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Tag: Vietnam

  • Aeon eyes 100 grocery stores in Vietnam

    Aeon eyes 100 grocery stores in Vietnam

    Aeon has unveiled plans to expand its network of MaxValu compact supermarket stores in Vietnam, eyeing about 100 new locations across the country by 2025.

    According to Nikkei Asia, the expansion will include a larger store format with floor space spanning 500sqm or more. MaxValu currently operates four Vietnam stores, all in Hanoi. In addition, Aeon Group’s subsidiary, Aeon Mall, aims to expand its network of malls in Vietnam from six to 16 by 2025.

    Despite the challenges of the Delta-variant wave hitting the country, the group sees significant opportunity in the Southeast Asian market, where customers are gradually shifting from shopping at local markets to supermarkets due to hygiene concerns.

    “Next year, Aeon Vietnam will focus on opening more business locations with diverse retail models including shopping malls, department stores, supermarkets, convenience stores and specialized stores,” Furusawa Yasuyki, general director of Aeon Vietnam, told local press.

    The expansion plan also helps Aeon further strengthen its position in the market, where retail giants such as locally-owned Masan Group and Thailand’s Central Group are ramping up the competition.

    Last week, Masan Group unveiled an expansion plan for its mini-mall chain WinMart+, which will integrate a to-go cafe and mini bank offices including ATMs and customer-service reps. The group is set to have 20,000 franchised stores together with an addition of 10,000 outlets owned by the group by 2025. WinMart+ is expected to expand the multi-utilities concept in the future.

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  • Vietnam trade ministry asks China to reopen border gates

    Vietnam trade ministry asks China to reopen border gates

    Vietnam’s Ministry of Industry and Trade has requested China’s Guangxi region to reopen its border gates with Vietnam and extend customs clearance hours to resolve the container congestion.

    Guangxi’s “zero Covid” measures, including shutting the border and suspending the imports of certain fruits, were unnecessary, senior trade ministry officials told Guangxi trade officials Friday. The policy has disrupted the supply chain and caused negative impacts on bilateral trade development, resulting in big losses for businesses and people of both countries, the Vietnamese officials said.

    The ministry proposed that Guangxi recruits more drivers and workers on its side to deal with the staff shortage. It also suggested that fully vaccinated Vietnamese be sent across the border to work. It wants Guangxi to facilitate shipment via trains and ships; as also resume importing Vietnamese dragon fruits.

    Guangxi trade officials said that they would increase the duration of customs clearance based on the agreement between the local authorities of the border gates. They will forward other proposals to higher authorities, Guangxi officials said. Thousands of container trucks have been stuck at the border for over a month after China tightened its Covid-19 preventive measures.

    On Friday 2,945 container trucks were stuck at the border in Vietnam’s Lang Son Province, down 191 from a day earlier.

    Many trucks have had to turn around and distribute their products locally for a loss as the fruits were beginning to rot.

    Of the three major borders gates in Lang Son, two are operating with limited capacity while one is still shut.

    Lang Son authorities estimate that it would take more than a month to resolve the container jam at the current speed.

    Minister of Industry and Trade Nguyen Hong Dien has sent four letters to China’s Ministry of Commerce, China Customs and secretaries of the two localities – GuangXi and Yunnan – requesting the agencies’ intervention in resolving the issues.

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  • Amid pandemic, e-commerce reigns supreme

    Amid pandemic, e-commerce reigns supreme

    With Covid-19 forcing people to stay at home and spend time online, e-commerce has been thriving.

    When Tet, the Lunar New Year, was a month and a half away e-commerce platforms had already achieved a strong increase in revenues during their December-12 promotion program. Lazada said sales doubled from the same period in 2020, while the number of sellers was up by 2.5 times. Shopee also reported a strong rise in sales during the event, with most of the orders being for skincare products and house decorative items.

    But Dec. 12 was not the only occasion when e-commerce sites recorded such strong sales: In 2021 they also had major promotions for Oct. 10, Nov. 11, Black Friday, and Cyber Friday.

    Tiki saw sales soar nine times from normal days on Nov. 11.

