The new iPads see prices falling dramatically | Look At Vietnam

The new iPads see prices falling dramatically

April 6, 2012

LookAtVietnam – The price of The new iPad has been decreasing dramatically,
by 4 million dong just two weeks after they hit the Vietnamese market.

The new iPad prices on the decline
The price of the new product has plunged so sharply that it is now just 2.8
million dong more expensive than iPad 2.
High-technology product players in late March once got so surprised when
distributors slashed the sale prices by 3 million dong per product in late
March. However, this was not the last price decrease wave.
On April 3, 2012, private shops slashed the sale prices further. Nhat Cuong
distribution chain in Hanoi, for example, has reduced the sale price by another
100,000 dong for 16GB and 32GB to 15.79 and 18.69 million dong, respectively.
Meanwhile, a sharper price decrease of 400,000 dong has been quoted for the 64GB
product, which is now selling at 20.59 million dong.
Other private shops such as DigiWord, iShop, are quoting similar prices.
According to Buu Dien newspaper, TechLand is now quoting the lowest price at
15.5 million dong for 16GB. Meanwhile, 32GB and 64GB versions are selling at
18.20 and 20.39 million dong, respectively.
A lot of shops are running sales promotion programs to attract more buyers.
DigiWorld Hanoi and Nhat Cuong are giving free SIM 3G to clients, while offering
price discounts to the clients who buy additional accessories.
Most of the shops in Hanoi and HCM City said they are not interested in the
product version with Wi-Fi connection only. Nguyen Toan, Manager of
muabaniphone.vn, the distributor that stated that it brought the first new iPad
to Vietnam, said that the Wi-Fi 16GB version is priced at 12.37 million dong.
Meanwhile, two weeks ago, it was sold at 13.7 million dong.
The salesmen of Nhat Cuong and TechLand said that the Wi-Fi version of The new
iPad has the same price with the iPad 2 3G. Therefore, consumers would think
twice before deciding to buy The new iPad Wi-Fi version.
Prices would decrease further
The continued price decreases of The new iPad in Vietnam are foreseeable.
Experts, after analyzing the new features of The new iPad, said before the
products hit the Vietnamese market that the products would not be favored.
The comments on some high technology product players’ forums such as Tinh Te,
VOZ or Handheld showed that The new iPad has stronger configuration than iPad 2,
with camera 5.0MP, high resolution screen 2.048 x 1.536, more than 3 million
pixels, allowing to well watch Full HD standard high resolution video clips, and
more powerful graphics processing capability with two duo core Cortex A9 chips,
but these are not the interesting features in the eyes of consumers.
The new iPad has a big advantage that it is equipped with 4G connection.
However, the advantage has no use in Vietnam, where no mobile network has
provided 4G services.
As such, spending several million dong more to buy The new iPad instead of iPad
2 is considered an “unreasonable decision” for the majority of consumers.
The information about the disadvantages of The new iPad appeared more and more
on information technology forums has also made the sales of the products slow
down.
With the “negative marks” for The new iPad and the low demand on the high
technology production market, traders think that the products would see the
prices drop further by April 2012. Especially, the products would be several
millions of dong cheaper than now.
Source: Buu DienThe new iPads see prices falling dramatically | Look At Vietnam

