Retail News CRM

Tag: Vietnam

  • IT recruitment demand soars

    IT recruitment demand soars

    Companies in Vietnam have hired 175,370 information technology staff this year, up 36.2% year-on-year, as the country’s tech sector continues to boom with rising investment, a report has found. Recruitment demand for IT staff is set to exceed 229,000 by 2023 and 290,000 by 2024, said the Vietnam IT Market Report 2022 by recruitment platform TopDev.

    Over half of 2,500 employers surveyed, or 55%, said they had hired more developers than in previous years, it said. Six out of 10 (64%) plan to expand their IT team with more hiring this year, it added. It takes an average 51 days to fill a position in the tech industry in Vietnam, TopDev said, explaining that this is a long period due to the high demand for recruitment and shortage of suitable candidates.

    One of the reasons for the upsurge in demand is Vietnam has drawn enough attention from IT companies from other countries, and they are coming in to hire or construct their product development teams, the report said.

    “The creative startup wave in technology sector is becoming stronger, especially after big investments for technology startups, while the the transformation wave of traditional businesses in sectors like tourism, agriculture, real estate all shift to digital transformation and e-commerce.”

    A fresh graduate earns from $331 a month, but that figure quadruples to $1,410 when he reaches the management level five years later. The Chief Technology Officer, one of the highest positions in the tech sector, earns around $5,900 a month. The top industries in terms of recruitment are NFT or blockchain, high tech (artificial intelligence), and fintech.

    Other recruitment platforms confirm the rising need for IT staff. Ha Nguyen, CEO of recruitment platform Adecco, said digital transformation in Vietnam is providing many job opportunities for IT candidates. They can be outsourced to companies in other countries also, she added.

    “Because of the high demand, companies still face difficulties in recruiting candidates with high skills despite offering attractive salaries and benefits.”

    Recruitment company Navigos said in its second quarter report that the Russia-Ukraine crisis has shifted many IT orders to Vietnam, which increases recruitment demand.

    There is a big shortage of IT candidates in the banking and financial sector, as well as in e-commerce, medical services and education, she added.

    Lees ook:

    Lees ook:

  • First electric bike delivery service launched in Vietnam

    First electric bike delivery service launched in Vietnam

    Delivery company Ahamove has partnered with automaker VinFast to launch AhaFast, the first delivery service in Vietnam to use only electric bikes.

    AhaFast began operation Thursday in Da Nang City with 100 electric Feliz S motorbikes provided by VinFast.

    The electric bike service will be expanded to Hanoi, Ho Chi Minh City, Hai Phong and Nha Trang in the future.

    Ahamove plans to put 10,000 electric bikes into operation by 2025, gradually replacing gasoline-powered motorbikes.

    VinFast says its electric bike can run 200 kilometers on a full charge, and has an IP67 waterproof standard that allows it to operate in heavy rain and flooding.

    Lees ook:

    Lees ook:

  • Vietnam among 10 most popular destinations for Australian tourists

    Vietnam among 10 most popular destinations for Australian tourists

    Vietnam was one of the 10 favorite destinations for Australian tourists in July, according to the Australian Bureau of Statistics.

    Over 18,500 visited Vietnam during the month, a 44% increase from the previous month.

    New Zealand topped the list of favorite destinations with 96,500 visiting the island nation, followed by Indonesia, the U.K., the U.S., Fiji, India, Singapore, Thailand, and Italy.

    ABS statistics showed that Australians spend 19 days in a foreign trip on average.

    The Vietnamese government has allowed quarantine-free entry for foreign visitors since March.

    It also offers 30-day e-visas for citizens from 80 countries and territories, including Australia.

    So far this year the country has received 1.44 million foreign tourists and has a full-year target of five million.

    Lees ook:

  • Hanoi police seize 100 rice wine jars containing wild animals

    Hanoi police seize 100 rice wine jars containing wild animals

    More than 100 jars of rice wine distilled with pythons, large lizards, cobras and deer have been found at two condo apartments in Hanoi.

    The wine had been put up for sale at the two apartments in La Khe Ward of Hanoi’s Ha Dong District.

    The owners of the wine could not provide legal papers proving the origins of the product.

    One of them, Vu Quang Hien, said “these are just craft products and this whole thing shouldn’t be treated too seriously.”

    Hien sells the wine for VND350,000 ($15) to more than VND3 million per jar.

    The other owner, Dao Quang Manh, said the distributors told him the animals had been bred by them and that the products aim at treating several health issues, including joint and muscle pains.

    “Distributors also told me that the products are legal, and I just buy them for retail. I do not know for sure if I have permission to sell them.”

    Lieutenant Colonel Nguyen Thanh Trung from Hanoi’s environment police division said it would have to work with the city’s Market Management Department and ranger authorities on this case as there are many wild animals that have been killed for rice wine production.