    According to the ‘e-Conomy Southeast Asia’ report released last November by Google, Temasek and Bain & Co., Vietnam’s Internet economy is expected to grow by 31 percent to $21 billion in 2022.

    Tran Tuan Anh, executive director of Shopee Vietnam, said, “the digital transformation process has been shortened thanks to the pandemic.”

    The report said eight million new digital consumers had been added between the start of the pandemic and the first half of this year, 55 percent of them living in non-metropolitan areas.

    “Stickiness of adoption remains high as digital consumption has become a way of life,” it said, pointing out that 97 percent of new consumers are still using online services and 99 percent said they intend to continue using them in future.

    Some 30 percent of digital sellers believe they cannot make it through the pandemic without digital platforms.

    Lazada Vietnam CEO James Dong said at an event held recently that the pandemic has stimulated millions of new customers to experience online shopping for the first time.

    “E-commerce has really transformed from a side channel to a core part of the growth strategy of brands and sellers”.

    Because of the pandemic, e-commerce sites started to sell food and groceries during the social distancing period.

    According to a study by Malaysia’s iPrice Group last September, online groceries are the only category to achieve steady and consistent growth since the beginning of the pandemic.

    Google searches related to online grocery stores increased by 223 percent in the second quarter of 2021 and 11 times in July compared to May, when stringent social distancing restrictions were in place in some provinces and cities.

    What next?

    iPrice points out three trends in its forecast for Vietnam’s e-commerce market this year.

    The first is the personalization of the shopper experience, with consumers needing e-commerce businesses to help them find the products they need, offer coupons and streamline the supply chain to shorten delivery times and ensure product quality.

    The ‘Personalization Pulse Check’ report in 2018 by Accenture Interactive, an Irish multinational professional services company, had found that 91 percent of consumers were more likely to shop with brands that recognize, remember and provide them with relevant offers and recommendations.

    The second trend is the rise of cashless payments.

    For the first time in 2021 cash payments saw the risk of being dethroned as the most common method of payment in Vietnam after decreasing to only 42 percent of payments from 60 percent in 2020, the ‘Southeast Asia, the Home for Digital Transformation’ report by Facebook and U.S. consulting firm Bain & Company said in November.

    The final trend is that of environment-friendly consumption.

    Consumers have become aware that the products they use not only need to be of good quality but also safe for health and do not leave negative impacts on the environment.

    The report by Facebook and Bain said environmental, social and governance (ESG) factors now count as among the top reasons for consumers to switch brands in Southeast Asia.

    “People are willing to pay more for a product that is sustainably and responsibly sourced, although some product categories are more sensitive to ESG factors than others,” it said.

    According to iPrice, it is hard to predict if sustainability and eco-friendliness will become the main trend in 2022, but it certainly has importance in e-commerce in the future.

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  • Vietnam set for robust rebound in 2022

    Vietnam set for robust rebound in 2022

    Organizations have pegged Vietnam’s GDP growth at 6.5-7.5 percent in 2022, citing solid recovery potentials in manufacturing and domestic demand.

    The World Bank has forecasted Vietnam’s growth at 6.5-7 percent from 2022 onward as it expects a sustained global recovery will ensure strong demand for Vietnamese products in its main export markets of the U.S, the E.U. and China.

    “The rebound will also be supported by the vaccination of at least 70 percent of the adult population by mid-2022, preventing severe new outbreaks,” it said in a report.

    Vietnam has achieved this vaccination target by the end of 2021 and is focused on giving the booster shot to deal with the new Omicron variant.

    The World Bank also announced this week it would finance a $221.5 million loan to support Vietnam’s recovery from the pandemic, with a focus on several policy reforms, including easing tax burden on businesses and improving access to financial assistance among vulnerable groups.

    The Asian Development Bank (ADB) pegs Vietnam’s growth at 6.5 percent in 2022, driven by expanding vaccination coverage and other factors, while brokerage VNDirect has an even more optimistic growth forecast at 7.5 percent.

    The brokerage sees growth-driven manufacturing and exports regaining momentum, strong foreign direct investment, and increased domestic demand triggered by stimulus packages.

    One of the key supporting factors for growth is that the country will likely achieve its target to fully vaccinate 70 percent of the population this year, it said.