Vietnam unsure how to shield poor from gas prices

Vietnam's government said Wednesday it would take steps to cushion the impact of a drastic fuel price hike on the country's poor, but released few details of what the steps might include.
On Monday, the government raised the retail price of gasoline 31 per cent, to 19,000 dong (1.13 dollars) per liter. The price rises are painful for poor people dependent on gasoline use, such as taxi drivers and fishermen.
Vietnamese press reported Wednesday that fishermen hurt by higher fuel prices would soon receive additional fuel subsidies from the government. But Deputy Agriculture Minister Nguyen Viet Thang told Deutsche Presse-Agentur, no decision had been made yet.
"We are waiting for a proposal from the Ministry of Finance," Thang said. "I think the rise in the fuel subsidies for the fishermen should be equivalent to the rise of 31 per cent in the price of fuel."
Vietnam's poor are already bearing the brunt of the country's galloping inflation, which topped 27 per cent in the year through June.
To curb inflation, the government tightened credit rules for banks, raised the prime interest rate to 14 per cent, and cut or delayed tens of millions of dollars in spending by government and state-owned enterprises. In March, it froze the prices of key commodities, including gasoline.
The efforts seemed to bear fruit in June, as the monthly inflation rate dropped to 2.2 per cent, from 3.9 per cent in May. But Monday's fuel price hike will filter through into higher inflation this summer, said the International Monetary Fund's Hanoi representative, Benedict Bingham.
"I think they would have been far better off not to have made the commitment back in March to freeze prices, and to let the increase in oil prices continue to feed through in a gradual way," said Bingham. "That would have given households and businesses a better chance to adapt to the situation, rather than being faced with a large shock."
Bingham said the decision to raise prices now "was the right one, but given the magnitude of the adjustment it is important that they put in place some measures to cushion the impact of the fuel price hikes on the poor."
Figures released Wednesday by the Ministry of Planning and Investment estimated the inflation rate through the end of 2008 at 25 per cent, but it was not clear whether gasoline price hikes had been factored in.
The ministry forecast growth of 7.5 per cent in the second half of the year, but with a dramatic trade deficit of 19 billion dollars, over 21 per cent of projected GDP. Vietnam's trade deficit is financed by inflows of billions of dollars in direct foreign investment, as manufacturers confident of future economic growth expand their operations.
The fuel price hikes and high expected inflation have contributed to falling prices on Vietnam's stock exchange. The VNIndex fell 2.8 per cent Wednesday, its fourth straight day of losses.
But Peter Ryder, CEO of Indochina Capital, said the falling market was mainly due to profit taking after a month-long rally that raised the VNIndex some 33 per cent, and not to the fuel price hike.
"People were pissed because the government came out and said a few weeks ago they weren't going to raise prices, and then they went ahead and did it," Ryder said.
"But I'd give kudos to the government for maybe recognizing that the market was going to trade off anyway, so why not throw (higher gas p

Malaysians Fed Up with Prices, Politics

KUALA LUMPUR — Skyrocketing prices and an ongoing power struggle between the government and opposition have left many Malaysians fed up with their country's politics.
"We want prices lowered," housewife Aminah Rahman, 48, who took part in mass anti-inflation rallies held on Sunday, July 6, in the capital Kuala Lumpur, told Agence France Presse (AFP).
"We are suffering but the government appears to be doing nothing," added Aminah, who joined the all-day protests organized by the opposition coalition along with her two young daughters.
Over 10,000 Malaysians gathered at Kuala Lumpur's stadium to protest against the recent price hikes, including a rise of up to 63 per cent in fuel prices by the Abdullah Badawi government.
Protesters, many wearing red bandanas and red T-shirts with the slogan "No Price Hike", ignored a ban by the police which termed the demonstrations illegal.
The crowd chanted "PM resign" as speakers blamed the government of Prime Minister Abdullah for the towering prices.
"The people are suffering and I don't know how long we can go on like this," said 40-year-old housewife P. Kalaiselvi, who came to join the rally with her husband and four daughters.
"We would like the government to hear our problems and to help us but they are only helping themselves."
Malaysia's economy is already undergoing testing times.
Last month, the central bank said Malaysia's growth is expected to slow to 5-6 percent this year from 6.3 percent in 2007.
Anger over skyrocketing prices and rising inflation was seen as a major factor in the March elections results, which saw the ruling National Front coalition losing its two-third majority in the parliament and five states in the polls to the opposition.
"Political Drama"
For many Malaysians, the soaring prices are not the only reason for frustration.
They blame a prevailing atmosphere of politicking in their country for distracting politicians from addressing their sufferings.
"[I am] tired of reading about the political drama,” University student Nur Izza Mohd Ezani, 24, told the Malaysian daily The Star.
"I don't know what to believe any more. Everyone is accusing the other."
Since the landmark March elections, the South Asian Muslim country is embroiled in a deepening political turmoil, with the government and the recently-empowered opposition trading barbs.
Premier Abdullah, who is in power since 2003, has been under increasing pressures to step down.
The recent political storm came a week ago, when opposition leader and ex-deputy premier Anwar Ibrahim was hit with new sodomy charges, the same charge that led to his imprisonment a decade ago.
Anwar has blasted the new charges as a politically-motivated attack orchestrated by government officials and aimed at his comeback to his country's politics.
For many Malaysians, such ongoing power struggles is leaving people victims of their country's politics.
"They (politicians) should solve the problems among themselves before making it a public issue," Hajar, a 26-year-old legal secretary, told The Star.
Nur, the university student, agrees that politics is now running on the expense of people's welfare.
"They [politicians] are so concerned with party issues and the mud-slinging.
"I feel that things have been blown out of proportion and welfare is forgotten."

