Vietnam is still on track to join the F1 calendar in the future. That is the claim of Sean Bratches, F1 owner Liberty Media’s commercial boss. “This is a street race where we can go downtown, where we can activate a large fan base,” he told the Associated Press.
Bratches also said F1 could add a second grand prix in China, with a precise location to be “left to local Chinese partners”. But he said the first priority is to get the calendar properly structured regionally, which will eventually clear the path for “24 or 25” races per year.
“We’ve acquired an undermanaged asset that’s 67 years old, but effectively a startup,” said Bratches. “With the right economics, with the right structure and cadence of events across territories, 24 or 25 is probably where we’d like to be from a longer term standpoint.”
With a range of paradise attractions, Vietnam can keep visitors busy for weeks.
Being famous for its diverse natural beauty, the country has attracted dozens of tourists in recent years. So if you are pondering a trip to Vietnam but do not know where to start, here is a list of top 5 destinations that can get your wanderlust juices flowing.
Quy Nhon Beach
Lying on the central coast of Vietnam, this sandy beach is the heaven on earth with sparkling turquoise sea and beautiful sunshine. This beach was also named among top 10 winter sun destinations for 2018 by the Guardian. Places such as Ky Co, Eo Gio and the Twin Tower will bring you the most memorable experiences with their amazing natural features, which perfectly suit those who want to escape from bustling metropolis to discover and enjoy the wild beauty of beaches here.
Eo Gio – “heaven on earth”. Source: Internet
Accommodation is something you will never have to worry about. The city has a 5 star resort and four four-star hotels and resorts with prices ranging from USD100 to 200 per night. Some other resorts with reasonable prices are Avani Quy Nhon Resort & Spa, FLC Luxury Resort or Crown Retreat Quy Nhon.
Phu Quoc Island
Phu Quoc is one of the most well-known islands in Vietnam with crystal-clear sea surrounded by evergreen coconut trees. Therefore, fresh air and peaceful atmosphere will be the first thing to ease tourist’ minds once they come here. Located 45 kilometres west of Ha Tien, Phu Quoc is a unique mixture of tradition and modernity with several Buddhist temples, vibrant markets alternated with luxurious resorts and funky bars.
Dinh Cau– Phu Quoc. Source: Internet
If you want to experience both vibes in this pearl island, Nam Nghi Phu Quoc Island Resort, Novotel Phu Quoc or Sol Beach House Phu Quoc Resort could be taken into consideration. Besides, there are plenty of lovely hostels and homestays around this island for your accommodation.
Da Nang City
Da Nang is one of the most incredible backpacking destinations, which is a big must in your travel list. It’s the fourth largest city in Vietnam which is in close proximity to Hue – 3 hours North and Hoi An- 30 minutes South making it a perfect stop point for those fond of peaceful areas. Aside from bustling activities in the city, travelers also came here because of the attraction of My Khe, Lang Co and My Son beaches.
Beautiful Hoi An – 30 minute South from Da Nang. Source: Internet
This marvelous city also fascinates tourists all around the world with its unique local cuisines. Alongside Han River, you can find many street vendors offering delicious street culinary, especially Quang noodles which is Da Nang’s traditional dish.
Dragon Bridge – Da Nang. Source: Internet
Where to stay? Primier Village, Hyatt Regency, Risemount Resort or Nam An Retreat Villa are all good places to relax and unwind, staying away from your daily fatigue.
Nha Trang Beach
Nha Trang, the capital of Khanh Hoa province, is located on the South central coast of Vietnam, just over 400 kilometres northeast of Ho Chi Minh City. After a 45-minute flight or 7-hour train, travelers can experience the Vietnamese best beach city with a six-kilometre stretch of beautiful coastline with white sandy beaches, thriving reef and abundance of marine life. As elegant as it seems, Nha Trang is also an exciting beach city. This place fills people with its bright energy with all recreational activities taking place everywhere, at any time.
Sandy Nha Trang beach. Source: Internet
Coming to Nha Trang, visitors can not miss out incredible attractions as Hon Mu Island, Hon Mieu Island or Hon Mot Island. But if you just want to indulge yourself in a nice summer to ease away all the daily problems and stress, Nha Trang still will not let you down. Here is a list of hotels and resorts you can consider: Evason Ana Mandara, The Anam, L’Alyana, Star City, Ariyana Smart Condotel and more.
