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Articles by Tat Dat
Death row tycoon Truong My Lan’s yacht auction price cut by 44%
It will be sold at VND29.2 billion (US$1.13 billion) on Oct. 28 at the HCMC Asset Auction Service Center after six offerings with no bidder, the first in January. Bidders must pay a deposit of at least VND5.84 billion, equivalent to 20% of the starting price. The Reverie Saigon yacht. Photo courtesy of Times Square Vietnam The yacht, owned by Lan, chairwoman of Van Thinh Phat, was built in France in 2018 and is currently moored at Tam Son Swan Bay Marina in Dong Nai Province.
Highlands Coffee founder repurchases controlling stake in deal valuing company at $800M
The Philippine-owned Jollibee Foods Corporation said Wednesday that its subsidiary JSF Investments had signed an agreement to sell the stake in SF Vung Tau Jsc, the operator of the coffee chain in Vietnam, to Viet Thai International Jsc, a company controlled by Thai. Jollibee said the transaction forms part of its portfolio management strategy of building businesses, expanding their scale, and optimizing their ownership stakes once they are mature enough to attract outside capital.
World's biggest F&B chain Mixue closes 89 overseas stores, many in Vietnam, Indonesia
Mixue Group, which owns the chain, said in its latest financial report that while the number of stores in those two countries declined, "store operational quality improved significantly, supporting more sustainable, long-term growth." It did not disclose the number of closures in each market. A Mixue outlet in Vietnam.
Low-carbon transition cold chain logistics model: a sustainable strategic roadmap for biomedicine practices
Bui, Tat Dat, Nguyen, Bao Le, Lim, Ming K. ORCID: https://orcid.org/0000-0003-0809-9431, Sethanan, Kanchana and Tseng, MingLang (2026) Low-carbon transition cold chain logistics model: a sustainable strategic roadmap for biomedicine practices. International Journal of Logistics Research and Applications, (Accepted for Publication) Text 389603.pdf - Accepted Version Available under License Creative Commons Attribution Non-commercial.
World’s largest beverage chain Mixue shuts 428 stores, many in Vietnam, Indonesia
The milk tea company did not disclose the number of stores it closed in the two countries, but said in its latest financial report that it focused on "optimizing existing stores’ operations to support their long-term, sustainable and stable operations." But it expanded in several other countries like the U.S. and Kazakhstan and opened its first stores in Malaysia and Thailand, though under a different brand, Lucky Cup.
World’s largest beverage chain Mixue shuts 428 overseas stores, many in Vietnam, Indonesia
The milk tea company did not disclose the number of stores it closed in the two countries, but said in its latest financial report that it focused on "optimizing existing stores’ operations to support their long-term, sustainable and stable operations." But it expanded in several other countries like the U.S. and Kazakhstan and opened its first stores in Malaysia and Thailand, though under a different brand, Lucky Cup.
World’s largest crypto exchange Binance looks for Vietnam chief
A recent job post on LinkedIn said the person would be responsible for hiring and managing teams for sales, marketing, finance, and customer service. An illustration of crypto tokens seen in front of the logo of Binance. Photo by Reuters Candidates need to have at least a bachelor’s degree in business administration and management and strong government relations.
Singapore-headquartered ONUS crypto exchange crashes
Since the evening of March 20 ONUS users have reported difficulties logging in. The application repeatedly displays an error message prompting users to check their network connection and login credentials. Thinh, a Ho Chi Minh City resident who has used the platform for over two years, initially suspected he had simply entered the wrong password. After multiple failed attempts and unsuccessful password resets, his concern grew.
Major food chains stop using Halong Canfoco products after diseased pork scandal
Café chains The Coffee House, Highlands Coffee and Phuc Long announced Saturday they had stopped the sale of beverages containing raw materials sourced from Halong Canfoco, as the company is commonly known. The Coffee House has pulled Phuc Kien lotus lychee tea and Americano lychee off its menu, while Phuc Long said it has stopped buying lychee from Halong Canfoco and switched to another supplier. They also said they no longer source pate and other processed meats for sandwiches from the company.
English school Apax Leaders operator shares to be delisted for non-disclosure of information
The Hanoi Stock Exchange has announced that it would cancel the trading registration of Apax Holdings’ IBC shares on the Unlisted Public Company Market (UPCoM). Nguyen Ngoc Thuy, Egroup chairman. Photo courtesy of Apax Leaders UPCoM encourages smaller companies to list their shares before moving on to the two larger exchanges, the Hanoi Stock Exchange and the Ho Chi Minh Stock Exchange.
