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Tag: Vietnam

  • Two new solar power plants built in southern province

    Two new solar power plants built in southern province

    Dau Tieng 5.1 and Dau Tieng 5.2 solar power plants are expected to start construction in Q2, with an investment of VND3.56 trillion ($157 million).

    With a capacity of 225 MW each, the two power plants will cover 332.5 hectares at Dau Tieng Lake in the southern province of Tay Ninh. Construction is expected to complete in April, 2023.

    The operational time of both projects is 50 years.

    Their investor, Xuan Cau Holdings, had constructed three other solar power plants around Dau Tieng Lake with a total operating capacity of 500 MW.

    Tay Ninh now has about 10 operational solar power projects with a total design capacity of 808 MW.

    According to state-owned Vietnam Electricity (EVN), as of 2021, Vietnam was among the top 10 countries with the highest solar power capacity at 16,504 MW, accounting for 2.3 percent worldwide.

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  • iPhone doubles Vietnam market share

    iPhone doubles Vietnam market share

    iPhone’s market share in Vietnam increased from 4 percent in 2020 to 9 percent last year, making it the fifth-largest smartphone seller.

    The growth of 119 percent was the highest for any brand, Counterpoint Research said in a report.

    Apple was behind Samsung (34 percent), OPPO (19 percent), Xiaomi (13 percent), and vivo (11 percent).

    Strong growth in Apple products was seen in the last quarter of the year, with sales doubling year on year, the report said.

    This was when the company launched iPhone 13.

    Last year, taking advantage of the rising demand, several stores were set up to exclusively sell Apple products like FPT’s F.Studio, TopZone, and Lazada Apple Flagship Stores.

    Counterpoint analyst Ivan Lam said: “Apple has always had a place in Vietnamese consumers’ hearts. Last year it expanded its distribution campaign in Vietnam.”

    The overall smartphone market grew by 7 percent last year, the report said.

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  • Masan acquires majority stake in Phuc Long tea chain

    Masan acquires majority stake in Phuc Long tea chain

    Conglomerate Masan announced Wednesday that it has spent an additional $110 million to increase its ownership in the Phuc Long beverage chain from 20 percent to 51 percent.

    “Since Masan’s initial investment, Phuc Long has demonstrated strong synergies with MSN’s Point-of-Life strategy, which can now be accelerated with Phuc Long as a consolidated subsidiary of Masan,” it said in a press release.

    Masan first bought a 20 percent stake in Phuc Long in May last year for $15 million. The latest purchase puts the valuation of the tea and coffee chain at $355 million.

    Incorporating Phuc Long’s tea kiosks into Masan’s WinMart+ stores nationwide has been part of the conglomerate’s plan since last year as it sought to advance its “point of life” strategy by developing a mini-mall concept that serves a wide array of essential products and services such as groceries, beverage, pharmaceuticals and financial products.

    Masan plans to launch 2,000 such mini-malls this year, and Phuc Long is set to contribute up to VND3 trillion ($132 million) to the conglomerate revenues, which hit VND88.6 trillion last year.

    Phuc Long was established in 1968 in the Central Highlands province of Lam Dong. The company launched its tea and coffee chain in 2012 with is first store in HCMC.

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  • Gas shortages in few places in Vietnam

    Gas shortages in few places in Vietnam

    Gasoline shortages have been occurring only in a few southern locations and the country has adequate reserves to fully meet demand, the industry ministry has assured.

    Shortages are only reported by small distributors who want to hold on to their stocks to push prices up, Deputy Minister of Industry and Trade Do Thang Hai said at a meeting Tuesday.

    “We have reserves to ensure supply for 20 days of consumption as regulations require.”

    Major distributors (who account for over 90 percent of market share) have been selling routinely since before the Lunar New Year holidays (January 29-February 6), he said. Many gas stations in An Giang, Dong Nai and Hau Giang provinces closed down in recent days complaining of lack of supply.

    Some also stopped selling because rising prices are forcing them to sell at a loss. They are not allowed to increase retail prices on their own and authorities usually make price changes on the 1st, 11th or 21st of a month. But since February 1 was a holiday, the next price change is not likely until Friday.

    The country’s biggest refinery, Nghi Son in the central province of Thanh Hoa, had to cut down production from 105 percent of capacity to 80 percent last month due to a cash crunch. Vietnam produces around 75 percent of its fuel requirements, with Nghi Son accounting for 35 percent, and imports the rest.

    Phan Thi Thang, deputy chairwoman of the HCMC People’s Committee, said some gas stations in the city too had closed down temporarily due to lack of supply, but reopened, and as of Tuesday only two out of 548 were closed but for other reasons.

    Major distributors in the city have assured they have enough inventory to last 40-60 days, she said.

    The city has ordered all distributors to import more to ensure reserves that would meet at least 30 days of demand, she added.

    Deputy Prime Minister Le Van Thanh has instructed the trade ministry to be more proactive in regulating gas supply to ensure there are no shortages.

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  • Over 90 pct of Samsung, Intel workers return to work after Tet

    Over 90 pct of Samsung, Intel workers return to work after Tet

    Major factories in Ho Chi Minh City reported over 90 percent of employees returning to work after the nine-day Tet holiday, abating employer concerns of a labor shortage.

    Some factories with high return rates are Samsung electronics manufacturer HCMC CE Complex (95 percent) and motor parts maker Nidec Sankyo (94 percent). Other manufacturers like Intel and Jabil also reported a return rate of over 90 percent.