    Services are likely to recover with the resumption of tourism and entertainment in the second quarter if the Covid-19 situation remains under control.

    Revenue from retail and services therefore could grow 10-12 percent in 2022.

    Several companies are drawing up roadmaps to boost recovery.

    The Thanh Cong Textile Garment Company plans to increase its number of employees by 20 percent as it has secured several major orders that will ensure jobs for the first half of the year.

    “In addition to the main export markets like Asia and America, we plan to expand to more European and African countries this year,” said deputy general director Tran Nhu Tung.

    Phan Phuc Son, deputy director of the Saigon – Ha Long Hotel Tourism Jsc in the northern province of Quang Ninh, is hopeful that the tourism industry will rebound this year.

    “Quang Ninh Province is expected to welcome the first international tourist group in January 2022, giving us more of recovery.”

    The hotel is working with state agencies as well as businesses in the Quang Ninh Tourism Association to establish a “green corridor” for package tours, meeting the needs of international guests coming to Vietnam.

    Targets achievable

    2021 was another challenging year for Vietnam as the Delta variant forcing many economic activities to shut down in the third quarter.

    GDP growth dropped for the second year in a row to 2.58 percent.

    But the National Assembly expects growth to rebound in 2022 and has set a target of 6-6.5 percent for the year.

    Tran Hoang Ngan, head of the Ho Chi Minh City Institute for Development Studies, said that the growth target is feasible and actual rate could even exceed it thanks to the recovery of major export markets such as the U.S. and Europe, and the many free trade agreements Vietnam has signed, including 14 that have taken effect.

    To ensure growth, the government needs to focus on disbursing VND526 trillion ($23.25 billion) worth of public investment, which is “both an opportunity and a challenge,” he said.

    Other experts said that the size of the stimulus package will determine how fast and effective economic recovery will be.

    “Without special support programs, without fiscal and monetary stimulus packages, Vietnam will miss opportunities, be left behind, and not realize its five-year economic development targets,” said economist Can Van Luc.

    Bui Quang Tuan, director of the Vietnam Institute of Economics, said that overall economic recovery program, to be implemented from 2022 to 2023, could amount to some VND666 trillion, or 8 percent of the 2020 GDP.

    The aid package needs to be large and strong enough to support both supply and demand, and growth-supporting solutions should be associated with digital transformation and green growth, he said.

    The scale of the stimulus package is set to be decided at an eight-day extraordinary session of the National Assembly in January.

    The World Bank has advised the government to improve the implementation of its cash relief programs to reach more households, informal workers, and those unregistered in existing social assistance registries who have been affected.

    Cash support should last for several months instead of a one-time transfer, it has said

    Obstacles remain

    But some lawmakers have expressed concerns that the public debt ratio could rise as the government plans stimulus packages, posing financial risks.

    The estimated public debt ratio of 44 percent of GDP this year looks low, but this has come about after adjusting some data, which caused GDP to increase by VND1,000 trillion, said Nguyen Huu Toan, deputy chairman of the National Assembly’s Finance and Budget Committee.

    “The ratio looks low but it is actually a matter of serious concern.”

    Another concern is inflation, which is set to be very high in 2022, said Nguyen Thi Huong, head of the General Statistics Office.

    As Covid-19 is expected to remain under control, demand for manufacturing and consumption will rise, and so will prices of materials, fuels and transportation, she said.

    Other factors that will push up inflation are rising prices of animal feed, construction and education, she added.

    Although Vietnam’s inflation hit a six-year low of 1.84 percent in 2021, the ADB has forecast it could reach 3.8 percent next year on the volatility of global price movements and pressure coming from a weaker dong against the U.S. dollar if capital outflows happen due to a more front-loaded response of advanced economies to curb inflation.

    Regardless of these challenges, CEO of HSBC Vietnam Tim Evans has expressed optimism that the country will reach new heights in 2022.

    “So as 2021 draws to a close, it is time to take a deep breath, believe that the worst is really behind us this time and that Vietnam will resume its economic cadence from 2019,” he said.

    HSBC forecasts that growth will hit 6.8 percent, driven by a return to strong FDI investment with a clear focus on the manufacturing sector which should further drive the Vietnamese export sector.

    Continued middle class growth and the rising affluent sector in particular will further drive the consumer story in Vietnam, which will lead changes in consumption as Vietnamese start spending more and more on leisure and travel, he added.

  • Understaffed businesses need 300,000 plus workers in HCMC

    Understaffed businesses need 300,000 plus workers in HCMC

    Facing labor shortages, businesses and factories in HCMC need around 310,000 workers this year should Covid be controlled.

    According to a recent survey by the HCMC Center of Forecasting Manpower Needs and Labor Market Information (Falmi), the city’s labor market faces two scenarios depending on future Covid development.

    If Covid-19 is brought under control, businesses need to recruit 280,000-310,000 workers. The demand for human resources in the first quarter would be nearly 87,000, second quarter over 72,000, third quarter 74,000, and fourth quarter, 77,000.

    Should the pandemic situation remain complex, the city’s labor demand would be about 255,000-280,000 staff. The highest would be in the first three months of the year at over 78,000.

    The trade and service sector has shown the sharpest increase in recruitment demand this year, accounting for nearly 66 percent and including commerce, transportation and warehousing, accommodation, catering and others.

    Recruitment demand for the industry and construction group accounts for over 33 percent, including mechanical engineering, electronics production, food processing, beverage, and pharmaceuticals.

    The report found up to 86 percent of recruitment demand does not require workers to have a college degree.

    Regarding market response, Falmi stated that on average, the city produces about 500,000 students and graduates each year, including from university, college, intermediate, elementary and vocational training levels.

    Therefore, it is expected the city’s labor force would meet recruitment demand among enterprises this year.

    The agency noted that this year the city’s labor force would reach nearly 5 million employees, of which more than 3 million work in enterprises and factories.

    Last year, according to a Falmi survey, nearly 65,000 businesses across HCMC had to recruit more than 174,000 workers, though the number of job seekers was only around 135,000.

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  • Young Vietnamese look to cryptocurrencies to get rich quick

    Young Vietnamese look to cryptocurrencies to get rich quick

    Cryptocurrencies are becoming a new investment favorite in the country, but many are learning what goes up rapidly could come down at the same speed. This year Minh Quan of Hanoi started to study the cryptocurrency market for the first time after a friend urged him to invest in it. The real estate broker started with a $1,000 investment in a startup he barely knew.

    “I invested because the founders have good physiognomy,” he says.

    The startup picked up and the founders were able to secure funding from foreign funds, and Quan’s investment appreciated five-fold within a month.

    Young Vietnamese like Quan are becoming increasingly interested in cryptocurrencies, hoping to get rich quick despite a lack of legal support for them and high risk.

    Vietnam is among the top 15 countries in the world by number of cryptocurrency investors, with most being under 35 years old, Lynn Hoang, Vietnam country director for trading platform Binance, said.

    Though the government does not recognize Bitcoin and other cryptocurrencies, it still led globally in cryptocurrency adoption with 41 percent of respondents claiming to have bought Bitcoin and others, according to a survey in August by U.S. financial consultancy Finder.

    Minh Anh, who is in his 20s, has found that while predicting the market is nearly impossible, a thoughtful and safe investment strategy could help him navigate the cryptocurrency world.

    He only invests a small amount in it and only in cryptocurrencies managed by experienced people, he says.

    “I only invest 25 percent of my total assets into crypto. After placing an order I turn off the app to not be distracted by the volatility”.

    This year he made profits of hundreds of millions of dong (VND100 million = $4,380).

    But with great profit potential come great risks.

    With bank deposit interest rates sharply down, Hanh, a bank teller, withdrew money from stocks to invest in cryptocurrency futures, which allow investors to predict the market future and bet on it.

    However, lacking sufficient knowledge of the market, she lost all her money and decided to stop investing in futures altogether.

    Le Trong and his wife invested all their savings into cryptocurrencies in 2017 when the market was booming. They even borrowed to invest.

    But then the market fell, hurling them into a crisis as debt collectors began to call constantly. Trong’s wife went into a depression, and it took the couple several years to repay their debts.

    “I’ll never get involved with crypto again,” he says.

    Lynn Hoang of Binance says the two basic rules for cryptocurrency investment are knowing how to protect your investment and not using leverage.

    New investors should opt for cryptos with a large market cap, she says, likening it to buying blue chips in the stock market.

    Whether one’s strategy is to invest for the long term or short term, it is important not to be greedy, she warns.

    Thuong, an investor in Hanoi, has learned that lesson.

    When Bitcoin dropped to around $54,000 on December 4, she poured most of her savings into it, thinking she had found the bottom.

    But the fall continued down to $43,000, and, without cash, she has been unable to buy more to average the price.

    “Controlling your greed sounds easy, but it is not,” she says.

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  • Trade rises to new high

    Trade rises to new high

    Foreign trade surged 22.6 percent in 2021 to a new high of $668.5 billion despite the supply chain disruptions caused by Covid-19.

    Exports were up 19 percent at over $336 billion, but domestic companies only accounted for 26.4 percent of it.

    Over 35 categories of goods saw exports of over $1 billion.

    Imports grew by 26.5 percent to $332 billion, with domestic companies accounting for 34 percent.

    The U.S. was the biggest market buying goods worth $95.6 billion, while China was the biggest source of imports ($109.9 billion).

    There was a trade surplus of $4 billion, the sixth straight year in which exports have exceeded imports.

    But the trade deficit with China not only continued but increased by 53 percent to $54 billion.

  • Netstars Vietnam partners with M-service to promote non-cash payment for TeteShop users

    Netstars Vietnam partners with M-service to promote non-cash payment for TeteShop users

    Netstars Vietnam will cooperate with Mobile Online Services JSC (M service) to provide grocery stores with payment solutions both online and offline.

    The collaboration agreement signed by Netstars Vietnam Co., Lt (Netstars Vietnam), a member of the multinational fintech startup Netstars, and M service, a leading fintech company that operates the Momo super app in Vietnam, aims to promote non-cash payment services and digital merchant tools for grocery stores in Vietnam.

    Amid the Covid pandemic, most traditional business activities are being affected. The partnership intends to enable grocery stores to easily receive payments both online and offline via the Tete Shop service, a smartphone-based shop management application for grocery stores with more than 10,000 registered shops. This will help merchants reduce physical contact and reduce the risk of Covid infection.

    Currently, Momo has more than 25 million users in Vietnam.

    While Netstars has a great market share in multi QR payment solutions in the Japan market, its local arm has integrated with most leading banks and e-wallets in Vietnam, accepting payments from more than 80 percent of mobile banking and e-wallet applications on the market.

    Along with payment solutions, Netstars Vietnam also provides a smartphone-based shop management app Tete Shop for grocery stores with more than 10,000 registered outlets.

    Netstars Vietnam has demonstrated its commitment to bring professional solutions to grocery stores and its passion to contribute to the development of Vietnam. Both parties plan to jointly promote and expand the Tete Shop and Momo Super app to remote, rural, and isolated areas with the goal of providing digital transformation to 1.4 million grocery stores in Vietnam.

  • Vietnamese carriers open ticket sales for international flights

    Vietnamese carriers open ticket sales for international flights

    Vietnam Airlines and Bamboo Airways have opened ticket sales to several locations including the U.S., Japan and Taiwan, signaling the resumption of international travel on New Year’s Day.

    National flag carrier Vietnam Airlines is offering tickets between HCMC and Phnom Penh in Cambodia, with one-way prices starting at VND2.5 million ($109.54). From Hanoi to Tokyo, the starting fare is VND11.7 million; and from HCMC to San Francisco, VND21.2 million.

    All flights are scheduled for January 1, 5 and 9, respectively.

    Vietnam Airlines is not offering tickets to Singapore and Taipei yet, even though it has received permission from the Civil Aviation Authority of Vietnam (CAAV) to reopen flights on these routes.

    Meanwhile, private airline Bamboo Airways is offering tickets from Hanoi to Taipei at VND4.5 million one-way once a week starting January 5.

    Round-trip tickets are not being offered at this point.

