Business

Mobile World shuts down fashion chain after 6 months

Electronics retail giant Mobile World has shut down its AVAFashion business six months after branching out to the new sector in its search for new revenue streams.

Published

11 months ago

July 18, 2022

TienphongNews

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The of AVAFashion website has been shut down and is redirected to AVASport, Mobile World’s sportswear distributor.

The largest electronics retailer in Vietnam launched five new chains in mid-January: AVAFashion, AVASport, AVAKids (selling kids clothes), AVAJi (selling jewelry and watches) and AVACycle (selling bicycles).

AVAJi has stopped selling jewelry to focus on watches.

Chairman of Mobile World, Doan Van Hieu Em, said earlier the AVA chains are part of the company’s strategy to experiment with new businesses to seek more growth opportunities, and whatever does not work would be closed.

Another foray is into pharmaceuticals with its An Khang drugstores.

Em plans to expand the number of An Khang stores from 500 to 800 by the end of this year.

Its competitors Pharmacity and Long Chau have over 1,100 and 690.

Mobile World has also been shutting down dozens of Bach Hoa Xanh grocery stores as it seeks to improve the performance of each store in preparation for a nationwide expansion next year.

Source: VnExpress

Source: https://e.nhipcaudautu.vn/companies/mobile-world-shuts-down-fashion-chain-after-6-months-3346756/

Related Topics:AVAFashion Mobile World retail

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Business

Reference exchange rate up 1 VND at week’s beginning

Published

6 mins ago

June 7, 2023

TienphongNews

The State Bank of Vietnam set the daily reference exchange rate at 23,712 VND/USD on May 29, up 1 VND from the last working day of previous week (May 26).

Reference exchange rate up 1 VND at week’s beginning hinh anh 1

Illustrative image (Photo: VNA)

Hanoi – The State Bank of Vietnam set the daily reference exchange rate
at 23,712 VND/USD on May 29, up 1 VND from the last working day of previous
week (May 26).

With the current trading band of /- 5%, the
ceiling rate applicable for commercial banks during the day is 24,897 VND/USD
and the floor rate 22,526 VND/USD.

The opening hour rates at commercial banks decreased.

At 8:15am, Vietcombank listed the buying rate at
23,280 VND/USD and the selling rate at 23,650 VND/USD, both down 10 VND from
the end of May 26.

Meanwhile, BIDV kept both rates unchanged at 23,330
VND/USD (buying) and 23,630 VND/USD (selling).

During the week from May 22-26, the daily
reference exchange rate followed an upward trend except for May 23, and ended
the week up 27 VND./.

Source: https://en.vietnamplus.vn/reference-exchange-rate-up-1-vnd-at-weeks-beginning/253774.vnp

Business

Retailers improve quality to gain competitive advantage

Published

1 hour ago

June 7, 2023

TienphongNews

The presence of foreign-invested enterprises in Vietnam’s retail sector has increased competition among businesses, jointly regulating supply and demand in the domestic market.

According to trade experts, not only Thailand but also many other foreign retail businesses and domestic ones have expanded their business in the Vietnamese market.

As a result, the competitiveness of Vietnam’s retail market and local businesses has improved.

Over the years, Vietnam has issued a fairly comprehensive system of policies on attracting and managing foreign investment capital as well as developing orientations for the domestic retail market.

To create favourable conditions for retail businesses, experts said that besides attracting foreign investment, it is also important to build Vietnamese retail channels by Vietnamese people.

Vietnamese retail businesses should both compete and cooperate with foreign entities to learn experience and advanced retail technology. It is necessary to promote the link between domestic production and distribution system, and create a strong association to Vietnamese enterprises./.

Source: https://en.vietnamplus.vn/retailers-improve-quality-to-gain-competitive-advantage/253767.vnp

Business

Owners of condotels, officetels get title deeds

Published

3 hours ago

June 7, 2023

TienphongNews

Buyers of condotels, officetels and resort villas can have ownership certificates from May 20 under a new decree guiding the implementation of the Land Law.

On April 3, 2023, the Government issued Decree No.10 on amending and supplementing several decrees guiding the implementation of the Land Law from May 20.

The ownership term of the condotel depends on the purpose of land use following current regulations but not exceeding 50 years of the ownership term for land allocated or leased by the State for commercial or service use.

Buyers may only own land and apartments during the remaining land use period, not for long-term use as residential land.

According to experts, the Government’s decree will remove legal bottlenecks for investors and buyers of condotels, officetels and resort villas.

Experts said that if legal problems in the condotel, officetels and resort villa market are resolved, it can restore nearly 239 frozen projects nationwide, with a total value of about 30 billion USD./.

Source: https://en.vietnamplus.vn/owners-of-condotels-officetels-get-title-deeds/253607.vnp