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How tea chain Phuc Long fared in the year after Masan takeover
Its revenues were VND1.579 trillion ($67.15 million) and earnings before interest, taxes, depreciation, and amortization (EBITDA) were VND195 billion, the highest gross profit margin in the industry, according to Masan’s newly published annual report.
Highland Coffee had revenues of over VND2 trillion a year in 2019 and 2020.
Phuc Long opened 23 large flagship stores and two mini shops in the last quarter of 2022, increasing their total numbers to 111 and 21.
They represented a near doubling of numbers from 2021 when Masan first bought stakes in Phuc Long.
The flagship stores achieved very high profit margins of 31% in 2022 and 26% in 2021. Last year they reported sales of VND1.1 trillion and profits of VND330 billion.
But Phuc Long had to close 150 tea and coffee kiosks located inside WinMart retail stores, also belonging to Masan, in the second half of 2022, the annual report said.
“We are adjusting this model (opening tea and coffee kiosks in WinMart stores) in the first half of 2023 before continuing to expand scale.”
In the event Phuc Long failed to achieve its target of opening 1,000 new kiosks last year.
But Phuc Long’s profit, of VND195 billion, was lower than the profit from its flagship stores alone, which meant the kiosks were losing money, the reason for the rejig of the model, according to experts.
Last year it accounted for 2% of Masan’s revenues and up 1.3% of profits.
It targets revenues of VND2.5-3 trillion this year, up 58-90% from 2022, mainly thanks to the opening of some 90 new stores.
Masan first bought shares of Phuc Long in May 2021, paying $15 million for a 20% stake. Last year it bought 70% in two different transactions for VND6.1 trillion.
Masan hopes to make Phuc Long the top tea and coffee chain in Vietnam over the next few years before going overseas in 2024 or 2025.
Source: VnExpress
Source: https://e.nhipcaudautu.vn/companies/how-tea-chain-phuc-long-fared-in-the-year-after-masan-takeover-3351560/
Many Australian firms have tapped into the Vietnamese market due to Vietnam’s strengthened political security, apart from an efficient anti-corruption crackdown, heard a seminar on Vietnam-Australia education, culture, and cuisine promotion in Hanoi on Monday.
The Australian side strongly believes that Vietnam will further improve transparency and the investment climate.
The event, jointly organized by the Australian Trade and Investment Commission (Austrade), Hanoi authorities, and many enterprises, acted as a start for a series of similar seminars to be held in five cities and provinces this year, which marks the 50th anniversary of diplomatic ties between Vietnam and Australia.
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| An Austrade representative delivers a presentation on the performance of the Vietnam-Australia partnership in 2022. Photo: Duy Linh / Tuoi Tre |
Australia picks Vietnam as an investment destination thanks to political security
Eliza Chui, a representative of Austrade, said that many factors had encouraged Australian firms to do business in Vietnam, including the country’s political security, rapid post-COVID-19 recovery, golden population, anti-corruption efforts, and transparency.
“Vietnam is Southeast Asia’s sixth-largest economy, while the nation is home to 291 industrial parks, making it more attractive to foreign investors,” said Chui.
“After the COVID-19 pandemic, Vietnamese people tend to pay attention to their health, so they are willing to seek high-quality products, smoothing the path for Australian exports.”
Bilateral trade between Vietnam and Australia totaled some 23.5 billion Australian dollars (US$15.6 billion) in 2022, making Australia Vietnam’s seventh-largest trade partner.
Meanwhile, Vietnam became Australia’s 10th-biggest trade partner.
Furthermore, Vietnam is Australia’s fifth-largest education partner, sending 27,000 Vietnamese students to Australia and seeing over 8,000 students pursuing degrees at Australia-invested universities in the Southeast Asian country.
Two-way trade in the agro-forestry-fishery sector reached a new record of six billion Australian dollars (US$3.9 billion) last year.