Ninh Van Bay – incredible attraction in Nha Trang. Source: Internet
Con Dao Island
Today, what was “hell on earth” for prisoners has turned into “heaven on earth” for tourists. This island was listed among top beautiful beaches in the Southeast Asia by the Independent Newspaper. It has a total land area of about 75 square kilometres with 200 kilometres of coastline and dozens of beautiful beaches, pure blue water, and colorful coral reefs. Getting there requires some effort with visitors clocking-in at the park office before beginning a four-mile hike through a dense section of the park to get to the beach. Despite all these, once reaching the shore, you will never forget that overwhelming view.
Con Dao Island -“hell on earth” has turned into “heaven on earth”. Source: Internet
Dat Tham beach (covered by Con Dao National Park) is one of the most pristine beaches in Vietnam. Visitors will be entirely absorbed in its natural beauty. Some accommodation to enjoy this natural wonder in the best way are: Six Senses Con Dao Resort , Poulo Condor Boutique Resort & Spa, The Imperial Hotel or Con Dao Resort.
To get more information and hotel vouchers, visit:
* VietJet to add routes to Japan, India, Australia (Recasts with Vietnam Airlines results)
Vietnam’s two biggest airlines reported strong growth in domestic and international markets on Thursday, fuelling profits and talk of expansion plans.
VietJet , the biggest private airline in the Southeast Asian nation, said it was adding routes to Japan, India and Australia as part of its strategy to become a global airline.
Hanoi-based VietJet currently operates 38 domestic and 44 international routes. VietJet added 17 new aircraft last year to boost its fleet to 51 planes.
VietJet said on Thursday it expected pre-tax profit to rise to 5.8 trillion dong this year, up 9.4 percent from 2017. It also targeted a 20.5 percent rise in revenue to 50.97 trillion dong from a year earlier.
Its state-owned rival, Vietnam Airlines, said on Thursday its pre-tax profit jumped 71 percent in the first quarter as growth on domestic and international routes exceeded its forecasts.
Pre-tax profit during the January-March quarter rose to 1.46 trillion dong ($64.13 million), the airline said in a statement, up from 854 billion dong in the same period a year earlier.
Vietnam Airlines said it carried five million passengers in the quarter, up five percent from the same period last year.
“Demand remains high in Northeast Asian markets (Japan, South Korea), together with the implementation of market-driven solutions in the condition of high fuel prices,” the airline said, adding it will take delivery of its 12th Airbus A350 in the second quarter.
Vietnam Airlines could launch non-stop flights to the United States in 2019, Chief Executive Officer Duong Tri Thanh said in February, but it would struggle to be profitable on U.S. routes due to the lack of business travellers.
($1 = 22,765 dong)
(Reporting by Khanh Vu and Mai Nguyen; Editing by Biju Dwarakanath and Darren Schuettler)
Shares traded lower on Thursday as selling pressure continued to press on blue chips, especially in the banking and finance sectors. VPB and CTG reduced to the floor price after the afternoon session closed.
The benchmark VN Index on HCM Stock Exchange went down to 1,044.86 points, lost -35.88, equivalent to -3.32%.
The stock market was shut on Wednesday on the occasion of the anniversary of the Hùng kings – the 10th day of the third lunar month, which fell on April 25 this year.
On Ha Noi Stock Exchange, the HNX Index went down – 4.90 percent to 120.12 points, lost -6.19 percent.
Bank and securities stocks were under the heaviest selling pressure.
Every bank and most of securities companies on the two exchanges suffered losses in the morning trade, including Vietinbank (CTG), Vietcombank (VCB), Military Bank (MBB), Asia Commercial Bank (ACB), Vietnam International Bank (VIB) Saigon Securities Inc (SSI), VNDirect Securities (VND), MB Securities (MBS) and Bao Viet Securities (BVS).
Their losses ranged from 1.2 to 9.6 per cent.
However, the growth of some large-cap stocks cushioned the market fall. The largest supporters included brewer Sabeco (SAB), dairy firm Vinamilk (VNM) and steel maker Nam Kim JSC (NKG).
The overall market condition was negative though, total of shares trading today, worth VND 5,948.7 trillion on Ho Chi Minh Stock exchange and 950.4 on Hanoi Stock exchange.
Shareholders of the Masan Group Corporation (MSN) approved many ambitious targets for 2018 at the company’s annual general meeting on Tuesday. A report by VNS said.
Masan expects to achieve revenues of between VND45.15 trillion (US$1.99 billion) and VND 47 trillion ($2.07 billion) this year, over 20 per cent higher than last year.
The net profit after tax attributable to equity holders of the company is targeted to increase by 55-85 per cent to VND3.4-4 trillion ($149.8-176.2 million).
Nguyen Dang Quang – Chairman said that, the ambitious goals had been set based on the positive results achieved last year and in the first quarter of this year thanks to changes in business strategies.
Last year the corporation’s after-tax profit attributable to equity holders was VND3.103 trillion, a year-on-year increase of 11.1 per cent.
In the first quarter of this year, though net revenues remained at a rather steady VND8.274 trillion, EBITDA rose by 39.9 per cent year-on-year to VND2.606 trillion.
The net profit attributable to equity holders increased by 3.4 times to VND816 billion during the period.
To achieve those results, Quang said subsidiary companies had made several drastic changes to their business strategies, and cited Masan Consumer as a typical example.
He said the company stopped trade promotions and spent the first half of the year for clearing out stocks with distributors and retailers.
The company started communicating to customers again by revitalising power brands through effective communication, and scaled up its technological platform so as to be able to track inventories with distributors, he said.
“More importantly, we stopped wasting our time reading market research and guessing what out consumers want and need, and spent most of our time in the field and market to understand first-hand out consumers’ big unmet needs instead.”
To realise the double digit growth targets set for this year and the years to come, member companies of Masan Group would continue their own renovation strategies, he said.
Indeed, Masan Resources would seek strategic partnerships to accelerate transformation from a ‘miner’ into a value-added, global downstream tungsten industrial player, he revealed.
This would de-risk the business and enable the company to produce stronger cash flows across commodity cycles, he said. Its turnover is projected to be VND8 trillion this year.
Masan Nutri-Science seeks to focus on increasing the diversity of products made to meet the demand of consumers at home and abroad, to expand its market share and, together with the Masan Group, to achieve US$10 billion in turnover and $800 million in pre-tax profit by 2020.
Techcombank’s strategic plan this year is to further invest in technology in order to offer its services to everyone. This investment is expected to position the bank to grow efficiently for the foreseeable future on the back of financial inclusion.
At the meeting, Masan executives said the company had earned VND1 trillion from selling Techcombank stocks before the bank launched initiative offerings, and explained that it had sold the stocks because the corporation’s ownership rate at the bank must be reduced from 31 per cent to under 20 per cent as required by the State Bank of Viet Nam.
Masan shareholders also approved several other important proposals, one of which was an employee stock ownership plan (ESOP) for staff of the company and its subsidiaries to recognise their contributions last year.
The money raised from the issuance will be used to increase charter capital, for business requirements and supplementing working capital.
Other proposals like payment of dividends to shareholders for 2018, making certain amendments to the Company’s Charter and issuance of internal regulations on corporate governance were also approved by shareholders.
Masan said it also plans to develop healthcare products through the acquisition of companies in the industry.
PetroVietnam Power Corp , or PV Power, has been granted government approval to build two gas-fired electricity plants in southern Vietnam at a total cost of nearly $1.5 billion, its parent company said on Thursday.
The Southeast Asian country is developing a wave of new power plants to support economic growth that is among the strongest in Asia.
Vietnamese Prime Minister Nguyen Xuan Phuc has given the go-ahead for the two facilities in the province of Dong Nai, state oil firm PetroVietnam, which holds a 51 percent stake in PV Power, said in a statement.
The Nhon Trach 3 and Nhon Trach 4 plants will have a combined capacity of 1,500 megawatts and will cost 33.3 trillion dong ($1.46 billion) to build, PetroVietnam said. They are scheduled to start power generation in 2020 and 2021 respectively.
PV Power, the second largest power producer in Vietnam after the state-run Vietnam Electricity group, said earlier this year that it was looking to sell 676.39 million shares, or a 28.9 percent stake, to strategic investors. The company’s shares were trading at 14,100 dong apiece on Thursday, potentially putting the value of the deal at $419 million.
The government raised $308 million selling a 20-percent stake in PV Power at an initial public offering in January. ($1 = 22,765 dong)
Reporting by Khanh Vu Editing by Joseph Radford, Source: Reuters.com
Vietnam was observed to be highly concentrated with the presence of major players such as GHN, VNPost and Viettel Post
Competition within the logistics industry is ramping up due to tightened capacity along with increased consolidation within the supply chain arena, which has resulted in fewer partners for 3PLs and increased prices.
Vietnam is focusing on attracting investment in logistics infrastructure development, constructing regional and international logistics service centers, improving the efficiency of connection between Vietnam and other countries, thereby becoming a modern logistics hub in near future. By the year ending 2019, Vietnam’s E-commerce association is setting goals to improve logistics infrastructure in association with the country’s E-commerce industry. The association plans to develop transport systems with the aim of following E-commerce growth drivers including growing importance of last mile delivery.
Over the long term, the Ministry of Transport and Ministry of Industry and Trade is expected to invest and give support to improve operating and marketing efficiency, and expand sources of goods for the Cai-Mep Thai Vai port complex, situated in Vung Tau region, Vietnam. Various Free Trade Agreements (FTAs) signed between Vietnam and the ASEAN Economic Community (AEC) in 2015 will lead to boost the country’s trade relations in long term. Additionally, foreign investment is anticipated to grow strongly in Vietnam as many logistics enterprises in ASEAN countries are keen to invest and have a better understanding of the laws, customs and culture of Vietnam.
By service mix, the freight forwarding segment within Vietnam will continue to dominate the Vietnam logistics and warehousing market in the near future with a revenue share of over 87% by the year ending 2022.
Analysts at Ken Research in their latest publication “Vietnam Logistics and Warehousing Market Outlook to 2022 – By Service Mix (Freight Forwarding, Warehousing, Cold Chain, Express Delivery, E-commerce Logistics, Third Party Logistics)“ believe that along with the introduction of new web technologies and surging e-commerce operations, last mile logistics has gained popularity in Vietnam, especially amongst domestic shipping companies in the country. It has led several e-commerce companies to think, strategize and invest on their logistics operations in order to surpass their competition.
Growing awareness of E-commerce amongst the Vietnamese population will impact the consumer’s way of interaction, price comparison, research on goods and handling transactions. The process changes the supply chain from a push (to the store) to a pull process (by the final consumer). The logistics service is the bottleneck for E-commerce companies.
Keywords
– Vietnam Logistics and Warehousing Market Introduction
Comparative Analysis of Vietnam Logistics and Warehousing Market with Global Logistics and Warehousing Market
Transport and Logistics Infrastructure
Value Chain Analysis
Vietnam Logistics and Warehousing Market Size, 2011-2017
Market Segmentation, 2011-2017
By Service Mix (Freight Forwarding, Warehousing Services and Value-Added Services), 2011-2017
By Regions (Red River Delta, Da Nang, Ho Chi Minh City and Others), 2017
By End Users (Food and Beverages, Engineering Equipment, Metals, Automotives and Others), 2017
– Vietnam Freight Forwarding Market
Market Overview and Genesis
Market Size, 2011-2017
Market Segmentation, 2011-2017
By Normal and Express Delivery, 2011-2017
By Freight Movement (Sea, Road, Air and Rail), 2017
By International and Domestic Freight Forwarding, 2017
By Flow Corridors, 2017
By International and Domestic Companies, 2017
Competition Scenario
Future Outlook and Projections, 2018-2022
– Vietnam Express Logistics Market
Market Overview and Genesis
Value Chain Analysis
Market Size, 2011-2017
Market Segmentation, 2016-2017
By International and Domestic Express, 2016-2017
By Air and Ground Express, 2016-2017
International Operations
Domestic Operations
By B2B, B2C and C2C, 2017
Pricing Analysis for Vietnam Express Delivery Market
Market Share of Major Players in Vietnam Express Logistics Market
Domestic Express
International Express
Comparative Landscape of Major Players operating in Vietnam Express Logistics Market
Competition Scenario
Company Profiles of Major Players
GHN (Giao Hang Nhanh)
DHL Express
FedEx Vietnam
Future Outlook and Projections, 2018-2022
– Vietnam E-Commerce Logistics Market
Market Size By Logistics Revenue and Shipment, 2015-2017
Market Segmentation, 2017
By Channel (3PL Companies and E-Commerce Merchants), 2017
By Speed of Delivery (2 Day Delivery, 1 Day Delivery, Same Day Delivery, Within 2 Hours and Delivery Beyond 2 Days), 2017
By Area of Delivery (Intercity and Intracity), 2017
By Payment Method (Cash on Delivery and Others), 2017
Competitive Landscape of Major Players
Competition Scenario
Market Share of Major Players
Future Outlook and Projections, 2018-2022
– Vietnam 3PL (Third Party Logistics) Market
Market Overview and Genesis
Market Size By Revenues, 2011-2017
Cross Comparison of 3PL Market in Vietnam with Global 3PL Market
Vietnam 3PL Market Segmentation, 2017
By Market (Freight Forwarding and Warehousing Services), 2017
By Companies (International Companies and Domestic Companies), 2017
Competitive Landscape of Major Players
Competition Scenario
Vietnam 3PL Market Future Outlook and Projections
– Vietnam Warehousing Market
Market Overview and Genesis
Value Chain Analysis
Market Size, 2011-2017
Market Segmentation, 2017
By Number of Warehouses (Southern Vietnam and Others), 2017
By End User (Retail, Electronic Devices, Textile and Footwear, Wooden Products and Others), 2017
By International and Domestic Companies, 2017
By Business Model (Industrial / Retail Freight, Container Freight, Cold Storage, Agriculture and Others), 2017
Competition Scenario in Vietnam Warehousing Market
Vietnam Warehousing Future Outlook and Projections, 2018-2022
Emerging Warehousing Technological Innovations in Vietnam
– Company Profiles of Major Players in Vietnam Logistics and Warehousing Market
Damco Vietnam
Sotrans Vietnam
Vinafco
Kerry Logistics Vietnam
Bac Ky Logistics Vietnam
Nippon Express Vietnam
Vietnam Airlines
Transimex Saigon Corporation
Sea and Air Freight International
Vinalink Logistics
PetroVietnam Transport Corporation
Noi Bai Cargo Terminal Services
Other Players Operating in Vietnam Logistics and Warehousing Market
Vietnam Airlines and ST Aerospace have teamed up to boost aviation operations and help Vietnam increase its footprint in the sector. A report by Channel News Asia said.
The two companies signed a memorandum of understanding (MOU) on Thursday (26 Apr) to set up a joint venture for ST Aerospace to provide Vietnam Airlines with Maintenance, Repair and Overhaul (MRO) solutions.
The joint project will be headquartered in the Noi Bai International Airport in Hanoi to cater to Vietnam Airlines’ requirements, as well as the region’s growing needs for aircraft MRO services.
This agreement was among 16 MOUs that were signed and witnessed by Singapore’s National Development Minister Lawrence Wong and Vietnamese Prime Minister Nguyen Xuan Phuc, on the second day of his official visit to Singapore. It took place at the Vietnam-Singapore Business Forum held at the Fairmont Singapore.
The partnership is expected to help Vietnam Airlines’ shorten turnaround time for maintenance and repairs as these will now be carried out in Vietnam. Currently, the planes have to be sent abroad. This will help to save costs and create higher operational efficiency.
Both sides have also entered a 14-year component Maintenance-By-the-Hour (MBH) contract. This will support Vietnam Airlines’ whole fleet of A321 planes. Under the MBH contract, ST Aerospace will set up an inventory base in Vietnam to provide timely services to the airline.
President of ST Aerospace Lim Seth Ghee said the robust development of the economy and a burgeoning middle class have created an ideal environment for the growth of the aviation industry in Asia Pacific, and Vietnam’s double digit growth in the air travel sector is the best reflection of this.
“Riding on this growth, strategic partnerships with established industry participants such as Vietnam Airlines will enable ST Aerospace to increase our regional footprint and better penetrate high-growth markets,” he said.
Executive Vice President of Vietnam Airlines Dang Ngoc Hoa said: “This partnership not only improves our fleet efficiency and world-class service quality, but also represents a major step forward for Vietnam’s aviation industry in general.”
Meanwhile, in his opening address at the forum, Minister Lawrence Wong identified three areas for further collaboration between the Singapore and Vietnam business community.
These include the energy sector such as Liquefied Natural Gas and renewable energy sources such as solar power, Smart Cities and Urban Solutions as well as the Digital Economy, especially in the cashless payments space.
Vietnam is the latest country to ink a financial technology agreement with Singapore, making it the 20th co-operation agreement signed by the city-state.
The MAS (Monetary Authority of Singapore) and SBV (State Bank of Vietnam) just signed a co-operation agreement while Prime Minister of Vietnam – Mr. Nguyen Xuan Phuc to make official visit to Singapore on April 24, the two said in a statement. They will work together to support the development of financial technology ecosystems and foster financial innovation of both Vietnam and Singapore.
Singapore has sealed similar agreements with some other countries, such as Australia, Britain, Japan and Middle Eastern countries. The government has offered tech firms powerful incentives to settle in the Lion City, Singapore in a bid to establish itself as a fintech hub.
The MAS fintech chief, Sopnendu Mohanty said in a recent interview with media that, the move to grow Singapore as a fintech hub and a «smart financial center» is not done in isolation, but as part of a broader agenda to position Singapore as a «smart nation».
Mindshare has appointed Shankar Rajagopal as the leader of the agency in Vietnam following the resignation of long-serving boss Roopa Dhawan.
Rajagopal moves to Ho Chi Minh City from China, where he has led the agency’s L’Oréal account since 2014.
Prior to then, the 19-year industry veteran led the Unilever Malaysia account for more than four years.
His arrival follows the quiet exit of Dhawan, who has been with Mindshare Vietnam since 2006, first as managing partner and subsequently as country lead from 2011.
Roopa Dhawan and Shankar Rajagopal
Mindshare Vietnam currently employs 130 people and has local accounts with Vinasoy, Acecook, Dien May Xanh and FWD Life Insurance.
Mindshare South East Asia chief executive officer Himanshu Shekhar said: “I am excited to have Shankar lead the Vietnam office. He is an accomplished business leader having managed some of the best teams in our network. With his depth of experience across APAC markets, Shankar is uniquely positioned to lead a rapidly transforming media market of Vietnam, especially in e-commerce, data, and content.
“We have a strong team and vibrant client partnerships in Vietnam and I am sure Shankar will nurture them to greater glory.”
Rajagopal added: “For our prospective clients, I am eager to showcase the value that Mindshare can bring and play a leading part in driving success for their businesses. Last but not least, I would like to create an environment that will help cultivate the best talents in the Vietnam media and advertising industry.”
The tallest building in Vietnam has been completed.
Standing at 461m now that the spire is in place, Mace has topped out the world’s 11th tallest building some six weeks ahead of schedule.
The Landmark 81 is some 150m taller than the Shard and its 81 storeys are designed to encompass a hotel, apartment, executive floors and an observatory deck.
Mace’s country manager for Vietnam John Campbell said: “Landmark 81 is a truly iconic project that will change the face of Ho Chi Minh City forever. It’s an honour for Mace to be able to help deliver such an important scheme – and I believe we’ve made a real difference over the last three years, helping to ensure that such a complex job is delivered ahead of schedule.”
The installation of the spire was completed in just 14 days, with Mace working to optimise the typical floor cycle time of four days and regularly completed entire floors in just three days.
The project has been record breaking since it began, with the earlier stages requiring Vietnam’s largest ever concrete pour.
This involved excavating 25,000 cubic metres of soil, installing 6,500 tonnes of reinforced steel, and using 17,000 cubic metres of concrete to create the 8.5 metre thick pile cap for the tower’s foundations.
Rising incomes are pushing shoppers online but country poses logistical challenges
Tran Ngoc Thai Son set up his ecommerce start-up in his parents’ bedroom in Ho Chi Minh City, and went live one Saturday morning in 2010. The first order came on the Monday, when Mr Son prodded a friend to order a book, which he delivered himself on a motorbike.
Eight years later, Tiki.vn has expanded from its original niche of English-language books to goods ranging from nappies and electronics to air tickets and insurance. The company has annualised gross merchandise value — an indicator by which ecommerce sites measure their sales — of about $240m, and delivers across Vietnam.
“Vietnam is a very young country going through a golden population period,” said Mr Son, referring to Vietnam’s demographics, which skew heavily towards younger people. “We are a working and shopping country.”
Digital consumers in South-East Asia, source: FT
He said Tiki had an opportunity to go public within four years, and that the company was looking at expanding in the region, possibly starting with Taiwan.
Tiki.vn is one of several ecommerce companies, many with foreign backers, homing in on Vietnam where rising incomes and growing internet connectivity rates are pushing more shoppers online.
Amazon, the US retail titan, last month attended an industry conference in Vietnam, prompting speculation among retailers — and some consumers who use the US site and pay steep shipping fees and import taxes — that it would be entering the country soon. The company did not respond to a request for comment on its plans for the market.
For now, the competition is largely a proxy war between China’s ecommerce companies. Lazada, owned by Alibaba, is the market leader while JD.com recently bought a 22 per cent stake in Tiki for an undisclosed amount. Online marketplace Shopee is owned by Singapore-based Sea, in which China’s Tencent is a shareholder.
Ecommerce has been slower to take off in south-east Asia than in China because of the region’s challenging logistics. However, online businesses are booming: Bain, the consultancy, recently estimated that the region had 200m digital consumers — people who bought goods or services online — out of an adult population of 405m. Vietnam accounted for 35m of those.
Vietnam’s youthful population are among the keenest users of mobile devices in the region, while the country’s consumers spend more time online than most of their neighbours. Nielsen, the market research firm, estimated that people spend nearly 25 hours online per week, on a par with or just behind Singapore and the Philippines.
Average total times spent online for personal purpose in South-east Asia, source: FT
However, Vietnam poses a special challenge for the delivery market, ecommerce groups say, because of poor roads, growing traffic congestion and its sprawling geography — its two biggest cities, Hanoi and Ho Chi Minh City, lie more than 1,600km apart.
“The challenge for commerce in south-east Asia in general, and Vietnam in particular, is logistics,” said Vu Duc Thinh, country manager for the logistics arm of Lazada, which is piloting the use of bicycles and electric tricycles in Vietnam and other south-east Asian countries where it operates.
Ecommerce companies also have to contend with stiff competition from bricks-and-mortar shopping, which is enjoying a surge of investment and rising sales amid a sustained economic boom in which gross domestic product is growing more than 7 per cent a year.
Vietnam consumer spending booms as economy soars Vietnamese consumers are notoriously price sensitive, posing an added challenge in determining prices and shipping fees.
Huynh Mai, who is 25 and works for an advertising agency in Ho Chi Minh City, is one of the new online shoppers that retailers covet. Ms Mai has graduated from paying cash on delivery to using her Visa card. She usually goes online to buy cosmetics, clothes and appliances, and recently bought an Electrolux washing machine on Lazada for her family.
She buys books on Tiki, and is intrigued by rumours that Amazon could come to Vietnam. Ms Mai sometimes buys goods from the US site through a friend who lives there, paying the extra money needed to get the goods to Vietnam.
“If Amazon comes here, it would be really amazing,” said Ms Mai. “But the challenge would be the price of the products: I think if they want to win Vietnamese customers, they have to come with the best price.”
By John Reed @Financial Times, Additional reporting by Nguyen Khac Giang
3 Vietnamese cities to be in Asean smart cities network
Hanoi, Ho Chi Minh City and Da Nang in Vietnam will be part of the Asean network of smart cities being proposed by Singapore, said Prime Minister Lee Hsien Loong yesterday. — The Straits Times
Surge in production and exports boosts Vietnam’s economic expectations
Fueled by a continued surge in local production and exports, Vietnam is forecasting strong growth beyond its expectations for the entire year, making it the fastest-growing economy in the region. — Nhan Dan Online
Việt Nam rice exports face uncertain Q1
Việt Nam’s rice exports faced an unpredictable first quarter this year, increasing in January, declining in February and recovering in March, according to the Ministry of Agriculture and Rural Development. — Viet Nam News
Finance ministry to dismantle hundreds of tax departments
The Ministry of Finance (MOF) plans to reduce the number of its nationwide tax offices from 548 to 257, under its new scheme to streamline the taxation, customs, and state treasury units. — Nhan Dan Online
Foreign players heat up mobile payment market
The mobile payment market in Vietnam has heated up and attracted many local consumers in the first months of the year thanks to the participation of China’s two largest e-wallets of Alipay and WeChat Pay as well as Samsung in the service. — The Hanoi Times
Vietnam promotes seafood exports to Europe
Vietnamese aquatic products are being introduced at the Seafood Expo Global, the biggest event of its kind in the world, which takes place in Brussels, Belgium, from April 24-26. — Nhan Dan Online
Seaport development must sail alongside logistics growth
Ho Kim Lan, director general of the Vietnam Sea Ports Association, talks to Hai Quan (Customs) newspaper about conditions for logistics development in Vietnam. — VietnamNet Bridge
Chinese businesses sign strategic watermelon contract with Vietnam
The Vietnamese Ministry of Industry and Commerce and Quang Ngai Province, jointly organized the “Quang Ngai conference for the retail and marketing of watermelons and other high-quality agricultural products”. — Fresh Plaza
Digital storm sweeping through banking industry
EY’s Global Banking Outlook 2018 shows that 85 per cent of banks name the implementation of a digital transformation programme as a business priority for 2018. — VietnamNet Bridge
Bamboo Airways to open 40 new routes
FLC Group plans to open 40 local and international routes after its carrier, Bamboo Airways, becomes operational, said Dang Tat Thang, General Director of the airline. — VietnamPlus
Both Vietnamese and foreign investors are rushing to pour money into coffee farms and coffee house chains as the market is very promising. But not all of them will succeed. — VietnamNet Bridge
Hoa Phat Dung Quat steel complex to be operational in Q3
The process of the Hoa Phat Dung Quat iron and steel production complex project is on schedule with the first line expected to be operational in the third quarter of this year, meeting demands of the central and southern regions.
