Retail News CRM

Tag: Vietnam

  • Vietnam’s biggest retailer Masan to bolster pharmacy retail interests

    Vietnam’s biggest retailer Masan to bolster pharmacy retail interests

    Vingroup JSC, Vietnam’s biggest listed firm by market value, said on Tuesday it will merge with leading consumer retailer Masan Group t create the country’s biggest retail company.

    Vingroup said in a statement that the two companies were finalizing legal procedures to sign an official agreement for the merger between its retail and agriculture units and Masan Consumer, a subsidiary of Masan Group.

    “The merger will enable us to expand our consumer base and ensure a fair retail playing ground for Vietnamese manufacturers,” said Truong Cong Thang, chairman of Masan Consumer Holding, which produces Vietnamese must-buy consumer goods.

    The new company is expected to run 2,600 supermarkets and convenience stores, and 14 hi-tech farms across the country, the statement added.

    After the merger, Masan Group will take control of the operation, while Vingroup will be a shareholder.

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  • Bank of America eyes Vietnam return

    Bank of America eyes Vietnam return

    Bank of America is seeking permission to set up a $50 million branch in Ho Chi Minh City, its executive vice chair of global corporate and investment banking Madhu Kannan has said.

    In a meeting with HCMC Chairman Phan Van Mai who is visiting the U.S., Kannan sought support for the bank’s return to Vietnam after closing its Hanoi office in 2002 when the parent company initiated systemic reforms.

    In response, Mai said that inviting Bank of America to HCMC was one of his goals during this trip. He said he was committed to helping the bank establish a branch in the city. He noted that HCMC planned to become an international financial hub, Mai said.

    The city also welcomes U.S businesses to invest in the financial, technology, education and healthcare sectors, he added.

    Kannan said that his bank’s activities would align with the city’s development path.

    Founded in 1904, Bank of America is the second largest U.S. lender.

  • Vietjet Air, Boeing restructure 200 aircraft deal

    Vietjet Air, Boeing restructure 200 aircraft deal

    Vietjet Air and Boeing have officially signed a restructuring agreement to continue a contract to purchase 200 Boeing 737 aircraft.

    Under the agreement signed at the 2022 Farnborough International Airshow from July 18-22, Boeing and budget carrier Vietjet Air have agreed on a flexible delivery schedule in line with Vietjet’s global business plan to complete this important deal.

    The first aircraft of the deal will be delivered to Vietjet Thailand, the Vietnamese carrier’s Thai subsidiary.

    The agreement affirms Boeing’s commitment to support Vietjet with training, technical services, technology transfer, research and investment, facilitating long-term development and sustainability of both corporations.

    In 2016, Vietjet signed a deal to purchase 100 Boeing aircraft when the then US President Barack Obama was visiting Vietnam. Three years later, both sides agreed to raise the total number of aircraft to 200 when the then US President Donald Trump visited Hanoi.

    The deal is being resumed this year after the hiatus triggered by an unexpected incident with the Boeing 737 Max aircraft and the Covid-19 pandemic.

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  • EU warns Vietnamese instant noodle products contain banned substance

    EU warns Vietnamese instant noodle products contain banned substance

    Germany has issued warnings about certain imported Vietnamese instant noodle products that contain heightened levels of ethylene oxide, a banned substance.

    The Vietnam Sanitary and Phytosanitary Notification Authority and Enquiry Point (SPS), under the Ministry of Agriculture and Rural Development, said it had received warnings from the EU regarding certain instant noodle products exported by Vietnamese businesses.

    Germany issued warnings about a chicken-flavored instant noodle product by Asiafoods Corporation for containing ethylene oxide levels higher than EU standards. Malta meanwhile issued a warning for a pho product by Nguyen Gia because it uses genetically modified rice.

    A representative of the Department of Science and Technology under the Ministry of Industry and Trade said the department is still verifying the food batch that drew warnings in Germany. The batch might have been exported since last year, when batches had yet to be imposed an ethylene oxide limit standard upon export, the representative said.

    Since Feb. 17, the EU has demanded certificate requirements for instant noodle batches imported into the region. These batches would be checked for their ethylene oxide level after export, and so far, no batch has been returned.

    Germany said the ethylene oxide level in the instant noodle products was two to three times the maximum standard allowed, according to the representative. The current ethylene oxide limit as required by the EU is 0.01 milligrams per kilogram.

    In future, the department would take instant noodle product samples from the Vietnamese market to evaluate the presence of ethylene oxide and create a limit standard for the substance.

