Cinema owners seek premises to expand networks

VietNamNet Bridge – The attractive profits from movie production and distribution have prompted investors to expand their cinema chains. In the fourth quarter of 2014, CGV, belonging to the South Korean CJ Group, officially opened its modern cinemas at Aeon Mall in Binh Duong Province. Prior to that, Lotte Cinema, also a fellow countryman from South Korea, began "attacking" the HCM City suburb market when it opened a Lotte Shopping Mall in Thuan An town. The biggest advantage of Lotte Cinema is that wherever there is a Lotte shopping mall, there will be Lotte cinema. The investor will not encounter difficulties in seeking retail premises to develop movie houses, especially in areas outside Hanoi and HCM City. By the end of 2014, Lotte Cinema had 16 movie houses in Hanoi, HCM City, Da Nang, Vung Tau, Phan Thiet and Nha Trang. Over 70 percent of the cinemas are located within Lotte marts, while the others are on the grounds of other retailers including Big Ca and Maximark. A … [Read more...]

Fierce competition in retail industry

VietNamNet Bridge - From familiar names such as Lotte and Berli Jucker to rookies in Vietnam like Aeon, Central Group and Vingroup, the year 2014 witnessed exciting changes in the retail market. With a population of over 90 million and the majority of them working age, Vietnam has become an attractive investment location for the retail - distribution sector. The door for the ASEAN market is expected to open wider in 2015, with many products enjoying an import tax rate of 0%. This has encouraged foreign investors to pour money into Vietnam to catch the opportunity. Here are five giants in the retail sector which joined the race last year. 1. Aeon (Japan) Founded over 250 years ago as a shop providing materials and accessories for making kimonos, Aeon has now become a global retail giant, appearing in 14 countries with revenues of nearly $60 billion in 2013. Aeon began operations in Vietnam in 2009 in the form of a representative office and it became a company in 2011, with … [Read more...]

Utility Gifts for Online Depositors at VPBank

To increase benefits for customers using online banking services, Vietnam Prosperity Bank (VPBank) deployed the promotion programme called "Online savings - Getting utility gifts" for customers using online deposit services from October 30, 2014 to January 25, 2015. Accordingly, customers depositing VND3 million onwards of one-month savings or instalment savings (Easy Savings) of VND1 million onwards in at least six months via online banking channel, www.online.vpbank.com.vn, will receive a lucky scratch code. If they are lucky enough, they will win Lotte Cinema tickets, Elite Fitness, Gmobile, Etude, The Body Shop and PNJ coupons. A customer is allowed to open many online savings accounts. With each saving item, he/she will receive one code but he/she cannot get more than five codes during this programme. Each depositor is also given a lucky draw code for end-of-programme lucky draw. The first prize winner will take an Electrolux washing dryer priced VND25 million and five … [Read more...]

Real estate deals surge in Q3

Despite facing many technical obstacles, foreign and Vietnamese investors have continued to pour their money into potentially lucrative investment opportunities in the country, the Vietnam Investment Review reported. In the third quarter of 2014, many big property transactions were reported in Ho Chi Minh City . Japan's Creed Group caught the headlines after buying into several projects of Nam Bay Bay Investment Joint Stock company (NBB), starting from City Gate Towers with the price of more than 59 million USD, followed by the NBB Garden 2 and NBB Garden 3 buildings. Also in Ho Chi Minh City , Posco sold its Diamond Plaza to Lotte Shopping, while domestically-owned Tien Phuoc Corporation sold the Estella development to Singapore 's Keppel Land . Japan-based Daibiru Corporation, an office developer also announced its buy out of the Cornerstone Building in Hanoi for more than 60 million USD. Cornerstone was built by VIB Ngo Gia Tu, a joint venture between the Vietnam … [Read more...]

Real estate buy-out deals continue to find favour

The Hanoitimes - Despite facing many technical obstacles, foreign and domestic investors have pounced on good-value investment opportunities presented by ailing companies. In the third quarter of 2014, a majority of transactions were reported in Ho Chi Minh City. Japan's Creed Group caught the headlines after buying into a range of projects of Nam Bay Bay Investment Joint Stock company (NBB), starting from City Gate Towers with the price of more than $59 million, followed by the NBB Garden 2 and NBB Garden 3 buildings. Also in Ho Chi Minh City, Posco sold its Diamond Plaza to Lotte Shopping, while domestically-owned Tien Phuoc Corporation sold the Estella development to Singapore's Keppel Land. Japan-based Daibiru Corporation, an office developer also announced its buy out of the Conerstone Building in Hanoi for more than $60 million. Conerstone was built by VIB Ngo Gia Tu, a joint venture between the Vietnam International Bank and Ngo Gia Tu Company. According to Real … [Read more...]

Korean Lotte Center joins retail market in big way on National Day

VietNamNet Bridge - The developers of Lotte Center may have decided to open their new shopping mall on National Day on September 2, to attract numerous visitors. However, analysts believe they chose the wrong time to open their mall. Lotte Center, the $400 million 65-storey building, made its debut while the country is still in economic recession, and at a time when shopping malls are experiencing tough days. For example, Trang Tien Plaza, the shopping mall located on the "golden land" in the center of Hanoi, has been closed for restructuring. Hoa Binh Green City offers free retail premises for 25,000 square meters of floor space in an effort to stimulate demand. Meanwhile, though located on Lieu Giai street in an advantageous position, Lotte Center will have to vie with formidable neighbors, including Keangnam and The Garden. Observers think that Lotte Center, as a "rookie" on the market, will need to run big sale promotions to attract customers. However, they noted that the … [Read more...]

Lotte Mart claims headstart will stand it in good stead

Hong Won Sik, general director of Lotte Mart Vietnam, which currently operates seven shopping centres in the country's key cities, talked with VIR's Nguyen Chung about its business strategy and the competitive pressure exerted by foreign peers in the Vietnamese market. Hong Won Sik, general director of Lotte Mart Vietnam Lotte is already renowned for stocking local goods, and the company has plans to source 90 per cent of its goods from within the Vietnamese market. However, next year, once the ASEAN Economic Community becomes operational, zero tariffs will mean a free flow of goods from other countries. So, will Lotte change its sourcing policy? The Vietnamese government has not yet fixed what percentage of foreign products supermarkets can sell against the total on offer. Therefore, foreign retail companies have the right to decide the rate of goods to sell in the Vietnamese market. Meanwhile, Lotte Mart chains sell goods which are 90 per cent Vietnamese, while many other … [Read more...]

LOTTE Center Hanoi: Most Luxurious, Advanced Serviced Complex Launched

Lotte Center Hanoi complex will officially be launched on Vietnam's National Day of September 2, following five years under construction. Located in between the old and new quarters of Hanoi, Lotte Center Hanoi will offer some of the most luxurious and advanced serviced residences, office space, a 5-star hotel and shopping mall in Hanoi, with a total invested capital of over US$400 million. It is also the first time in its 66-year history since establishment, the Lotte Group concurrently unveils all four upscale services the complex is to offer in a same day - the 5-star Lotte Hotel Hanoi, the premier Lotte Department Store Hanoi, the Lotte Mart Hanoi, and top level office space and serviced residences. More importantly, the launch date is set on the occasion of the local National Day of September 2, in time to meet the entertainment and shopping needs of millions of Hanoi residents on the holidays. Mr Lee Jong Kook, General Director of Lotte Center Hanoi, remarked: "Lotte Group … [Read more...]

Social News 24/8

HCM City to set up metro management firm soon HCMC's authorities are running against the clock to finalize a scheme to establish an urban railway company tasked with managing and operating Metro Line No. 1 that is expected to be ready by the turn of the decade. The metro management company will be up and running right this year while studies on metro operation and maintenance as well as personnel recruitment and training will be done after 2016. The company expects to recruit sufficient employees, complete staff training, and take over infrastructure and facilities of Metro Line No. 1 in 2017. The HCMC Management Authority for Urban Railways said the company will also make necessary preparations for deployment, operation and maintenance of the first metro line in the 2014-2017 period. A representative of the urban railway authority added the firm will be entirely funded by the city budget due to the absence of revenue in the first years of the metro line's operations, and the … [Read more...]

Social News 23/8

Fourth Russian-made submarine begins sea trials The fourth Russian built Kilo-class submarine began its factory-level sea trials on the Baltic Sea on August 21, according to Russian media sources. This is the fourth Project 636 submarine Russia has designed and constructed for Vietnam under a contract signed in 2009 during a Moscow visit by Prime Minister Nguyen Tan Dung. Pursuant to the contract, Russia has agreed to build six submarines, dubbed as Black Holes in the Ocean by NATO. The first two vessels, HQ-182 Hanoi and HQ-183 Ho Chi Minh City, have previously been handed over to Vietnam. The first submarine, dubbed HQ-182 Hanoi successfully made its maiden voyage on January 8, 2014. The second vessel named HQ-183 Ho Chi Minh City docked at Vietnam's Cam Ranh Bay on March 19, 2014. Russian experts are continuing to train the Vietnamese crew on the third submarine named HQ 184-Haiphong. Outgoing Brazilian ambassador receives friendship insignia The Vietnam Union of Friendship … [Read more...]

RoK firm helps build school for Thai Nguyen’s pupils

The construction of a school for pre-school and primary pupils at Lam Vy commune, Dinh Hoa district, the northern mountainous province of Thai Nguyen, began on August 20 under the support of Lotte Group of the Republic of Korea. The Lotte Shopping Plaza Vietnam (LSPV), a subsidiary of Lotte Group, funded nearly 2 billion VND via Plan-RoK for the school, which comprises of two fullly-equipped classrooms, a kitchen, a toilet, a water supply system and a play ground. The facility, which can accommodate 85 students, is expected to become operational in June, 2015. Speaking on the occasion, Sung Yeon Suck, business director of LSPV said his firm is honoured to join in social activities in Vietnam. On behalf of the local authorities, Chairwoman of the Dinh Hoa district People's Committee Loc Kim Tuyet said Lam Vu is one of the poorest communes in the district. She thanked the firm for its assistance for the project, which is hoped to improve the access of local pupils from low-income … [Read more...]

South Korea supports Hanoi to build rain water filtration system

The system was built to improve water resources in two primary schools and kindergartens in Cu Khe commune. The project is the result of cooperation among Lotte Shopping Plaza Vietnam, Center for Rainwater Research - Seoul National University (South Korea), Green Foundation Organization (South Korea), Institute of Environmental Science and Engineering - Hanoi University of Civil Engineering and Thanh Oai District People's Committee. ​On July 22, at Cu Khe Commune People's Committee, Thanh Oai district, Hanoi an inauguration ceremony of "rain water filtration system" took place. The system has been launched since April 2014. Rainwater are collected from the roof, and run to filters to remove impurities, then put water in the tank, use the Korea water purifier to remove substances again. By using membrane filtration technology, water quality satisfied standards of the Ministry of Health. Speaking at the ceremony, Mr. Su Hoi Koo - CEO of Lotte Shopping Plaza Vietnam said that although … [Read more...]

Attracting FDI, ODA for Development Investment

Recently, besides the special investment incentives, Binh Thuan has also issued its own strict regulations to urge investors to quickly implement their projects. These regulations have sometimes made investors feel less satisfied when coming to Binh Thuan, but according to Mr Nguyen Duc Hoa, Director of Department of Planning and Investment, the provincial target is selecting qualified investors. Truong Thanh reports. Can you share more about the achievements in attracting FDI and ODA in Binh Thuan province, as well as the direction for the near future? th September 2012 approving the list of ODA projects in international campaign period 2012-2015; in which the province calls for funding in areas: supporting social infrastructure, environmental disaster prevention, agriculture and rural development, supporting law system construction, science and technology. How has the province helped investors to overcome difficulties? Recession and economic crisis in the world today has … [Read more...]

International retailers continue to expand operations in Vietnam

Parkson has returned, while Ocean Group has jumped into the Ho Chi Minh City market. The moves taken by big international retailers are believed to heat up the market, the VietNamNet Bridge said. Parkson opens its 9th centre in Vietnam in December, 2013 Any move by big international retailers would have influences to the retail premises market, the online newspaper noted. On March 15, Parkson, the big guy from Malaysia, took delivery of six trade floors at Léman Luxury Apartments in District 3 developed by C.T Group. This is the second project co-developed in cooperation between Parkson and C.T Group. The other one is Parkson Shopping Mall at C.T Plaza in Tan Binh which has been operational. Prior to that, in December 2013, the shopping mall exploiter, belonging to Malaysian Lion Group, inaugurated another shopping mall in District 2, its eighth shopping mall in Vietnam. As such, Parkson has developed nine shopping malls, including six in HCM City, two … [Read more...]

International retailers continue to expand operations in VN

Parkson has returned, while Ocean Group has jumped into the Ho Chi Minh City market. The moves taken by big international retailers are believed to heat up the market, the VietNamNet Bridge said. Parkson opens its 9th centre in Vietnam in December, 2013 (Photo: VNA) Any move by big international retailers would have influences to the retail premises market, the online newspaper noted. On March 15, Parkson, the big guy from Malaysia, took delivery of six trade floors at Léman Luxury Apartments in District 3 developed by C.T Group. This is the second project co-developed in cooperation between Parkson and C.T Group. The other one is Parkson Shopping Mall at C.T Plaza in Tan Binh which has been operational. Prior to that, in December 2013, the shopping mall exploiter, belonging to Malaysian Lion Group, inaugurated another shopping mall in District 2, its eighth shopping mall in Vietnam. As such, Parkson has developed nine shopping malls, including six in HCM City, two in Hanoi and … [Read more...]

