Flower growers look to online sales amid COVID-19 resurgence Workers at a flower farm in Da Lat City. Traditionally, city dwellers shop for flowers and botanicals at flower markets to fill their home with the most cheerful blooms to celebrate the new year. But many flower growers said that flower markets were not busy this year, leaving them with an oversupply. Nguyen Duy, a flower farm owner in Da Lat City, said that COVID-19 outbreaks in many localities would likely affect people's purchasing power for flowers ahead of Tet festival. Thuy Vu, director of the The Gioi Hoa Tuoi JSC, a wholesale supplier of flowers, said it would not focus on retail sales for the Tet festival this year due to market uncertainty. Nguyen Thi Ngoc Lan, a flower vendor at Ho Thi Ky flower market in HCM City, said flowers stockpiled for the Tet market this year were not as numerous as last year due to concerns over weak purchasing power. Purchasing orders with flower farms are expected to change in the next few days depending on the control of COVID-19, Lan said. Flower farms in Da Lat City have seen a 55 per cent drop in orders from wholesale markets in other cities and provinces, according to a survey of the Da Lat City People’s Committee. The committee, however, has reported a boom in online sales of agricultural produce, flowers and botanicals ahead of Tet. It advised farms to use bank transfer payments for retail orders and to sign contracts with merchants for wholesale orders to ensure the success of online deals. Livestreams Shoppers can find various types of flowers from flower farms and merchants on online shopping platforms. Nguyen Thi Bich Thuy from Biofresh Company in Da Lat City has hosted livestreams via Facebook to guide viewers through different types of flowers and plants available on the farm. Amid the pandemic, live commerce has helped promote and sell products, and engaged potential shoppers, Thuy said. Tran Van Tam, a flower grower in Da Lat …
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JP Morgan, May Bank selected TCB share as the top pick among Vietnam’s listed banks
JP Morgan, May Bank selected TCB share as the top pick among Vietnam’s listed banks In a report, JP Morgan has stated that Vietnamese banks offer the best combination of growth and Return on Equity (ROE) in ASEAN. High nominal GDP growth and resilience in the last 12 months provide visibility on credit and earnings growth over the next few years. In particular, JP Morgan has reiterated its “overweight” rating on Techcombank – Vietnam’s leading commercial lender – with an upbeat outlook on the bank’s performance. The target price for the bank’s share is VND55,000 ($2.4) per share as of December 2021, calculated via JP Morgan’s two-stage dividend discount model. The rally in the bank’s share price as the top pick among Vietnam’s listed banks is fuelled by multiple indicators. According to the US-based financial group, Techcombank is the most profitable bank in the country on ROA despite having a low deposit market share of 3 per cent. Expecting a 16 percent EPS CAGR for the sector, led bay TCB The bank’s zero-fee programme and 1 per cent cash back debit card have led to sharp improvements in current accounts saving accounts (CASA) and to deposits going from 22 per cent in 2017 to 44 per cent in 2020. The brokerage also expects further improvement in CASA ratio to 50 per cent by 2023, leading to higher net interest margin (NIM). Specifically, Techcombank has the highest capital (16.1 per cent capital adequacy ratio [CAR]) and lowest NPL (0.5 per cent), allowing for a 20 per cent CAGR for loans over the 2020-2023 period. Techcombank is also one of the rare banks across the region that is making money on both sides of the balance sheet, as well as on fee income, adjusted for all allocated costs. This allows for longer-term visibility on returns. Increasing PTs after EPS changes The lender also rolled out a system to regulate total credit. This is due to a large corporate bond book and a 63 per cent loans-to-assets ratio. …
VIETNAM BUSINESS NEWS FEBRUARY 6
Exports expected to continue expanding in 2021 EC allows Vietnamese exporters to extend deadline of REX applications In particular, the first month of 2021 reported export revenue of US$27.7 billion, up 0.2% compared to December 2020 and up 50.5% compared to the same month in 2020. Important markets such as the US, China, the EU, and Japan all maintained growth in their demand of between 15 to 111%, compared to the same period in 2020. Deputy Director of the Import and Export Agency under the Ministry of Industry and Trade Tran Thanh Hai said that the lessons learnt from dealing with adverse situations in 2020 will continue to be applied this year. The disruption of the global supply chain due to the COVID-19 pandemic has motivated Vietnamese enterprises to develop solutions to help them survive including enhancing online trading or shifting to the production of goods designed for pandemic prevention and control. The business community has also made efforts to maintain competitiveness, improve product quality, and seek export orders, particularly for key commodities such as phones and components, electronics, computers, footwear, textiles, mechanics, and rice. Rice export, which was a bright spot in agricultural exports in 2020, is facing an opportunity to increase export turnover thanks to high demand around the world and improvements to the quality of Vietnamese rice. Economist Pham Tat Thang commented that enterprises are taking advantage of traditional markets combined with rapid penetration into new markets through free trade agreements in order to take advantage of the new tax incentives therein. With the efforts of authorities and enterprises, total export turnover in 2021 is expected to increase by 4-5% compared to 2020. PV Power to divest subsidiaries and streamline operations PetroVietnam Power (PV Power) has confirmed plans to divest from some of its subsidiaries. PetroVietnam Power Corporation JSC (PV Power, HSX: …