    Lees ook:

  • Cryptocurrency poses risk of money laundering

    Cryptocurrency poses risk of money laundering

    There is a big risk that cryptocurrencies will be used in Vietnam for laundering money since there is no legal framework to regulate them, a lawmaker has said.

    Vietnam is among the top countries globally in terms of cryptocurrency ownership but it does not even recognize the asset, Duong Van Phuoc from the central province of Quang Nam said at a meeting Wednesday.

    “Cryptocurrencies could be used by criminals to fund terrorism,” he said, adding that digital asset criminals are not getting caught due to the lack of regulations.

    He called for including cryptocurrencies and other digital assets in money laundering laws.

    State Bank of Vietnam governor Nguyen Thi Hong said there have been similar proposals before but the government has yet to decide which authority could be entrusted with overseeing them.

    According to digital currency payment company Triple A, around 5.96 million Vietnamese, or 6.1% of the population, own cryptocurrencies.

    Lees ook:

    Lees ook:

  • Vietnamese currency falls to new low against dollar

    Vietnamese currency falls to new low against dollar

    Vietnam has set its reference rate for the Vietnamese dong at a record low as the greenback strengthens globally amid economic uncertainty.

    The State Bank of Vietnam (SBV) on Thursday set the reference rate for the Vietnamese dong at VND23,281, the weakest since at least 2005, according to data compiled.

    At commercial banks, the Vietnamese dong is now at its lowest since March 2020 after having declined by around 3.5% in the year-to-date.

    Vietcombank, the country’s largest lender, had sold the U.S. dollar for VND23,740. Top private player Techcombank’s rates were VND23,708, while that of Sacombank were VND23,950.

    But an expert forecasts the Vietnamese dong to decline further to VND24,000 a U.S. dollar.

    “The dong is too strong at the moment for an export-oriented economy,” Trinh Nguyen, a senior economist at Natixis SA in Hong Kong, told Bloomberg.

    “That said, they care about imports and inflation so won’t allow excessive depreciation.”

    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.

  • Main bourse warns Vietnam Airlines of delisting

    Main bourse warns Vietnam Airlines of delisting

    HVN of Vietnam Airlines would be delisted if the national carrier continues to report a loss or negative equity this year, the Ho Chi Minh Stock Exchange (HoSE) warned.

    The ticker is being restricted after Vietnam Airlines posted equity of negative VND2.16 trillion ($91.8 million) in Q1, and losses for the two most recent years.

    Under the current regulation, a company will have its ticker delisted if it reports losses for three consecutive years, or its accumulated losses exceed the charter capital, or its equity is negative.

    As of June 30, Vietnam Airlines’ equity was a negative VND4.9 trillion ($209 million), its liabilities exceeding assets by VND36.435 trillion and its overdue payables at more than VND14.85 trillion.

    The national carrier targeted revenues of VND45.2 trillion, and pre-tax losses of VND9.3 trillion for 2022.

    In a statement sent to the HoSE it said it would restructure its portfolio and issue shares to raise its capital.

    Last year, Vietnam Airlines avoided delisting after issuing 800 million bonus shares worth VND8 trillion.

    Lees ook:

    Lees ook:

    Lees ook:

    Lees ook:

  • Gas stations run out of fuel in southern Vietnam

    Gas stations run out of fuel in southern Vietnam

    Gas stations in several southern localities have run out of supplies of petrol, diesel and other fuels and have stopped doing business.

    In Tinh Bien District, An Giang Province, six gas stations that get their supplies from Ho Chi Minh City-based Dai Dong Duong Petroleum JSC have stopped selling since Monday.

    A Dai Dong Duong representative said that they have not been able to buy fuel from distributors for the last five days.

    He attributed the supply shortage to seven fuel distributors who had their import license revoked for 1-2 months mid-August for violating safety and stockpiling regulations.

    Also, distributors are giving supply priority to companies in their own system on learning that market prices are going up.

    Huynh Van Thanh, owner of the Thanh Loi station in An Giang’s Cho Moi District, said his station had been out of diesel for two days as of Tuesday, but the distributor would not supply the fuel until Sep. 6.

    As for gasoline, his station has not bought enough to meet demand for fear of making losses.

    Thanh said that the station is given a discount of VND210 for each liter of gasoline and is allowed to buy a maximum of 3,000 liters at a time, which means a total profit of VND630,000 ($27).

    Meanwhile, the cost of renting a tank truck is VND900,000, which means the station has lost VND270,000 even before it has started selling. Then there is the cost of electricity and staff salaries. Every day the gas station loses VND1.5-2 million, he said.

    According to the An Giang Market Management Department, as of Monday, 19 petrol stations across the province had closed while 36 had announced they were running out of fuel, accounting for nearly 10% of gas stations in the province.