Market heats up as big foreign retail mall exploiters turn up

VietNamNet Bridge - Parkson has returned, while Ocean Group has jumped into the HCM City market. The moves taken by the big guys are believed to heat up the market. Any slight commotion by the "big guys" would have influences to the retail premises market. On March 15, Parkson, the big guy from Malaysia, took delivery of six trade floors at Léman Luxury Apartments in district 3 developed by C.T Group. This is the second project co-developed in cooperation between Parkson and C.T Group. The other one is Parkson Shopping Mall at C.T Plaza in Tan Binh which has been operational. Prior to that, in December 2013, the shopping mall exploiter, belonging to Malaysian Lion Group, inaugurated another shopping mall in district 2, its eighth shopping mall in Vietnam. As such, Parkson has developed nine shopping malls, including six in HCM City, two in Hanoi and one in Hai Phong City) with the total floor area of 172,000 square meters, since the day it arrived in Vietnam … [Read more...]

New Lotte Mart to go up in Vung Tau

Hung Le Ba Ria-Vung Tau Province has handed over an investment certificate to Lotte Vietnam to implement the Lotte Mart Vung Tau project worth more than VND721 billion. The development will cover over 10,000 square meters at the intersection of Ba Thang Hai and Thi Sach streets in Ward 8. Like other projects in HCMC and elsewhere in the country, the Vung Tau project will comprise a supermarket, a goods processing and retail section, restaurants, and entertainment facilities like children's playground, billiards and bowling areas, gaming section, fitness center, and cinema. The company is expected to begin work on the project in the first quarter this year and put it into operation next year. An authority of the province said Big C, another major retailer, was also exploring the possibility of entering the province's retail market. Saigon Co.op, the owner of the Co.opMart store chain, recently opened a second store costing over VND80 billion and covering 6,000 square meters in Vung … [Read more...]

Retail real estate set to prosper, says CBRE

Retail real estate has performed well both globally and regionally during 2013 and this is expected to continue in 2014. CBRE Vietnam executive director Richard Leech sees that the segment is bucking the downward trend. Report by Vietnam Investment Review. Retail is often regarded as the most exciting of all the real estate sectors, and requires specialised knowledge from sales and marketing, to site acquisition to management to ensure success. Vietnam has thrived on the back of good news concerning an increase in the supply of space, the prospect of new international retail tenants and increasing numbers of consumers, although slower than in previous years. Conversely, the sector has been plagued by reports of stores closing, restrictive regulations for foreign retailers and low consumer confidence. However, considering recent economic indicators generally pointing in the right direction, consumers are slowly regaining confidence and starting to spend again. Turnover in retail … [Read more...]

Retail real estate set to prosper

Retail real estate has performed well both globally and regionally during 2013 and this is expected to continue into 2014. CBRE Vietnam executive director Richard Leech sees that the segment is bucking the downward trend. Retail is often regarded as the most exciting of all the real estate sectors, and requires specialised knowledge from sales and marketing, to site acquisition to management to ensure success. Vietnam has thrived on the back of good news concerning an increase in the supply of space, the prospect of new international retail tenants and increasing numbers of consumers, although slower than in previous years. Conversely, the sector has been plagued by reports of stores closing, restrictive regulations for foreign retailers and low consumer confidence. However, considering recent economic indicators generally pointing in the right direction, consumers are slowly regaining confidence and starting to spend again. Turnover in retail sales services has seen robust growth … [Read more...]

Six Korean firms awarded 2013 corporate social responsibility (CSR)

(CPV) - Vietnam's Ministry of Planning and Investment, the Embassy of Korea in Vietnam and the Korea Trade and Investment Promotion Agency (Kotra) have co-organized an awards ceremony for Korean firms in Vietnam with outstanding performance in corporate social responsibility (CSR). As many as 16 Korean firms operating in Vietnam in different fields joined the sustainable responsible business program and six winners were selected. The six awarding firms had showed CSR spirit in the way they behaved with their employees, clients, local/charity communities and the environment. Speaking at the award ceremony, Vietnamese Deputy Minister of Planning and Investment Nguyen Van Trung said it was a significant event because Korea currently ranked third in 101 countries and territories investing in Vietnam, after Japan and Singapore. Having about 3,500 investment projects with a total capital of USD28.7 billion, Korean businesses have made substantial contributions to Vietnam's economic and … [Read more...]