Sony Music, world’s second-largest music company, to buy 49% stake in Vietnam’s Yeah1
Sony Music Entertainment Hong Kong, a subsidiary, has signed an agreement for it with Yeah1, but its value and acquisition date were not disclosed. A boy band, established by Yeah1, performs at a music event. Photo by VnExpress/Tung Quynh The deal allows Sony Music, the second largest music company in the world behind Universal Music, to control 1Label, a company that produces and distributes music, and its subsidiary 1Talents which manages artists.
Japanese firm to acquire Vietnam’s biggest office supplies maker Thien Long
Thien Long An Thinh Investment Corporation, which owns 46.82% of Thien Long, said it is negotiating with the Japanese company to sell its entire stake. Thien Long pens seen in a store. Photo by VnExpress/Quynh Tran Kokuyo plans to buy another 18.19% from other shareholders. It expects to complete the deals by November 2026 at approximately JPY27.6 billion (US$178 million). This implies a valuation of more than VND82,000 (US$3.11) for Thien Long’s share, almost 20% higher than the market price.
Vietnam’s richest man Pham Nhat Vuong gains $760M in a day as stocks soar - VnExpress International
It reached VND278,600 (US$10.57) before closing the day at VND269,900, up 3.6% from Friday, and 565% since the start of the year. A jump in the share prices of Vingroup’s real estate and resort subsidiaries Vinhomes and Vinpearl also meant Vietnam’s benchmark VN-Index regained the key 1,700-point level. Vingroup chairman Pham Nhat Vuong.
Vietnam's 100 best places to work in 2025
Unilever maintained its lead in the large business category in the 12th annual list released on Wednesday by recruitment consultancy Anphabe and market researcher Intage. Others in the top 10 were U.S. beverage maker Coca-cola, Japanese food manufacturer Acecook and retailer AEON and Vietnamese conglomerate Vingroup and tech giant FPT. In the medium-sized enterprise category, U.S. beverage maker Foods took the top spot for a third consecutive year.
World’s largest food and beverage chain Mixue closes underperforming stores in Vietnam for the first time
Its net profit jumped 44% year-on-year to CNY2.72 billion (US$383 million) as revenues increased 39% to CNY14.87 billion. The company said it closed stores in the two markets to optimize operations. Mixue did not specify store numbers for each country, but reported having more than 4,700 outlets outside China at the end of June, 162 less than at the end of 2024.
Highlands Coffee reports 17% jump in 3rd quarter earnings
This marked a 17.1% increase from a year ago and the highest quarterly EBITDA since the third quarter of 2023, when parent company Jollibee Foods Corporation first published its financial data separately. Highlands Coffee accounted for around 6.1% of the Philippine company’s total EBITDA and 29% of its coffee and tea business. Sales at outlets that have been operational for at least 15 months grew by 17.2%.
Thai billionaire Charoen Sirivadhanabhakdi’s firm to receive $52M cash dividends from brewery Sabeco
The maker of Saigon Beer will pay VND2,000 per share to shareholders, amounting to VND2.56 trillion in total, according to a recent announcement. Thai Beverage, which controls Sabeco with a 53.6% stake, has been receiving dividends annually since buying out the company in 2017 from the Vietnamese government. It paid around $4.8 billion for the acquisition. In recent years Sabeco’s dividends have hovered around 35%, rising to 50% in some years.
Hon Trung in Con Dao National Park - peaceful haven of seabirds
Hon Trung (Egg Island) lies in the northeast of the Con Dao National Park, about 20 kilometres from the mainland, and is considered the farthest island in the cluster. Thanks to its favourable natural conditions and strict conservation management, Hon Trung has been recognised by the Viet Nam Records Organisation (VietKings) as the seabird nesting site with the highest breeding density in the country.
How Shark Tank investor Nguyen Hoa Binh pulled $4.5M crypto rug - VnExpress International
When the AntEx token was listed in 2021, Binh (now 44), chairman of tech firm NextTech, said publicly that the crypto had brought its investors large profits even before it became available to retail investors. "At one point, seed round investors multiplied their investment by 35 times, private round investors by 27 times, pre-sale investors by 20 times, and public investors by 14 times, all in less than 3 months," he claimed in a Facebook post in November 2021 after AntEx was listed.
