Business

  HCM CITY — HCM City seeks to attract foreign investment in smart urban projects and urban infrastructure, and looks forward to support from US businesses, a top city leader said. Speaking at a meeting between city leaders and members of the American Chamber of Commerce (AmCham) in Việt Nam on Friday, Lê Thanh Liêm, deputy chairman of the city People’s Committee, said over the years US businesses had helped strengthen co-operation between their country and the city. The city was undertaking administrative reform and improving the investment environment to create favourable conditions for foreign businesses to invest in key projects, he said. The People’s Committee had held many exchanges and meetings with the US consulate general in the city and AmCham to discuss potential co-operation in fields the city had prioritised, he added. According to Amanda Rasmussen, head of AmCham, the business group has 500 companies and more than 1,500 individual … [Read more...] about HCM City seeks US businesses’ support for infrastructure development

The application of new technologies - artificial intelligence, big data, cloud computing and Internet of Things - is taking place across the globe. Vietnamese businesses now consider e-commerce an essential tool to increase their trade and expand markets (Photo: thoibaotaichinhvietnam.vn) The trend is forcing Vietnamese businesses to convert to digital platforms and boost advanced technological applications in e-commerce  to improve competitiveness and penetrate into demanding markets worldwide. Over the past decade, Vietnam's export turnover has quadrupled from 57 billion USD to 244 billion USD. E-commerce has contributed greatly to the achievement, especially in the context of the 4th Industrial Revolution with many up-to-date technological applications for economic development. Switching from traditional trading methods to digital platforms has become an increasingly popular trend and an effective solution for businesses to expand their export markets. But … [Read more...] about E-commerce: an inevitable integration trend

Tiki wants to become ‘faster and faster’, trying to shorten the delivery time. And Lazada uses showbiz celebrities to lure young customers. Occupying the entire third floor of an A-class office building in district 10 in HCMC, the headquarters of Tiki is full. Tiki just moved to the new workplace earlier this year, but Tran Ngoc Thai Son, the founder and chair of Tiki, said Tiki may lease one more floor in the building. Tiki was the player which triggered the war on delivery time with the launch of ‘Tiki Now’ service. Fast delivery is the ‘trump card’ that the service provider uses to entice shoppers. The company now owns more than 30,000 square meters of depot and plans to have 100,000 square meters in 6-8 months, with cooperation from Unidepot. Mai Chi E-commerce giants incur losses as they spend more on technology, marketing They are spending big money on technology to manage business effectively and give clients the best … [Read more...] about Tiki and Lazada engage in endless competitive games

Sendo, for the first time, was listed as one of the four most visited ecommerce platforms in the second quarter of 2019, according to data from iPrice Insights’ map of ecommerce. A customer selects clothing products offered on the Sendo ecommerce platform. Sendo ranked fourth among Vietnam’s top four ecommerce players by web traffic in 2019’s second quarter Sendo’s monthly website traffic rose 10% from 25.3 million in the first quarter to 28 million visits in the second quarter, not too far off from the third-ranked contender Lazada, with more than 28.3 million visits per month on average. Sendo’s efforts to deploy technology and improve delivery services were responsible for the impressive advance. Among the top five ecommerce platforms - Shopee, Tiki, Lazada, Sendo, and The Gioi Di Dong  -in the quarter, Sendo was the only player to see its web traffic grow, iPrice noted in the release. As the two best performers, Shopee and Tiki continued … [Read more...] about Vietnam’s top five e-commerce platforms in Q2 announced: iPrice

Each e-commerce platform needs to spend millions of US dollars to gain a single per cent of market share from competitors, showing just how serious the competition is. E-commerce platforms are playing a game of chicken, throwing millions of dollars around to remain the last one standing According to the latest statistics of security company VNDIRECT, each e-commerce company has to suffer a loss of VND124 billion ($5.4 million) to gain 1 per cent of market share from any competitor. This raises concerns whether newcomers like Viettel Post have the finances to challenge the current kings of the hill Lazada, Tiki, and Shopee. E-commerce in Vietnam is still a new sector, so businesses have to pour tremendous amounts of capital into advertisements, personnel, and warehouse infrastructure toset a solid foothold on the market. One evidence for the fierce competition is their race in promotions, which originated in Lazada’s 95 per cent discount promotion last year titled … [Read more...] about E-commerce: exorbitant losses for a single percent