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

    Ethylene oxide is an organic compound with various applications, including disinfection and sterilization.

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  • Tumbling stock market makes a dent in company earnings

    Tumbling stock market makes a dent in company earnings

    Investment in securities, a major source of income for many companies during the two years of Covid-19, has become a financial burden this year after markets plunged.

    Da Nang Housing Investment Development reported losses of over VND90 billion ($3.85 million) for the first six months “due to negative market factors,” it said in its earnings report.

    Last year it reported profits of VND130 billion from stock trading.

    The VN-Index has fallen by over 20 percent this year due to geopolitical tensions and rising inflation.

    Mining company Hoa An said its profits dropped by 90 percent year-on-year to VND2 billion in the second quarter following a mark-to-market decline of over VND20 billion in steelmaker Hoa Phat Group’s stocks.

    HPG has been hovering around a 17-month low as steel prices dropped due to declining construction activity and a surge in costs.

    At the end of June Hoa An was holding over 2.5 million HPG shares.

    Construction firm Licogi 14 said it had to mark to market its “financial investment” in the previous quarter.

    It lost over VND346 billion during the quarter though revenues from its main businesses soared by 45 percent to VND88 billion.

    Seafood processor Vinh Hoan Corporation invested VND200 billion in stocks in the second quarter but made mark-to-market losses of nearly VND63 billion.

    Its main business thrived meanwhile with revenues jumping by over 80 percent year-on-year to VND4.22 trillion.

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  • Gasoline price plunges to 5-month low

    Gasoline price plunges to 5-month low

    Vietnam gasoline prices on Thursday fell to the lowest in five months as global rates decline.

    The Ministry of Finance and Ministry of Industry and Trade adjusted RON95 prices down 12.1 percent to VND26,070 ($1.11) per liter.

    This means RON95 is now 20.7 percent lower than this year’s peak on June 21.

    E5 RON92 gasoline prices dropped 9.8 percent to VND25,070, down 19.9 percent from this year’s peak. The government also brought diesel prices down 7 percent to VND24,850 per liter.

    Global oil prices fell Thursday for a second straight session, as demand concerns outweighed tight global supply after U.S. government data showed tepid gasoline consumption during the peak summer driving season.

    Brent crude futures dropped 33 cents, or 0.3 percent, to $106.59.

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  • China scraps Covid bans on Vietnamese seafood

    China scraps Covid bans on Vietnamese seafood

    Chinese authorities will no longer penalize Vietnamese seafood exporters with a temporary ban if their containers are found contaminated with Covid-19, that country’s embassy in Hanoi has said.

    Exporters used to face a seven-day ban for every container of theirs found contaminated with the coronavirus. A seafood exporter who was once banned for three weeks said shipments have returned to normal.

    “China is trying to reduce the damage caused by its zero Covid strategy, and so exporting to the country has now become easier.”

    Dozens of Vietnamese exporters suffered from the ban, some for weeks and even months due to the large number of containers infected.

    Vietnam exported US$427.6 million worth of seafood to China in the first six months, up 107 percent year-on-year, according to the Vietnam Association of Seafood Exporters and Producers (VASEP).

    VASEP expects exports to China to boom in the second half of this year following the easing of the draconian safety measures.

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  • Gold plummets to 8-month low

    Gold plummets to 8-month low

    SJC’s gold price plunged by 3.1 percent to VND62.5 million (US$2,667.18) per tael Tuesday, the lowest in eight months, after recording a historic decrease Monday.

    The drop was the second biggest single-day decline for the safe haven metal after the 6 percent fall Monday.

    A tael equals 37.5 grams or 1.2 ounces.

    Global gold prices fell to their lowest in 11 months last week as the U.S. dollar has been gaining this year amid concerns of inflation and geopolitical tensions.

    But they rose by 1.1 percent Monday to $1,708.18 per ounce.

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  • Northern power output rises to new peak

    Northern power output rises to new peak

    Power output in the northern region topped 22,800 megawatts at noon on Monday, 9 percent higher than last year’s peak, amid an ongoing heatwave.

    Hanoi and 14 provinces in the northern and central regions have been recording temperatures of up to 38 degrees Celsius (100 degrees Fahrenheit), and the heatwave is likely to continue for another day or two, according to the National Center for Hydro – Meteorological Forecasting.

    Some thermal power plants that have a combined output of 1,555 MW are reporting technical issues with turbines, according to national utility Vietnam Electricity (EVN).

