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Tag: Vietnam

  • Seafood exports edges up to 2,4Bln

    Seafood exports edges up to 2,4Bln

    Seafood exports rose by 2.8 percent year-on-year in the first nine months of the year to US$2.4 billion, according to the Vietnam Association of Seafood Exporters and Producers.

    Tuna, squid and octopus accounted for the highest proportion of the exports.

    Bivalve mollusk exports soared 39 percent to $99.6 million.

    The five biggest markets for squid and octopus were Korea (accounting for 41 percent), 11 member countries of the CPTPP (24 percent), Thailand (11 percent), EU (10 percent), and China (7 percent).

    In September alone, exports fell by 24 percent year-on-year, after falling by 24 percent in August, due to social distancing restrictions.

    VASEP expects the figure to also decline in October.

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  • With no Apple shop, mono stores mushroom in Vietnam

    With no Apple shop, mono stores mushroom in Vietnam

    Vietnam has no Apple store, so resellers are opening mono store chains in the country for consumers to experience an “Apple-standard shopping space.”

    An Apple mono store is a shop that exclusively sells Apple products. There are two kinds of mono stores – the AAR (Apple Authorized Reseller) with a minimum area of 50 sq.m., and APR (Apple Premium Reseller) with an area of 180-220 sq.m.

    “Vietnam and many other Southeast Asian countries are yet to house Apple stores, while the number of Apple users in these countries is getting bigger and bigger. We have opened the TopZone chain (Apple mono stores) for consumers to experience Apple-standard shopping space,” said The Gioi Di Dong (Mobile World) CEO Doan Hieu Em.

    The company will have a total of 50-60 TopZone stores by the first quarter of next year, he said.

    According to FPT Shop, another major electronics retailer that has established 15 Apple mono stores called F.Studio, sales of Apple products in Vietnam have posted two-digit growth rates in recent years. Authorized resellers will establish set up more Apple mono stores in the coming months.

    ShopDunk inaugurated five Apple mono stores on Oct. 22, the day iPhone 13 was launched in Vietnam. It plans to open another 50 stores in the next six months.

    Some other Apple authorized resellers in Vietnam, including CellphoneS and Minh Tuan Mobile, have also said they are planning to set up more Apple mono stores.

    In mid-2020, Apple had posted recruitment notices for many important positions in Vietnam, but it has made no further move since then. Experts have said that relatively small sales in Vietnam was the main factor in the absence of an official Apple store in the country.

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  • iPhone 13 sees record sales in Vietnam

    iPhone 13 sees record sales in Vietnam

    Tens of thousands of iPhone 13 phones have been sold in Vietnam within days of its launch, with numbers exceeding those of Apple’s previous offerings.

    FPT Shop sold nearly 5,000 phones for nearly VND200 billion ($8.79 million) on the first day of sales on Oct. 22, breaking previous iPhone records, Nguyen The Kha, director of the chain’s mobile telecommunications division, said.

    Last year it sold 4,500 iPhone 12s on the first day.

    CellphoneS sold nearly 3,000 iPhone 13s compared to around 1,000 last year.

    Minh Tuan Mobile, which began selling Apple products for the first time this year, sold 1,000 iPhone in two days.

    Industry insiders said the large number of incentives that Apple is offering users this year is causing more buyers to go to authorized stores instead of buying them from sellers who pick up the devices in other countries and sell them in Vietnam.

    “Apple almost did not seem to care about the Vietnam market before,” a seller in HCMC’s District 1 said. “But now it offers a lot of support and commission to distributors and incentives to buyers, which makes the unauthorized market less appealing.”

    Another factor is that the iPhone 13 arrived in Vietnam one month earlier than the iPhone 12 last year, which came on Nov. 26.

    ShopDunk, a distributor of Apple products, said it opened five new Mono Stores (exclusively selling Apple products) on the first day of iPhone 13 sales.

    It also saw the number of pre-orders triple to 15,000.

    A spokesperson for Minh Tuan Mobile said only 50 percent of orders could be met so far, and others have to wait.

    iPhone 13 mini, the smallest and cheapest in the iPhone 13 lineup, is being sold in Vietnam at around VND18.4 million.

    The remaining models cost VND21.5-VND31.9 million.

  • HCMC firms have difficulty resuming operations

    HCMC firms have difficulty resuming operations

    Enterprises in HCMC that have resumed business said they are still facing high production costs, difficulties in inter-provincial transport and labor shortages.

    A survey of 100 enterprises both inside and outside industrial parks by the Southern Institute of Social Sciences this month found that 44 percent plan to resume full production, 29 percent plan to operate at close to full capacity and the rest are adopting a wait-and-see policy.

    More than 46 percent said they are facing difficulties, especially high production costs since they still have to take anti-Covid measures and a shortage of workers.

    Some 35 percent said their biggest difficulty is being unable to repay debts.

    Around 35 percent said they have benefited from the electricity tariff reduction, 19 percent from the labor union fee waiver, 18 percent from loan rollover and interest reduction, and 9-15 percent from other forms of assistance.

    Many wanted authorities to announce detailed policies for economic recovery, clearly define criteria and conditions for resuming business activities and inter-provincial travel, and loosen pandemic-related restrictions.

    Nguyen Van Thu, general director of GC Food Company, said anti-Covid regulations should be loosened, especially for fully vaccinated people, so that workers could travel easily.

    Labor-intensive businesses said some new regulations such as one toilet for every 10 employees are not feasible.

    Dang Nguyen Anh, head of the Vietnam Academy of Social Sciences, said HCMC’s safe production criteria are still inclined toward a ‘zero Covid’ approach, which make compliance with them impossible for businesses.

    Tran Van Khuyen, Party committee secretary of the city’s Hoc Mon District, said 480 local businesses have resumed operations since Oct. 1, and many are worried about the high cost of Covid testing and lack of resources.

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  • Vietnam Airlines to resume all domestic flights

    Vietnam Airlines to resume all domestic flights

    Vietnam Airlines is set to gradually resume flying on 40 routes, or nearly its entire domestic network, by next month, prioritizing Hanoi, HCMC and Da Nang.

    Several flights are set to be resumed to the southern archipelago Con Dao Island, the central highlands province of Buon Ma Thuot and the northern province of Dien Bien from Thursday to Nov. 30.

    The group, which comprises low-cost carrier Pacific Airlines and Vietnam Air Services Company (VASCO), will start conducting 90 routes a day from Thursday and will increase the figure to 120 from the end of this month.

    There will be three flights a day between Hanoi, HCMC and Da Nang City. For the other locations the group will try to have at least one route a day, which could rise to two depending on demand.

    Passengers can fly if they have been fully vaccinated for at least 14 days, or to have recovered from Covid-19, or to test negative within 72 hours.

    Vietnam Airlines Group started resuming its domestic flights from Oct. 10. As of Tuesday it had conducted around 150 flights carrying nearly 12,000 passengers on 16 flight routes.

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  • Taxi firm Vinasun revenue plunges 10 times

    Taxi firm Vinasun revenue plunges 10 times

    Taxi firm Vinasun saw its revenue in the third quarter plunge 10 times to VND23 billion ($991,000) as the fourth Covid-19 wave wrecked the transport industry.

    The company posted a loss of VND91 billion, its seventh losing quarter in a row, increasing the chances of being delisted from the Ho Chi Minh Stock Exchange (HoSE).

    Months of strict social distancing in HCMC, where the company mostly operates, have caused revenue to plunge due to restrictions on public transport.

    In the first nine months, revenue fell by nearly half year-on-year to VND400 billion. It subsequently recorded a loss of VND188 billion.

    In the next 12 months, the company needs to pay nearly VND100 billion in loans.

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  • Techcombank profits soar

    Techcombank profits soar

    Vietnam’s top private lender, Techcombank, reported a 59.6 percent rise in pre-tax profits for the first nine months of 2021 to VND17.1 trillion ($737.1 million).

    Loans outstanding were up nearly 16 percent for the year at VND321 trillion.

    The bank’s bad debt ratio was 0.57 percent, higher than at the beginning of the year but still much lower than the average industry rate.

    Its current account and saving account (CASA) ratio grew by 49 percent, among the highest in the industry, thanks to a six-fold rise in margin deposit.

    Provisions for bad debts were down 9 percent.

    In the third quarter alone, pre-tax profit climbed by 40 percent year-on-year to VND5.56 trillion, mostly from interest income, service fees and securities investment.

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  • Vietnam eyes nine new rail routes by 2030

    Vietnam eyes nine new rail routes by 2030

    Vietnam plans to have nine new railway routes, running 2,362 kilometers, by 2030 as it seeks to upgrade its outdated transport network.

    The total capital needed for these projects accumulates to VND240 trillion ($10.3 million), set to come from state coffers and private investors.

    The biggest route would run from Hanoi to Ho Chi Minh City, covering 1,545 kilometers, according to the government’s approved plan for the 2021-2030 period.

    The Ministry of Transport has proposed that two sections be prioritized on this route: from Hanoi to the central city of Vinh and HCMC to the central town of Nha Trang.

    There will be three routes in the north, connecting Hanoi with tourist hotspot Ha Long and with port city Hai Phong. Another route will run along the eastern boundary of the capital.

    One route is planned for the central region, connecting Vung Ang Port in Ha Tinh Province with the Laos border.

    There will be four routes in the south, with one connecting Bien Hoa town in Dong Nai Province with Vung Tau Province. Two routes will connect HCMC with Can Tho City and the Cambodia border. The remaining route would connect HCMC’s Thu Thiem Station with Long Thanh International Airport in Dong Nai.

    The railway sector targets to transport 11.8 million tons of goods a year by 2030, or 0.27 percent of total goods transported.

    It eyes to carry 460 million passengers or 4.4 percent.

    By 2050, the country is set to have 25 rail routes covering 6,354 kilometers. It now has seven routes covering 2,440 kilometers.

    Vietnam’s railway network has not received major upgrades for decades and has lost its competitiveness to roads and aviation, which are preferred for speed and convenience.

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  • Vietnam Airlines to resume all domestic flights

    Vietnam Airlines to resume all domestic flights

    Vietnam Airlines is set to gradually resume flying on 40 routes, or nearly its entire domestic network, by next month, prioritizing Hanoi, HCMC and Da Nang.

    Several flights are set to be resumed to the southern archipelago Con Dao Island, the central highlands province of Buon Ma Thuot and the northern province of Dien Bien from Thursday to Nov. 30.

    The group, which comprises low-cost carrier Pacific Airlines and Vietnam Air Services Company (VASCO), will start conducting 90 routes a day from Thursday and will increase the figure to 120 from the end of this month.

    There will be three flights a day between Hanoi, HCMC, and Da Nang City. For the other locations, the group will try to have at least one route a day, which could rise to two depending on demand.

    Passengers can fly if they have been fully vaccinated for at least 14 days, or to have recovered from Covid-19, or to test negative within 72 hours.

    Vietnam Airlines Group started resuming its domestic flights on Oct. 10. As of Tuesday, it had conducted around 150 flights carrying nearly 12,000 passengers on 16 flight routes.

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  • Mekong Delta fruit prices surge as travel restrictions ease

    Mekong Delta fruit prices surge as travel restrictions ease

    Jackfruit, longan, and lemon cultivated in the Mekong Delta are fetching two to four times the prices that prevailed when Covid-19 related transport restrictions were in force before Oct. 1.

    Lemons bought directly at gardens are priced VND7,000-8,000 ($0.31-0.35) per kilogram these days, while they were selling for just VND2,000 per kilogram earlier.

    Prices of Thai jackfruit have also surged to VND19,000-30,000 per kilogram. These prices are four times more than the previous four months when travel was restricted.

    Similarly, longan prices have doubled to VND12,000-14,000 per kilogram.

    “Farmers hope to a lot of longan and make a profit when Chau Thanh District (Dong Thap Province) harvests the fruit in about a month,” said Nguyen Van Thuan, a farmer from the district.

    In July, fruit from the Mekong Delta, Vietnam’s agriculture hub, was sold poorly at lower prices as wholesales markets across HCMC close due to Covid-19.

    Mekong Delta contributes 90 percent of the country’s rice exports, 65 percent of seafood exports, and 70 percent of fruit exports.

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  • One Mount develops comprehensive technology ecosystem

    One Mount develops comprehensive technology ecosystem

    One Mount provides solutions covering the entire financial services, distribution, real estate, and retail-sector value chain.

    Approved in June 2020, the National Digital Transformation Program aims to turn Vietnam into a country with digital technology competitiveness comparable to those of developed nations. This sets favorable conditions for Vietnam to actively capitalize on opportunities brought on by today’s technological revolution.

    According to experts, Vietnam has unlocked great potential for digital enterprises to thrive across the country. Technology has been the key factor leading to the explosion of innovative startups in the field of information technology.

    One Mount, with its comprehensive technology capabilities, was named at the Top 10 Vietnam ICT Companies 2021 event as a great example of the new breed of companies providing a suite of technological solutions and offerings for businesses and consumers across multiple life stages.

    Launched in the fall of 2019, One Mount had to navigate a global pandemic in its first two years of operation. This has brought it both challenges and opportunities as it sought to affirm the value of its technology business, which has contributed to the country’s technology and economic goals, even during this challenging period.

    After two years, One Mount has pioneered the deployment of technology solutions that help businesses digitalize their operations and solve bottlenecks in many traditional sectors.

    Leveraging its multi-faceted and modern technology offerings, One Mount is focused on optimizing benefits for value chains across a spectrum of industries and audiences including small to medium enterprises, end-consumers across distribution, retail and real estate, to name a few.

    In the distribution sector, VinShop has established itself as one of the country’s largest consumer goods distributors, which has helped to digitalize more than 80,000 small groceries. Taking advantage of technological advancements to provide maximum support for users, One Mount has connected businesses, manufacturers, and consumers within its ecosystem, allowing goods to reach customers quickly while ensuring stable prices.

    Besides improving the income of thousands of small groceries, VinShop also helps ensure the supply of essential goods while helping consumers feel confident about the quality of products.

    One Mount has developed a lifestyle super app with VinID, a loyalty platform serving millions of users on a monthly basis. VinID recently refined its point tiering system and is rolling out a more dedicated personalization engine, bringing users a more curated experience for their favorite products and brands.

    Meanwhile, OneHousing and OneHousing Pro Agent has established itself as the number one distributor and supplier of Masterise Homes projects in Hanoi. In addition to its premium services, the myHome application integrated with VinID has attracted ten thousand of homeowners and households during its beta launch.

    With more products and premium services on the horizon, OneHousing is expected to transform the real estate landscape in Vietnam by providing a complete one-stop shop experience for home buying, selling and living.

    To realize this early success and fulfill its grand vision, One Mount has formed landmark strategic partnerships with reputable industry leaders like TechcomBank and Google.

    The former has bolstered the vision of bringing financial solutions to more people and underserved areas across Vietnam while the latter helped develop powerful technology infrastructure and AI capabilities via Google Cloud offerings.

    One Mount commits to supporting Vietnam’s digital transformation strategy.

    Recently, One Mount’s potential was affirmed by VINASA when the latter included it among its Top 10 Vietnam ICT Companies 2021. One Mount nabbed a spot in three different categories: Top 10 Companies Providing Digital Transformation Platforms, Top 10 Fintech Companies, and Top 10 Logistics and E-Commerce Companies.

    One Mount was selected by HR Asia Magazine as one of its Best Companies to Work For in Asia 2021 in recognition of its outstanding HR practices, attractive benefits, policies, and engaging work environment.

    With a large technological ecosystem, One Mount provides solutions and services along the entire value chain in the financial services, distribution, real estate, and retail sectors through its three core business units: VinShop, VinID, OneHousing.

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  • Cambodia’s exports to Vietnam quadruple

    Cambodia’s exports to Vietnam quadruple

    Cambodia’s exports to Vietnam nearly quadrupled to $3.7 billion in the first nine months of this year, according to statistics from the General Department of Vietnam Customs.

    Cambodia increased its exports of vegetables and fruits by 61 percent, cashew by 595 percent, soybeans by 549 percent, and rubber by 391 percent.

    Exports of wood products, fabric, scrap, and other goods grew by 5-300 percent.

    Trade between Cambodia and Vietnam increased by 90.9 percent year-on-year in the first nine months of this year to US$7.2 billion.

    According to the Cambodian Ministry of Agriculture, Forestry and Fisheries, the country exported agricultural products to 90 countries and territories though Vietnam (64.11 percent), Thailand (21.49 percent) and China (9.69 percent) accounted for most of it with all others accounting for only 4.71 percent.

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  • VN-Index slips in narrow band

    VN-Index slips in narrow band

    Vietnam’s benchmark VN-Index fell 0.01 percent to 1,395.33 points Tuesday, continuing along with a narrow band near the 1,400-range resistance.

    Last-minute selling pressure pulled the index down by 0.2 point. It has been fluctuating within a three-point margin for the past six sessions, after surging to the 1,390-range on Oct. 11.

    Trading value on the Ho Chi Minh Stock Exchange (HoSE), on which the index is based, fell 14 percent to VND20.34 trillion ($899 million).

    The VN30 basket, comprising the 30 largest capped stocks, saw 17 tickers in the red, led by STB of Ho Chi Minh City-based lender Sacombank with a 2.6 percent drop.

    GAS of state-owned Petrovietnam Gas dropped 1.7 percent after hitting a new peak Monday.

    VRE of retail real estate arm Vincom Retail fell 1.6 percent to the lowest in over a week.

    MSN of conglomerate Masan Group lost 1.4 percent, while HPG of steelmaker Hoa Phat Group fell 1.2 percent.

    Foreign investors were net sellers to the tune of VND470 billion, with the strongest pressure on HPG and VHM of real estate giant Vinhomes.

    The HNX-Index for stocks on the Hanoi Stock Exchange, home to mid and small caps, rose 0.55 percent while the UPCoM-Index for the Unlisted Public Companies Market gained 0.23 percent.

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  • Furniture companies seek reopening autonomy

    Furniture companies seek reopening autonomy

    Furniture companies in Binh Duong are proposing more autonomy in imposing Covid-19 measures as they reopen after months of social distancing.

    Members of Binh Duong Furniture Association said due to the limited number of government workers, their proposals to resume production have faced delays.

    There are about 50 staff working as industrial park managers in the province, though there are around 3,900 companies.

    Apart from these parks, there are over 50,000 companies in the province.

    Deputy Director of Binh Duong Department of Industry and Trade Nguyen Thanh Toan said the province is set to issue guidelines for companies to reopen with safety measures.

    The province is currently letting companies test their own workers. It allows the combination of samples from three workers in one test to reduce costs.

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  • Mercedes dealer reports record loss in Q3

    Mercedes dealer reports record loss in Q3

    Hang Xanh Motors Service JSC (Haxaco), a major Mercedes-Benz dealer in Vietnam, reported a record loss, more than VND33 billion ($1.4 million) in Q3, due to social distancing orders.

    Revenue in Q3 was VND700 billion, down 59 percent compared to the same period last year.

    Social distancing measures applied in Hanoi, Ho Chi Minh City and other localities in this quarter have seriously affected Haxaco and the automobile industry. The company’s two branches in HCMC had to temporarily close in Q3 while another in Hanoi was closed until Sept. 12.

    “This has caused a decline in our sales and services during this period,” the company noted.

    Between January and September, the auto dealer’s revenue was VND3.4 trillion, down 9 percent over the same period, equivalent to 35 percent of this year’s business plan.

    However, profit dropped by 45 percent to VND44 billion.

    Despite the revenue decline, the company retains a positive forecast for the last quarter of this year. It has thoroughly prepared to resume operations in the new normalcy, with all employees fully vaccinated to ensure operational safety.

    Previously, in the annual meeting at the beginning of the year, the company set a business plan for 2021 with a net profit of VND126 billion.

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