What sticky rice to buy

The life insurance segment, which accounted for 70% of total premiums, bore the brunt of the drop. Some insurance companies reported a fall of 30-40% in post-tax profits for the year’s first half. The industry recently faced its biggest ever crisis after customers claimed to be defrauded by banks who sold life insurance packages purporting them to be deposits. The Ministry of Finance currently investigating life insurance companies’ partnership with banks, known as bancassurance. Some insurers have been making changes in their policies to ensure customers are aware of what they buy. They include a new "welcome call" to first-time customers to ensure they are aware of the key aspects of the contract. The ministry also proposes fines of up to VND100 million for insurance consultants who fail to explain to customers their rights or coerce people into paying premiums. … [Read more...] about Insurance premiums decline for first time in years

The deal is set to boost competition in Vietnam's retail market, as rapid urbanization draws domestic and foreign investors looking to expand or gain a foothold in the country of 100 million. Proceeds will go to strengthen Masan's financial position, said the fast-moving consumer goods firm, which runs more than 3,200 supermarkets and minimarts in the southeast Asian nation. "Masan has the right fundamentals, reach, and growth strategy to succeed in a high-growth and compelling consumer market," Bain partner Barnaby Lyons said in the joint statement. The investment would be in the form of convertible dividend preference shares priced at 85,000 dong ($3.50) each, which can be converted into ordinary shares in a one-for-one ratio, Masan added. "We look forward to working with Bain to accelerate our vision to be the one-stop shop for consumer daily needs," its chief executive, Danny Le, said in the statement. Last week Reuters reported that Singapore's sovereign wealth fund, … [Read more...] about Bain Capital invests $200 mln in Vietnam conglomerate Masan

On September 28, Vietnam's pepper prices levelled off after two consecutive sessions of decreases. The price hovered around VND69,000–72,000 per kg in the southeast region and VND69,000–70,000 per kg in the Central Highlands. "The pepper price will increase if farmers continue to replace pepper trees with fruit trees, leading to a shortage of supply," Hoang Thi Lien, chairman of the Vietnam Pepper and Spice Association (VPSA), said. "Output may decline sharply in the next three years because the wave of crop shifting is taking place strongly." According to the VPSA, there is very little inventory of pepper held by farmers. The majority belongs to wholesalers and speculators. Meanwhile, some processing companies have enough goods to process by year-end, so they don't need to buy pepper at this time. In September, the Foreign Trade Agency under the Ministry of Industry and Trade also predicted the possibility of pepper exports remaining at a low level due to a lack of domestic … [Read more...] about Vietnam to face long-term shortage in pepper-farming areas

A garment factory of the Maxport Limited Vietnam in Thai Binh province. (Photo: VNA) HCM City (VNA) – The S&P Global Vietnam Manufacturing Purchasing Managers' Index (PMI) posted 49.7 in September, compared to 50.5 in August, despite the second successive monthly increase in new orders. S&P Global said that after improving in August, overall business conditions in the Vietnamese manufacturing sector declined marginally in September. Underlying data pointed to a strengthening demand environment and growing business confidence, but also a degree of spare capacity in the sector which led to reductions in output and employment. Rates of inflation gathered pace, with both input costs and output prices rising more quickly at the end of the third quarter. The PMI stood at 49.7 points in September, back below the 50.0 no-change mark following a reading of 50.5 in August. The index thereby signalled a deterioration in business conditions for Vietnamese manufacturers, … [Read more...] about Vietnam’s PMI falls slightly, new orders increase in September

The new VF6 was introduced at an event in Ha Noi. — Photo courtesy of VinFast Vietnamese automaker VinFast has launched its fifth electric car, the VF6, a crossover in the small-car segment with base prices starting at VNĐ675 million (US$27,800). The Plus version, which offers a range of 399 kilometers compared to the base’s 381 kilometers, costs VNĐ765 million. The battery costs VNĐ90 million for each version. Any customer who does not buy the battery can lease it for VNĐ1.8 million a month, with a maximum monthly distance of 1,500 km. Sales begin October 20 and deliveries will be scheduled for the end of this year. — VNS … [Read more...] about VinFast debuts its fifth electric vehicle