At a Co.op Food convenience store (Photo: nld.com.vn) HCM City (VNS/VNA) - After food and beverage and other sectors, it is the turn of convenience stores franchisers to eye the huge Vietnamese market. According to experts, Vietnam has all the requisite elements for the retail and franchising industry to boom such as a large consumer base, rapidly rising incomes and a generation of young and educated professionals. Speaking at a seminar on Building an International Franchise Model held in Ho Chi Minh City last week, Yun Ju Young, managing director of GS25 Vietnam, said the country is among the fastest growing retail markets in Asia, with convenience stores recording strong growth in recent years. The convenience store chain GS25 of the Republic of Korea has around 14,000 stores in its home market, 80 percent of which are franchised. “There is a high convenience store density in Korea. So we have to look for business opportunities in new markets like Vietnam.” … [Read more...] about Convenience stores expected to be the next big thing in franchising in Vietnam
Convenience retail asia
Visa commits to safeguarding the payment ecosystem through a multi-layered approach to payment data safety In an age where e-commerce is safer, more advanced, and accessible than ever before, Visa remains committed to working with partners across the industry to prevent potential attacks with a portfolio of risk products and services. Digital payments continue to grow across the Asia-Pacific as consumers become more active users of e-commerce and rapidly adopt cashless methods of transactions. Central banks and regulators are also implementing digital initiatives to reap the benefits of digital payments which include greater transaction convenience, bolstering innovation, and lowering costs associated with cash handling. These developments have also created a proliferation of data, which is increasingly attractive to cybercriminals. According to industry research, fraud is projected to cost retailers worldwide $130 billion over the next five years. According to Joe Cunningham, head … [Read more...] about Pushing digital economy in Asia-Pacific with Visa data security
Customers shop at a supermarket in Hanoi. Photo by Reuters. The rental increase in the CBD was by 3.7 percent over the previous quarter, while monthly rents outside the CBD reached $35.8 per square meter, down 3.7 percent quarterly, according to the latest report by real estate firm CBRE. Vacancy rates increased in both sectors in Q3, up 0.6 percentage points in the CBD and 0.5 percentage points outside, mostly because shopping centers were undergoing renovation and tenant mix revision this quarter, the report said. CBD and non-CBD vacancy rates were around 2.5 percent and 8 percent respectively, the report said. The retail market continues to be considered attractive to international retailers and developers, thanks to the Vietnam’s growing young population, and most retailers tend to choose HCMC to open their first stores when entering the country, CBRE said. The report said Vietnam’s retail industry has seen several major deals … [Read more...] about Saigon commercial rents up 5.8 percent
Viet Nam News HÀ NỘI — Vingroup’s VinSmart Company on Wednesday announced its Vsmart smartphones would be distributed in Spain by Media Markt. The Vsmart smartphone is the first Vingroup product introduced in Europe, showing the group’s ambition to bring Vietnamese technology to the international market. “Spain is an extremely important market for Vsmart, the first foreign market Vsmart set foot on, through a combination with BQ - Spain’s leading technology company that Vsmart currently owns 51 per cent of the shares. Spain will also be Vsmart’s gateway to conquer European market,” said Nguyễn Thị Bích Phương, Deputy General Director of Maketing, Vsmart Company at the launching ceremony in Spain. Vsmart products will be distributed through nearly 90 stores of Media Markt, a leading consumer electronics retailer with more than 35 years of experience and a presence in 13 countries. The four models of … [Read more...] about Vsmart smart phones distributed in Spain
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?