Vietnam’s 100 best employers to work for in 2025
The annual survey by recruitment platform CareerViet and market research firm Amco Vietnam, now in its 12th year, was released on Thursday evening. It polled more than 88,100 working professionals, including around 2,000 senior managers, at over 6,700 companies across various industries between early June and late August.
Wife of Vietnam’s richest man makes billionaire list as Vingroup shares reach new high
The share of Vietnam’s biggest private conglomerate closed 6% higher Thursday at a new all-time high of VND158,000, meaning Huong’s 170.6 million shares were worth VND26.95 trillion ($1.02 billion). But U.S. magazine Forbes has not included her in its real-time billionaire list. She has served as vice chairwoman of Vingroup since 2021. She graduated from Kiev State University in the Ukraine with a bachelor’s degree in international law.
Vietnamese rush to buy gold as prices hit historic peak
At 8:30 a.m. hundreds of people were waiting to enter the Saigon Jewelry Company store on Nguyen Thi Minh Khai Street in Ho Chi Minh City as bullion prices soared to a record VND134.4 million per tael of 37.5 grams or 1.2 ounces. With the queue stretching over 100 meters long, the SJC only allowed each person to buy one tael of bullion and 0.05 taels of 24K gold rings.
Novaland pays CEO $15,000 a month salary
Bac is also a director of the company. Last year he was first the chief financial officer and then deputy CEO before becoming the CEO in November. The 40-year-old has experience in finance and property, and specializes in raising funds, investment and valuation. Novaland has said Bac made significant contributions to the company’s restructuring process.
Office supplies company Thien Long eyes $2.8M Philippines foray
It will establish the Flex Office Philippines brand to distribute stationary products imported from Vietnam, according to a recent announcement. In an interview with VnExpress in April, the company’s chairman, Co Gia Tho, had outlined plans to gain a bigger share of the Southeast Asian stationary market. In recent years the pen and stationery market in the region has been shrinking, with businesses shifting to more profitable industries, offering Thien Long the chance to expand overseas, he said.
Mobile World to list 2 electronics chains by 2030
The Gioi Di Dong – which sells smartphones, tablets and other smart devices – and Dien May Xanh – which sells household appliances – are targeted to become independent entities. The IPOs therefore are not aimed at raising capital but allowing the chains to operate independently and transparently, with an appropriate strategy for each, Mobile World executives said recently. It had earlier stated an intent to make its food and consumer goods chain Bach Hoa Xanh public.
Hanoi Metro triples profit in H1
Its revenues were up 50% to VND393 billion. The company, which is owned by the city, operates the Cat Linh – Ha Dong and Nhon – Hanoi Railway Station lines. The fare on the metro is VND8,000-15,000 depending on distance and VND200,000 for a monthly ticket. It targets carrying 19.3 million passengers this year and earning profits of more than VND20.7 billion on revenues of VND878.4. In the first half it achieved 48% and 45% of the targets profit and revenue.
Novaland unveils $229M equity plan for bond swap, admits no cash for redemption
It plans to seek shareholders’ approval of the plan at an upcoming extraordinary general meeting. It made 13 bond issuances between 2021 and 2023, all maturing between 2023 and this year. The company plans to issue over 151.85 million shares at VND40,000 per share, double the Wednesday closing price on the stock market. "Due to challenging business conditions and prolonged financial pressures, the company has been unable to meet its debt repayment commitments," a spokesperson said.
Vietnam distributor of China's Wuling EV turns profitable again
This is despite a 7% year-on-year drop in revenues for the period to VND1.23 trillion, according to its recently released financial results. The company said it took measures to control production and indirect costs, improve efficiency and optimize its payroll. As a result, the cost of goods sold fell by 16% year-on-year, which boosted its gross profits to VND133 billion, 14 times up from a year earlier. Its administrative expenses decreased by over 20%.
Ha Long casino operator back in the black after 6 years
It reported profits of VND10 billion (US$382,500) as revenues jumped 31% year-on-year to VND46.9 billion, the highest in over five years, according to a company release. The management attributed the performance to the economic recovery particularly that of the service and tourism industries, which had been in an extended slump. In the same period last year the company had made a VND2-billion loss. It had last reported a profit in the third quarter of 2019.
Proposal to tokenize ETFs, purchasable with Bitcoin
On July 17 Dragon Capital announced a proposal for the pilot project that tokenize exchange-traded funds in collaboration with the Vietnam Blockchain Association, which will provide technical consultation and content verification. As of 2024 the number of digital asset accounts in Vietnam had reached 10.15 million as against 8.66 million securities trading accounts.
