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Tag: Vietnam

  • 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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  • Steel prices drop 8th time in a rowd

    Steel prices drop 8th time in a rowd

    Steel prices have dropped for the eighth time in a row since mid-May with a total decline of nearly 13 percent.

    Biggest steelmaker Hoa Phat Group brought its prices of rolled steel and rebar steel down for the eighth time last weekend, bring prices down by VND2.4 million ($102.61) since mid-May.

    Other steelmakers like Viet Nhat, Viet Y, Kyoei and Pomina have also brought down prices in the last two months.

    VND million per tonne (VND1 million = $42.75)Hoa Phat steel pricesCB240 steelD10 CB300 steelMay 1May 17May 27Jun 1JunJun 19Jun 27Jul 81617181920May 27● CB240 steel: 17.64

    The decline of steel prices came amid weaker demand and falling input prices.

    Domestic steel demand in the first five months dropped by 6 percent year-on-year, according to stock brokerage SSI Research.

    Steel production in April and May fell by 32 percent year-on-year, it added.

    SSI Research said the rising prices of construction materials have delayed infrastructure projects, which could be part of the reason why steel prices have dropped.

    Tightened policy on property development has also affected steel prices, it added.

    Hot-rolled coil prices have dropped by 15-20 percent in China and the U.S. in the last three months due to declining construction and manufacturing activities.

    Prices of coke, one of the input materials for steel, have dropped by 36 percent from its peak in March, while prices of iron ore have fallen 13 percent in the last three months, SSI Research said.

    Another brokerage, VNDirect, expects steel consumption to recover next year thanks to public investment and recovery of the residential property market.

  • Fertilizer imports from Russia rise by 60 percent

    Fertilizer imports from Russia rise by 60 percent

    Vietnam imported US$86.8 million worth of fertilizer from Russia in the first five months, up 60 percent year-on-year.

    Russia accounted for nearly a 10th of Vietnam’s total fertilizer imports at 180,000 tons, second only to China, which accounted for nearly 40 percent, according to data from the Ministry of Agriculture and Rural Development.

    Bui Minh Truong, chairman of Swissfertz Vietnam, a leading NPK fertilizer importer from Russia, said Vietnam could import 300,000-400,000 tons a year from the European country if transportation becomes easier.

    Then, fertilizer prices would drop in Vietnam, reducing the burden on farmers and consumers, he added.

    The Russian consul general in HCMC, Timur Sadykov, said trade between the two countries, which grew by 26 percent in the first half of this year, would have more favorable terms in the second.

    “Russia and Vietnam have just launched a maritime trade route between Vladivostok and Hai Phong, and the two are negotiating a railway route via China.”

    Fertilizer prices have fallen in Vietnam recently due to lower global prices and demand since it is the harvest season.

    There is a high chance prices would go back up when the cropping season begins, besides which the prices of coal and gas, the two main materials for fertilizer production, have shown signs of rising.

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  • Vietnam tops region in online cross-border purchase volume

    Vietnam tops region in online cross-border purchase volume

    Vietnam has the highest average volume of cross-border online purchases of up to 104 orders per year in Southeast Asia, higher than the Southeast Asian average of 66.

    Thailand came in second with 75 purchases per year on average, followed by Singapore and the Philippines with 58 each, according to a study on cross-border e-commerce recently released by Singaporean logistics provider Ninja Van Group and its parent company, DPDgroup.

    The market study covered 9,000 participants from six Southeast Asian countries: Vietnam, Singapore, Malaysia, Indonesia, Thailand and the Philippines.

    A large proportion of Vietnamese orders were fast-moving consumer goods (FMCG) products, mainly clothing and footwear.

    Fifty-nine percent of Vietnamese respondents said they had shopped and placed orders many times on international e-commerce websites. This was the second highest rate in the region, after Singapore with 60 percent.

    According to the report, Vietnam accounts for 15 percent of the total online shopping market in Southeast Asia, on par with the Philippines. Thailand tops this list with 16 percent.

    Vietnam is one of the countries with high e-commerce potential “thanks to its sustainable and clear growth in recent years,” said Phan Xuan Dung, sales director of Ninja Van Vietnam.

    The report found 76 percent of Vietnamese respondents saying the main reason for shopping online was saving money.

    Several other forecasts on the development of online business in Vietnam have also painted a positive outlook for the industry.

    According to German data portal Statista, Vietnam is expected to become the second largest e-commerce market in Southeast Asia after Indonesia, before 2025.

    Vietnam currently has an average purchase level (ABS) of $26, which is higher than Thailand ($25) and Indonesia ($18).

    According to British marketing and advertising agency We Are Social, the number of Vietnamese people making online purchases will cross 51 million this year, up 13.5 percent over the previous year.

    The total expected spending on online shopping this year is $12.42 billion.

