Retail News CRM

Tag: Vietnam

  • 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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  • Vietnam crypto trading second highest in ASEAN

    Vietnam crypto trading second highest in ASEAN

    Vietnam is the second biggest cryptocurrency market in ASEAN behind Thailand with a transaction value exceeding $100 million a year, a new report has found.

    It was followed by Singapore, the Philippines, and Indonesia, according to a report by cryptocurrency data provider Chainalysis.

    Vietnam, along with Thailand and the Philippines, also record high web traffic to non-fungible token marketplaces, which could be explained by the large number of blockchain gamers, it added.

    An estimated 25% of Filipinos and 23% of Vietnamese have played a play-to-earn game, and at one point, players based in the Philippines made up 40% of Vietnam-based Axie Infinity’s playerbase.

    In an earlier report, Chainalysis said that this is the second year that Vietnam ranks highest in its cryptocurrency adoption index.

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  • Gasoline prices down 8th time in 3 months

    Gasoline prices down 8th time in 3 months

    Vietnam has cut gasoline prices for the eighth time in the last three months, seeking to contain inflation and boost consumption amid global economic woes.

    From 3 p.m. Wednesday, RON95 gasoline prices fell 4.21% to VND22,580 ($0.95) per liter.

    Prices for biofuel E5 RON92 dropped 2.42% to VND21,780.

    This means Vietnam’s gasoline prices have fallen by 31.31% since this year’s peak on June 21.

    Diesel prices dropped 6.82% to VND22,530.

    Vietnamese authorities said they adjusted down prices because global fuel prices have fallen by 3-10% in the last 10 days.

    The Asian Development Bank (ADB) warned Wednesday that Vietnam might face many inflationary risks this year due to rising commodity prices globally.

  • Vietnam Railways sees smaller losses in H1

    Vietnam Railways sees smaller losses in H1

    State-owned Vietnam Railways Corporation racked up after-tax losses of VND30 billion (nearly $1.3 million) in H1, down from losses of VND100 billion in the same period last year.

    The corporation said it would suffer after-tax losses of VND570 billion in 2022, compared with losses of VND1.327 trillion in 2020 and of VND565 billion in 2021.

    Vietnam Railways’ financial statements showed that its revenues in the first half grew 36% on-year to nearly VND1.045 trillion. It has targeted revenues of VND1.62 trillion in the whole year.

    By the end of June, Vietnam Railways had assets of over VND15 trillion, up VND200 billion against the beginning of this year.

    The corporation currently runs a debt of nearly VND2.23 trillion, with undistributed loss exceeding VND1.85 trillion.

    It is gradually shifting focus from passenger to freight transport, promoting routes linking with international equivalents.

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  • AirAsia offers 5 million free seats to celebrate its rapid comeback

    AirAsia offers 5 million free seats to celebrate its rapid comeback

    Asia’s low-fare carrier, AirAsia, is reportedly offering five million free seats to its passengers to celebrate its rapid comeback. The airlines launched a sale on tickets on September 19. The customers can buy tickets with offers till September 25.

    The report further said that the offers will be valid if the travel dates lie between January 1, 2023, and October 28, 2023.

    The offer can be availed on the airline’s website and mobile application. It can be availed by clicking on the “Flights” icon on the app or website.

    “ We wish to thank our loyal passengers who have had our back through thick and thin with the biggest ever FREE Seats* campaign. Not only have we resumed many of our much-loved routes, but we’re also introducing new and exciting ones for greater value and choice,” Karen Chan, group chief commercial officer, AirAsia.

    “This extra special sale was also put together to celebrate our 21st birthday and the gradual reopening of borders worldwide. With all of that, we encourage everyone to take advantage of our Big sale and commitment to always make air travel accessible to everyone. As always, we expect the best value fares will be snapped up fast, which is why we urge value seekers to get in quick,” Chan added.

    The offer is available to travelers from several ASEAN countries like Thailand, Cambodia, and Vietnam.

    Two months ago, AirAsia gave away free trips to passengers.

  • Vietnam coffee chain Trung Nguyen Legend makes international debut

    Vietnam coffee chain Trung Nguyen Legend makes international debut

    Vietnam-based coffee chain Trung Nguyen Legend is expanding its footprint in the international market opening its first store in China.

    The coffee shop, which is situated at 699 Nanjing Street in Shanghai, has been in the works since 2018 and intends to provide Chinese clients with a variety of coffee products as well as serving fresh coffee drinks, including the Robusta obtained from one of Vietnam’s well-known highland regions, Buon Me Thuot.

    Trung Nguyen Legend sees the store as a place for artistic and cultural coffee “where the three most prevalent world coffee civilisations come together”. Customers can experience the three coffee cultures the company has identified and showcases in its flagship Vietnam stores: Ottoman, Roman and Zen.

    The Shanghai location recreates a Vietnamese-themed coffee shop, through its architectural style, display graphics, and menus that combine elements of Vietnamese and local culture.

    The store features some well-known designs and traditional materials from Vietnam, such as ceramics, bamboo and rattan kitchenware, volcanic rock, red basalt soil, and typical conical motifs of Vietnamese culture.

    A renowned household name in Vietnam since its establishment in 1996, Trung Nguyen Legend FMCG products are available in more than 60 countries. The brand claims China is its second-largest market in the online coffee business, and Legend’s G7 has become the most well-known instant coffee brand due to its distinctive flavour.

    The Trung Nguyen brand has appeared on cafes outside Vietnam before, with stores in Singapore prior to the advent of the Legend brand extension. This is the company’s first foray as a premium cafe brand.

    Research from Statista shows the number of coffee chains entering China has increased in recent years, with their market share likely to grow. Starbucks is by far the largest fresh-ground coffee seller in China, with more than 5000 locations across the country.

  • Dollar rises to all-time high against Vietnamese dong

    Dollar rises to all-time high against Vietnamese dong

    The U.S. dollar continued to strengthen and reached its historic high against Vietnamese currency Saturday.

    The State Bank of Vietnam (SBV) on Saturday morning set the reference rate for the Vietnamese dong at VND23,283, the same as Friday and VND50 higher than early this week.

    At commercial banks, the Vietnamese dong is at its lowest in history.

    Vietcombank, the country’s largest lender, has sold the U.S. dollar for VND23,795, up more than 3.8 percent from the beginning of this year.

    Top private player Techcombank’s rates were VND23,810, Eximbank’s were VND23,790, and Sacombank VND23,967.

    The SBV allows the Vietnamese dong to trade within a band of 3% on either side of the reference rate, which is based on eight currencies and set daily.

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