    Vietnam requires arriving passengers to test Covid-19 negative and have certificates of vaccination or Covid-19 recovery. They will also need to isolate themselves at a location of their choice for three days after arrival.

    Those who are not fully vaccinated will need to guarantee that they will isolate themselves for at least seven days at home or a location approved by local authorities.

    The CAAV has approved the resumption of international flight routes to Japan, Taiwan, Singapore, Cambodia and the U.S, with each domestic airline allowed to operate four flights a week on each route.

    South Korea, China, Laos and Thailand have not finalized their responses to Vietnam’s request for flight resumption.

    Vietnam closed its borders and grounded international flights in March 2020, allowing in only citizens, foreign experts, investors, and highly-skilled workers coming in on special flights.

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  • Babeeni’s hand-smocked clothing for children meets diverse tastes

    Babeeni’s hand-smocked clothing for children meets diverse tastes

    Babeeni Co., Ltd satisfies customers from different markets with its designs for dresses, swimwear for children, women and families.

    Established in 2007, Babeeni has been a reputable manufacturer and exporter of children’s clothing in Vietnam. It has a head office at 66 Viet Hung Street, Long Bien District, Hanoi and five factories totaling 150,000 square meters in Hai Duong and Lao Cai provinces.

    With 2,120 employees in hand-embroidery and sewing techniques, as well as advanced machines and production lines, Babeeni meets an annual capacity of around 3 million pieces of all types of clothing for children, women, men and families.

    Target markets mainly include the United States and Europe, along with the Middle East and Asian countries like Japan, South Korea, and Thailand.

    Babeeni‘s clothing products feature an exquisite style with traditional hand-embroidery, hand-smocked patterns and appliqued motifs to meet customer needs. The garments are made of new and high-quality fabric guaranteed to be safe, with cotton certificated from an American origin.

    Besides, Babeeni is capable of meeting custom requests for different types of materials, designs or patterns.

    With the wish for long-term cooperation, Babeeni has product return policy that is ready to give feedback or solutions for merchandiser of the purchaser. Babeeni also provides 24/7 sales, design consulting and logistics services to serve orders with reasonable prices, satisfactory quality and on-time delivery.

    Until now, Babeeni has attracted thousands of customers, most of whom have cooperated with the manufacturer for many years. The company aims to expand into more international markets.

    Duong Thi Phuong Hien (Marry Le) – CEO and founder of Babeen, shared her business philosophy: “Business is not for profit but for promoting happiness and beauty. When you buy Babeeni’s products, you are getting the best from our heart and passion in fashion.”

    If you want to start up your own clothing boutique and have any idea on clothing designs, contact via phone +84-823 776 668 (Whatsapp).

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  • Low-cost café franchising booms despite Covid

    Low-cost café franchising booms despite Covid

    Despite the Covid-19 pandemic, more and more low-price cafés are franchising and doing well. At 9.00 every day a Napoli café franchisee on Dong Nai Road, District 10, HCMC is crowded. Its owner, Hoang, says: “We directly serve hundreds of customers a day. The number of customers making orders via apps is double that.”

    A café franchised by Milano on Pham Van Chieu Road, Go Vap District, also gets hundreds of customers daily, one of its employees says.

    Many other similar outlets are also making good profits despite the pandemic, mainly selling through apps and e-commerce websites.

    Nguyen Duc Hung, the founder of Napoli Coffee, said that after starting in 2010 his company has so far franchised 3,000 outlets which fetch hundreds of billions of dong annually.

    “We franchise an average of two to three coffee shops a month. Some of our partners want to open more shops though they already own five”.

    Now there are thousands of Milano franchisees across the country. Trung Nguyen E-Coffee franchised coffee shops are present in 54 cities and provinces.

    The franchisors do not seek royalties for their trademarks or other such fees, and most of their profits come instead from the construction and decoration of coffee shops or sales of packaged coffee and beverages they produce

    Napoli offers three franchising packages costing VND70-350 million for cafes of 50-100 square meters in size. The packages include a five-year warranty, decoration, furniture, lighting, uniforms, and the coffee-making process, and exclude the costs of sanitary equipment and salaries.

    Trung Nguyen E-Coffee offers franchising packages worth VND65-175 million.

