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Tag: Vietnam

  • Vietnam stock market makes bright start after Tet holidays

    Vietnam stock market makes bright start after Tet holidays

    The VN-Index began the new lunar year with a 1.5-percent jump Monday morning, led by aviation and energy stocks. It gained 22 points to 1,503 points at 11.20 as the market reopened after the nine-day Tet break, reaching a near four-week high. It represents a 4.1-percent recovery from the bottom of 1,439 points reached on January 18 as investors booked profit before the holidays.

    Most brokerages expect the index to rise this week since no negative news came out during the holidays. Analysts at ASEAN Securities and BIDV Securities said the VN-Index is set to stay in the 1,500 levels this week. It closed in the green on an opening day on five of the last six years since 2016, only dipping in 2020 when Covid-19 first hit Vietnam.

    The VN30 basket, comprising the 30 largest capped stocks, saw 24 of them gain Monday, led by VJC of budget airline Vietjet, which rose by 6.6 percent as investors expect a recovery by the aviation industry after the government announced plans to revive international tourism by March-end.

    Vietnam Airlines (HVN) gained 7 percent to the ceiling and its highest in over three months.

    Airports Corporation of Vietnam (ACV) rose by 7.4 percent with volumes reaching 321 percent of the average of the last 10 sessions.

    Energy stocks also rose, with PLX of fuel distributor Petrolimex climbing by 6 percent and GAS of state-owned Petrovietnam Gas gaining 6.2 percent. POW of electricity producer Petrovietnam Power Corporation was up 6.5 percent. Companies expected to benefit from rising consumer demand, such as VRE of real estate retail firm Vincom Retail and MSN of conglomerate Masan Group were the other gainers.

    The HNX-Index on the Hanoi Stock Exchange, home to mid-and small-cap companies, was up 1.2 percent, and the UPCoM-Index on the Unlisted Public Companies Market had gained 1 percent at the time of publishing.

  • Food, beverage businesses remain open through Tet

    Food, beverage businesses remain open through Tet

    Food and beverage establishments are working through Tet or abbreviating their holidays to make up for a year of poor business due to the Covid-19 pandemic.

    Crab restaurant chain Vua Cua is delivering through the holidays, and some of its outlets closed for two days out of the nine.

    “I believe that many people will stay in HCMC during the holiday as they refrain from traveling,” CEO Doan Thi Anh said, adding that last year sales during the holidays were up 300 percent from normal days.

    Tet, the Lunar New Year, is by far Vietnam’s most important festival, and most restaurants and other business establishments close for at least a week.

    But this year many are either not closing or are opening early to cash in on an opportunity to earn some money after a desperate year.

    Japanese chain Mirico reopened three of its six outlets in HCMC on Wednesday.

    “We hope the number of customers during Tet this year (starting January 29) will reach the same as last year so that we can make up for months of closure,” manager Luu Hoang Huy said.

    Two restaurants in the Quan Bui chain in Thu Duc City are also open for seven days of the nine-day holidays.

    “I think many foreigners won’t return to their country this year and we anticipate a lot of customers during the holidays,” a media representative of the chain said.

    For the first time since its establishment in 2018 Lagom Café in District 3 will remain open during most of the Tet holidays.

    The decision was based her workers’ request, owner Do Thi Ly Na explained. They preferred to work saying the months off due to social distancing in the city were enough for them, she added.

    In December revenues from food and accommodation rose by nearly 58 percent from November.

    “Most well-known downtown restaurants have been operating at full capacity and even had to turn away some customers,” Le Nguyen Minh Man, owner of Hong Kong Town restaurant in District 1, said.

    Business seems set to be “vibrant” in the first quarter, he said.

    However, his restaurant would close through the holiday since his workers had been stuck in HCMC for a year and wanted to return home, he said.

    Buying materials is challenging since suppliers are closed, and restaurants need to prepare ahead, he said.

    Paying workers triple or even five times their normal salary is key to ensuring good service during Tet, he added.

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  • Rubber firms’ profits surge

    Rubber firms’ profits surge

    Many rubber companies reported higher profits in the fourth quarter of last year as export prices rose sharply.

    The Vietnam Rubber Group Joint Stock Company’s gross profits were up 27 percent year-on-year to VND2.1 trillion on revenues of VND7.46 billion ($324.3 million), up 20 percent.

