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Vietnam Luxury Product Companies Optimistic Amid Low Sales

A street vendor walks past a Chanel store at the Rex Hotel in downtown Ho Chi Minh City Luxury product companies are expanding even as sales contract amid the economic slump, with economists citing the potential of Vietnam’s large young population and the newly rich to fuel more consumption. Notices offering discounts of up to 50 percent on all items can be seen at most shops at Vincom Tower, Parkson or Grand Plaza in Hanoi, where Italian shoes and French perfumes are sold to the urban middle and upper classes. But the stores are vacant save for a few sales people...

Securities Companies In Vietnam Trying to Brave Storm

Up to 56 out of over 100 securities companies in Vietnam reported losses in the third quarter of 2012. Securities brokerage houses suffered a combined net loss of VND212 billion but the earnings reached VND1,100 billion in the first nine months. Many have to restructure to survive in the raging storm. Total revenues of 100 securities companies grossed VND2,107 billion in the third quarter, totaling VND7,864 billion in the three quarters. They suffered from a combined loss of VND212 billion in the third quarter but still earned VND1,100 billion of profits in the January - September period...

M&A: Which Are Big Fish And Little Fish In Vietnam?

In recent years, the slang term "big fish eats little fish" is commonly used among the Vietnamese business community and media. The big fish mostly referred to are foreign companies while the little fish denotes a domestic enterprise. However, that is not everything. In that seemingly unequal battle for market share, there are still Vietnamese […]

Vietnam Central Bank Seals Gold-Casting Moulds of All 8 Non-SJC Gold Brands

All eight non-SJC gold brands previously licensed to produce bullion have already handed over their gold-casting moulds for the central bank to seal and manage, the local newswire VnExpress reported, citing its private sources. These firms include ACB, Southern Bank’s Gold Company, Sacombank SBJ, Agribank AJC and PNJ in Ho Chi Minh City; Ngoc Tham Gold Company in Tien Giang; as well as DOJI and Bao Tin Minh Chau in Hanoi. The gold-casting mould handover was initiated by gold companies, who thought the move would enhance the transparency in bullion production, as they were no longer allowed...

PRESS DIGEST – Vietnam Newspapers – Nov 14, 2012

FINANCIAL NEWS: VIETNAM NEWS -- Credit growth this year is expected to reach 5-6 percent after a January-October expansion of 2.2 percent, while local banks have prepared about 200 trillion dong ($9.6 billion) to pump into the economy from now until the Lunar New Year, said Nguyen Hoang Minh, deputy head of the central bank's […]

Singapore’s Melior Business School (MBS) In HCM City Closes With Syllabus Unfinished, Singaporean Director Fled

Hundreds of students of the Melior Business School (MBS), based in Ho Chi Minh City, may lose their tuition fees and get no certificate as the unit suddenly closed yesterday and its Singaporean director Cheng Sim Kok fled. On November 10 the school, located at 97 Nguyen Van Troi Street in Phu Nhuan District, informed […]

Vietnam’s Minister Of Construction Explains Huge Losses Of State Giant

NA deputies questioned the Minister of Construction about outstanding debts and misconducts, equaling VND10 trillion (USD480 million) at Song Da Group. NA deputy, Tran Minh Dieu, from Quang Binh Province voiced public concerns about the recent alleged misconducts at Vietnam Construction Industry Group (Song Da Group) and raised questions about the agencies’ practices. Dung said at that time, the Central Inspection Committee carried out inspection, yet nobody was held accountable despite serious misconducts. Le Nhu Tien, NA Deputy from Quang Tri Province, said Song Da Group is guilty...

Tan Hoang Minh Ahead With Project Amid Gloom

Despite grim times in the real estate market, Tan Hoang Minh Group is planning to start three luxury projects in in Hanoi next year. The projects include The D’ San Raffles, located on Hang Bai street, Hai Ba Trung district Do Anh Dung, chairman cum general director of Tan Hoanh Minh, said the three projects […]

Korean Developers In Vietnam Get Feet Stuck In Cement

Many Korean real estate developers are facing difficulties in implementing their projects in Vietnam. The rough and tumble of Vietnam’s property market has irked many Korean developers According to Daekeun Chung, lawyer and deputy director of the law firm Logos, many Korean-backed projects have exited the market since the beginning of the year. Among those, […]

VietJetAir voted the friendliest airline and best airline for promotion deals in Vietnam

Vietnam’s leading low-cost airline, VietJetAir was voted the friendliest airline and best airline for promotion deals in Vietnam by the Trust & Consume 2012 market research report in Ho Chi Minh City recently. Research for the Trust & Consume 2012 Report is conducted by Spend & Consume magazine with the backing of the Vietnam Standard and Consumers Association in conjunction with market management solutions Mancom Company. The report announced the Top 100 products and services favored by both Vietnamese and foreign consumers in Vietnam. VietJetAir was widely lauded for its outstanding services and incredibly low, flexible promotional fares during 2011 and 2012. Nguyen Manh...