Customers examine dairy products at a Co.opmart supermarket on Ly Thuong Kiet Street in HCMC. The local retail sector is changing quickly and following new trends - PHOTO: THANH HOA Speaking at the event, Vu Vinh Phu, an economic expert and former chairman of the Hanoi Supermarkets Association, stated that over the past four or five years, the trend of forming joint ventures and mergers and acquisitions has been flourishing in the retail field, resulting in the emergence of giant retailers. “They are strong enough to compete with big rivals and have an advantage in terms of input and output goods and the quality of products,” Phu said. The race will become fiercer, causing small firms with weak management and heavy losses to be merged or go bankrupt, he added. The trend will continue its upward spiral in the coming months, Phu noted. The second trend he mentioned was the demand among customers for diverse experiences. In recent years, some major enterprises have … [Read more...] about Expert highlights four trends of retail sector
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All banks in the country have to adopt the standard version of Basel II and then switch to the advanced version by 2025. — Photo baokiemtoannhanuoc.vn In 2016 the State Bank set a deadline of January 1, 2020, for 17 banks to meet Basel II norms under a national banking sector development strategy. Also, by 2025 all banks in the country have to adopt the standard version of Basel II and then switch to the advanced version. Basel II is the second edition of the Basel Accords, which are recommendations on banking laws and regulations issued by the Basel Committee on banking supervision. It comprises minimum capital requirements, supervisory review and market discipline to enhance competition and transparency in the banking system and make banks more resistant to market changes. Basel II requires banks to have a capital adequacy ratio (CAR) of at least 8 per cent. However, the SBV has allowed 10 banks to adopt Basel II standards earlier than the 2020 deadline. They are Joint Stock … [Read more...] about Basel II deadline rapidly approaching, are banks on course to meet norms?
Both Big C and Lotte Mart fell in the rankings of the top 10 retailers of Vietnam Top 10 reputable retailers 2019 for FMCG and supermarkets VinCommerce Saigon Co.op Aeon Big C SASCO SATRA Lotte Mart Mega Market Dai Tan Viet JSC Vietnam Report has just announced the list of most reputable retailers in 2019. Vincommerce, with VinMart and VinMart+, ranks first while Saigon Co.op climbed up a rung since last year to second position. Meanwhile, foreign-invested retailers like Big C, a member of Thailand’s Central Group, and South Korea’s Lotte Mart fell to fourth and seventh, respectively. Japan’s Aeon also gained a rank, while Mega Market has entered the list at the eighth position. In the retail of electronics and jewellery, Mobile World and its subsidiaries rank first, followed by PNJ and FPT Retail. This year, Digiworld has made it into the top 10, knocking out Home Centerfrom the list. Top 10 reputable retailers 2019 for electronics and jewellery … [Read more...] about Big C and Lotte Mart relegated in top 10 retailers of Vietnam
Illustrative image (Source: VNA) Hanoi (VNA) – Vietnam’s total revenue from retail trade and services in the first nine months of this year reached 3.6 quadrillion VND (around 155.3 billion USD), 11.6 percent over the same period last year. If the price factor was excluded, the total revenue rose by 9.2 percent year on year, higher than the rate of 9.1 percent recorded in the first nine months of 2018, according to the General Statistics Office (GSO). According to GSO experts, high demand due to improved living standards had spurred consumption. An abundant supply of goods and guaranteed quality had also increased sales volume. Thanks to increased purchasing power, the wholesale and retail sector together with the services sector contributed significantly to GDP growth of 6.98 percent in the first nine months of 2019, the highest level recorded since 2011. According to the GSO, total revenue from retail trade and services in September … [Read more...] about Vietnam’s retail sales rise on strong consumer demand
Hanoi (VNS/VNA) - The banking sector is waiting for the State Bank of Vietnam to allow the use of electronic know your customer/client (e-KYC). TPBank was chosen to trial it in January last year. According to LegalDesk Website, KYC or Know Your Customer is a process an institution employs for customer identification. The Securities Exchange Control board of India (SEBI) laid down that any institute that deals with financial transactions or functions as financial intermediaries needs to verify their customer’s identity under the Prevention of Money Laundering Act, 2002. With banks and mutual funds instituting the KYC process for all its customers, it did help with preventing money fraud and identifying suspicious transaction activity of an account holder. KYC is a one-time process that is mandatory for all people of Indian nationality. eKYC is the process of an institution getting acquainted with their customer, though electronically. The main objective of … [Read more...] about Client ID holds key to making digital banking safe