    The Thong Nhat Rubber Joint Stock Company reported a 250 percent rise in profits to VND6 billion as revenues more than doubled to VND32 billion.

    Hoa Binh Rubber Joint Stock Company saw a similar rise in profits to VND19 billion, and Dong Phu Rubber Joint Stock Company said it was up 6.8 times to VND278 billion.

    The rubbers industry saw profits surge since mid-2021 even as the Covid-19 pandemic peaked, thanks to the sharp increase in latex prices.

    According to the General Department of Vietnam Customs, rubber exports rose by 37.5 percent to $3.28 billion in full-year 2021, making Vietnam the third-biggest exporter. It sells rubber to over 80 markets, including China, India, South Korea, Germany, and the U.S.

    The Vietnam Rubber Association expects global rubber prices to keep increasing sharply in 2022-24 because of declining supply.

    But the Agency of Foreign Trade does not concur with this assessment, saying prices would continue to rise only in the short term as many countries grapple with the Omicron variant of Covid and cut auto production.

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  • Vietnamese coffee industry game changer

    Vietnamese coffee industry game changer

    King Coffee has a presence in 120 countries and is still on its way to expand further on the world map. Expo is a 170-year old event that takes place every five years, gathering businesspeople from more than 190 countries. This expo showcases all the remarkable events of a country’s past, present, and future. This is an extremely great opportunity for King Coffee to reach more than 190 countries at once.

    Appearing at Expo 2020 Dubai, King Coffee has represented the coffee industry and Vietnam’s agriculture. We have cooperated with the Ministry of Culture, Sports and Tourism to organize activities to promote Vietnamese coffee to the world for six months (October 2021 – March 2022), especially the event of Vietnam National Day (Dec. 30, 2021) and Vietnam Coffee Week (Jan. 1, 2022).

    As a major coffee brand, we participated in coffee-related activities during this event. All visitors really enjoyed our coffee, which impressed them by quality.

    When we introduced Vietnamese coffee during Vietnam Coffee Week, visitors were surprised by egg coffee, Ede coffee, iced-milk coffee… They enjoyed learning how to use coffee filters, and discovering the philosophy of softness, lightness, sophistication to create a perfect cup of coffee compared to using compact espresso machines.

    The exhibition is already halfway through and we have left our mark and accomplished our targets.

    -How has King Coffee connected Vietnamese businesses to Dubai Gateway?

    At Expo Dubai, King Coffee aims to promote coffee culture and development strategies for the coffee industry, and at the same time, widely inform businesses in other industries in Vietnam, who also consider this a great opportunity to go global.

    We worked with Viettravel to engage most associations in all industries, supporting them to participate in this expo. Up to now, hundreds of Vietnamese businesses have gathered here. Expo Dubai makes it easy to set up an online exhibition channel, allowing businesses that are unable to attend offline events due to Covid-19 to participate, and promote their images. Meanwhile, we can follow all the events on social media channels and grab opportunities from Expo.

    Since October 2021, we have done a wonderful job of connecting businesses in Dubai, and at the same time, promote our country. Dubai is an iconic city with a significant impact in 22 Arab countries. By having a presence in Dubai, businesses would enjoy many opportunities to access this market.Expo also organizes a National Day for participating countries. If a country has a potential industry, enterprises in that country might be invited to gather on National Day to find collaboration opportunities.

    First autobiography

    What excites you the most at Expo 2020 Dubai?

    I have a clear goal in everything I do. When I decided to attend Expo 2020 Dubai, I thought about what would make King Coffee stand out and shine there. I started writing the book “The Queen of King Coffee” from the beginning of 2021, in order to release it at Expo Dubai. Without travel or business trips during the pandemic, I had more time for the book.

    While publications regarding the Vietnam War are widely available, English-language books about Vietnamese culture, people, and business opportunities in Vietnam are scarce. Therefore, I decided to launch a book to introduce Vietnamese coffee and the country’s coffee culture to the world. This event drew the attention of the international media. Expo Dubai organizers also promoted this book on their media channels, reaching 192 countries.

