported revenues of VND820 billion, a 38.5% rise year-on-year.

    It has 98 flagship stores nationwide, according to its website.

    Lees ook:

  • San Pellegrino unveils new flavour in Essenza range

    San Pellegrino unveils new flavour in Essenza range

    S.Pellegrino Essenza has added a new Black Orange & Black Raspberry flavour to its range, joining the existing line-up of Lemon & Lemon Zest and Tangerine & Wild Strawberry.

    S.Pellegrino’s Essenza is a tasteful range of Italian sparkling mineral water with a subtle hint of fruit flavour, gentle bubbles, and no added sweeteners with zero calories.

    Essenza Blood Orange & Black Raspberry has a delicate scent and taste, beginning on a sweet note and ending with the taste of freshly squeezed orange. It pairs with rich, complex foods from red meat dishes to creamy, light pasta.

    S.Pellegrino Essenza’s range is a great on-the-go product with the can format; plus, it’s recyclable. It also works as a non-alcoholic mocktail spritzer option.

    It is available now in Woolworths and independent supermarkets at $15 per eight-pack.

    Lees ook:

    Lees ook:

  • iPhone 14 to come earlier than previous models in Vietnam

    iPhone 14 to come earlier than previous models in Vietnam

    Vietnamese might get the new iPhone 14 two weeks earlier than previous models since Apple has lifted Vietnam up a scale in its priority markets.

    “The iPhone 14 will be officially sold in Vietnam three weeks after they are launched in major markets such as the U.S., Singapore, Hong Kong, and Japan,” a media representative of a retail chain told VnExpress.

    Apple has moved Vietnam from the fourth priority level to third, and could make it second or even first within two or three years, he added.

    Last year the iPhone 13 was sold in Vietnam four weeks after major markets.

    The iPhone 14 is set to be delivered starting September 16 in major markets.

    Apple CEO Tim Cook said recently that Vietnam is one of four emerging markets that contributed to the company’s success in the second quarter of 2022.

    The company recently appointed Nguyen Thai Hai Van, former managing director of Grab Vietnam, as its first Vietnam country director.

    Apple is said to have established a marketing team in Vietnam in June.

    Lees ook:

    Lees ook:

  • Auto association wants tax cuts for hybrid vehicles

    Auto association wants tax cuts for hybrid vehicles

    The Vietnam Automobile Manufacturers Association has sought cuts in excise tax and registration fees for hybrid electric vehicles.

    This would stimulate demand and encourage businesses to invest in power generation and charging systems, it said.

    Incentives for electric and hybrid vehicles should gradually decrease, and there would be no need for them by 2050 once these vehicles establish themselves in the market, it said.

    VAMA also called on the Government to soon finalize the development strategy and incentives for the auto industry to help achieve Vietnam’s goal of carbon neutrality by 2050.

    Earlier this year the National Assembly cut excise tax for electric vehicles to 3% from 15% for five years and to 11% from 2027.

    But hybrid cars are not eligible for the incentives, meaning buyers have to pay excise tax of 15% and registration fee of 10-12%.

  • Stock market settlement to be speeded up by 4 hours

    Stock market settlement to be speeded up by 4 hours

    The stock settlement cycle is set to be shortened by four hours, enabling investors to receive their share or money on the second morning after a transaction.

    Thus, from August 29, they will get them at 11-11:30 a.m on the second day (T+2) instead of the current 3:30-4 p.m.

    Now they have to wait until the next morning to sell securities they buy since trading ends at 2:45 p.m.

    Depository participants must transfer money and stocks to customers before 1:00 p.m and report to the Vietnam Securities Depository before 4:30 p.m.

  • Apple supplier eyes $300-mln plant in northern Vietnam

    Apple supplier eyes $300-mln plant in northern Vietnam

    Apple supplier Foxconn has leased 50.5 hectares of land in the northern province of Bac Giang and plans to set up a $300-million factory there.

    The plant will employ 30,000 people, according to a statement of industrial property developer Kinh Bac City, which manages Quang Chau Industrial Park where Foxconn eyes to make its investment.

    Foxconn and another Apple supplier, Luxshare Precision Industry, have started test production of the Apple Watch and MacBook in northern Vietnam and plan to produce them for the first time in the country.

    Lees ook:

    Lees ook: