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Tag: Vietnam

  • Vietnam Airlines launches e-commerce platform

    Vietnam Airlines launches e-commerce platform

    Vietnam Airlines has launched a new e-commerce platform VNAMALL, focused on selling imported products from countries to which it operates.

    As many as 300 products are available starting Monday on the platform, mainly pastries, fruit and wine.

    The airline also sells food typically available on its flights.

    It also introduced Vietnam Airlines Gift Card that comes with perks like more check-in baggage and priority check-in.

    VNAMALL is the latest initiative of the loss-making national flag carrier, which has been struggling to overcome Covid-19 impacts.

    The airline, in which the state holds a 86 percent stake, recorded an accumulated loss of VND17.77 trillion ($780.48 million) as of June 30.

  • Car imports surge

    Car imports surge

    The number of imported cars in Vietnam rose 61 percent to 129,733 units in the first 10 months this year.

    Passenger vehicles saw a rise of 50 percent to 90,029 units, according to Vietnam Customs.

    In October, the three major import markets were Thailand with 8,320 units, followed by Indonesia, 3,925, and China, 1,733.

    Over 11,700 cars with nine seats or less were imported to Vietnam last month, doubling from September.

    A media representative of a Japanese auto brand said the rise came as customs activities resumed after months of social distancing.

    Companies were also importing more vehicles to prepare for the end-of-year shopping season.

    Vietnam also imported $4.07 billion worth of car parts and equipment in the first 10 months, up 33.5 percent year-on-year.

    Sales of imported, completely-built units rose 24 percent year-on-year to 97,028 in the first 10 months, according to Vietnam Automobile Manufacturers Association (VAMA).

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  • Bamboo Airways set to list its stocks

    Bamboo Airways set to list its stocks

    Bamboo Airways plans to list on the Unlisted Public Company Market next quarter while preparing for an IPO in the U.S.

    Prices of the ticker BAV will be at least VND60,000 ($2.65), CEO Nguyen Khac Hai said in a statement Friday.

    UPCoM serves as a market to encourage companies to go public. Vietnam’s two main bourses are the Ho Chi Minh Stock Exchange and the Hanoi Stock Exchange.

    The company targets to raise $200 million by issuing shares on the New York Stock Exchange, giving the startup airline a market cap of $4 billion.

    The airline plans to begin regular services to the U.S. city of San Francisco from HCMC by the end of this year, with five return flights a week initially and later daily.

    It has been operating charter flights to the U.S. since the end of September.

    The airline also announced plans to fly to the U.K. this year with six flights a week from Hanoi and HCMC to London.

  • Vietravel invests $25.8 mln in its carrier

    Vietravel invests $25.8 mln in its carrier

    Tourism company Vietravel has decided to invest an additional VND593.5 billion ($25.8 million) in Vietravel Airlines this year.

    The additional capital lifts its total investment in the new carrier to nearly VND1.3 trillion.

    Based at the Phu Bai International Airport in the central province of Thua Thien Hue, Vietravel Airlines was licensed in April 2020 with a charter capital of VND700 billion.

    Early this year, it began operating flights on several domestic routes with three aircraft and is not expected to break even for at least a few years.

    The company’s operations have been hit by the Covid-19 pandemic over the past two years. It resumed business on Oct. 18.

    It has reported losses of VND90 billion in 2020, twice the profits it earned in 2019, but is targeting pre-tax profits of VND10 billion this year.

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  • Vietnam lowers power capacity in latest national plan update

    Vietnam lowers power capacity in latest national plan update

    Vietnam eyes to reduce its planned power capacity by 2030 by over 13 percent to 155,700 megawatts in the latest revision of the national power plan.

    This equates to a drop of nearly VND800 trillion ($34.48 billion) in investment, Deputy Minister of Industry and Trade Dang Hoang An told a meeting Friday, referring to Power Development Plan VIII for the 2021-2030 period with vision to 2045.

    The ministry also lowered the planned capacity for 2045 by 9.7 percent to 333,590 megawatts.

    In the update, the ministry has excluded solar power capacity from the country’s energy backup capability to ensure power security.

    This is because solar power is unstable, and “a cloud passing by could reduce capacity by 40 percent,” An said.

    Without solar power, backup capacity is 43 percent the total, which can ensure system safety.

    Some investors and experts also contributed ideas for power development over the next decade.

    Mathias Hollander, senior manager at Copenhagen Offshore Partners, said Vietnam could develop 5-10 gigawatts of offshore wind power by 2030, creating $60 billion in added value to the economy.

    Strong offshore winds could increase power by 50 percent to the level of hydropower, he added.

  • VinFast announces US headquarters in Los Angeles

    VinFast announces US headquarters in Los Angeles

    VinFast on Wednesday announced its U.S. headquarters will be located in Los Angeles, California, affirming its goal to become a global automaker spearheaded by electric vehicles.

    The company’s U.S. headquarters is located in the Playa Vista area – a neighborhood known as “Silicon Beach” and packed with tech firms in Los Angeles.

    “We are so proud to welcome VinFast to our city as we continue leading the way to a better-connected, cleaner, and more sustainable transportation future,” said Los Angeles Mayor Eric Garcetti.

    The headquarters is over 15,000 square feet (1,393 square meters) with room to expand.

    VinFast intends to establish its management team and hire more than 400 employees at its headquarters and a regional office in Los Angeles within the next several years.

    In addition to its corporate headquarters in Los Angeles, VinFast is investing in regional offices, a call center, and a network of storefronts to help introduce the brand and products to American customers.

    VinFast’s decision to place its U.S. headquarters in California was due in part to a $20.5 million tax credit awarded by the California Governor’s Office.

    The California government’s announcement, released on Nov. 5, builds on VinFast’s investment of more than $200 million in its initial phase in California, thus creating over 1,000 new, full-time jobs statewide.

    VinFast, a unit of Vietnam’s conglomerate Vingroup, will officially debut two of its first electric vehicles, the VF e35 and VF e36, at Los Angeles Auto Show that begins this week.

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  • Holiday air tickets in low demand as Covid stirs fear

    Holiday air tickets in low demand as Covid stirs fear

    Air tickets for the upcoming Tet holiday are in low demand as people are reluctant to make travel plans due to the long quarantine time and a rising number of Covid-19 cases.

    In previous years, Loan’s family had usually finished booking six Tet (Vietnam’s Lunar New Year) air tickets for the Ho Chi Minh City – Da Nang route at a total price tag of over VND40 million by the end of August.

    But this year, she has yet to make a decision.

    “My two children are not vaccinated so we are reluctant to travel. We plan to stay in HCMC this year and visit our parents later when the pandemic situation is stable.”

    Hanh and her husband in Thu Duc City initially planned to bring their children to her hometown in the central highlands province of Kon Tum, but the 14-day quarantine policy for those yet to be vaccinated discourages her.

    “There are only a few days of holiday, we don’t want to spend all of them in quarantine.”

    Ticket agents are reporting an unusual drop in demand compared to previous years in a time when sales often boom as people make travel plans for Tet, which falls in early February next year.

    Hong, the owner of a ticket office in Phu Nhuan District, said by this time last year she had sold hundreds of tickets for the biggest holiday of the year, but this year she had sold none.

    “I have texted frequent customers but none have made any travel plans.”

    Airlines have also not released specific Tet travel plans as per usual.

    Only Bamboo Airways and Vietjet Air have begun selling Tet tickets but with volume totaling 20 percent in the same period last year with prices around 15-20 percent lower.

    A media representative of Vietnam Airlines said it is difficult to plan for Tet ticket sales.

    The Civil Aviation Authority of Vietnam (CAAV) currently only allows airlines to sell Tet tickets for two routes a day or less.

    Some insiders say the rising number of Covid-19 cases and the migration of workers from HCMC and Hanoi to their hometowns would lower air travel demand this year.

    Vietnam recorded 10,250 new covid-19 cases Tuesday, the highest in nearly eight weeks.

    As Tet ticket sales often account for a third of an airline’s revenue for the year, plunging demand is set to cause even more financial challenges to carriers, which have struggled to survive the pandemic

    Vietnam Airlines posted a loss of VND8.58 trillion in the first six months, increasing its accumulative loss to VND17.77 trillion ($781.23 million).

    Vietjet Air posted a first-half post-tax profit of VND121.8 billion, most of it coming from financial services.

    The two airlines have not released earning figures for the third quarter, but most flights were suspended in the third quarter due to the fourth Covid-19 wave.

    Bui Doan Ne, deputy chairman of Vietnam Aviation Business Association, said it is difficult to make forecasts about the recovery of airlines this year as the Covid-19 situation remains unpredictable.

  • Vietnam, US trade to hit unprecedented $100 billion

    Vietnam, US trade to hit unprecedented $100 billion

    Vietnam–U.S. trade could reach $100 billion for the first time this year, up 221 times against the figure in 1995 when the two countries first established diplomatic relations.

    In the first eight months, the figure hit $73 billion. Last year, it was $90.8 billion, Hoang Quang Phong, deputy chairman of the Vietnam Chamber of Commerce and Industry (VCCI), told a forum Tuesday.

    In the last five years, Vietnam’s exports to the U.S. increased on average by 230 percent each year, while the figure from U.S. to Vietnam was 175 percent.

    Vietnam is the 10th biggest trade partner of the U.S., while the U.S. is Vietnam’s biggest trade partner.

    Although the Covid-19 pandemic has disrupted supply chains, many U.S. businesses have been investing in projects in Vietnam in the sectors of manufacturing and processing, clean energy, aviation, healthcare, and pharmaceuticals.

    On the other hand, Vietnam’s exports to the U.S. are in the areas of furniture, footwear and garments.

    Ngo Sy Hoai, deputy chairman of the Association of Vietnam Timber and Forest Products, said Vietnam is the biggest exporter of wood products to the U.S.

    Vietnam is also the second biggest importer of U.S. wood material behind China, he added.

    Although the wood sector has targeted a value of $10 billion exports to the U.S., actual figures are likely to reach $8 billion this year due to Covid-19 impacts, he said.

    Hoai added that Vietnamese companies need to pay more attention to U.S. regulations on legal logging to prove their materials were not illegally cut.

    Former Vietnam Ambassador to the U.S. Pham Quang Vinh said although the U.S. cannot come back to the Comprehensive and Progressive Agreement for Trans-Pacific Partnership (CPTPP), it has made economic initiatives in digital trade, infrastructure and energy, which will offer new partnership potential between both countries.

    Vietnam and the U.S. could consider another bilateral free trade agreement based on existing commitments.

  • Gold price gains in eighth session

    Gold price gains in eighth session

    Vietnam’s gold prices climbed up for the eighth straight session Wednesday even as global rates steadied because of rising dollars.

    Saigon Jewelry Company (SJC) sold its gold at VND62.15 million ($2,727.65) per tael in the morning, up 0.57 percent from Tuesday afternoon. A tael equals 37.5 grams or 1.2 ounces.

    This means gold prices are 0.24 percent away from the previous historic peak last year.

    Since early November, gold has gained 6.6 percent.

    Vietnam’s gold is now VND11.25 million more expensive than global rates.

    Globally, spot gold rose 0.2 percent to $1,854.39 per ounce Wednesday, a marginal gain as a jump in U.S. retail sales kept the dollar close to a 16-month high.

    U.S. retail sales jumped in October, topping expectations, in an indication that high inflation was not yet dampening spending, even as worries about the rising cost of living sent consumer sentiment tumbling to a 10-year low in early November.

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  • US direct flight fare around $1,000

    US direct flight fare around $1,000

    A one-way ticket from Vietnam to the U.S. will cost around $1,000 and be available on the Vietnam Airlines website in a few days, the carrier has said.

    There would be a reduced number of passengers to lower the aircraft’s weight to ensure no fuel stops are needed, CEO Le Hong Ha told reporters Tuesday.

    On the Boeing 787 and Airbus 350 planes Vietnam Airlines uses, this means a maximum of 210-220 passengers instead of the full complement of 300, he said.

    The 2.2 million Vietnamese-Americans in the U.S. would be the main targets in the future, he said.

    The Vietnam-U.S. direct route would not be profitable for five to 10 years, but it is better to fly to sustain cash flows, he said.

    Passengers allowed to enter Vietnam from the U.S. now amid Covid-19 are experts, businesspeople and high-skilled workers.

    The first regular direct flight to the U.S. will leave HCMC in the evening of November 28, achieving a dream conceived nearly two decades ago.

    It will arrive in San Francisco 13 hours and 50 minutes later.

  • Vietnam Airlines direct flight to US takes off next week

    Vietnam Airlines direct flight to US takes off next week

    National flag carrier Vietnam Airlines will operate its first regular direct flight to the U.S. on November 28, achieving a dream conceived nearly two decades ago.

    The flight will depart from HCMC in the evening and arrive at San Francisco 13 hours and 50 minutes later, CEO Le Hong Ha said at a press briefing Tuesday.

    The return flight will leave San Francisco on the evening of November 29 (U.S. time) and arrive in HCMC on December 1, 16 hours and 40 minutes later.

    The wide-body aircraft Boeing 787-9 Dreamliner will be used for direct flights.

    Initially, there will be two flights a week and this can be increased to seven when the pandemic situation is under control, Ha said.

    Vietnam Airlines thus becomes the first Vietnamese carrier to operate a regular flight route to the U.S.

    In 2003, the airline had been directed by the Ministry of Transport to begin direct services to the U.S. by 2005. However, concerns over profitability had kept the carrier from implementing the plan until now.

    The national flag carrier is also studying the possibility of other direct routes to the U.S., including flights between Hanoi and HCMC to Los Angeles or Houston.

    The U.S. has one of the most stringent aviation standards in the world. There are around 20 airlines operating routes between Vietnam and the U.S.

    “We needed to prepare hundreds of kilograms worth of paperwork to meet the U.S. requirements,” Ha said.

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  • Vietnam gold prices reach another year’s peak

    Vietnam gold prices reach another year’s peak

    Vietnam’s gold prices hit another high this year of over VND61 million ($2,677.51) per tael as global prices soared to a five-month high.

    Saigon Jewelry Company (SJC) sold its gold for VND61.1 million per tael Tuesday morning, up 0.49 percent from Monday. A tael equals 37.5 grams or 1.2 ounces.

    DOJI sold its gold at VND60.9 million, up 0.33 percent.

    This means there is now a VND9.8 million gap between Vietnamese, and the global gold rate.

    Gold prices are now at $1,862.81 per ounce after rallying to a five-month peak in the previous session, as concerns over broadening inflationary risks kept bullion’s safe-haven appeal intact in the face of a stronger U.S. dollar and elevated bond yields.

    Some analysts anticipate further increases, while others remain conservative about the $1,870 resistance.

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  • Holiday train tickets in low demand

    Holiday train tickets in low demand

    Train ticket demand for the upcoming Lunar New Year Holiday is plunging due to fear of Covid-19 contagion as thousands of new cases nationwide are confirmed each day.

    Saigon Railway Station in HCMC opened its ticket sales for Tet 2022, the biggest annual holiday which falls in early February, but its nine counters were seen with few inquirers.

    Viet Truong, 37, showed up at 7 a.m., anticipating a large number of customers as what happened in previous years.

    “I got the tickets in only 20 minutes, while in previous years I had to wait the whole morning.”

    Tet tickets are being sold for five routes: four North-South routes and one HCMC-Da Nang route, while in previous years there were 20 routes.

    After two hours of opening sales, over 1,500 tickets were sold, which is the lowest in recent years.

    Hundreds of seats were still available as of lunchtime, even though tickets are being sold at a 10-15 percent discount in the first 10 days.

    Vietnam recorded over 8,200 new Covid-19 cases on average in each of the last seven days, with over 1,200 in HCMC alone.

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  • Gold prices hit 15-month high

    Gold prices hit 15-month high

    Vietnamese gold prices are now at a 15-month high and, as always, well above global rates.

    The Saigon Jewelry Company (SJC) sold bullion at VND60.75 million ($2,682.23) per tael Saturday morning, up 0.75 percent from Friday. A tael equals 37.5 grams or 1.2 ounces.

    This made them around VND10 million or 19.7 percent higher than global prices.

    A spokesperson for SJC said that the gap is widening because Vietnamese prices are becoming less dependent on global rates and relying increasingly on domestic supply and demand.

    Global rates have risen by 5.26 percent to $1,864.74 per ounce since Nov. 4, bolstered by deepening fears of inflation and reassurances from major central banks that interest rates would remain low for the time being.

    Traders are taking profits after an incredible run, Phillip Streible, chief market strategist at Blue Line Futures in Chicago, told Reuters.

    Societe Generale analysts forecast gold prices to average $1,950 an ounce in the first quarter of 2022, given the “renewed commitment from the Federal Reserve to support the economy while letting inflation printing higher”.

    Gold consumption in the third quarter fell by half year-on-year to 3.3 tons as jewelry stores closed due to Covid-19 restrictions, according to a report by the World Gold Council.

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  • VietinBank pioneers online foreign exchange services

    VietinBank pioneers online foreign exchange services

    VietinBank has launched FX Online 24/7, allowing customers to perform transactions at any time, anywhere on platforms VietinBank eFAST and VietinBank Ipay.

    VietinBank focuses on innovating its system to improve FX services. Just by taking some simple steps on a smartphone or a laptop with an internet connection, without having to go to the bank, customers can perform FX transactions online with VietinBank for different currencies.

    Corporate customers can buy and transfer foreign currency online within business hours.

    Corporate customers or individual customers can sell foreign currency online from foreign currency accounts and receive Vietnamese dong into their accounts anytime, including weekends and holidays.

    With a multi-level authorized matrix, VietinBank eFAST can meet the diversified demand of customers for authorization. The system provides security methods meeting the State Bank of Vietnam’s requirements including OTP verification and keypass token verification.

    VietinBank is offering a promotional campaign for corporate customers using the service “Customers sell foreign currency online 24/7” through VietinBank eFAST platform. Customers are offered 20 preferential points with USD/VND transactions; 50 preferential points with EUR/VND and 0.5 preferential point with JPY/VND. There are also special offers for other currency pairs.

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