    The book was released on Dec. 29, 2021. More than 100 newspapers around the world have reported on King Coffee and the book. I am very happy to tell the story of Vietnamese coffee. I also published the book on Amazon, and it has received positive feedback from readers. When someone places an order, Amazon prints the book and delivers it to the customer.

    As planned, the book will be translated into several languages, first in Arabic to reach 22 Arab countries. When I released the book in Dubai, local businesspeople wanted me to take part in many activities to talk to women, young people about starting a business, not just the book. They want to translate the book into Arabic to make it reach more people.

    They are impressed with the image of women running startups, not only in the coffee sector but also other industries. The book offers them a lot of information. In fact, women are being encouraged to step out of their comfort zone and obtain freedom in doing business. I expect my book to motivate them to be more confident.

    Will the book be available in Vietnamese?

    The book is expected to be released in March in Vietnam, followed by Vietnamese and English versions in June 7 in the U.S. Many readers in the U.S. told me they were looking forward to the premiere.

    The Vietnamese book is not a translated version from English but a different one. The book is a guide for startups and women to balance life and business, as well as female leaders’ responsibilities and aspirations for their country.

    If the English book represents the world’s view of Vietnam, the Vietnamese version describes the viewpoint of a coffee business leader.

    I was a business leader for more than 20 years, but I didn’t let people get to know me. This was good for my family before, but not so good for me when something went wrong.What do you expect from this book?

    I think a female leader should balance her reputation and personal life to proactively play the right role, which will strengthen the business.

    Everyone may know my important decisions to establish the Trung Nguyen and G7 brands, the journey to make them successful not only in the country but also around the world.

    For me, every challenge can be dealt with. When you know how to overcome it, you can strengthen your position.

    Do you have any ideas for your next book?

    Because I am a coffee aficionado, the next book might be “The Master of Coffee” by a coffee specialist. In order to promote Vietnamese coffee, I also have to do many other things. King Coffee will have a chain of coffee shops around the world, and its products will be available in supermarkets all over the world. I want to introduce the very unique and different ideas and culture of Vietnamese coffee to the world. Surely it will be worthy of world recognition.

    World record for Vietnamese Robusta

    Why are you so devoted to coffee?

    I was born and raised in a coffee region. Since I was a child, I witnessed the coffee price drop after bountiful crops, and vice versa. Coffee prices were very low and precarious. The farmers had no idea what the outside world was like. In the coffee ecosystem or global value chain, the farmer segment generated very small value.

    At that time, in my knowledge, there were many well-known coffee companies in countries that did not grow coffee like Sweden, the U.S… I always wondered why they could do it but we couldn’t?

    During 1975–1986, coffee was considered a luxury commodity. I clearly saw that coffee was in great demand, so why not make coffee popular? While coffee had so many benefits, like boosting creativity and concentration, efficiency at work, why didn’t we give coffee a chance to live?

    More than 20 years ago, we hardly saw coffee in supermarkets, but today coffee occupies six shelves at Coopmart. Visitors to Vietnam give priority to buying Vietnamese coffee to bring home because of its good quality. That is a good foundation to promote Vietnamese coffee, as well as King Coffee, in the world market.

    In October 2021, The World Records Union recognized Vietnam as the largest producer and exporter of Robusta coffee. How did this affect Vietnamese coffee?

    It is a historic milestone because Vietnam’s coffee industry had endured several hundred years to achieve a world record.

    I believe Vietnamese coffee has all the conditions to achieve a world record. Although facing many difficulties in persuading associations or state agencies to consider coffee a national asset, I am still determined to push for the World Records Union to recognize Vietnam as a the largest Robusta coffee producer and exporter in terms of output and productivity, along with heritages of the unique and distinctive art of brewing (Ede coffee, racquet coffee, filter coffee), the art of blending and enjoying diverse, creative and unique coffee through drinks and dishes (egg coffee, iced milk coffee…). When I announced this record at Expo Dubai, all the visitors burst into applause and paid special attention to King Coffee.

    It is worth mentioning the World Records Union has recognized specially prepared Vietnamese coffees like iced milk, egg coffee, and Ede coffee. Here, we are mixing different types of coffee together to create a more tasty, unique cup of coffee, all without the use of flavorings and chemicals. The recognition of the art of blending is useful for coffee makers to improve their products.

