Sales forecasting for e commerce

The call was due to the first quarter (Q1) of the year getting off to a slow start, likely hampering the total performance for the year. Vietnam’s real GDP growth in Q1/2023 decelerated to 3.32 per cent on-year, and from 5.92 per cent in Q2/2022, missing both the UOB and consensus forecasts. The main cause for the weak performance was due to manufacturing, which dipped into negative territory with a 0.4 per cent decline, for the first contraction since Q3/2021. The sector undershot estimates considerably and saw the slowest pace of expansion since that 6 per cent fall over 18 months ago, when the economy was in a state of shutdown during the pandemic. UOB said that the main cause for the manufacturing sector’s poor performance came primarily from weak external demand, which was largely expected. Exports in Q1 fell just under 12 per cent on-year to $79.2 billion, compared with an almost 13 per cent increase in the same quarter last year, while imports declined by over 14.5 per cent, … [Read more...] about UOB trim GDP growth forecast for Vietnam

Illustrative image (Source: AFP/VNA) Bangkok (VNA) – Thailand’s Commerce Ministry has projected the country's export sector to gradually recover in the latter part of the year. The rebound of the service and tourism sectors should also boost demand from trading partners , the ministry said. However, global economic uncertainty and an inflationary environment will inevitably affect Thai exports in the first half of the year. Thai outbound shipments are expected to contract in the first and second quarters, as importers still maintain large stockpiles, said Phusit Ratanakul Sereroengrit, director-general of the International Trade Promotion Department . The ministry reported on March 30 the customs-cleared value of exports dipped for the fifth month in a row in February, falling 4.7% year-on-year to 22.4 billion USD while imports increased by 1.1% to 23.5 billion USD, resulting in a trade deficit of 1.11 billion USD. For the first two months of 2023, Thai … [Read more...] about Thailand’s export expected to recover in H2 of 2023

Saigon Co.op signed a number of agreements with suppliers at its supplier conference held in HCM City on March 30. — VNS Photo Saigon Co.op, the owner of Co.opmart, Co.opXtra, Co.op Food, Co.op Smile, Cheers, Finelife, HTV Co.op, and Cooponline retail chains, met with nearly 600 suppliers to discuss strategies to better satisfy customers’ needs and develop together at its supplier conference in HCM City on Thursday. Vu Anh Khoa, its chairman, said Saigon Co.op is now the largest consumer goods retailer in Viet Nam, and has the largest number of modern retail models besides more than 800 points of sale in 42 of the country’s 63 provinces and cities. It accounted for 35.8 per cent of the modern retail market share held by domestic players last year, and had revenues of VND31 trillion (US$1.3 billion) and one million customers a day, he said. Nguyen Anh Duc, its general director, said: “Among its targets for 2025, Saigon Co.op aims to have 1,000 points of sale and deliver new … [Read more...] about Saigon Co.op discusses strategies with 600 suppliers

Vietnam plans to expand its crude oil and petroleum product reserves to 75-80 days of net imports by 2030 and 90 days by 2050. The national petroleum and gas supply reserve infrastructure is predicted to cost VND270 trillion (US$11.4 billion) by 2030. Deputy Prime Minister Tran Hong Ha at the meeting. Source: VGP Minister of Industry and Trade Nguyen Hong Dien commented on March 30 during a meeting of the Appraisal Council for the draft National Petroleum and Gas Reserve Infrastructure Plan. The minister stated that the country's liquefied petroleum gas (LPG) storage infrastructure is limited, with only ten 10,000 m3 or larger warehouses. Furthermore, no operational liquefied natural gas (LNG) warehouses are nationwide. "The development of new gas pipelines connecting warehouses to consumers has also encountered challenges due to a lack of designated corridors within industrial parks for gas pipelines," Dien explained. In the case of petroleum, there … [Read more...] about $11 billion required for Vietnam’s oil and gas infrastructure development

As of March 25, the municipal administration had imposed fines totaling VND50.5 billion ($2.15 million) for infractions on the pavement. Hanoi's authorities will make public the guidelines on the streets and roads where drivers can park their cars, Vice Chairman of the municipal People's Committee Duong Duc Tuan has said. A local police officer travels to check on the station of motorbikes on the streets of Hanoi. Photo: Cong Trinh/The Hanoi Times There will be a new list of streets and roads on which the city forbids the parking of motorbikes and cars, Tuan told an online meeting of the Hanoi Party Committee, the Hanoi People’s Council, the Hanoi People’s Committee, and chiefs of the 30 districts and towns. The city's legislators will also modify the regulations governing vehicle parking, instructing local governments to reserve a specific portion of the pavement for parking motorcycles and bicycles only, he said. The vice chairman added that substantial … [Read more...] about Hanoi plans new rules on parking