Property developer Novaland unable to repay $2.3B in debt before 2026
The lingering legal hurdles plaguing many of its projects is the reason for its financial situation, it said recently. More than half of the debt, VND32 trillion, is set to mature within the next 12 months. This year Novaland has already defaulted on redemption of trillions of dong worth of bonds due to lack of funds. It has informed its bondholders it will extend redemption deadlines by up to two years. It also owes $300 million in international bonds it sold on the Singapore Stock Exchange.
Gold demand plunges 15% in Q1
The decline, driven largely by surging prices and supply shortages, was one of the steepest in Asia—surpassed only by Sri Lanka and China, it said in a recent report. Demand for gold bars and coins fell by 15% to 12 tons, making Vietnam the only ASEAN country to report a decline in this category. The World Gold Council attributed the drop to limited supply, which pushed up premiums—the extra charges retailers add to cover costs or profit margins.
Highlands Coffee remains a Vietnamese brand despite foreign investment: CEO
In a rare public appearance, he addressed speculation about the brand’s identity, saying: "Since partnering with Jollibee, people have assumed we have become a Filipino company. I confirm Highlands Coffee is still a Vietnamese enterprise." Thai established the brand in 1999 under his Viet Thai International company, and sold 49% of its Vietnamese operations and 60% of its Hong Kong business to Jollibee for $25 million in 2012.
SK Group considers full divestment from Vingroup, Masan Group
The stakes were listed as assets held for sale in SK’s recently published 2024 annual report, indicating that SK still owns the shares but plans to divest from both Vietnamese groups. Both investments, including a 6.1% stake worth KRW549 billion (US$374.5 million) in Vingroup and a 9.2% stake worth KRW419 billion in Masan Group, were previously classified as investments in associates at the start of 2024.
Vietnam’s largest coffee chain Highlands Coffee posts $41M in profit
The chain contributed 36% of the EBITDA from coffee and tea of its parent company Jollibee Foods Corporation. EBITDA stands for earnings before interest, taxes, depreciation, and amortization. An average store posted VND16 million in revenue per day. Same-store sales, however, declined by 3.7% year-on-year. The figure measured sales of stores that had been operating for at least 15 months. Highlands Coffee, by the end of last year, operated 850 outlets in Vietnam and other countries.
VanEck, manager of $100B in global assets, eyes Bitcoin fund setup in Vietnam
A proactive yet cautious, step-by-step approach would be a reasonable strategy for Vietnam to develop the cryptocurrency market, said Jan van Eck, CEO of VanEck Asset Management, in a meeting with officials of the State Securities Commission of Vietnam Monday. van Eck expressed his desire to set up a fund or an organization focusing on Bitcoin investment, to be established with local partner SSI Securities Corporation, one of the largest securities firms in the country.
Retailer Masan’s American CEO Danny Le earns $70K monthly
The income, which comprised salary, bonuses, and other benefits, went up 48% from 2023 and marked the highest compensation he had received since assuming the CEO role in 2020. Danny was the only executive of Masan to receive remuneration in the past year. Members of the board of directors and the audit committee, including chairman Nguyen Dang Quang, did not receive any compensation. Danny’s salary is substantially higher than that of other CEOs in Vietnam.
Restaurant operator Golden Gate reportedly acquires The Coffee House chain
Singaporean financial news site DealStreetAsia reported about the deal on Wednesday, but Seedcom has not issued an official statement confirming or denying it. A source told VnExpress that it took place last December, around the time Golden Gate held an extraordinary shareholders meeting and decided to rescind its previous dividend distribution plan and use the money for some large projects and expansion both domestically and overseas in 2024 and 2025.
Mixue becomes biggest F&B chain, surpassing McDonald’s, Starbucks
Mixue’s number of stores – as of September last year – was shown in filling to the Hong Kong Stock Exchange on Jan. 1 as the company registered for an initial public offering there, according to Singapore-based market analysis firm Momentum Works. In comparison, McDonald’s has 43,000 outlets, while Starbucks has 40,200. They are followed by Subway and KFC, the firm said. In Southeast Asia, Mixue accounted for 70% of over 6,100 F&B outlets operated by Chinese companies.
