MUJI opened first its store in Hanoi
MUJI opened its first store in Hanoi on July 3, which spans 2,000 m2. This is the second to be opened in Vietnam, after opening one in Ho Chi Minh City in November 2020. The flagship store in Hanoi provides around 5,000 products, ranging from fashion, cosmetics to household items, interior design and food. Tetsuya Nagaiwa, MUJI’s head of Vietnam business, said their current strategy was to boost brand recognition in both major cities. Afterwards, depending on economic development and population, MUJI would consider opening more stores in other cities. Vietnam is among the world’s most promising retailer markets right now, Tetsuya added that the country attracted a large number of investors thanks to its ever-growing economy and a young population with middle-class income. Products sold in Vietnam are cheaper than other markets’ as they are produced by domestic manufacturers.
ZaloPay reached the growth rate up to more than 300%
In the first quarter of 2021, ZaloPay’s transactions increased by 314.4%, users increased by 210.7% over the same period in 2020. This is an impressive acceleration when many businesses are buckling because of COVID-19. ZaloPay also launched a new feature allowing Zalo users to pay directly with the Zalo app and the money from the ZaloPay e-wallet. Truong Cam Thanh, President of Zion, thinks this feature is especially useful in the fourth wave of COVID-19. It will limit the risk of infection when shopping without using cash.
Samsung is heading to using green energy in Vietnam
South Korea and Vietnam are Samsung’s two biggest production bases. The tech conglomerate did not include the two Asian countries in the 2020 targets of 100% renewables because of supply and infrastructure constraints. More and more businesses are announcing climate goals. Environmentalists hope these goals will be committed. Greenpeace urged Samsung to add Vietnam and South Korea to its 100% renewables campaign. The company is systematically expanding its use of renewable energy.
Lalamove is secretly filing for an IPO in the US
Hong Kong’s on-demand logistics delivery firm Lalamove filed confidentially for a US IPO. The company, also known as Huolala in China, is looking to raise at least $1 billion. Details are still private, depending on the investors’ demand. The company is paying close attention to capital markets but has no specific timeline and plan for going public. Chow Shing-yuk founded Lalamove in 2013. The company provides van-hailing and courier services on demand. It operates in over 20 markets across Asia and America with more than 700,000 driving partners. NYSE used to approach Lalamove with a potential IPO in 2019. However, Chow chose the Hong Kong stock exchange.
Grab plans to offer electric car services
Grab is partnering with Hyundai to encourage the adoption of electric vehicles in Southeast Asia. Both will test new business models including battery and electric vehicles leasing. They will also lower the entry barrier for its drivers and the high cost to own an electric car. Grab will launch electric car services in Vietnam and Indonesia after piloting a program in Singapore at the end of 2021. Russell Cohen, Grab’s managing director of operations, hopes governments will have incentive policies and essential infrastructure like charging stations so that electric vehicles will have many opportunities to develop. Grab and Hyundai have been partners since 2018.
Sources of information include VNExpress, Trithuctre, NikkeiAsia, Bloomberg, BusinessTimes.