    Le Anh Tu, a lecturer at Van Lang University in HCMC, said the low-price café franchising model thrives despite Covid because franchisors support franchisees a lot, and products are sold at reasonable prices like VND12,000-30,000 for a cup of coffee.

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  • Viettel to get new chairman

    Viettel to get new chairman

    Colonel Tao Duc Thang is set to take over as chairman and CEO of military-owned telecom giant Viettel from Le Dang Dung, who retires on December 31.

    Thang, 48, who has been the deputy CEO since 2015, has an M.A. in electronics and communications and worked for Hanoi Phone Company and Hanoi Post before joining Viettel in 2005.

    He has held several key positions since, including as CEO and chairman of Viettel Global, which manages the company’s overseas businesses.

    Viettel, the country’s largest telecom company with operations in nine countries in Southeast Asia and Africa, reported pre-tax profits of VND19.9 trillion ($867.2 million) for the first half of 2021, a year-on-year increase of 3.1 percent.

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  • Viettel to get new chairman

    Viettel to get new chairman

    Colonel Tao Duc Thang is set to take over as chairman and CEO of military-owned telecom giant Viettel from Le Dang Dung, who retires on December 31.

    Thang, 48, who has been the deputy CEO since 2015, has an M.A. in electronics and communications and worked for Hanoi Phone Company and Hanoi Post before joining Viettel in 2005.

    He has held several key positions since, including as CEO and chairman of Viettel Global, which manages the company’s overseas businesses.

    Viettel, the country’s largest telecom company with operations in nine countries in Southeast Asia and Africa, reported pre-tax profits of VND19.9 trillion ($867.2 million) for the first half of 2021, a year-on-year increase of 3.1 percent.

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  • Vietnam to launch commercial 5G service in 2022

    Vietnam to launch commercial 5G service in 2022

    Vietnam is set to commercially launch 5G mobile services next year as it seeks to increase the number of internet users by reducing the number of 2G smartphones to under 5 percent.

    The Ministry of Information and Communications reported at a meeting Wednesday that the service will be operated with made-in-Vietnam devices. The country aims to have 25 percent of the population using 5G by 2025, it said.

    The government had earlier announced its intention launch 5G commercially last year but the service is still on trial. Some radio frequencies have been dedicated and 5G services are being tested in 16 localities since last year.

    4G services currently cover 99.8 percent of the country.

    State-owned telecom giant Viettel said it has completed research and development work of 5G services. It also said it has successfully run a complete network of 5G services this month.

    The communications ministry has said wants more people to switch to 4G and 5G technology by the end of next year.

    It plans to have 5 percent or less of the population using 2G phones by the end of next year and to shut down 2G services by 2023.

    “This means that by 2023, 100 percent of Vietnamese will be ready to use internet,” the ministry said.

    As of last year, Vietnam had 24 million 2G subscribers.

  • Nike eyes recovery as Vietnam factories reopen

    Nike eyes recovery as Vietnam factories reopen

    Sportswear maker Nike is confident the resumption in production in Vietnam will boost the company’s future recovery.

    “Compared to ninety days ago, we are increasingly confident supply will normalize heading into fiscal 2023” as all factories in Vietnam were operational and production was at about 80 percent of what it was before the closures, finance chief Matthew Friend said.

    Social distancing in Vietnam, where more than half of Nike’s footwear and about a third of its apparel manufacturing occurs, in the July-September period caused the company to cancel production of roughly 130 million units.

    But as the government eased its social distancing regulations early October, its factories have reopened.

    The company forecasts growth to be in the lower single digits for the next quarter because of the continuing impact of lost production from pandemic-related disruptions in Vietnam where an average 18,000 new cases were recorded in the last seven days.

    Friend said Nike will continue to watch the Omicron variant to see what impacts it may bring to production.

    Demand for Nike’s goods continues to outpace supply. The previous quarter, Nike reported a 10-week delay in production because of a lockdown in Vietnam and said it expected flat revenue growth for the November quarter.

    Nike posted a revenue of $11.4 billion in the quarter ending Nov. 30, up 1 percent from the same period a year earlier. Analysts expected revenue of $11.2 billion.

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