    In addition, I see many other opportunities to spread awareness and responsibility among the coffee business community, including using reputable branded products. That paves a way to create sustainable development for the coffee industry.

    What are your expectations for the development of Vietnamese coffee in 2022?

    Despite Covid-19, the coffee industry still grew in 2021. Although coffee shops had to close, the products were still delivered to the door. People usually consumed 1-2 cups of coffee per day, but 3-4 glasses during the pandemic. The global coffee industry grew by 4 percent last year, also in Vietnam.

    I think Vietnam needs to quickly develop strategies for the coffee industry, to take advantage pf huge opportunities in the next five years with the law of supply and demand. If we don’t, other countries will do better, and surpass us. This is a very good time for Vietnam to reflect, prepare a solid strategy to create a game changer for the whole coffee industry.

    What do you usually think during the Tet holiday?

    Leaders need to pay more attention to their employees at any time, especially in this pandemic period. They should be concerned about how to keep employees safe, fully vaccinated, and unaffacted by the pandemic. Motivation from the leader also helps employees have a more positive mindset, thereby maintaining operations.

    Tet is a time that brings family together. I miss my father very much, who passed away more than 20 years ago. My Tet grew warmer with him. The street around my house would be lit by fireworks. Everyone drank champagne, congratulated each other. He taught me to understand myself, the value of living life. Dad also taught me little things. I miss my father very much and miss Tet holidays with him. Now my family often tells stories about him at gatherings. When all members are united, the family always feels warm and happy.

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  • Taxi firm Vinasun lays off 2,500 employees

    Taxi firm Vinasun lays off 2,500 employees

    Taxi company Vinasun laid off more than 2,500 employees, including some 1,800 drivers last year with the Covid-19 pandemic causing the business to shrink significantly.

    According to its newly released financial report, Vinasun had 1,877 employees at the end of 2021, down more than 2,500 people against the beginning of the year. It laid off some 1,900 employees in the last quarter alone.

    The recovery of the transport market after the prolonged social distancing was not as fast as expected, resulting in low workload and a large number of cars idling in in parking lots, Vinasun deputy general director Ta Long Hy told VnExpress Saturday, explaining the downsizing,

    “Some people wanted to change jobs, return to their hometowns or were stranded in pandemic-hit areas, which was another contributing factor to the sharp increase in the people leaving their jobs,” he added.

    2021 is the third consecutive year Vinasun has drastically cut its staff. It had laid off approximately 1,000 and 1,400 people in 2019 and 2020, respectively.

    Vinasun recorded revenues of VND484 billion ($21 million) last year, down more than 50 percent against 2020, and made after-tax losses of VND280 billion, nearly four times its original estimate.

    The company has been making losses for two consecutive years and if the situation does not improve this year, its stock may be delisted on the Ho Chi Minh Stock Exchange.

  • Vietnamese tired of advertisements popping up online

    Vietnamese tired of advertisements popping up online

    Vietnamese Internet users find online advertisements tiresome and do not want to watch them, a survey by YouGov has found. In a poll of 2,429 digital users, last December the British online market research and data analytics firm found that 47 percent of respondents always skip or want to skip online ads and 43 percent find the ads “annoying.”

    Only 25 percent said they are “interesting.”

    Thue Quist Thomasen, CEO of YouGov Vietnam, said: “Our survey also shows that even though most people remember seeing online ads, they are significantly less likely to recall clicking on ads or buying products after seeing ads.

    “In my view, the online marketing industry in Vietnam is largely, and fairly, preoccupied with tracking ad frauds and viewability. But marketers often pay insufficient attention to the metrics that truly matter, such as impact and quality, which are the key elements that drive advertising success.”

    Soames Hines, CEO of Ogilvy Vietnam, one of Vietnam’s largest creative agencies, said:”The survey’s results confirm what I have been thinking about digital advertising in Vietnam: There are so many ads nowadays that it’s hard for scattered branded banners to be effective across different websites.

    “What brands want are great campaigns that win the hearts and minds of consumers. Tiny banners and seemingly haphazard five-second videos just won’t be enough for brands to get what they want.”

    With 21.5 percent average annual growth in 2020-25 digital advertising in Vietnam is a booming business, according to the ‘Vietnam Digital Marketing Trends’ report released last year by digital marketing firm Novaon Ads.