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| Tony Harman, Australian agriculture counselor at the Australian Embassy in Vietnam, delivers a speech at the seminar. Photo: Duy Linh / Tuoi Tre |
Australia set to import Vietnamese grapefruit, passion fruit
Tony Harman, Australian agriculture counselor at the Australian Embassy in Vietnam, told Tuoi Tre (Youth) newspaper on the sidelines of the seminar that the event was not only aimed at introducing Australian products to Vietnamese customers, but also at creating a chance for Australian firms to learn more about and buy Vietnamese farm produce.
Many Vietnamese agricultural products are being shipped to Australia, including dried, frozen, and fresh produce.
The Vietnamese shrimp is a much sought-after product in Australia and has gained a dominant position on the market, said Harman.
“We are working to import grapefruit and passion fruit from Vietnam to diversify fresh fruits on the Australian market and provide Australian customers with Vietnam’s high-quality products,” he revealed.
Australia is focusing on marketing honey products, kangaroo meat, deer meat, peaches, cranberries, and baby formulas to the Vietnamese market. In addition, Australia will make life easier for the import of Vietnamese shrimp, passion fruit, and grapefruit, while issuing certificates to Vietnam’s food irradiation and disinfection facilities.
In response to a topic about the memorandum of understanding (MOU) signed by the two countries last year on sending Vietnamese workers to Australia for work in agriculture, Harman said that both sides were stepping up efforts to implement the memo, and will issue further notice in the near future.
As per the MOU signed in March last year, Australia will issue agricultural visas and receive nearly 1,000 farm workers from Vietnam each year.
However, in September last year, Australia announced the suspension of agricultural visas. Instead, the Australian government shifted to a program with a focus on workers from Pacific island nations and Timor Leste.
|
|
| Representatives of Australian firms have a discussion with their partners on the sidelines of the seminar. Photo: Duy Linh / Tuoi Tre |
The Australian Department of Foreign Affairs and Trade has been committed to continuing to follow all agreements with Vietnam, while the two countries are in the process of discussing the implementation of these deals.
The series of seminars on Vietnam-Australia education, culture, and cuisine promotion is part of the activities to celebrate 50 years of the two countries’ relations.
After the event in Hanoi, other seminars will kick off in Hue and Da Nang in March, and in Ho Chi Minh, Nha Trang, and Can Tho in September.
Like us on Facebook or follow us on Twitter to get the latest news about Vietnam!
Many Australian firms have tapped into the Vietnamese market due to Vietnam’s strengthened political security, apart from an efficient anti-corruption crackdown, heard a seminar on Vietnam-Australia education, culture, and cuisine promotion in Hanoi on Monday.
The Australian side strongly believes that Vietnam will further improve transparency and the investment climate.
The event, jointly organized by the Australian Trade and Investment Commission (Austrade), Hanoi authorities, and many enterprises, acted as a start for a series of similar seminars to be held in five cities and provinces this year, which marks the 50th anniversary of diplomatic ties between Vietnam and Australia.
|
|
| An Austrade representative delivers a presentation on the performance of the Vietnam-Australia partnership in 2022. Photo: Duy Linh / Tuoi Tre |
Australia picks Vietnam as an investment destination thanks to political security
Eliza Chui, a representative of Austrade, said that many factors had encouraged Australian firms to do business in Vietnam, including the country’s political security, rapid post-COVID-19 recovery, golden population, anti-corruption efforts, and transparency.
“Vietnam is Southeast Asia’s sixth-largest economy, while the nation is home to 291 industrial parks, making it more attractive to foreign investors,” said Chui.
“After the COVID-19 pandemic, Vietnamese people tend to pay attention to their health, so they are willing to seek high-quality products, smoothing the path for Australian exports.”
Bilateral trade between Vietnam and Australia totaled some 23.5 billion Australian dollars (US$15.6 billion) in 2022, making Australia Vietnam’s seventh-largest trade partner.
Meanwhile, Vietnam became Australia’s 10th-biggest trade partner.