    Eight factories in Saigon Hi-tech Park of Thu Duc City, which utilize over 45,000 employees, reported between 80 percent and 95 percent of workers returning to work Tuesday after the annual Lunar New Year’s holiday Tet, according to park data.

    Over 17 industrial zones and manufacturing areas where 273,000 employees work posted a return of 82 percent.

    The high return rate is considered a relief to HCMC employers who, before the holiday, had expected a shortage of workers after Tet as many preferred to stay in their hometown.

    Tet, Vietnam’s biggest national holiday, is a time when workers of large industrial parks leave en masse for their hometowns for family renuions.

    Some factories of Vinatex, one of the biggest garment companies in Vietnam, posted a worker return rate of 100 percent as the company started off the year three days before the holiday ended to meet the surge in order numbers.

    Pou Yuen, footwear maker and biggest employer in HCMC, is expected to see its return ratio rising from 64 percent Monday to 90 percent Wednesday.

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  • Vietravel reaps profit in Q4 after consecutive loss

    Vietravel reaps profit in Q4 after consecutive loss

    Tourism company Vietravel reported VND228 billion ($10 million) profit in Q4 of 2021, after four consecutive quarters of loss.

    It posted net revenues of VND190 billion in Q4, down 60 percent compared to the same period of 2020.

    “Company activities regained positive changes due to the fact the pandemic was gradually brought under control. Simultaneously, the company had restructured its financial investment,” Vietravel said.

    However, Vietravel reported an accumulated loss of more than VND256 billion for the whole 2021, tripling year-on-year, as its core activities of tourism and aviation suffered from Covid-19.

    At the end of last year, Vietravel had sold a 55.58 percent stake in Vietravel Airlines to an unspecified investor as it seeks more funding amid Covid financial pressures.

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  • 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 consumption 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.

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  • Vietnam gold prices rise to new record

    Vietnam gold prices rise to new record

    Gold prices in Vietnam hit a new peak Monday ahead of the God of Wealth Day amid surging demand.

    Saigon Jewelry Company (SJC) sold its gold at VND63.5 million ($2,801.49) per tael Monday afternoon, up 1.02 percent from Friday. A tael equals 37.5 grams or 1.2 ounces.

    Prices at another major reseller, DOJI, stood at VND63.4 million.

    The increase came ahead of the annual God of Wealth Day on Friday. This is the time when Vietnamese often purchase gold with the belief that the metal could bring good fortune to their business and family through Lunar New Year.

    Global gold prices hit a more than the one-week peak of $1,812.80 per ounce Monday, as inflationary pressures due to surging oil prices helped cushion the impact of a U.S. Treasury yield rally after an upbeat jobs report.

    “Gold is getting a little bit defensive, realizing that we could be in this state for hyperinflation,” Stephen Innes, managing partner at SPI Asset Management said.

  • Manufacturing continues recovery

    Manufacturing continues recovery

    Vietnam’s purchasing managers’ index rose to 53.7 in January 2022 from 52.5 in December, marking the highest growth since last April. The new index also points to the fourth straight month of growth, according to a report by U.K. research company IHS Markit. IHS Markit Vietnam Manufacturing Purchasing Managers’ Index measures the performance of the manufacturing sector and is derived from a survey of 400 companies.

    The index is based on five individual indexes with the following weights: new orders (30 percent), output (25 percent), employment (20 percent), supplier delivery times (15 percent) and stock of items purchased (10 percent), with the delivery times index inverted so it moves in a comparable direction.

    A reading above 50 indicates an expansion of the manufacturing sector compared to the previous month; below 50 represents a contraction; while 50 indicates no change.

    Both output and new orders increased at sharper rates in the opening month of the year as customer demand continued to improve. In each case the rate of expansion was the sharpest in nine months. Total new orders were supported by a further improvement in new business from abroad, with the rate of growth quickening to the fastest since November 2018, IHS Markit stated in its January report for Vietnam.

    Firms were also increasingly confident in the year-ahead outlook for production, although optimism depends to some extent on the pandemic being brought under control. Around 60 percent of respondents predicted a rise in output, with overall optimism the strongest in over three years.

    There were further signs inflationary pressures have become less pronounced than seen through much of 2021. Input costs increased at the second-slowest pace in seven months, while output price inflation eased to the weakest since last September.

    According to respondents, a key factor behind rising input costs was higher charges for freight and international shipping. Problems with shipping and ongoing disruption caused by the pandemic mean supplier delivery times continued to lengthen at the start of the year.

    A second successive rise in employment was recorded in January as firms continued to rebuild workforce numbers following the Delta wave of the pandemic in 2021. The rate of job creation picked up from that seen in December but remained only modest as some staff were off work with Covid and others had yet to return from their hometowns.

    Commenting on the latest survey results, Andrew Harker, Economics director at IHS Markit, said: “Vietnamese manufacturers made a positive start to 2022, with the absence of any widespread restrictions meaning that the sector was able to grow despite relatively high Covid-19 case numbers. Firms were also increasingly confident about the year-ahead outlook.

    “The pandemic continues to impact the sector, however, most notably through staff absences, while the possibility of sharply rising case numbers due to the Omicron variant could lead to even more disruption,” he said. A further headwind remains issues with shipping, which affected deliveries from suppliers and the ability of firms to deliver to customers, as well as adding to cost burdens.”

  • 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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