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SHANGHAI/PARIS -- From $300 bucket hats to $900 sneakers and $700 t-shirts, the high-flying luxury sector is fretting over the appetite among financially stretched Gen Z consumers for such "aspirational" purchases. Executives are troubled in particular by a hit to young Chinese shoppers, not only because mainland China has been a major driver of the industry's growth in recent years, but also because high end consumers in the world's second-largest economy are a decade younger than the global average of 38. Young adults around the world have been "a very strong factor of luxury growth over the past decade," said Gregory Boutte, chief client and digital officer at Gucci-owner Kering. Data this week showed China's economy slowed unexpectedly, prompting a central bank rate cut, while macroeconomic trends are disproportionately impacting the extra funds that those born between 1996 and 2012 might use to enter the world of luxury. Whereas in North America and Europe, inflation and … [Read more...] about Luxury sneakers may be a step too far for cash-strapped Gen Z

Illustrative image (Photo: VNA) Hanoi (VNS/VNA) - Banks must tighten their assessment control of corporate bond investment s to avoid excessive risk and the misuse of funds raised by firms, experts said. In early April, the Banking Supervision Agency, under the State Bank of Vietnam ( SBV ) conducted an inspection of corporate bond investment activities at seven banks, while the Ministry of Finance inspected one bank. According to the SBV, by the end of 2021, there are 41 credit institutions holding 274 trillion VND (11.7 billion USD) of corporate bonds, of which more than 75% of them are held by ten major banks - Techcombank, MBBank, VP Bank , TPBank, BIDV, Vietcombank, VietinBank, HDBank, ABBank and SeABank. At some banks, the value of corporate bonds exceeds 10% of total assets. Although the inspection results were not published, a SBV senior leader said in an interview with Vietnam Investment Review that a number of credit institutions failed to accurately … [Read more...] about Banks should tighten assessment control of their corporate bonds investments: experts

Denmark, through strategic sector cooperation (SSC) with Vietnam, helps implement national action plan in agriculture while promoting the engagement of stakeholders in the value chain. Among issues shared at an event held in Hanoi on August 17, Vietnamese officials, experts, and businesses were impressed with the philosophy of “producing more from less” in Denmark’s agri-food sector. Denmark targets the climate-neutral food industry by 2050. Photo: Danish Agriculture and Food Council Troels Jakobsen, Trade Counsellor of the Embassy of Denmark, said Denmark produces three times more food than the Danish population can consume, with some of the lowest greenhouse gas emissions in Europe. The idea was shared at Seminar – Business Matchmaking held in Hanoi on August 17 to discuss Danish experiences and solutions in sustainable agri-food production. Meanwhile, Jeppe Søndergaard Pedersen, International Chief Advisor, the Danish Agriculture and Food Council, … [Read more...] about “Produce more from less”: Danish agricultural philosophy for Vietnam

In 2020, chairman Nguyen Van Dat appointed you as CEO of Phat Dat. Taking on this new responsibility, how did you feel back then? Throughout Phat Dat's 16-year history, the chairman and founder exerted his influence on every decision. In such a context, I found myself in a favourable situation thanks to the inherited strategic orientations from the chairman and the determined management team. Besides this, Phat Dat has embarked on an ambitious plan for 2019-2023 to restructure its investment portfolio, targeting billions USD in market cap and exceeding 50 per cent in compound growth rate. Growing up inside the organisation, I am enthusiastic about Phat Dat's development. My new task, which capitalises on the past achievements and simultaneously accompanies the chairman to write Phat Dat's further development, is really challenging. When I received the appointment decision, many thoughts crossed my mind. I immediately told myself that I must live well, grow strongly, and see … [Read more...] about Phat Dat’s strategy to successfully acquire new real estate projects

Yerkin Tatishev, founder and chairman of Kusto Group During your visit to Vietnam, you identified and reconfirmed the potential of the Vietnamese market. Could you please share your investment strategy and plan for the coming years? Over the past 10 years, we have invested in different industries in Vietnam from cement to logistics and real estate. During that time, we also gained a lot of experience. The business results of the projects are different but in general, they are positive. Through this process, we have also built strong foundations for development in Vietnam such as a network of partners, friends, and a deep understanding of the local market. The Vietnamese government is stepping up investment in infrastructure such as roads, airports and many others, in which private companies are actively participating. Investment in infrastructure will create a positive growth engine for Vietnam. The nation's infrastructure system is changing very quickly and I firmly … [Read more...] about Kusto Group diversifies its business in Vietnam

Workers checking a roof top solar system (Photo: VNA) Hanoi (VNS/VNA) - As the energy industry has a crucial role in achieving net zero emissions by 2050, it requires a structural transition toward green growth. Therefore, Vietnam needs assistance from developed countries regarding both financial and technical issues . To detail the national green growth strategy, the Prime Minister on July 22 approved the national action plan on green growth for 2021-2030 with four important goals. The goals are to reduce greenhouse gas emissions per GDP, to green economic sectors, to green lifestyles and promote sustainable consumption, and to green the transition on the principles of equality, inclusion, and resilience. Speaking at the conference on the impact of COP26 on the energy transition towards green growth launched on August 17, Nguyen Thi Bich Ngoc, deputy minister of the Ministry of Planning and Investment, said that resources are the biggest problem in realising the … [Read more...] about Vietnam needs extra 368 billion USD to achieve net zero emissions