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Domestic travel resumed in a number of provinces/cities as a result of the country’s effective Covid-19 containment is a major boost for sales figure. The number of cars sold in Vietnam in March surged by 127% against the previous month to nearly 31,000 units, according to data released monthly by the Vietnam Automobile Manufacturers’ Association (VAMA). The sales figure for the first quarter rose by 36% year-on-year to 70,952. Source: VAMA The volume included over 21,000 passenger cars, representing a whopping increase of 119% month-on-month, while the remaining were commercial cars (9,277), and special-purpose vehicles (619). As many as nearly 17,200 locally assembled cars were sold in the period, up 99% against the previous month, and the figure of imported cars rose by 177% to around 13,800 units. Overall, the sales figure for the first quarter rose by 36% year-on-year to 70,952, in which both domestic- and imported cars recorded positive growth … [Read more...] about Vietnam car sales surge 127% in March

Ube Construction Materials, a Tokyo-based wholly owned unit of chemical giant Ube Industries Ltd., said it owns a 51 percent stake in the new local arm, Ube CT Construction Materials Vietnam Co., which has an initial capital of 753,100 USD. The rest of the stake is held by two other Japanese companies - 37.5 percent by T. Chatani & Co., a subsidiary of chemical goods trading house OG Corp., and 11.5 percent by Koatsu Gas Kogyo Co., a manufacturer of high-pressure gas. The waterproof materials market in Vietnam is expected to expand in line with the country's economic growth, an Ube Industries spokesman told NNA, commenting on the establishment of the new local unit as the Ube group's first business base in Vietnam. Ube Construction Materials was founded in 2015 and plays a central role in the group's construction materials business. Source: VNA … [Read more...] about Japan’s Ube Construction Materials forms sales unit in Vietnam

Every Cold Foods Festival (third day of the third lunar month), Hanoians line up to buy banh chay (chay cake) at a well-known cake store in Hanoi. During the Cold Foods Festival, this year on April 14, Vietnamese families usually prepare traditional floating cakes, ‘banh troi’ (made of bits of brown sugar wrapped in glutinous rice paste and cooked by scalding in boiling water) and ‘banh chay’ (glutinous rice balls with mung beans filling, served in fragrant sweet soup) to offer to their ancestors. Along with modern life, urban people are busier and many families no longer make banh troi and banh chay themselves. Instead, they buy the cakes directly from food stores, wet markets or even order online. In Hanoi, on this day a traditional cake-making store on Ngo Thi Nham Street is always full of customers who come to buy banh troi and banh chay. Customers are willing to line up and wait for half an hour to buy cakes from this famous store, which has been there for decades. … [Read more...] about One a year, sales of famous restaurant’s traditional cakes cause traffic jams at Hanoi crossroads

Digiworld aims to grow 25 per cent on average annually in the next decade Two months ago, Digiworld’s executive told securities firms that a partner producing and assembling Xiaomi tech products is opening a plant in Vietnam’s northern port city Haiphong, and that the plant would commence operation in the second half of this year. Albeit the information was not yet confirmed by Digiworld’s leadership at the company’s recent annual general shareholders’ meeting on April 4, the company’s CEO Doan Hong Viet was quoted as saying, “This is informal information; Xiaomi and Digiworld will be making an official announcement on a suitable timing in the future.” In fact, Digiworld is the exclusive distributor of all Xiaomi products in the Vietnamese market. According to Viet, home appliances would be one of hte key segments of Digiworld by 2024 with the target of holding a "remarkable market share", in which TV sets would secure the largest share in value. The home appliances market, … [Read more...] about Digiworld aims to reach billion-dollar market cap target

Semiconductor crisis forces top-level action. Source: freepik.com The world’s semiconductor industry sales hit $40 billion for the month of January – a rise of 13.2 per cent on-year, revealed the Semiconductor Industry Association. Now, consumers are having to deal with price hikes and a lack of products from automobiles and videogames to TVs and smartphones as a global shortage in semiconductors grows. The shortage in chips, the so-called “brain” within every electronic device, has been slowly getting worse since last year, according to The Guardian. Temporary delays in supplies as factories shut down due to the coronavirus pandemic caused initial issues. However, although production is somewhat back to normal, surges in the demand driven by new habits stemming from the pandemic is causing the situation to worsen. Mainly, a boom in sales of TVs and computers, the launch of brand new videogame consoles, and arrival of 5G-enabled mobile phones have all driven the demand. … [Read more...] about Semiconductor crisis forces top-level action