    Advertisers are expected to spend $934 million on digital advertising in 2022, according to Statista, a German company specializing in market and consumer data.

    Vietnam has among the highest number of Internet users in the Asia Pacific. According to Statista, as of January 2021 the country of 96 million had around69 million Internet users.

    “Advertisers are often too focused on delivering ads as efficiently as possible while forgetting about the creative aspect of digital advertising,” Carl Söderblom, vice president of operations & business development at Swedish company Adnami, said.

    “This, in turn, results in low impact, ineffective ads. With high-impact ads, advertisers can … ensure they… are effective at driving results as well.”

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  • Vingroup reports first-ever loss

    Vingroup reports first-ever loss

    Vingroup made after-tax losses of over VND7.5 trillion ($326 million) in 2021, its first-ever loss, citing funding for the pandemic fight and heavier investments in electric car development.

    Vietnam’s biggest private conglomerate’s net revenues stood at VND125.306 trillion last year, up 13 percent over 2020.

    Vingroup said some of its businesses, including real estate for rent, resort, and entertainment, were greatly affected by the prolonged social distancing campaigns in many localities. Vincom Retail, the retail real estate arm of conglomerate Vingroup, spent up to VND2.115 trillion assisting tenants, which also affected total revenues.

    Last year, the group sponsored Covid-19 prevention and other activities to the tune of VND6.099 trillion. It also decided to stop producing gasoline-powered cars from the end of 2022 to focus resources on electric vehicles.

    By the end of 2021, the group’s total assets were valued at VND427.3 trillion ($18.87 billion), up 1 percent from the beginning of the year.

    Recently the group adjusted its orientation, redefining three focus groups of activities, namely technology and industry, trade and service, and social charity.

  • Public Bank Vietnam launches Visa cards

    Public Bank Vietnam launches Visa cards

    Public Bank Vietnam Limited has announced its cooperation with global payment technology company Visa to launch international debit and credit payment cards. Public Bank Vietnam’s latest offering is integrated with the convenience of contactless payment features and secured 3D Secure 2.0 authentication technology. The bank’s credit card range includes Public Bank Vietnam Visa Classic, Public Bank Vietnam Visa Gold, Public Bank Vietnam Visa Platinum and Public Bank Vietnam Visa Signature with premium privileges to suit the preference of customers both in the mass and affluent market segment.

    Apart from the convenience of hassle free payments when making purchases with a preferential interest-free period up to 51 days, all new Public Bank Vietnam Visa cardholders will enjoy benefits like unlimited cashback for customer spending within the same month for Gold level and higher.

    Public Bank Vietnam Visa Signature also provides customers with premium privileges like a complimentary airport lounge during travel, global insurance coverage for cardholders and family and preferential foreign transactions. In addition, cardholders will also enjoy a classy lifestyle with 6 percent cashback on dining and groceries spending and unlimited cashback on other spending.

    During the launch of the brand-new Visa cards, Public Bank Vietnam is also launching a promotional program, new Visa cardholders will enjoy free card issuance and first year annual fee for all credit card classes and many other attractive promotions.

    Chee Keng Eng, General Director of Public Bank Vietnam said: “Public Bank Group’s collaboration with Visa dates way back and we are glad that today this long rooted relationship will be further extended to Vietnam through the launching of the all new Public Bank Vietnam Visa Credit and Debit Cards. Through our network of 30 branches in all major cities and provinces of Vietnam, we are committed to not only bringing the best features and deals to our customers, but also being there to support when the need arises at all times.”

    “Visa is constantly striving to improve services in order to assist our banking clients and partners to provide a variety of innovative, secured and diversified offerings, product and service portfolios, and comprehensive solutions to customers,” said Dang Tuyet Dung, Visa Country Manager for Vietnam and Laos.

    Public Bank Vietnam is a fully-owned foreign bank of Public Bank Berhad (Malaysia), one of the top-tier banks in Malaysia reputed for its strong financial performance and consistent prudent management, with presence across Asia Pacific including Hong Kong, China, Cambodia, Laos, Sri Lanka and Vietnam.

    Established on March 25, 1992, Public Bank Vietnam, formerly known as VID Public Bank, was one of the first joint venture banks in Vietnam. Operating 30 branches and transaction bureaus, the bank has expanded its network to all major cities and provinces in Vietnam.