Furthermore, Vietnam is Australia’s fifth-largest education partner, sending 27,000 Vietnamese students to Australia and seeing over 8,000 students pursuing degrees at Australia-invested universities in the Southeast Asian country.
Two-way trade in the agro-forestry-fishery sector reached a new record of six billion Australian dollars (US$3.9 billion) last year.
|
|
| Tony Harman, Australian agriculture counselor at the Australian Embassy in Vietnam, delivers a speech at the seminar. Photo: Duy Linh / Tuoi Tre |
Australia set to import Vietnamese grapefruit, passion fruit
Tony Harman, Australian agriculture counselor at the Australian Embassy in Vietnam, told Tuoi Tre (Youth) newspaper on the sidelines of the seminar that the event was not only aimed at introducing Australian products to Vietnamese customers, but also at creating a chance for Australian firms to learn more about and buy Vietnamese farm produce.
Many Vietnamese agricultural products are being shipped to Australia, including dried, frozen, and fresh produce.
The Vietnamese shrimp is a much sought-after product in Australia and has gained a dominant position on the market, said Harman.
“We are working to import grapefruit and passion fruit from Vietnam to diversify fresh fruits on the Australian market and provide Australian customers with Vietnam’s high-quality products,” he revealed.
Australia is focusing on marketing honey products, kangaroo meat, deer meat, peaches, cranberries, and baby formulas to the Vietnamese market. In addition, Australia will make life easier for the import of Vietnamese shrimp, passion fruit, and grapefruit, while issuing certificates to Vietnam’s food irradiation and disinfection facilities.
In response to a topic about the memorandum of understanding (MOU) signed by the two countries last year on sending Vietnamese workers to Australia for work in agriculture, Harman said that both sides were stepping up efforts to implement the memo, and will issue further notice in the near future.
As per the MOU signed in March last year, Australia will issue agricultural visas and receive nearly 1,000 farm workers from Vietnam each year.
However, in September last year, Australia announced the suspension of agricultural visas. Instead, the Australian government shifted to a program with a focus on workers from Pacific island nations and Timor Leste.
|
|
| Representatives of Australian firms have a discussion with their partners on the sidelines of the seminar. Photo: Duy Linh / Tuoi Tre |
The Australian Department of Foreign Affairs and Trade has been committed to continuing to follow all agreements with Vietnam, while the two countries are in the process of discussing the implementation of these deals.
The series of seminars on Vietnam-Australia education, culture, and cuisine promotion is part of the activities to celebrate 50 years of the two countries’ relations.
After the event in Hanoi, other seminars will kick off in Hue and Da Nang in March, and in Ho Chi Minh, Nha Trang, and Can Tho in September.
Like us on Facebook or follow us on Twitter to get the latest news about Vietnam!
Source: https://tuoitrenews.vn/news/business/20230327/vietnams-political-security-makes-the-country-more-attractive-to-australian-investors/72297.html
Business
Vietnam – Australia agro-forestry-fishery trade exceeds $4bln in 2022
In particular, the trade of agriculture, forestry and fishery products topped A$6 billion ($4 billion) for the first time, or more than double the figure in 2021.
The figures were revealed at a workshop on agricultural food held in Hanoi on March 27, as part of series of activities marking the 50th anniversary of Vietnam-Australia diplomatic ties. The workshop drew the participation of 400 businesses, organizations, and associations in the two countries.
Vietnam has been one of the fastest-developing trade partners of Australia in recent years, with two-way trade turnover surging 27 per cent in 2022 against 2021, to A$23.5 billion ($16 billion), according to Ms. Tran Huong, Marketing Director of Austrade.
Vietnam is currently Australia’s tenth-largest trading partner while Australia is Vietnam’s seventh-largest.
Source: VnEconomy
Source: https://e.nhipcaudautu.vn/economy/vietnam–australia-agro-forestry-fishery-trade-exceeds-4bln-in-2022-3351574/
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