HCMC's West Coach Station posts record profit in 2024
It recorded a revenue of VND158.3 billion. Both profit and revenue went up by around 13%. The company, which has been operating for 50 years, had VND121.6 billion in accumulated profit by the end of last year. HCMC's ban of sleeper buses from entering the downtown area, which came into effect last year, is believed to have improved the bus station's competitiveness and performance. Its WCS stock closed last week at VND302,100, up 64% from the beginning of last year.
Mobile World Group’s Apple retail subsidiary breaks even
It reported profits of VND80 billion (US$3.16 million) for 2024 on revenues of VND3 trillion, according to Mobile World CEO Doan Van Hieu Em. The chain, which sells almost everything from iPhone to Macbooks, had 86 stores at the end of last year, including large standalone ones and smaller ones often situated next to Mobile World’s two major retail chains The Gioi Di Dong and Dien May Xanh.
Novaland rejects chairman resignation claims
Social media posts claiming that he has written a letter of resignation and quit the board of directors are "fabricated",the company said in a statement Wednesday. The false information has caused misunderstanding among Novaland’s customers, shareholders and investors, it said. The company’s business activities remain stable, there are no disruptions in the leadership team and Nhon continues to manage the company and direct its development, it added. Novaland shares have been falling since Jan.
Company reports $16M profit-loss discrepancy due to outdated systems
The State Securities Commission of Vietnam fined the company VND185 million at the end of that year for delayed and inaccurate financial disclosures. The company’s unaudited financial reports had showed a profit of nearly VND106.5 billion. But then came its audited report, and the profits turned into losses of VND288.9 billion. In a recent explanation to the SSC, the company claimed the errors stemmed from data entry and file conversion issues.
Vingroup to establish robotics subsidiary
VinMotion has received approval from the board of directors for incorporation with a charter capital of VND1 trillion (US$39 million). It is the latest of a number of tech firms established by Vingroup or its billionaire chairman Pham Nhat Vuong since the beginning of last year. In March 2024 Vietnam’s richest man established V-GREEN for developing charging stations to support auto subsidiary VinFast’s global expansion.
Former Starbucks Vietnam head becomes Phuc Long beverage chain CEO
Marques has made an appearance at of Phuc Long’s recent events, and is introduced on the website of Masan Group, the parent company of Phuc Long Heritage, as "a seasoned food and beverage executive with a proven track record of success in the Vietnamese market." Prior to joining Phuc Long, she served as general manager of Starbucks Vietnam, where she oversaw all aspects of the business and maintained a close relationship with its partner, Maxims HK.
Samsung, Vinpearl, Vinamilk among most popular recruiters in Vietnam
The top five recruiters in the large business category are Vinamilk, Vinpearl, Samsung Electronics HCMC CE Complex, Masan Consumer and FPT IS, while the top five in the medium business category are McDonald's, Guardian, Prep Technology, Nabati and Petrovietnam Securities Incorporated (PSI), according to a CareerViet survey on over 5,720 businesses from July 7 to October 31.
Foreign fund to sell shares worth $2.6M in taxi firm Vinasun
If successful, the deal to sell 6.4 million shares is expected to fetch VND66 billion (US$2.6 million). The fund wants to sell out before Dec. 13, according to a disclosure to stock authorities. Shares of Vinasun closed last week at VND12,250, down 72% from December 2013, when TAEL first bought three million shares. Over the years TAEL increased its ownership to 18.3%, paying VND382 billion in total.
Mobile World employee to receive $1,100 in average year-end bonus
In total it has allocated VND1.7 trillion to bonuses, up 2.5 times from last year. Addressing shareholders’ concerns about the surge in spending, CFO Vu Dang Linh said that the company’s improved business performance allows it to increase the reward to encourage employees. Last year Mobile World gave each employee an average bonus of VND10.3 million, lowest in 15 years. "The higher bonus is necessary for the company’s sustainable development," Linh said.
How will gold, stock markets perform after US elections?
Though gold has historically not been immediately impacted by U.S. elections, ongoing geopolitical tensions are expected to drive up prices of the safe-haven asset, according to a recent note by the World Gold Council. Thus, its prices will rise irrespective of who wins, it said.
Novaland gets new CEO
The rejig, which took effect Friday, is part of Novaland’s strategic restructuring plan aimed at enhancing its leadership and tackling challenges. Bac, 39, has over 17 years of experience in finance and real estate, investment and valuation. He held various senior roles in these areas before joining Novaland as CFO in August 2023 and being promoted as deputy CEO a month later.
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