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  • Brewer Sabeco profits fall to lowest level since Thai acquisition

    Brewer Sabeco profits fall to lowest level since Thai acquisition

    Vietnam’s largest brewer Sabeco said after-tax profit fell by over VND1 trillion (US$443 million) last year to VND3.93 trillion, the lowest since it was acquired by a Thai billionaire.
    Its revenues were VND26.37 trillion, a decline of 6 percent. Thaibev owned by Charoen Sirivadhanabhakdi acquired the company in late 2017.

    The firm blamed the Covid-19 outbreaks and subsequent restrictions in many provinces and cities across the country for the decline in performance.

    The firm has undistributed profits of over VND13.66 trillion.

    Vietnamese consumed 1.3 liters of beer per capita in 2020, according to the General Statistics Office. The country has a population of over 98.5 million.

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  • Fuel distributors seek foreign supply amid refinery production trim

    Fuel distributors seek foreign supply amid refinery production trim

    Vietnamese fuel distributors are negotiating with foreign suppliers to ensure adequate inventory for the holiday after the country’s biggest refinery cease imports due to cash shortage.
    PVOil, the second-biggest fuel distributor in Vietnam behind Petrolimex, has secured a deal with a foreign supplier to import more gasoline amid the expected shortage.

    The supplier gave an acceptable price with reasonable delivery time, said Cao Hoai Duong, company chairman, without revealing details of the supplier and price.

    The fact that Nghi Son Oil Refinery has cut down its production from 105 percent to 80 percent due to insufficient funds is urging fuel distributors to scramble for solutions to have enough inventory for the upcoming nine-day Tet holiday, which begins Saturday.

    “The imports, together with our backup inventory, is enough for PVOil to cover the expected market shortage before, during and after Tet,” Duong said.

    An anonymous director of a central distributor said the company has finally been able to secure a deal with a supplier and will have enough inventory for the holiday.

    A media representative of leading distributor Petrolimex did not say whether it would import more as the company is still receiving the agreed amount of inventory from Nghi Son.

    “In whatever scenario we will strive to ensure there would be sufficient inventory to distribute to the market.”

    Nghi Son said that it had to cut production because state-owned energy giant Petrovietnam has not approved import contracts and therefore it has to cancel two crude oil imports this month.

    Therefore the factory might have to shut down in mid-February.

    However, Petrovietnam stated Wednesday that the factory canceled the two shipments and that it had nothing to do with the approval of import contracts.

    Matters concerning the contracts are part of Nghi Son’s restructuring plan, which is under negotiation, the statement read.

    Nghi Son Oil Refinery has a capacity of 200,000 crude oil barrels a day, or 10 million tons a year, twice that of Vietnam’s other refinery Dung Quat Oil Refinery in Quang Ngai Province.

    State-owned fuel company Petrovietnam has a 25.1 percent stake in the plant, while the rest are owned by three foreign firms: Kuwait Petroleum International (35.1 percent and Japanese companies Idemitsu Kosan (35.1 percent) and Mitsui Chemicals (4.7 percent).

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  • iPhone 12 Pro, Pro Max out of stock in Vietnam

    iPhone 12 Pro, Pro Max out of stock in Vietnam

    Major iPhone authorized resellers in Vietnam have stopped importing iPhone 12 Pro and Pro Max models, seeking to boost iPhone 13 sales.

    “Most retail chains told me iPhone 12 Pro and Pro Max are out of stock. Some chains still sell them but in only a few stores,” said Que Chi in Hanoi.

    The salespeople she talked to all referred her to the new iPhone 13 models, which are readily available.

    iPhone 12 Pro Max, the best-selling iPhone model in Vietnam last year, is now marked as “out of stock” on the websites of major retail chains.

    A media representative of FPT shop said iPhone 12 Pro and Pro Max are sold out and the chain does not plan to import more.

    The same comment was given by other chains like ShopDunk and Minh Tuan Mobile.

    Although there is still high demand for these products in Vietnam, most buyers now only have the option to buy used phones or pay more for the latest iPhone 13, a media representative of Minh Tuan Mobile said.

    Nguyen Lac Huy, the media representative of CellphoneS, said the chain still has iPhone 12 Pro and Pro Max but in low quantity.