    Hanoi and some other localities recorded a power outage for around two hours on July 4 due to high demand.

    EVN estimated earlier that the northern region would face a shortage of 1,500-2,400 MW during peak hours or extreme weather conditions this year.

    The state utility has called on people to reduce power usage from 11 a.m. to 2.30 p.m. and form 8 p.m. to 10 p.m.

    It also encouraged people to set their air-conditioner temperature at 27 degrees Celsius or higher and use it in combination with a fan.

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  • WinMart Vietnam parent plans 720 new stores by Christmas

    WinMart Vietnam parent plans 720 new stores by Christmas

    Vietnamese supermarket and minimart operator, WinCommerce, says it will boost its WinMart store network by 720 more stores this year.

    The plan includes 700 new WinMart+ stores – a hybrid minimart or convenience store format – and more than 20 WinMart supermarkets and hypermarkets. Deputy GM of operations at WinMart+, Nguyen Van Quy, told local media the company is on track with its expansion plan with more than 300 new stores opened already this year.

    With the retail market now in a post-Covid era, the Masan Group-owned retailer is also shifting its focus on developing a multi-utility business model and franchised stores, which it expects to become a retail trend in the near future.

    The company said it will work closely with local suppliers and producers to create a closed-loop supply chain and provide goods to customers quickly and affordably.

  • Gold prices see historic one-day drop

    Gold prices see historic one-day drop

    Vietnam’s gold prices saw one of the deepest daily plunges in their history, going down by VND4 million ($170) a tael Monday.

    The Saigon Jewelry Company (SJC) sold its gold at VND64 million Monday afternoon, down almost 6 percent from the weekend. A tael equals 37.5 grams or 1.2 ounces.

    The gold prices were down on dollar appreciation, with investors selling assets, including gold, to buy the greenback, said chairman Tran Thanh Hai of SJC Phu Tho.

    Strong selling pressure following an announcement by the central bank on looking at the possibility of reducing SJC’s monopoly on gold saw people sell gold bullion and stockpile on gold jewelry.

    Currently, a tael of gold bullion and jewelry in Vietnam costs VND17.5 and VND5 million more than global prices, respectively.

    Hai expected prices to fall further the next few days, tracking drops in the London and Chicago exchanges.

    “Prices may fall below the $1,700 threshold [per ounce],” he added.

    Spot gold rose 0.9 percent to $1,722.88 an ounce by 10:34 a.m. Monday in London. Prices dipped below $1,700 last week for the first time since August. The Bloomberg Dollar Spot Index slipped 0.5 percent after hitting a record last week. Silver, platinum and palladium all advanced.

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  • Vietnam gold prices hit 4-month low

    Vietnam gold prices hit 4-month low

    Gold prices in Vietnam have plunged to a four-month low as global rates tumbled amid the surge of the U.S. dollar.

    The Saigon Jewelry Company (SJC) sold its gold at VND67.95 million ($2,897.03) per tael Friday afternoon, down 0.37 percent from Thursday. A tael equals 37.5 grams or 1.2 ounces.

    Owner of a jewelry store in Ho Chi Minh City’s District 8, who asked not be identified, said that there has been little demand in recent days.

    “Only a few customers show up each day. There are less buyers than sellers as global rates drop.”

    Global gold price now stands at $1,704 per ounce, lowest since April 2021, as analysts said that investors are more interested in the gaining USD which is now at the highest in two decades.

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  • Banks hike mortgage interest rates

    Banks hike mortgage interest rates

    Several banks have increased mortgage interest rates by up to 1 percentage point amid credit tightening.

    In mid-June Vietcombank hiked its from 9.2 percent to 9.8 percent for the first three years.

    At least three other banks have increased its rates.

    United Overseas Bank has raised its rate from 6.49 percent to 7.69 percent.

    Vietnam International Bank has adjusted its rate up by 0.2 percentage points since last month to 8.7 percent.

    Bank managements said the pressure of rising deposit interest rates and tightened credit has forced them to hike loan interest rates.

    Trinh Bang Vu, head of retail lending at Shinhan Bank, said since there is little room left for lending this year and the State Bank of Vietnam has not increased quotas, banks have to be selective in their loans.

    Some lenders like Orient Commercial Bank have not yet increased their mortgage rates, but expect to do so by 0.1-0.2 percentage points in the next few months.

    SSI Securities analysts expect home loan interests to continue to rise even if new credit growth quotas are announced.