    The department said the stations were running out of fuel because it was difficult to get them from distributors

    A similar situation has been reported in the Mekong Delta province of Dong Thap.

    Nguyen Huu Dung, director of the province’s Industry-Trade Department, said Tuesday that in the past week, 10 petrol stations have asked to temporarily close for “personal reasons.”

    He said it is possible that they want to stop selling to avoid losses.

    “The department received an application from a station to suspend operation for three months because they were losing VND350 dong for every liter of gasoline,” he added.

    Also in the Mekong Delta, the Market Management Department of An Giang Province said two of 132 stations have halted operations while two others announced they’ve run out of gasoline.

    A representative of the Chau Thanh Petroleum Trading Service Co., Ltd in Tien Giang, which supplies fuel to 114 stations in the province, said it holy has enough in stock to distribute in three days.

    The reserves of this firm were running out and supply from its distributor, the Military Petroleum Company Region 4 based in HCMC was deficient, the rep said.

    In HCMC and neighboring Dong Nai Province, many dealers said that the amount of imported gasoline has dropped as increasing prices of oil and gas are making importers and distributors worry about suffering losses.

    The Vietnam Petroleum Association had proposed Monday that the Ministry of Industry and Trade regulate the price of gasoline on Sep. 1, instead of waiting until Sep. 5, given the strong fluctuations in global fuel prices.

    Nguyen Minh Duc with the legal department of the Vietnam Chamber of Commerce and Industry (VCCI), said the current regulation of waiting for ten days to make changes in gasoline prices does not still cannot allow local businesses to keep pace with price fluctuations in the international market.

    That leads to the situation wherein gas stations run out of stock before each price adjustment, he said.

  • Booming foreign investment to push Vietnam up value chain

    Booming foreign investment to push Vietnam up value chain

    “Vietnam has repeatedly proven its ability to climb up the value chain over the years, to the point where the country has grown into a key manufacturing hub for tech products within the electronics space,” CEO of HSBC Vietnam, Tim Evans said.

    Apple is reportedly in talks to make watches and the MacBook in Vietnam for the first time, with its suppliers having started test production of the former in the north.

    Foxconn, a key Apple supplier, this month leased 50.5 hectares of land in Bac Giang Province and plans to build a $300-million factory there and employ 30,000 workers.

    South Korean conglomerate Lotte is seeking to expand in Vietnam, arguably its third most important market behind its home nation and Japan, and completely pull out of China.

    Over the last decade Samsung, Intel and many other multinationals have made significant investments in Vietnam and consider it an important base for their production.

    The country’s ectronics exports climbed to a record US$108 billion in 2021, equivalent to 32% of total exports, against less than $1 billion in 2000.

    “Vietnam has effectively turned itself into a rising star in global supply chains, gaining substantial global market share in sectors ranging from textiles and footwear to furniture and consumer electronics,” Evans said.

    This has come about because of its strategic location, competitive labor and production costs, and political, currency and social stability, have helped it become an attractive investment destination, he added.

    Vietnam attracted $31.15 billion worth of foreign direct investment last year, up 9.2% from 2020 despite Covid-19.

    Multinationals are moving part of their production from China to Vietnam since the risk of the latter facing punitive tariffs in future is low, according to analysts.

    The foreign direct investment flow from China to Vietnam reached $1.88 billion in 2020, up 245% from 2017, according to data from the United Nations Conference on Trade and Development, Thai lender Kasikorn – Kbank said.

    Michael Kokalari, chief economist of investment fund VinaCapital, said Vietnam still has a large number of workers who can move from the farm to the factory since over 40% of its workforce is still employed in agriculture.

    “I don’t see any other country in the world as a serious competitor to Vietnam in the assembly of high-tech products, which explains why Vietnam’s FDI inflows have remained so consistent.”

    But much remains to be done for Vietnam to take advantage of the increasing foreign investment.

    World Bank data shows its non-tariff trade costs are higher than for its ASEAN peers, with transport congestion costing as much as 21% of GDP in 2016, much higher than the global average of 12%.

    “Upgrading and modernising existing infrastructure will empower Vietnam to reduce the barriers to trade and strengthen its ability to attract additional FDI,” Evans said.

    Improving labor skills is another necessity as the demand for highly skilled workers is rising given the high level of technology and automation at foreign-invested manufacturers, he added.

    Kokalari said factors such as wages, workforce quality and infrastructure are more important than government policies in attracting FDI.

    More FDI means more opportunities for local firms to develop their capabilities to produce inputs the FDI factories require, he pointed out.

    “FDI brings not only money into a country, but also creates spillover benefits that help foster that country’s industrial sector.”

    Lees ook:

  • 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: