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Tag: Vietnam

  • Smartphone sales down last month

    Smartphone sales down last month

    Smartphone sales in Vietnam plunged 28 percent year-on-year in the third quarter as shops were shut and mobility restrictions blocked deliveries.

    Sales started to fall in August and plunged deeply in September, a report by market research company Counterpoint revealed, without giving specific figures.

    Around 70 percent of smartphone stores in Vietnam were closed in July, which increased online sales at one of the biggest smartphone chains in Vietnam by 5.9 percentage points to 17.5 percent between July and August, the report noted.

    Electronics chain CellphoneS in July stated its sales had dropped by 70 percent at the time, while another chain Di Dong Viet switched to distributing food.

    In the third quarter, Samsung led in sales with 49 percent of the market, the highest ever, up 13 percentage points year-on-year.

    Oppo came second with 19 percent of sales, down 1 percentage point, followed by Xiaomi at 13 percent, down 4 percentage points.

    5G smartphone sales accounted for 20 percent of the total in the third quarter, with the ratio expected to rise this quarter as network operators plan to expand their 5G services.

    A media representative of Counterpoint said that as restrictions are relaxed, workers begin to return to industrial parks, and the vaccination ratio increases, smartphone sales in Vietnam could rebound before the end of the year.

  • Alerts on Vietnam rice exports

    Alerts on Vietnam rice exports

    Vietnam’s coffee exports in the first 11 months of this year are expected to show a 4.4 percent drop from a year earlier to 1.36 million tonnes, while rice exports will likely post a 0.8 percent increase, government data released on Monday showed.

    Coffee exports are estimated to have fallen 4.4 percent in the first 11 months of this year from a year earlier to 1.36 million tonnes, equal to 22.67 million 60-kg bags, the General Statistics Office said in a report on Monday.

    Coffee export revenue for Vietnam, the world’s biggest producer of the robusta bean, will likely show a 12.6 percent increase to $2.6 billion in the 11-month period, the report said.

    The country’s coffee shipments in November are estimated at 78,000 tonnes valued at $181 million, it said.

    Rice exports in the first 11 months of this year from Vietnam were forecast to have risen 0.8 percent from a year earlier to 5.7 million tonnes.

    Revenue from rice exports in the period was expected to rise 7.3 percent to $3.04 billion.

    November rice exports from Vietnam, one of the world’s largest shippers of the grain, totaled 563,000 tonnes, worth $297 million.

    Vietnam’s Jan-Nov crude oil exports were seen falling 31.4 percent from the same period last year to an estimated 3.01 million tonnes.

    Crude oil export revenue in January to November is expected to rise 14.9 percent to $1.69 billion.

    Oil product imports in the first 11 months of the year were estimated at around nine million tonnes, down 16.6 percent from the same period last year, and the value of product imports were expected to rise 31.2 percent to $4.6 billion.

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  • Car demand up following news of registration fee cut

    Car demand up following news of registration fee cut

    Car dealers have seen the number of customers triple after a 50 percent registration fee discount for locally assembled cars was announced last week.

    Toyota, Honda, Hyundai, Kia and Mazda dealers in Cau Giay District reported 30 and even 50 customers a day last weekend, compared to the average 10-15 .

    The number of signed contracts rose from an average 10 a day to 30.

    A Peugeot dealer locked in seven deals on the weekend even though it was often deserted.

    Customers were still viewing cars at 8 p.m. during the two days, while on normal days the last customers often leave at 6 p.m., a manager of a Toyota dealer in Ho Chi Minh City said.

    “We needed six employees, double from before,” he added.

    The surge in demand for cars came as the government announced a decision to cut car registration fees by half for six months starting Dec. 1.

    This is the second time in the last two years that such a cut is introduced to mitigate difficulties faced by the auto industry due to the Covid-19 pandemic.

    For this reason, accountants and managers had to show up at dealers to finalize contracts when needed.

    Some salespersons said they sold two or three cars last week, while before it often took them several days to sell one.

    Customers can be divided into two main groups: those who want to prepare for the registration process when the fee drops by half starting Wednesday, and those who want to learn more about cars.

    Dealers have ended some prior promotions because of the fee discount, which urge customers to come and make purchases.

    “I am selling my existing car to buy a new one,” said Le Luan, a customer, adding he plans to put down a deposit Tuesday fearing promotions would end Wednesday.

    Registration fees are calculated based on car prices in each locality. The rates are 12 percent in Hanoi and Hai Phong, and 10 percent in HCMC.

    In the first six months last year, 17,600 cars were bought on average each month. In the second half, when the 50 percent cut took effect, sales doubled.

    Last year, car sales had fallen by 8 percent to 296,634 units as the Covid-19 pandemic badly affected the economy, hitting incomes and discretionary spending.

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  • Novartis receives certificate of merit from Vietnam’s Ministry of Health

    Novartis receives certificate of merit from Vietnam’s Ministry of Health

    Novartis has marked its 25 years of development with a certificate of merit from Vietnam’s Ministry of Health for its social commitment during the Covid-19 pandemic.

    “This achievement affirms Novartis’s leading position in the global pharmaceutical market and its long-term commitment to community health support,” a Novartis representative stated.

    Over the past 25 years, Novartis has achieved medical breakthroughs in cancer care, heart disease and the fight against inflammatory conditions. The company uses innovative science and technology to address some of society’s most challenging healthcare issues. It discovers and develops breakthrough treatments and finds new ways to deliver them to as many people as possible.

    Partner of Vietnam’s healthcare

    Novartis began its journey in Vietnam in the 1950s through the presence of Sandoz, Ciba-Geigy, and other partners. Over the past two decades in the country, Novartis Vietnam has cooperated with the Ministry of Health (MoH) and domestic and international organizations to launch several programs to enhance public health awareness, promote training, and strengthen primary healthcare in many cities and provinces.

    In 2008, the representative office of Novartis Pharma Services AG was established in Vietnam to promote and support the supply of medicines, and delivery of drugs to patients, as well as clinical trials of Novartis Group.

    Over the past 13 years, Novartis Vietnam has been focusing on four areas including science-based innovation and clinical trials; scientific and academic cooperation; quality and local manufacturing, along patient access to high-quality, innovative healthcare.

    The company has collaborated with the MoH to develop a strong healthcare system that covers the lowest income segments of the population and to provide the Vietnamese people with high-quality medicines, thus contributing to the MoH’s objective to shape a strong and sustainable healthcare system and achieve universal healthcare coverage.

    A lot of significant programs have been carried out over the past years. In 2014, Novartis and the MoH signed a Memorandum of Understanding (MoU) to enhance the Vietnamese people’s access to essential, affordable generic and innovative medicines, and strengthen the country’s science, medical, and technology capabilities

    It is followed by another MoU inked in December 2019 on raising primary healthcare in Vietnam through activities at commune and district levels from 2019 to 2021, making it a testament to public-private collaboration in this area, aiming to achieve the Universal Healthcare Coverage and United Nations Sustainable Development Goals by 2030.

    2020 marked a special milestone in Novartis Vietnam’s development journey when it inaugurated its new legal entity in the country and became one of the first multinational companies to successfully transform from a representative office to a foreign-invested enterprise importer. Also that year, the company was honored as a pioneer in digital transformation for its efforts and outstanding contributions to the Digital Transformation of the Healthcare Sector at National Digital Transformation Congress.

    Moreover, Novartis Vietnam teamed up with Docquity to offer an exclusive digital network for medical staff. The company has also been named among the top 100 Vietnam Best Places to Work in the country thanks to its appropriate human resource policies and quick response to the Covid-19 pandemic.

    In 2021, the company keeps the momentum of good performance with its recognition as a Global Top Employer for 2021, thus contributing to encouraging Novartis to continue attracting talents and strengthening its offering as a destination for employers in the future.

    Contributions to the Covid-19 fight

    Novartis received the certificate of merit from the MoH for its social commitment during the Covid-19 pandemic and its contributions to the country’s Covid fight, and training of HCPs, among others.

    Novartis supports the initiative of six medical universities in Vietnam to train HCPs to serve Covid-19 prevention and control. At least 1,800 final-year medical students got training from April to July 2020. This effort was in response to the call of the government and the MoH, mobilizing more than 90,000 HCPs for the pandemic fight.

    Moreover, the company has so far donated over $400,000 to the pandemic battle in Vietnam. The company also joined hands with other members of EuroCham Pharma Group to donate an equivalent total of $100,000 to the Vietnam Fatherland Front national campaign on the prevention and treatment of Covid-19, and donate via the HCMC Red Cross Society medical supplies to frontline hospitals, and Covid-19 treatment centers.

    During the pandemic, Novartis has taken effective measures to ensure the continuation of the supply of medicines, as well as promote technology application to maintain regular medical training for HCPs, thus ensuring healthcare access.

    Amitabh Dube, country president, Novartis Vietnam, said: “Vietnam and countries worldwide are still facing pressing health issues that need more innovations to address them. Novartis commits to be a reliable partner in this effort, and will continue the discovery and development of new treatments to help more people.”

    Long-term investment commitments

    Novartis’s strategy is to build a leading, focused pharmaceutical company powered by advanced therapy platforms and data science. Looking at the next 25 years and beyond, the company will continue reimagining medicine to improve and extend people’s lives.

    To implement the strategy, Novartis has five priorities to shape its future and help it continue to create value for the company, its shareholders and society: unleash the power of its people; deliver transformative innovation; embrace operational excellence; go big on data and digital; and build trust with society.

    In Vietnam, the company will continue to collaborate with Vietnamese societies, associations, and health facilities in programs to improve healthcare services for Vietnamese, showing its strong commitment to accompanying the local health sector in future sustainable development.

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  • Vietnam’s e-commerce traffic higher than Thailand, Malaysia

    Vietnam’s e-commerce traffic higher than Thailand, Malaysia

    E-commerce web traffic from Vietnam is double that of Thailand and triple that of Malaysia in Q3, showing high demand for online shopping amid the pandemic, a report has found.

    Digital consumption has become a new habit as the number of online vendors increases, with Vietnam becoming “a star” on the Southeast Asian e-commerce market, according to the Q3 market report by iPrice Group.

    Vietnam is set to exceed Thailand by 2025 to become the second-biggest internet economy in Southeast Asia with a scale of $57 billion, behind Indonesia at $146 billion, according to the e-Conomy Southeast Asia 2021 report by Google, Temasek, and Bain & Co.

    However, foreign companies are still dominating Vietnam’s e-commerce market in terms of web traffic.

    Singapore’s Shopee accounted for 57 percent of traffic in the third quarter, followed by another Singaporean company Lazada at 16 percent.

    Vietnamese startup Tiki ranked third with 13 percent of traffic.

    The report also pointed out Vietnamese consumers interact on the social media pages of e-commerce platforms more frequently than Thai but less than Malaysians, showing the importance of Facebook in promoting brands in Vietnam.

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  • Vietnam Airlines reports $154 mln Q3 loss

    Vietnam Airlines reports $154 mln Q3 loss

    National flag carrier Vietnam Airlines recorded a net loss of over VND3.5 trillion ($154.3 million) in the third quarter, a sharp decrease compared to the first two quarters.

    According to a summary of consolidated financial statements for the third quarter, Vietnam Airlines earned net revenues of VND4.7 trillion, down 37.6 percent year-on-year.

    The sale of goods dropped 20 percent year on year to VND7.7 trillion.

    The airline reported a total gross loss in the sale of products and services of about VND3 trillion.

    While its financial revenue more than quadrupled over the same period to more than VND560 billion, administrative expenses and costs related to the cost of products increased to more than VND347.5 billion and VND282.2 billion, respectively, resulting in the reported net loss.

    The Q3 loss was less than the losses of VND4.9 trillion and VND4.4 trillion recorded in the first and second quarter, respectively.

    Its loss in the first 9 months of the year has crossed VND12.1 trillion.

    The carrier explained that the sharp drop in consolidated profits in the third quarter was not only due to the decrease in profits of the parent company, but also because the profits of subsidiaries providing aviation services, like Vietnam Airlines Engineering Company (VAECO) and Noi Bai Airport Services Company (NASCO), also decreased sharply.

    Vietnam Airlines said that it has proactively implemented drastic solutions in business operations to minimize the impacts of the Covid-19 pandemic, resulting in a significant drop in Q3 losses compared to the first two quarters.

    As of September 25, the carrier increased its charter capital to VND8 trillion.

    The carrier said business activities have gradually stabilized and it is preparing conditions for the recovery and development phase after domestic flights are allowed to operate normally.

    As of September, Vietnam Airlines’s total assets were valued at more than VND67 trillion, up more than VND4.5 trillion over the beginning of the year.

    The company has posted overdue debts of VND65.5 trillion compared to the beginning of the year, and more than VND1.4 trillion of equity, a decrease of nearly VND4.6 trillion over the same period. Of this, short-term debt is about VND42.2 trillion, up more than VND9.7 trillion.

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  • Car registration fee cut by half again

    Car registration fee cut by half again

    A government decree has cut registration fees for locally made cars by 50 percent for six months starting December 1.

    This is the second time in the last two years such a cut is being made to mitigate the difficulties faced by the auto industry due to the Covid-19 pandemic.

    In the first six months of last year, 17,600 cars were bought on average each month. In the second half, when the 50 percent cut took effect, sales doubled.

    The registration fees are calculated based on car prices in each locality.

    The rates are 12 percent in Hanoi and Hai Phong, and 10 percent in HCMC.

    Last year, car sales had fallen by 8 percent to 296,634 units as the Covid-19 pandemic badly affected the economy, hitting people’s incomes and discretionary spending.

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  • New graduates want monthly salary around 500$

    New graduates want monthly salary around 500$

    Almost half of the fresh university graduates expect a monthly salary of VND10-15 million ($435-650), but most employers are only willing to pay VND6-10 million, a survey has found.

    The survey by headhunting agency Adecco Vietnam said over 43 percent want a salary of more than VND10 million, and 31 percent want VND6-10 million, but only 27.5 percent of employers are willing to pay above VND10 million.

    Up to 88.5 percent of new employees regard to salary and remuneration as the top priority closely followed by training and development opportunities (87.7 percent) and then by promotion prospects (73.8 percent).

    Work-life balance and cultural fit are also highly valued (67.2 percent and 55.7 percent).

    Many employers said their main concerns when recruiting new graduates are lack of soft skills, unrealistic expectations and instability.

    Y Pham, chief growth officer at flexible pay startup Nano Technologies, said she has met many new graduates who start their first full-time job with too high expectations due to the lack of clarity about their career path.

    More than 56 percent of employers appreciate the new vision and initiative of fresh graduates, 54 percent appreciate their enthusiasm and 40 percent say new graduates help build a diverse workplace.

    Due to Covid-19, nearly 39 percent of enterprises have reduced recruitment demand, with nearly 19 percent cutting it by more than 50 percent.

    Over 59 percent of new graduates believe there are fewer job opportunities and 37 percent are worried about labor market instability.

    Adecco predicted that 62 percent of fresh graduates would seek new jobs in the next six months when recruitment demand would rise considerably.

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  • Vietnamese plunge headlong into meme coin market

    Vietnamese plunge headlong into meme coin market

    Vietnamese are rushing to invest in so-called ‘meme coins’, hoping to make a killing but ignoring the huge risks of buying a volatile asset talked up by social media.

    In the second quarter The Nghia in the northern province of Vinh Phuc invested $20 to buy nearly 100 Dogecoins, a cryptocurrency that has overwhelmed the Internet this year.

    “I bought the coins because everyone was buying it.”

    As his investment doubled after billionaire Elon Musk spoke about the coin on Twitter, Nghia bought more of it and several other similar meme coins such as Shiba Inu and Rici Elon, hoping to make a giant profit from a small investment.

    “If only one of these coins increases 10-fold, the profit will exceed the investment in the rest of them,” he said.

    On Facebook groups, Nghia and thousands of other Vietnamese discuss meme coins daily as they hope to make a killing through the risk of loss is commensurately high.

    Meme coins are cryptocurrencies that originated from an Internet meme or have some other humorous characteristic.

    Dogecoin, released in 2013 after being created as a joke by software engineers, is the original meme coin that sparked the creation of many others.

    The most popular meme coin in terms of market cap, $28 billion, is the 10th biggest cryptocurrency.

    Some 260 meme coins are currently traded, according to cryptocurrency data platform CoinMarketCap.

    But only a fifth have a daily trading value of over $100,000. To put that in perspective, the cryptocurrency market daily trading value is worth $131 billion.

    One major feature of meme coins is their high volatility. Dogecoin, for instance, gained 1,160 percent in April-May before giving up 69 percent to fall to the current $0.2141.

    Quang Tung of Hanoi said that his wallet is like a “zoo” with many ‘animal’ coins though he does not understand all of them.

    “It is like playing the lottery. I can lose all or profit multiple times.”

    Hoang Minh of HCMC had not intended to invest in meme coins but the fear of missing out urged him to buy a small amount.

    “These coins attract people because they are popular memes on social media.”

    Squid Game coin, which was created amid the popularity of the Netflix series with the same name, surged 1,373 percent to $523 in three hours on Nov. 1 before plummeting to $0.003399 an hour later, sending many investors into a tizzy.

    Nghia and Tung have not made major profits yet since they hold a large number of coins of low value, but hope they would be mentioned by a celebrity in future.

    “Before investing in any cryptocurrency, it’s important to understand what you’re investing in and the associated risks, not just the hype around it,” said Douglas Boneparth, certified financial planner and president of Bone Fide Wealth.

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  • Vietnam shipping company begins service to Malaysia, India

    Vietnam shipping company begins service to Malaysia, India

    The Vietnam Maritime Corporation has launched a container shipping route to Malaysia and India.

    The route from Vietnam’s Hai Phong Port to Malaysia’s Port Klang, India’s Calcutta, Port Klang, and SP-ITC International Container Terminal in HCMC takes 10 days less than foreign shippers’ itineraries, VIMC said.

    It is the first time Vietnamese container ships are sailing through the Malacca Strait to the Indian Ocean to transport cargo to Malaysia and India, both large import and export markets for goods and raw materials for Vietnamese enterprises.

    VIMC said it plans to expand its large-tonnage container ship fleet and operations in the region as well as globally.

    Amid the Covid-19 outbreak, Vietnam’s importers and exporters have been hit by the high freight rates demanded by foreign shipping lines and finding it hard to book their services.

    Freight rates to Europe and North America have surged by four to eight times to around $20,000 for a 40-foot container.

    Many Vietnamese shipping companies saw profits surge in the third quarter as a result of the rising freight rates.

    VIMC reported revenues of VND4.127 trillion ($179.4 million), up 71 percent year-on-year, and profits of VND760 billion, compared to a loss of nearly VND30 billion in the same quarter last year.

    According to the Vietnam Maritime Administration, the country’s ports handled over 535 million tons of cargo in the first nine months of this year, a year-on-year rise of 3 percent.

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  • Car registration fee cut by half again

    Car registration fee cut by half again

    A government decree has cut registration fees for locally made cars by 50 percent for six months starting December 1.

    This is the second time in the last two years such a cut is being made to mitigate the difficulties faced by the auto industry due to the Covid-19 pandemic.

    In the first six months of last year, 17,600 cars were bought on average each month. In the second half, when the 50 percent cut took effect, sales doubled.

    The registration fees are calculated based on car prices in each locality.

    The rates are 12 percent in Hanoi and Hai Phong, and 10 percent in HCMC.

    Last year, car sales had fallen by 8 percent to 296,634 units as the Covid-19 pandemic badly affected the economy, hitting people’s incomes and discretionary spending.

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  • Private hospitals suffer pandemic inflicted losses

    Private hospitals suffer pandemic inflicted losses

    Private hospitals in HCMC and Hanoi are reporting losses after months of limited operations necessitated by the Covid-19 pandemic.

    After four years of making a profit, the Tam Duc Heart Hospital in HCMC’s District 7 posted a loss of VND13 billion ($571,440) in the third quarter this year.

    Its revenue plunged 63 percent to nearly VND54 billion.

    The hospital has cut down salaries but high overhead costs and additional Covid-19 measures remained major financial burdens.

    Its nine-month profit has fallen 86 percent year-on-year, the hospital said.

    In Binh Tan District, Trieu An Hospital posted its second quarterly loss in a row at VND22 billion, against VND14 billion in the second quarter.

    The hospital saw third-quarter revenues plunge 70 percent year-on-year.

    In Hanoi, the Transportation Hospital in Dong Da District saw a loss of VND11 billion in the third quarter, with revenue dropping 36 percent year-on-year to over VND24 billion.

    Its accumulated loss stands at nearly VND188 billion, the hospital said.

    Nationally, the number of health checks fell 10 percent year-on-year last year to VND167 million, according to the health ministry.

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  • Japanese business giants eye expansion in Vietnam

    Japanese business giants eye expansion in Vietnam

    Japanese companies, including retailer Aeon and energy firm Enos, have told Prime Minister Pham Minh Chinh that they want to expand their investments in Vietnam.

    The country’s business environment is improving and Japanese companies have confidence in their Vietnamese operations, the heads of major companies told Chinh in Tokyo Tuesday. The Prime Minister is on a four-day official visit to Japan.

    Aeon, with six malls in the Southeast nation, has invested $1.18 billion in the country so far, and its chairman, Motoya Okada, said it wants to double the number of malls.

    It also wants to list on the Vietnamese stock market and begin exports of fisheries and garment products to Japan, he added.

    Chinh said the company’s plan is opportune since Vietnam now offers great advantages due to its 17 free trade agreements.

    Aeon could expand its business and source products from several localities like Thanh Hoa, Nghe An, Quang Ninh, Hai Phong, An Giang, and Kien Giang, he said.

    Eneos, one of the biggest energy firms in Japan and with annual revenues of $70 billion in Vietnam, wants to expand its investment.

    Chairman Tsutomu Sugimori expressed interest in Vietnam’s energy development plan and helping reduce its carbon emissions.

    Chinh welcomed this, saying his country is drafting its Power Development Plan VIII with a focus on diversifying power sources and developing clean and renewable energy.

    Fast Retailing, which owns fashion brand Uniqlo, wants to invest further in Vietnam. Chinh said the company should to help local employees reach global standards.

    Japan’s leading pharmaceutical firm Shionogi wants to establish its first Covid-19 research and manufacturing facility in Southeast Asia in Vietnam. Conglomerate Hitachi wants to contribute to Vietnam’s railway development.

    Masayoshi Fujimoto, chairman of conglomerate Sojitz Corporation, said his company is also interested in reducing carbon emissions in Vietnam.

    It has 17 ventures in Vietnam in equipment manufacturing, energy, chemicals, electricity, and others.

    Chinh said Sojitz should grow timber in his country and export it to major markets.

    Another conglomerate, Marubeni Corporation, is interested in power projects in Vietnam and wants to develop infrastructure for the Quang Yen economic zone in the northern province of Quang Ninh.

    Chinh said it should focus on Vietnam’s transition to energy sources that are modern and environment-friendly.

    He told the executives they could contact his ministers to resolve any challenges they might face while seeking to invest. “If that does not work, send me a letter directly”.

    Japan was the third biggest foreign direct investor in Vietnam in the first 10 months, behind Singapore and South Korea, with a registered capital of nearly $3.4 billion, accounting for 14.3 percent of total, according to the Ministry of Planning and Investment.

    In the first 10 months, bilateral trade rose 6.4 percent year-on-year to $34.4 billion, according to Vietnam Customs.

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  • Personal deposits down across banking sector

    Personal deposits down across banking sector

    Personal bank deposits were nearly VND5,292 trillion (some $230 billion) by late September, down roughly VND1.5 trillion against late August, according to the central bank.

    Since July, monthly bank deposits fell against previous months, the State Bank of Vietnam stated, noting deposits in August decreased by some VND1 trillion against July.

    From early January to late September, personal deposits hit VND150 trillion, a year-on-year decline of some 50 percent.

    Lower savings interest rates and more attractive stock market and cryptocurrency channels were blamed for falling deposits.

    Total trading value on Vietnam’s HSX, HNX and UPCoM stock markets reached a record high of VND56.337 trillion on Nov. 19, up from the previous record of VND52.145 trillion on Nov. 3.

    According to a survey conducted among over 70,000 people by VnExpress on July 22, real estate was the most popular investment channel (32 percent), ranking above gold and savings (7-10 percent).

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  • Audi recalls 104 cars in Vietnam over lock nut issue

    Audi recalls 104 cars in Vietnam over lock nut issue

    German auto brand Audi is recalling 104 cars in Vietnam due to a lock nut issue on the rear suspension that could cause a loss of control and crash.

    Certain lock nuts on the trailing arm of the rear axle can break due to corrosion, which can change the wheel alignment on the rear axle, according to a notice the company submitted to Vietnam Register.

    If the rear axle suddenly moves in the wrong direction, the driver could lose control and crash, it added.

    There has been no known accidents reported.

    The company will contact each owner about a free replacement of the lock nut, which would take around 1.5 hours.

    The recall lasts from Nov. 15 to Nov. 14, 2024.

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