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Foreign retailers, from Metro, Auchan, Casino Group to Parkson, have had to leave Vietnam because they did not understand the market well. Nguyen Anh Duc, deputy general director of Saigon Co-op, said he once criticized Co-opmart SCA Hanoi, a branch of Saigon Co-op, because the supermarket displayed old bananas for sale on inauguration day. Foreign retailers, from Metro, Auchan, Casino Group to Parkson, have had to leave Vietnam because they did not understand the market well. Localization means gathering the tastes and shopping needs of local consumers to build up a list of products for supply that can satisfy needs. Personalization is understanding shopping culture and demands for experience during the shopping process in order to offer new creative shopping models to attract customers. Nearly 2,600 supermarkets and sale points in 50 provinces/cities throughout the country and the data about 8 million customers are the important factors for VinCommerce to build a strategy. … [Read more...] about The costly competition in the retail industry

Repair work on the disaster-prone Asia America Gateway (AAG) undersea cable is expected to be completed on January 2, according to the Ministry of Information and Communications. A local internet service provider said a repair ship will arrive at the AAG location, the S1H branch, at 6 p.m. on December 28, 2019. The first weld will be conducted at 2 a.m. on December 30 and the final operation is expected to be done at 5 a.m. on January 1, 2020. But experts expect normal internet speed won't be restored until 8 a.m. January 2 for everything to be linked back again. In the latest breakdown, the S1H branch, about 163 km off the beach town of Vung Tau in southern Vietnam, was first reported damaged at 5 p.m. on November 14. This has resulted in slower internet speeds in the section between Saigon and Hong Kong. Connected in November 2009, the $560-million AAG cable handles more than 60 percent of Vietnam’s international internet traffic. The system is more than 20,000 kilometers … [Read more...] about Internet speed to remain sluggish until New Year

  Illustration by Trịnh Lập   By Nguyễn Mỹ Hà   The dreams of millions of Vietnamese people came true on Tuesday night. They had been dreaming for 30 years, or was it 60 as some said? Now it doesn’t matter, as the dreams are reality. The Việt Nam men’s U22 football team won a gold medal at the 30th Southeast Asian Games in the Philippines by defeating Indonesia 3-0 in the final. A popular saying goes ‘phúc bất trùng lai’, which means happiness does not repeat itself, but the men’s victory came just days after the women’s team won their own gold medal at the Games. Double happiness, truly, because despite the fact the women’s football team had won for the sixth time, it was the men’s first triumph. “Though this is the sixth time,” said women’s coach Mai Đức Chung, “I still feel very touched.” Sheer joy and happiness brightened … [Read more...] about Let the Vietnamese spirit soar

It was followed by the industry and construction sector, up VND211-555 trillion ($9.09-23.91 billion) a year. The agriculture, forestry, and fisheries sector rose VND25-46 trillion ($1.08-1.98 billion) per year. After revising its GDP methodology to match international standards, the agriculture, forestry and fisher sector’s GDP contribution decreased from 17.4 percent to 14.7 percent, according to the General Statistics Office (GSO). The industry and construction sectors grew from 33 percent to 34 percent of GDP, while the service grew from 39.2 percent to 41.2 percent. With the revised methodology, Vietnam formally raised its GDP by an average 25.4 percent for the 2010-2017 period. The figure was recalculated by the General Statistics Office (GSO) in August, but formalization was delayed to give the government more time to assess its impacts. 2017’s GDP has been raised to VND6.3 quadrillion ($271.29 billion) from VND5 quadrillion ($215.71 billion), up 25.7 percent. … [Read more...] about Service sector sees biggest increase after GDP recalculation

A recent report by financial data provider Fiin Group shows that foreign-invested firms account for almost all the increase in exports to the U.S. as its trade spat with China intensifies. In the garments sector, for example, Vietnamese companies only accounted for 16 percent of the export value from June 2018-2019, with FDI firms making up the remaining 84 percent. South Korean garment manufacturers in Vietnam have been the biggest winners from the trade war, with 143 South Korean companies accounting for almost half of Vietnam’s garment export value in the period, the report said. It said South Korean corporations were better placed to reap the gains because they have been in Vietnam since early 2000s and have well established supply chains in the country. "The majority of Vietnamese companies are still small-sized and do not meet foreign buyers’ requirements on quality, quantity and cost."  A similar situation could be seen in the export of phones and parts. South … [Read more...] about US-China trade war spoils go to FDI firms