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Tag: Vietnam

  • 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.

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  • 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.

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  • 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.

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  • 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.

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  • 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.

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  • 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.

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  • Vietnam third largest market for bubble tea in Southeast Asia

    Vietnam third largest market for bubble tea in Southeast Asia

    Turnover of the Vietnamese bubble tea market hit $362 million in 2021, ranking third among six major Southeast Asian markets, according to a recent study.

    The region’s largest market was Indonesia with an estimated $1.6 billion annual turnover. Thailand came in second with $749 million, according to a study by Singapore-headquartered venture outfit Momentum Works and digital payments solution firm Qlub.

    Turnover in the Southeast Asian market last year accumulated to $3.66 billion, it added.

    As of April 2022, Vietnam had 439 bubble tea shops, with over half located in Ho Chi Minh City, a survey by German data portal Statista and Vietnamese market researcher Q&Me showed.

    Bobapop, a local brand, was the leader in terms of locations with 89 stores.

    It was followed by three foreign players, Tiger Sugar (48 stores), The Alley (47) and Gong Cha (42).

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  • Crab exports skyrocket

    Crab exports skyrocket

    Vietnam crab exports rose 41% to $111 million between Jan. 1 and July 15 this year, according to data from the Vietnam Association of Seafood Exporters and Producers (VASEP).

    The U.S, China, Japan and France were the four major markets accounting for 92% of the value.

    China was the fastest growing market as exports surged 74% year-on-year to $37 million, followed by France (up 60%) and Japan (51%).

    Exports to the U.S. grew 27%, though the country was Vietnam’s top market with a value of $38 million.

    Crab prices have surged amid domestic shortage and rising demand from major markets in the U.S., China and Japan.

    Hoang, a crab seller, said prices at-the-farm have risen 20% since last month to VND400,000-600,000 ($17-26) a kilogram but there was hardly enough for him to sell.

    A VnExpress survey showed crab prices in HCMC have risen to the highest in the year-to-date at VND900,000 a kilogram.

    VASEP expects crab exports to thrive in the second half this year thanks to rising demand driven by holidays like Christmas and Lunar New Year.

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  • Apple suppliers to make Apple Watch and MacBook in Vietnam

    Apple suppliers to make Apple Watch and MacBook in Vietnam

    Apple’s suppliers are in talks to produce Apple Watch and MacBook in Vietnam for the first time, Nikkei Asia reported on Tuesday, citing people familiar with the matter.

    Apple’s Chinese suppliers Luxshare Precision Industry and iPhone assembler Foxconn have started test production of Apple Watch and MacBook in Northern Vietnam, the report added.

    Apple has been shifting some areas of iPhone production from China to other markets, including India, where it started manufacturing iPhone 13 this year, and is also planning to assemble iPad tablets.

    India, the world’s second-biggest smartphone market, along with countries such as Mexico and Vietnam are becoming increasingly important to contract manufacturers supplying American brands, as they try to diversify production away from China.

    Apple, Foxconn and Luxshare Precision did not immediately respond to a Reuters request for comment.

    Last week, Taiwanese contract manufacturer Foxconn gave a cautious outlook for the current quarter after posting results that exceeded expectations, citing slowing smartphone demand after a pandemic-fuelled boom.

    Like other global manufacturers, Foxconn – formally called Hon Hai Precision Industry Co Ltd – has dealt with a severe shortage of chips that hurt production, as bottlenecks from the pandemic lingered and the Ukraine war further strained logistical channels.

  • Workers laid off as global demand falls

    Workers laid off as global demand falls

    Textile and electronics companies are cutting overtime and working hours to their workers’ dismay as global consumer demand fall.

    Tran Thu Huong and her husband were working at a garment factory in HCMC’s Go Vap District when last month, their income fell by 20% to VND15 million ($640.75) as new orders shrunk.

    Huong said their income was barely enough any more as they paid VND2.2 million for house rent, VND2.7 million for tuition for their five-year-old child and loan interest, and had to tighten their belt by “not buying miscellaneous things” such as fruits.

    Her husband, Hung, 33, recently quit his job after working at the factory for five years.

    “I can’t work in the garment industry anymore,” he said.

    He used to be paid VND13-14 million a month when he started working, but the amount had halved by the time he quit.

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  • Viettel to produce chips amidst global shortage

    Viettel to produce chips amidst global shortage

    Telecommunication giant Viettel has proposed that it produces chips to meet domestic demand and for export in addition to offering e-payment services.

    Leaders of the military-owned Viettel Group made the proposal at a Tuesday meeting with Prime Minister Pham Minh Chinh.

    The proposal was made in the context of the recent global chip shortage, which has seriously affected many manufacturing sectors and business areas, prompting several countries to promote chip production as a national security measure.

    In this context, the group also asked to be assigned the tasks of ensuring national defense and security, promoting its strengths and demonstrating the pioneering role of state-owned companies in the fields of high-tech defense, construction and cyber security and safety.

    Viettel said it wanted to deploy a national digital conversion platform, and work as an intermediary for financial switching services and electronic clearing services to facilitate transfer of funds from one bank account to another.

    The group also wanted permission to research green energy technology and modernize important infrastructure in the field of transportation, logistics, urban areas, and science and technology.

    It also asked for more leeway in deciding investment capital and salaries, as well as organizing its internal units.

    At the same time, it suggested that the government adds a new legal corridor for state-owned firms, such as a mechanism to make evaluations based on the principle of overall investment efficiency instead of relying on individual investment items and projects, and a mechanism to establish a Venture Capital Fund for investment in innovative start-ups.

    PM Chinh said Viettel should research and produce chips to effectively and efficiently serve the country’s digital transformation process, including building a digital government, digital economy and digital society. He said Viettel must be a corporation that plays a leading role in this process.

    He also agreed that the group works as an intermediary for financial switching and electronic clearing services, and assigned related ministers to study the plan and report on it to the government.

    Viettel has been maintaining an average pre-tax profit of over VND40 trillion ($1.7 billion) each year for several years.

    The group is doing business in ten markets with a total population size of 260 million in three continents, and has so far reported profits in seven markets, at $250-350 million per year.

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  • Buy now, pay later becoming popular in Vietnam

    Buy now, pay later becoming popular in Vietnam

    Many buy now, pay later services have launched or expanded operations to meet the burgeoning demand.

    “Cash is necessary for daily expenses, so I choose to pay later whenever possible,” Minh Tien, 33, of HCMC said.

    He bought braces and a motorbike using pay later services.

    The braces cost him VND35 million ($1,495.92) but he needed to pay only VND5 million upfront, and can pay the rest over three years. The bike cost him VND25 million, and he paid VND10 and the rest will be paid over six months.

    Thu of HCMC bought a VND10-million TV two months ago for her daughter. “My salary goes really quickly since prices are rising, so I decided on a six-month installment scheme.”

    Buy now, pay later provides customers and sellers “a convenient and budget-friendly payment option,” Nguyen Hoang Long, director of online commerce platform Sendo, said.

    Demand for it is skyrocketing as it serves those who cannot access traditional loans, Moin Uddin, CEO of fintech platform SmartPay, said.

    Vietnam presents a positive outlook for buy now, pay later services thanks to the popularity of cashless payment and low credit card ownership here, Krishnadas, senior vice president of business development at digital credit platform Kredivo, said.

    Kredivo expects the market to reach $4.6 billion in value.

    “Buy now, pay later will be a popular payment method in Vietnam over the next three years.”

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