    The e-Conomy Southeast Asia 2021 report by Google, Temasek and Bain & Co. predicted that Vietnam would surpass Thailand by 2025 to become the second biggest internet economy in Southeast Asia at $57 billion, behind Indonesia at $146 billion.

    The development of the e-commerce market has become a fertile ground for logistics businesses to expand their operations. According to an assessment by delivery service provider J&T Express, the online shopping habits of Vietnamese people developed strongly during the pandemic period and these have been sustained since.

    The demand for goods on e-commerce platforms is high not only in big cities but also in rural areas, it found.

  • Toyota stops selling Hilux truck in Vietnam over fuel quality

    Toyota stops selling Hilux truck in Vietnam over fuel quality

    Toyota has called a halt to the import of its 2022 Hilux pickup into Vietnam over a lack of diesel supply meeting Euro 5 standards.

    Using low-quality diesel could damage the Hilux’s engine, and supply of Euro 5 diesel (DO-V) outside Ho Chi Minh City and Hanoi is limited, a spokesperson for the Japanese automaker said.

    It is unclear when Toyota plans to sell the vehicle again.

    Many dealers have stopped accepting deposits for the truck, while some have scheduled delivery for the beginning of 2023.

    In the first five months only 10 units were sold, all 2021 models with engines that only meet Euro 4 standards.

    The Hilux is imported from Thailand.

    There are around 1,100 gas stations, or only 6.5 percent of the total number, that supply DO-V in Vietnam, according to the Vietnam Petroleum Association.

    In 2011 the government had instructed that by 2022 all vehicles assembled in and imported into Vietnam must meet the Level 5 emission standards (equivalent to the Euro 5 standards).

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  • Fuel prices fall to 2-month low

    Fuel prices fall to 2-month low

    Gasoline prices fell by 10 percent Monday to their lowest levels in two months after an environment tax cut. The price of the popular RON 95 gasoline was reduced by VND3,090 to VND29,670 a liter, and that of biofuel E5 RON 92 by VND3,110 to VND27,780 (US$1 = VND23,350).

    The prices of other fuels like kerosene and diesel also fell by 4.2-11.4 percent.

    The biggest drop in prices this year pushed them to their lowest levels since May 11.

    Normally, authorities make gasoline price adjustments in the afternoon of the 1st, 11th and 21st of a month, but this time it was adjusted at midnight Sunday following a cut in the environment tax.

    The tax, originally VND4,000 per liter and cut to VND2,000 in April, was brought down to VND1,000 by the Standing Committee of the National Assembly.

    The Ministry of Finance has also proposed cuts to excise and value-added tax on gasoline to bring prices down further. They are expected to be approved in the next session of the National Assembly in October.

    But industry insiders have called for the cuts to be made sooner, saying rising fuel costs have been one of the biggest stumbling blocks to their recovery after Covid-19.

  • Fishermen stranded ashore as fuel costs surge

    Fishermen stranded ashore as fuel costs surge

    Vo Quang Phuc of Quang Nam Province has left his vessels ashore for the last two weeks even though it is the main fishing season now.

    His two vessels typically make 16 trips a year, but this year they have only done four, and all of them resulted in losses, with diesel prices double that of last year.

    The 43-year-old man works as a porter for VND300,000 ($12.84) a day, but he does not get called very often and still has a VND1.7 billion debt on one of his boats.

    He has not received any government support to cope with rising fuel costs, and in his village, only the elders work as fishermen. Most of the younger generation have dumped the vocation for other jobs with more stable income.

    “We fishermen are facing great difficulties.”

    Phuc’s vessels are among 45,800 nationwide, roughly half the country’s fishing fleet, that have stopped operating this year over high fuel costs.

    Diesel costs have nearly doubled year-on-year to around VND30,000 per liter. With fishing vessels consuming about 330 million liters per month, fisherfolk’s incomes have been severely impacted, the Ministry of Labor, Invalids and Social Affairs said in a recent report.

    Hoang Van Minh from the central province of Quang Binh is one of them, docking his fishing vessel for two months now.

    Minh has seen an increase of 30 percent in fuel costs, while the catch is less than previous years, which means he loses money on all of his fishing trips.

    Half of the vessels in his village have stopped operating, and only one in 10 report some profit, he added.

    Minh works as a wood worker for VND300,000 a day.

    His son needs VND1.5 million soon to pay for his tuition and Minh does not know how he can afford that.

    Quang Binh has 1,200 offshore fishing vessels, of which 350 of not being used.

    The number of unused vessels will rise further as fuel costs rise faster than catch prices, said Le Ngoc Linh, head of the province’s seafood department.

    Some fishermen are even selling their vessels to make ends meet.

    Pham Van Suc in Quang Nam sold his offshore vessel recently and bought a smaller boat to transport people in Da Nang City.

    “Many of my customers are fishermen who are now going into the city every day to work as gardeners. They only return to their ships at night to protect them.”

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