On March 31, the event occurred adjacent to the Hanoi Cooperative Alliance's headquarters in Van Quan Ward, Ha Dong District. More than 100 cooperative groups of cooperative alliances from Hanoi and provinces all over the country participated in a week-long fair promoting the sale of farm produce and handicrafts recognized by the One Commune One Product (OCOP) program to showcase their products and agricultural models linked to eco-tourism. Hanoi's authorities attend the opening ceremony of the event. Photo: Trong Tung/ The Hanoi Times Do Huy Chien, the chairman of the Hanoi Cooperative Alliance, stated that the week-long fair aims to promote farm goods, processed foods, and OCOP items related to rural and agricultural sectors and traditional craft villages from Hanoi and other areas. "The event is also intended to link tourism promotion activities between the city and localities throughout the country, contributing to increasing the brand value of … [Read more...] about Hanoi hosts a week-long exhibition showcasing OCOP farm products

Illustrative image (Source: baodautu.vn) Hanoi (VNA) – Vietnam is one of the most potential markets in the Asia-Pacific region for shoppertainment - a trend that combines online shopping with entertainment, according to a report named “Shoppertainment: APAC’s Trillion-Dollar Opportunity” by the US-based Boston Consulting Group ( BCG ) and TikTok. The report shows that the shoppertainment opportunity in the region is projected to expand to a market value of over 1 trillion USD by 2025, doubling from the 500 billion USD value last year. Indonesia, Japan, and the Republic of Korea will contribute 67% of gross market value (GMV) in shoppertainment by 2025, reflecting their large and established e-commerce bases. Meanwhile, Indonesia, Vietnam, and Thailand add to the mix of some of the region’s most exciting growth markets, and, alongside Australia, will contribute to a remarkable 63% compound annual growth rate (CAGR) over the next three years, quadrupling the market … [Read more...] about Vietnam a potential market for shoppertainment: report

Vietnamese steel industry calling for wider investment from overseas entities, photo Le Toan Posco Yamato Vina Steel JSC, a joint venture between South Korea’s Pohang Iron and Steel Company and Japan’s Yamato Holdings, is contemplating constructing a second facility in Vietnam. Lee Youngwoo, general manager of Posco Yamato Vina, wants to “establish a robust sales network” across Vietnam while enhancing scrap supply security. In 2020, Posco Yamato Vina was the first to manufacture wide H-shaped steel in Vietnam. According to Lee, the business built a representative office in Haiphong last year in order to “create additional prospects for collaboration” with clients. In the southern province of Ba Ria-Vung Tau, Posco Yamato Vina operates a steel mill with a capacity of one million metric tonnes per year and produces section steel with a capacity of 500,000 tonnes per year. Following a lack of foreign investment in steel manufacturing in recent years, many observers see Posco … [Read more...] about Vietnamese steel industry calling for wider investment from overseas entities

Illustrative Image (Photo: VNA) Jakarta (VNA) –  The ASEAN 3 Finance and Central Bank Deputies Meeting (AFCDM 3) took place in Indonesia from March 29-30 to discuss the regional macroeconomic situation and the progress of implementing financial cooperation initiatives. Representatives of the Ministry of Finance and the State Bank of Vietnam attended the event. Under the co-chair of Indonesia and Japan, deputy ministers of finance and deputy governors of ASEAN 3 central banks discussed the regional macro economic situation and the pace of the implementation of the financial cooperation initiatives. Regarding regional macroeconomics, the ASEAN 3 Macroeconomic Research Office (AMRO) assessed that economic growth in the ASEAN 3 region in 2022 recorded a recovery after the COVID-19 period, mainly from increased domestic demand. Regional growth is estimated at 3.2%, of which China, Japan and the Republic of Korea (RoK) achieved 2.6% and ASEAN member states at 5.6%. In 2023, the … [Read more...] about ASEAN+3 intensifies finance collaboration

According to experts, Malaysia in particular will be a bright spot, contributing to reviving the world economy in the context of a gloomy economy. (Photo: theedgemarkets.com) Kuala Lumpur (VNA) – The Bank Negara Malaysia on March 29 forecast that the country’s economy is projected to grow between 4-5% in 2023, amidst challenges rising from slowing global growth. The central bank said further improvement in labour market conditions, continued implementation of multi-year investment projects and higher tourism activities are expected to support private consumption and investment growth . BNM Governor Tan Sri Nor Shamsiah Yunus affirmed that the Malaysian economy will continue to grow and not fall into recession and the country's financial system will remain a source of strength for the economy in supporting the financial needs. According to experts, in 2023, the global economic environment still faces many challenges due to slow growth and tight monetary … [Read more...] about Malaysia’s central bank optimistic on national economic growth