The fast-growing country will be only the third Southeast Asian nation to host an F1 race as the glitzy franchise seeks to tap new regional markets after an $8 billion takeover by U.S. firm Liberty Media last year. Hanoi, confirmed as host on Wednesday, was far from an obvious choice: it's not the richest city in the region, and motorsports remain on the fringe in the football-mad nation. But with its 10-year F1 deal worth tens of millions, Vietnam has promised to succeed where some other Asian countries, India, South Korea and Malaysia, have not. Facing financial strains, all three pulled the plug on hosting the race in the past five years, a warning sign for ambitious cities tempted to enter the costly sport. "They (F1) can't really afford a failure," said Laurence Edmondson, ESPN's F1 editor. Asia's shining example is Singapore, whose glittering, downtown night race quickly became a mainstay of the F1 circuit. In the right market, F1 races can rake in tens of millions of dollars … [Read more...] about Pitlanes and pitfalls: Vietnam’s bid to avoid F1 flop
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Lan Mercado, Regional Director for Oxfam in Asia We, the people of ASEAN, our leaders, governments, businesses, and activists, want an Asia that works for all of us. Le Luong Minh, former Secretary-General of ASEAN, said that they want to advance towards inclusive growth and sustainable development, and its Economic Community Blueprint 2025 pictures a region that works for all – a resilient, inclusive, and people-oriented, people-centered economy. In our region, we've seen remarkable economic growth over recent decades; in less than five decades, the gross domestic product (GDP) has climbed from $37.6 billion in 1970 to $2.6 trillion in 2016, driven mainly by the exponential growth of private sector enterprises. In the past two decades, over 100 million people have gained jobs, and millions have overcome poverty. Investment is up, infrastructure is rising, trade is expanding, and regional prosperity has boomed. So, then what’s the problem? Despite this economic boom, … [Read more...] about Inclusive growth, the future of ASEAN business
Fraser & Neave Ltd., the drinks-maker controlled by Thailand’s richest man Charoen Sirivadhanabhakdi, is searching for acquisitions to bolster its market share in Southeast Asia after its war chest grew to nearly S$1 billion ($745 million) with sales of beer assets. A potential target is Vietnam Dairy Products JSC, also known as Vinamilk, according to Lee Meng Tat, F&N’s chief executive officer for non-alcoholic beverages. Vietnam’s largest milk producer is an example of what F&N wants in an acquisition: a company with market presence, well-known brands, and a strong distribution network, he said. “The ideal situation is of course to acquire,” said Lee, referring to F&N’s efforts to expand in Southeast Asia, where he said the company is a “distant third” to U.S. soft drinks giants PepsiCo Inc. and Coca-Cola Co. “That would give us a much faster way into the market.” Singapore-based F&N has S$971.8 million … [Read more...] about Thai billionaire’s F&N seeks deals in race with Coke, Pepsi
VietNamNet Bridge - According to Forbes, as of November 16, 2015, Southeast Asia had a total of 70 people with assets of $1 billion or more. Vietnam has a sole representative Pham Nhat Vuong, Chairman of the Vingroup, with assets estimated at $1.8 billion. Among the Southeast Asian countries, Indonesia has the highest number of US dollar billionaires, with 17 people. The richest man of this country is R.Budi Hartono, with $8.5 billion. Ranking second is Singapore with 16 billionaires. The brothers Robert and Philip Ng are the richest men with total assets of $7.7 billion. Thailand was ranked 3rd with 15 people with assets from $1 billion or more. Dhanin Chearavanont, Thailand's richest person, is also the richest man in Southeast Asia today. According to the Wall Street Journal, Dhanin Chearavanont business empire is facing many challenges for a number of reasons such as China's economic slowdown, the Russian ruble devaluation and political instability in Turkey. However, this … [Read more...] about Which Southeast Asian country has the most USD billionaires?
VietNamNet Bridge - Robins Department Store Pcl of the Central Group, owned by the family of Mr. Tos Chirathivat, Thailand's richest man, opened the Robins shopping center in HCM City last Friday, following its first center in Hanoi in early March this year. Mr. Philippe Broianigo, CEO of Central Vietnam, said the second center has an investment capital of $4 million, covering 10,000 m2, with four floors, providing 10,000 categories of goods supplied by 200 suppliers. This center sells many worldwide luxury brands, including large volumes of Thai goods. In Thailand, the Central Group is famous for its shopping center chain named Robinsons. In Vietnam, this retailer has shortened the name to Robins. Robins is not the first retail project in Vietnam of Central Group. Previously, the stores Supersports, Crocs and New Balance opened in Vietnam through the distribution system of Central Group’s subsidiaries and franchise partners. According to the Central Group, the opening of … [Read more...] about Thai billionaire opens second mall in Vietnam