illustration photo In the red In Vietnam, Lotteria and KFC are considered the leading fast food brands. However, the financial statement of Lotteria showed that the fast food chain recorded after-tax losses were VND118 billion ($5.22 million) and VND135 billion ($6 million) in 2015 and 2016 respectively. By the end of 2016, Lotteria’s accumulated losses were more than VND413 billion ($18.27 million), while its charter capital reached only VND433 billion ($19.16 million), as reported by local media. In the meantime, Lotteria’s competitor, KFC also reported losses with a low profit margin at around 15 per cent in 2016. This was even lower in the previous year, at only 10 per cent. As a result, KFC lost VND25 billion ($1.1 million) in 2015 and made a profit of VND15 billion ($664,000) in 2016. The Fast Food in Vietnam report by Euromonitor International reveals that many international fast food brands in Vietnam have declined in 2017, including Burger King, Popeyes, Subway, … [Read more...] about Foreign fast food giants defy losses in Vietnam
Fast rising yeast pizza dough
Rising labour costs bring benefits
Vietnam is to become a more competitive manufacturing destination for foreign textile and garment businesses as competitors' production costs climb. According to the Thai Garment Manufacturers Association (TGMA), rising local production costs have pushed five major Thai garment manufacturers to relocate to Vietnam, transferring combined investment of $50 million. Vallop Vitanakorn, honorary adviser to the TGMA, said the five were Hong Seng Knitting Company, Hi-Tech Apparel Company, Nice Apparel Company, Liberty Garment Company, and Golden Thai Industry Company. Their factories in Vietnam were expected to start operations within 2011, employing 24,000 workers. He added that "more Thai garment businesses may move to more competitive-labour countries such as Vietnam, Bangladesh, Indonesia, Cambodia and possibly Myanmar due to the declining Thai labour trends." Sukij Kongpiyacharn, president of TGMA, said that Thai government's consideration to increase minimum wages by 25 per … [Read more...] about Rising labour costs bring benefits
Giant Jesus statue rises above Polish countryside
A statue of Jesus Christ that its builders say will be the largest in the world is fast rising from a Polish cabbage field and local officials hope it will become a beacon for tourists. View more pictures The crowned head of a statue of Jesus being built stands in Swiebodzin, 110 km (68 miles) west of Poznan, western Poland, November 4, 2010 Photo: Reuters The builders expect to attach the arms, head and crown to the robed torso in coming days, weather and cranes permitting, completing a project conceived by local Catholic priest Sylwester Zawadzki and paid for by private donations. … [Read more...] about Giant Jesus statue rises above Polish countryside
Vietnam’s fast rising property market leaves hard times behind
Brought to its knees when its property market bubble burst four years ago, Vietnam is riding into another boom, with construction starting in Ho Chi Minh City on two of the world's tallest skyscrapers and buyers snapping up new projects fast. The speed of the market's turnaround has been startling. Successful property transactions have doubled from a year ago, and developers have halved their unsold inventory from $6 billion at the peak of the crisis at the start of 2013. "I can sell about three to five units per month now, much better than before, when I could only sell the same in the whole year", said Dung, a freelance property broker in Hanoi, who asked to be referred to by her first name. The Southeast Asian country's government is hoping that lessons learnt from the last burst bubble will help prevent the latest property cycle crashing like the last one. Buyers and developers defaulted on loans, leaving banks crippled by toxic debt and unable to provide credit to tens … [Read more...] about Vietnam’s fast rising property market leaves hard times behind
Trade and investment between Vietnam and India rise very sharp, says Indian Ambassador to Vietnam
(CPV)- The Strategic Partnership between Vietnam and India signed two years ago has seen the relation between the two countries, especially for trade and invesment sectors, actively changed. Reporter of the Communist Party of Vietnam Online Newspaper interviewed H.E. Mr. Lal T. Muana, the Indian Ambassador to Vietnam on these issues. Reporter: What is your comment and appreciation to the relation between the two countries, especially in the field of economics and trade after two years of establishment of Vietnam-India Strategic Partnership? The Ambassador: After the signing of Strategic Partnership between India and Vietnam, trade and investment has been rising very sharp. Vietnam is finally exporting more than $300 million and at this rate, it will export $ 1 billion soon. Indian export was also rising very fast in 2008 but during 2009 due to global recession, it has been declined slightly. Moreover, the India ASEAN Free Trade in Goods (and hopefully soon India ASEAN Free Services) … [Read more...] about Trade and investment between Vietnam and India rise very sharp, says Indian Ambassador to Vietnam