Parkson Retail Asia has just released its unaudited financial statement for the fourth quarter and full year ending on June 30, 2018, which shows declining same-store sales in its department stores in all four markets, with Vietnam the worst performing market. Vietnamese operations recorded a 14.6 per cent reduction in sales in the last quarter and a 8.3 per cent reduction over the full year. “The operating environment in Vietnam remains challenging amidst a crowded retail scene, wherein intensive promotional activities had to be carried out to capture sales,” the report stated, while sales in Myanmar and Indonesia both fell by 3.8 per cent and by 1.5 per cent in the home market Malaysia. Parkson Retail Asia finished the financial year with a pre-tax loss of $17.58 million for the last quarter and $40.1 million for the full year. With the exclusion of the gain from the disposal of a subsidiary and allowances for doubtful debts, the reversal of impairments relating to … [Read more...] about Vietnam in the forefront of Parkson Retail Asia’s losses
Retail
Regulation on sale promotions might help foreign retailers crush smaller competitors
VietNamNet Bridge - Experts have voiced their concern about the capability of Vietnamese retailers, wondering if they can compete with powerful foreign retail groups flocking to Vietnam. The Decree 81 guiding the implementation of the Commercial Law stipulates that the promotional value can be equal to up to 100 percent of the prices of promotional goods instead of 50 percent as stipulated in the old Decree 37. Experts have applauded the new decision, saying that this will benefit customers because they can buy goods at best products, and benefit retailers and manufacturers as well, because they can apply the most suitable pricing policies to attract customers. RELATED NEWS E-commerce market had eventful year with B2C turnover of $6 billion E-commerce: the major battle is in their warehouses, delivery services Kim Chi … [Read more...] about Regulation on sale promotions might help foreign retailers crush smaller competitors
Thai retailer Central Group has $500 mln expansion plans in Vietnam
By Dat Nguyen  August 24, 2018 | 11:17 am GMT+7 Shoppers look at fruits at the Central Group Vietnam's Big C supermarket in Hanoi. Photo by Reuters/Kham Thailand’s largest retailer Central Group recently said it plans to invest $500 million to expand its operations in Vietnam. “We (Central Group) have already invested $1.5 billion in Vietnam since 2012 and plan to invest another $500 million in the next five years,” Philippe Broianigo, CEO of Central Group Vietnam and supermarket chain Big C Vietnam was quoted as saying by Thai newspaper The Nation. Central wants to triple the number of its stores to 750. One of the main reasons for the expansion is the rapid growth in Vietnam’s middle class, which now accounts for 13 percent and is expected to rise to 36 percent by 2026. "Vietnam's market potential is much bigger than Thailand’s," the Nikkei Asian Review quoted Broianigo as saying. He said his company would focus on developing … [Read more...] about Thai retailer Central Group has $500 mln expansion plans in Vietnam
Central Group to invest US$500 million more in Vietnam retail market
The Hanoitimes - "The digital lifestyle has played a vital role in the rapid growth of the country`s developments in its economy, infrastructure, and education, and this has resulted in increased domestic household income," said Philippe Broianigo, CEO of Central Group Vietnam and Big C Vietnam. Central Group, Thailand's largest retail conglomerate, has plans to invest an additional of US$500 million in Vietnam's retail market in the next five years, Thailand's The Nation newspaper reported. Illustrative photo. “We (Central Group) have already invested US$1.5 billion in Vietnam since 2012 and plan to invest another US$500 million in the next five years, from 2018 to 2022. Store penetration year to date in total is 250 stores nationwide and we plan to reach 720 stores in the next five years, or by 2022,” Broianigo said in a press conference in Bangkok on August 22. He said that the company's employees in Vietnam now number more than 17,000, … [Read more...] about Central Group to invest US$500 million more in Vietnam retail market
AIA Vietnam partners up with Public Bank to benefit retail customers
AIA Vietnam partners with Public Bank to enhance benefits to retail customers AIA (Vietnam) Life Insurance Company Limited and Public Bank Vietnam Limited have signed a strategic bancassurance partnership. With the message “Finance in your hands,” the two companies will collaborate to bring extensive financial-insurance solutions to improve customer experience. Wholly foreign-owned by Public Bank Berhad—one of the leading banks in Malaysia—, Public Bank Vietnam is one of the few banks who have been successfully delivering sustainable results in Vietnam. Recently, AIA Group has signed a 15-year extension to their strategic partnership with Public Bank until 2037. Under the partnership, Public Bank Vietnam’s customers will enjoy full-scale life insurance products and services as well as extensive benefits from AIA Vitality, a scientific initiative from AIA Vietnam. AIA Vietnam will also provide advanced digital tools, such as iPoS, an interactive platform … [Read more...] about AIA Vietnam partners up with Public Bank to benefit retail customers