    KB Securities analysts forecast a 0.4-0.7 percentage point increase in rates this year due to inflation.

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  • Bayer Vietnam launches positive energy campaign

    Bayer Vietnam launches positive energy campaign

    Berocca Performance Mango, a brand of Consumer Health Bayer, has launched a campaign to affirm its commitment to raising awareness and comprehensively improving the health of consumers.

    The “Strengthen Energy to Radiate Positivity” campaign was kicked off by the Positive Energy Trip event and 2PM Turns on Positivity MV.

    Following the opening event, a series of online and offline activities radiating positive energy to the community will be organized. This campaign affirms Bayer’s focus on supporting consumers to practice self-care for a healthy life, thereby bringing long-term benefits for the community with the vision “Health for All, Hunger for None.”

    The Positive Energy Trip took place on July 9 at Vietnam National University dormitory in HCMC’s Thu Duc City with the participation of popular celebrities including Isaac, the brand ambassador, Jun Pham, Mlee, Lien Binh Phat, and up to 1,000 young and dynamic participants.

    At the event, singer Isaac, for the first time, performed the campaign’s theme song – “2PM Turns on Positivity” – and interacted with fans and other guests to share his positive life experiences. The vibrant tune of the song together with flashmob performance brought joyful moments to all participants.

    The importance of mental health is increasingly recognized in society today. According to World Health Organization (WHO) data, in the first year of the Covid-19 pandemic, the global prevalence of anxiety and depression increased by a massive 25 percent, meaning in every four individuals, one can be suffering from stress, fatigue or mental depression.

    Physical fatigue and mental breakdown heavily affect the quality of life of each person and of surrounding people too. Thus, taking care of physical health and fueling the mind with positive energy every day is vital to stay happy, optimistic, and productivity, to perform better in school and work, to create more values in life, and thereby spreading positivity to everyone.

    Isaac said: “Initially, I was not very conscious about recharging during work, especially the time after 2 p.m. when I used to get mentally and physically exhausted. Thanks to this campaign by Berocca Performance Mango of Bayer, I have been paying more attention to my health and am more conscious about practicing self-care. It is an honor to collaborate with the brand in advocating self-care practice and radiating positive energy to the audience. I hope that this meaningful campaign as well as my new MVcanhelp to boost up energy level in every audience and inspire them to embrace a healthy lifestyle”.

    Luigi Isabelo Dejos, head of Consumer Health Division at Bayer Vietnam, said: “While managing our busy day-to-day schedules, we need not just physical energy to keep our body function properly, but also positive energy to lift our mood and keep us stay productive and motivated.

    “Launching the event with the participation from energetic KOLs, Berocca Performance Mango wishes to underline the role of positive energy in life, encourage everyone to take care of both physical and mental health, and radiate good vibes throughout the community,” he added.

    During the campaign period, Berocca Performance Mango will provide consumers many promotions at drugstores nationwide and on e-commerce sites.

    For updated information, follow https://www.facebook.com/BeroccaVN.

    This product is not medicine and not intended to diagnose treat cure or prevent any disease.

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  • Co-working gains ground post-Covid

    Co-working gains ground post-Covid

    Co-working spaces are becoming extremely popular in the post-Covid era and boast an average occupancy rate of 80 percent.

    The country has 179 co-working spaces concentrated in Hanoi, HCMC and Da Nang, according to corporate service provider Acclime Vietnam and property consultancy Knight Frank Vietnam.

    Alex Crane, managing director of Knight Frank, attributed growth to high demand for grade A and B offices with companies being set up or resuming business after the pandemic.

    In the first six months 76,233 companies were incorporated, up 13.6 percent from the same period last year.

    “Flexible workspace is not only an effective tool for corporate tenants but also a key promoter of growth of Vietnamese start-ups,” Crane said.

    The Vietnamese start-up spirit is one of the driving factors of growth along with the expansion by multinational companies in the country, he added.

    Vietnam ranks among the top 20 Asian markets in terms of co-working space, according to Acclime.

    Some prominent players in the market include local names such as Dreamplex, UPGen, CirCO, and Toong and global players like Regus, The Executive Center and WeWork.

    U.S.-based WeWork, operator of 4.16 million square meters of space globally, said its revenues in Vietnam rose by 40 percent in the first quarter.

    “Vietnam remains our most dynamic market in Southeast Asia,” WeWork director for Southeast Asia and Australia, Balder Tol, said.

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