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Bamboo Airways hikes capital by 50 pct

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Bamboo Airways hikes capital by 50 pct

An aircraft of Bamboo Airways prepares to land at Tan Son Nhat International Airport in Ho Chi Minh City. Photo by Shutterstock/Phuong D. Nguyen.


Bamboo Airways has increased its charter capital by half to VND10.5 trillion ($458 million), its fifth hike in less than four years since establishment.

The airline, in which conglomerate FLC owns a 51.29 percent stake, posted a pre-tax profit of over VND400 billion last year, up 34 percent from 2019.

The airline began flying in 2019, and carried over four million passengers last year, a 40 percent increase from the previous year.

It has a fleet of nearly 30 aircraft and plans to expand it to 50 this year. It has the best on-time performance in the country.

Source: https://e.vnexpress.net/news/business/companies/bamboo-airways-hikes-capital-by-50-pct-4238840.html

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Central bank, police officials warn against investment in forex trading floors

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Officials from the State Bank of Vietnam (SBV) and the Ministry of Public Security have warned that investment in foreign exchange (forex) trading floors is extremely risky and not protected by the country’s law.

Central bank, police officials warn against investment in forex trading floors hinh anh 1

The State Bank of Vietnam (SBV)’s Deputy Governor Dao Minh Tu speaks at the press conference (Photo: VNA)

During the Government’s regular press conference on March 2, SBV Deputy Governor Dao Minh Tu said only credit organisations licensed by the SBV are allowed to supply services related to the exchange of foreign currencies or derivatives. Therefore, forex trading floors are currently operating out of line with Vietnam’s legal regulations. 

Central bank, police officials warn against investment in forex trading floors hinh anh 2

Maj. Gen. To An Xo speaks at the press conference (Photo: VNA)

About the case related to Trinh Xuan Thanh at the Vietnam Oil and Gas Group (PetroVietnam) and the PetroVietnam Construction Joint Stock Corporation, Chief of the Office of the Ministry of Public Security and its spokesman Maj. Gen To An Xo said Thanh was sentenced to 14 years in jail for “intentionally violating the State’s regulations on economic management, causing serious consequences” and life imprisonment for “asset embezzlement”. 

During the process of investigation and court hearings, over 73 billion VND were also reclaimed, together with many other assets and bank accounts. 

He added that several images of unclear origin recently released by several opposition individuals and organisations have hurt the prestige of the public security sector and other relevant agencies, causing misunderstanding among the public. 

Xo also informed that the case involving the Hoan Cau Co. Ltd. has been temporarily suspended due to the lack of judicial assistance from the US Department of Justice and the court’s decision recognising the ownership of inheritances from Tran Thi Huong, the late founder of the company./.VNS

Source: https://vietnamnet.vn/en/business/central-bank-police-officials-warn-against-investment-in-forex-trading-floors-716872.html

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Kiên Giang keen to become sea-based economic powerhouse by 2025

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Fishing boats are at anchor near Thổ Chu Island, Phú Quốc District in Kiên Giang Province. The southern province is striving to branch out its maritime sector and become a sea-based economic powerhouse by 2025. — VNA/ Photo Lê Huy Hải

KIÊN GIANG — Boasting 200km of coastline and 143 islands, the Mekong Delta province of Kiên Giang is striving to branch out its maritime sector and become a sea-based economic powerhouse by 2025.

The move aims to contribute to realising the ‘Strategy for Sustainable Development of Việt Nam’s Marine Economy by 2030 with a Vision to 2045’.

According to Permanent Deputy Secretary of the provincial Party Committee Mai Van Huỳnh, the province is prioritising building its maritime sector to boost economic development while protecting the environment and strengthening national defence at sea and on islands.

Major investments have been made in several key industries, such as seafood, tourism-marine services, energy, and the maritime industry, among others, helping the province rank second among the 13 Mekong Delta localities in terms of maritime economic development in 2020.

The sea-based economy accounted for 79.75 per cent of the local gross regional domestic product (GRDP) in the year, he added.

High-capacity fishing vessels have been built to bolster offshore fishing, contributing to sustainable fisheries and the protection of the nation’s sovereignty over sea and islands.

With vast fishing grounds and a strong fleet, the province’s annual seafood output tops 500,000 tonnes and its aquaculture yield was estimated at more than 264,100 tonnes in 2020.

Kiên Giang is working to secure a total seafood catch and aquaculture output of 800,000 tonnes by 2025.

According to the provincial Department of Agriculture and Rural Development, farming areas in Phú Quốc City, Kiên Hải island district, the island commune of Tiên Hải in Hà Tiên City, and Sơn Hải and Hòn Nghệ in Kiên Lương District will focus on farming groupers, cobias, yellow-fin pompanos, and seabass, as well as blue lobster, mantis shrimp, crab, and oysters for pearl farming.

Meanwhile, coastal areas in Hà Tiên City and the districts of Kiên Lương, Hòn Đất, An Minh, and An Biên will develop zones for farming molluscs such as blood cockles, saltwater mussels, green mussels, and oysters.

Attention will be paid to high-tech aquaculture, the development of quality staples with high economic value, and measures to prevent illegal fishing.

Local maritime tourism has helped drive the tourism sector thanks to renowned destinations like Phú Quốc Island. A huge amount of capital has been injected into Phú Quốc City for years, most of which comes from strategic investors such as Vingroup, Sun Group, BIM Group, and CEO Group.

According to the provincial Department of Tourism, the province welcomed more than 5.2 million visitors in 2020, accounting for 55.8 per cent of the goal but down 40.7 per cent year-on-year. Revenue from tourism services was at more than VNĐ7.8 trillion (US$339.8), or 39.3 per cent of the target, and down 57.7 per cent compared to 2019.

Local tourism is seeing a sound recovery thanks to stimulus measures.

The province will sharpen its focus on tourism infrastructure at key attractions, including Phú Quốc Island.

Vice Director of the Department of Tourism Bùi Quốc Thái said the province encourages all economic sectors to build and diversify local tourism products, as well as join in efforts to form a major tourism centre.

Regarding energy development, the province prioritises investment in wind power, electrification, solar power, and many other sources of renewable energy.

It also plans to build coastal roads and improve logistics services, while working to preserve ocean biodiversity and restore ocean ecosystems, protecting mangrove forests in tandem with the effective and sustainable exploitation of marine resources. —

Source: https://vietnamnews.vn/economy/891251/kien-giang-keen-to-become-sea-based-economic-powerhouse-by-2025.html

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Digital strategies to the fore as e-commerce assumes increasing importance: experts

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A logistic centre in HCM City. Companies are expected to implement digital strategies to continue to reach customers. — Photo Courtesy of Shopee Vietnam

HCM CITY — Companies are expected to implement digital strategies to continue to reach customers, experts said while alluding to trends in the e-commerce market this year.

Shopee, a leading e-commerce player in the country, in a note predicting trends this year, said: “The pandemic pushed businesses, from premium brands to micro-entrepreneurs, to quickly adopt digital strategies if they sought to reach customers amidst the lockdowns.”

As online selling becomes a growing revenue channel for brands and sellers, e-commerce platforms need to work with them to help engage their customers in a differentiated manner and grow their online presence, it said.

It cited its own example of working with POND’s to integrate its AI-powered beauty tech solution, Skin Advisor Live into the online shopping experience, offering shoppers free personalised skincare analysis online to help them make a more informed buying decision. 

POND’s was also able to tap into Shopee’s engagement tools such as livestreaming to interact with its target audience.

There are more than 20,000 global and local brands on Shopee Mall, offering a wide selection of products ranging from everyday to premium items.

The company works closely with these brands to create new and unique shopping experiences. 

The e-commerce market is expected to see more changes this year as the COVID-19 pandemic has brought about a broad, deep and irreversible shift to online for businesses and consumers. 

Trần Tuấn Anh, managing director, Shopee Vietnam, said: “2020 was an especially transformative year for e-commerce. As consumers adhered to social distancing measures and stayed home, they turned to online platforms not just for their daily needs but also for entertainment and interaction.

“This led to online shopping evolving from a purely transactional experience to a more social experience, with e-commerce platforms integrating more interactive elements such as games and livestreaming to engage users. With advancements in technology, increasing internet penetration and a fast-growing population of young, tech-savvy youths and middle-income families, we expect e-commerce to play an integral role in the way we live, connect and do business.”

This year adoption of digital payments is expected to increase.

Digital payment is the preferred mode online, and as more people become accustomed to e-commerce, it will also drive the offline cashless movement. 

While local governments’ have been moving towards a cashless society, the pandemic has greatly accelerated this need in a region where the majority of consumer transactions are made in cash. In line with movement restrictions and continued social distancing efforts, consumers and businesses have increasingly embraced digital payments for greater convenience and security. 

For example, in addition to greater usage of AirPay in-app, the number of offline merchants in Viet Nam using AirPay also doubled in 2020, including like 7-Eleven, MyKingdom and Guardian. 

The logistics sector is also expected to see changes.

Shopee predicted logistics would become even more important as consumers increasingly rely on e-commerce and have greater expectation of efficient delivery.

The increase in demand is particularly significant in the case of daily necessities and household essentials.

In Việt Nam, Shopee, which operates in several countries, saw a two-fold increase in food, health and home-related items shipped from the warehouse.

Brands and sellers need to make use of technology to ensure that parcels are delivered in a timely and cost-effective manner, and one way to achieve this could be to tap into the extensive and integrated networks of e-commerce platforms. 

Shopee said it saw more brands tapping its logistics infrastructure with the result that the branded items shipped from its warehouses tripled last year. —

 

 

 

Source: https://vietnamnews.vn/economy/891240/digital-strategies-to-the-fore-as-e-commerce-assumes-increasing-importance-experts.html

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