    “We cannot buy more as Apple does not have plans to continue production of these models.”

    iPhone 12 Pro Max with a storage of 128 gigabytes is being sold at around VND28.5 million, while the iPhone 13 Pro Max with the same storage is on sale for just VND2 million higher, which explains why distribution chains are focusing on the newer model.

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  • FLC launches jewelry brand

    FLC launches jewelry brand

    Conglomerate FLC on Wednesday entered the jewelry industry with the new brand FJC, establishing its first store in Hanoi.

    Located at Bamboo Airways Tower in Cau Giay District, FJC’s first store sells 24-karat gold, jewelry, diamond and fengshui accessories.

    The jewelry business will help FLC complete its ecosystem, which already includes real estate, aviation and tourism, said FLC Deputy Chairwoman Dang Luu Van, who is also the chairwoman of FJC.

    More FJC stores will be set up at FLC resorts and urban areas across the country, she added.

    The main competitors of FJC will be long-established jewelry brands like Saigon Jewelry Company (SJC), Phu Nhuan Jewelry (PNJ) and DOJI.

    FLC targets a revenue of VND27 trillion and profit of VND2.1 trillion this year, double from last year.

  • Gold prices hit new peak

    Gold prices hit new peak

    Vietnam’s gold price hit a new historic peak of VND62.7 million ($2,769.32) per tael Tuesday, surpassing the previous record in August 2020, even as global rates went flat.

    Saigon Jewelry Company (SJC) sold its gold at VND62.7 million per tael Tuesday, up 1.2 percent to a new record. A tael equals 37.5 grams or 1.2 ounces.

    Jewelry company DOJI sold its gold at around VND62.6 million and Phu Nhuan Jewelry, for VND62.3 million.

    Global rates were little changed at $1,840.49 per ounce Tuesday afternoon as concerns about a faster pace of policy tightening by the U.S. central bank countered safe-haven demand, fueled by escalating tension over Ukraine.

    Vietnam’s gold is now VND12 million, or 23.7 percent, higher than global rates.

  • Uniqlo set to come to Hai Phong

    Uniqlo set to come to Hai Phong

    Japanese fashion brand Uniqlo plans to open its first store in the northern city of Hai Phong this summer.

    It will be a 2,000-square-meter outlet at Aeon Mall Le Chan.

    Uniqlo, which came to the Vietnamese market two years ago, now has 10 stores in Hanoi and HCMC.

    Globally, it has over 2,300 in 25 countries and territories.

    German research firm Statista estimates Vietnam’s fashion industry to grow at an average annual rate of 22.5 percent in 2017-22 to reach US$988 million.

  • Rents for Hanoi serviced apartments plunge to three-year low

    Rents for Hanoi serviced apartments plunge to three-year low

    Hanoi serviced apartment rents fell by 3 percent to a three-year low of VND547,000 (US$24.16) per square meter per month last quarter, according to Savills Vietnam.

    Compared to a year earlier the average rents for grades A-C apartments decreased by 4 percent to VND705,000, and 11 percent to VND233,000.

    The average occupancy remained unchanged from the third quarter at 69 percent but increased by 2 percent year-on-year.

    Nam Tu Liem District saw the highest rate of 83 percent, followed by Hai Ba Trung with 79 percent and Long Bien with 78 percent.

    Ten grade A and B projects has an occupancy of more than 90 percent.

    Post-Covid-19 tenants have higher requirements of the place they live in, prioritizing a good healthcare system, air quality and green space, according to a global survey done last year. Branded serviced apartments that collaborate with epidemiologists to improve their healthcare and safety quality are thus favored by tenants now.

    Savills said investors are opting to build serviced apartments on a smaller scale, and studio and one-bedroom apartments account for 49 percent of the market now.

    Apartments with two and three bedrooms account for 35 percent and 14 percent.

    The four projects that came into the market last year have small units with an area of 15-56 square meters accounting for some 65 percent.

    The revenue per square meter from small apartments is 4-15 percent higher than from larger ones.

    Studio and one-bedroom serviced apartments are becoming flexible, offering dual keys and both long-term and short-term lease.

    Savills said thanks to having double the space (kitchen, living room and office), dual-key apartments serve tenants’ demand for working remotely.