— VietnamPlus
Vietnam leads Southeast Asia in IPO market
Vietnam has been Southeast Asia`s biggest IPO market over the past year and the market seems to be revving up. — The Hanoi Times
Vietnam among world’s top 10 remittance recipients in 2017
Vietnamese workers living abroad sent home $13.8 billion last year, keeping the country among the 10 biggest remittance beneficiaries, the World Bank said in a new report. — VnExpress
IFC likely to extend $100m debt to Vietnamese lender TPBank
The International Finance Corporation (IFC), the private lending arm of the World Bank Group, has proposed to extend a financing facility of up to $100 million to Vietnamese lender Tien Phong Commercial Joint Stock Bank (TPBank). — DealStreetAsia
Key stocks rebound, fueling VN-Index’s recovery
The stock market regained calm on April 24 after a nosedive on the previous day to end at 1,080 points thanks to the recovery of key stocks. — VietnamPlus
Singapore, Vietnam sign six agreements to boost cooperation
Singapore and Vietnam have signed a suite of agreements that will see both countries working together in areas such as financial innovation and Liquefied Natural Gas (LNG) development. — Channel NewsAsia
Exclusive: Japanese PE ACA Investments to raise debut $100m Vietnam-focused fund
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Singapore and Vietnam have signed a suite of agreements that will see both countries working together in areas such as financial innovation and Liquefied Natural Gas (LNG) development.
Six Memoranda of Understanding (MOU) were signed on the first day of Vietnamese Prime Minister Nguyen Xuan Phuc’s visit to Singapore on Wednesday (Apr 25). His visit is in conjunction with the 45th anniversary of diplomatic relations between Singapore and Vietnam this year.
One of the agreements will see the two countries collaborate on LNG development in Vietnam, which entails the exchange of information, sharing of best practices and building of technical capacity between the private and public sectors of both countries. This will enable Singapore companies to better understand the needs of the LNG sector in Vietnam and seize more partnership opportunities.
Another MOU – on financial innovation – will facilitate joint projects between the two countries, help FinTech companies in one jurisdiction better understand the regulatory regime and opportunities in the other, as well as encourage the sharing of information on emerging FinTech trends and developments.
Mr Phuc, who is on his first official visit to Singapore since becoming Prime Minister in April 2016, began his visit with a ceremonial welcome at the Istana, followed by a call on President Halimah Yacob.
At his meeting with Prime Minister Lee Hsien Loong, both leaders said that extensive investment and trade ties form a key pillar of Singapore-Vietnam relations, and agreed that measures such as enforcing regulations as well as strengthening business-to-business links were important in creating a pro-business environment. Both countries will organise events this year to strengthen political, trade and people-to-people exchanges.
Singapore was Vietnam’s third largest foreign investor in 2017, with over US$4.32 billion invested in more than 1,800 projects.
Mr Phuc said Vietnam welcomes more investments from Singapore, particularly in areas such as high-tech parks and the digital economy. He added that such cooperation would not only bring about economic interest, but also inspire and promote the spirit of innovation and entrepreneurship in Vietnam’s younger generation.
PM Lee said the partnership between both countries goes beyond economic cooperation.
“Our two countries are also working closely on sustainable development,” he said. “NParks is working together with the Hanoi People’s Committee on greenery planting. We support Hanoi’s plans to plant one million trees over the next five years and we hope to see more green spaces like the area near Hoan Kiem Lake in future.”
Mr Lee said that Hanoi, Ho Chi Minh City and Da Nang in Vietnam will be part of the ASEAN Smart Cities Network which is being proposed by Singapore as the ASEAN chair. He added that he was impressed with their rapid urban development, which he saw when he visited all three cities during his two visits to Vietnam last year.
“Their inclusion to the Smart Cities Network will add to ASEAN’s vibrancy,” he said.
A security guard at Estella Apartment in An Phu Ward, District 2, HCMC was arrested for stealing a diamond ring, a luxury watch Singapore $200 from a lady, who lives on level 22nd. Total value is VND 1.5 billion (~US$70,000)
According to a report of Zing – a local media, the guard employed by a private company, who was identified as Le Tan Phat.
Le Tan Phat at Police station, Photo: Le Trai, Source: Zing.vn
Phat told the police that, a month ago, he supported the house keeper to carry the furniture into the house, while the house keeper was opening the door, he overlooked the access code of the smart lock and remember it.
On 23 April, he accessed the house to steal things mentioned above and sold the watch at VND 179 million, exchanged Singapore $200 to a golden ring.
The police start thier investigation after the landor reported the case in the evening and ordered authorities to look into recent video footage from security camera.
Knowing about this, on 24 April 2018, the thief had come to police station for confession.