-Vietnam may be first domino among Asian economies | Reuters

Fitch's lowering of its outlook on Vietnam's sovereign rating on Thursday could be a sign of more weakness to come for many of Asia's economies and currencies, as record oil prices complicate their efforts to control inflation.

Fitch Ratings lowered the outlook on Vietnam's BB-minus rating to negative from stable, saying that authorities had not dealt quickly or strongly enough with inflation, potentially posing risks to banking system's stability. [ID:nHKG197848]

The agency cited the delicate position the government is now in, riding a fine line between containing price rises and setting off a sharp economic slowdown.

Some observers are even pointing to a potential currency crisis, given Vietnam's growing current account deficit, weakening fiscal position and limited foreign exchange reserves, on top of 25 percent annual inflation, the second-worst in Asia.

Some of Asia's largest economies are also grappling with the same risks. Although none look as vulnerable as Vietnam, some are set for their sternest test since the Asian financial crisis of 1997.

"I think (we could see) a much deeper and more prolonged slowdown than people are currently anticipating that lasts until the end of 2009, rather than being done shortly," said Bill Belchere, regional economist with Macquarie in Hong Kong.

The Philippines, South Korea and India share some of the problems that pushed Vietnam into its downward spiral.

In all three expensive oil imports are eroding their current accounts and dragging down currencies. Weak currencies are fuelling inflation, piling pressure on central banks to raise interest rates. Higher rates would hurt economic growth and stock markets, triggering a flight of capital needed to finance the trade gap. Continued...

Thai rice prices fall as Vietnam crop climbs

photo by Chuck Kuhn

HANOI/BANGKOK — World benchmark Thai rice prices fell back from near a record high on Wednesday while Vietnam reported a six per cent increase in its main rice crop, further easing fears over supplies of Asia's staple food.
News of a bumper winter-spring harvest and of a big jump in plantings for the summer-autumn crop in Vietnam, typically the world's second-largest exporter behind Thailand, also added to expectations that Hanoi will end a months-long export ban on schedule from July, soothing anxious importers.
On Monday, Cambodia became the first exporter to lift trading curbs, with Prime Minister Hun Sen saying he was confident that after two months of restrictions the country had enough rice for its own needs.
The perception of a looming increase in supplies helped drive Thailand's benchmark 100 per cent B grade white rice down more than 10 per cent to $900-$930 (U.S.) per tonne on Wednesday, off the near record high $1,030-$1,050 a tonne last week, traders said.
Exports bans earlier this year by Cambodia as well as bigger sellers like Vietnam and India had triggered a wave of panic buying by importers who depend on the narrow spot rice market for their supplies, driving prices up nearly threefold since January.
But those buyers now appear more confident.
“Demand is slow as most buyers are waiting to buy at cheaper prices when Vietnam resumes its exports,” one Thai merchant said.
A 141,000 tonne tender from the Philippines, the world's biggest importer, attracted private sector bids of only 500 tonnes on Tuesday, suggesting the record highs of the last two months are over.
However, no major slide is expected was key buyers such as Iran, Iraq, Malaysia and Nigeria are expected to move in and replenish stocks at cheaper levels, traders said.
In its monthly report on Vietnam's southern region for May, the General Statistics Office (GSO) said farmers had so far harvested 11.5 million tonnes of export-quality winter-spring paddy, up 5.8 per cent from last year.
The Agriculture Ministry estimated last month that output from the winter-spring crop would rise just 3.9 per cent.
Hanoi banned the signing of new deals from March to June to ensure sufficient domestic supplies and control double-digit inflation, but Agriculture Minister Cao Duc Phat said last week Vietnam may lift the ban in early July.
Vietnam could set a floor price of at least $800 a tonne when it resumes signing new export contracts, a state-run newspaper reported on Tuesday.
After finishing the winter-spring crop, farmers in the Mekong Delta planted 1.12 million hectares for a summer-autumn crop – 17.7 per cent more than last year – the GSO said, in a bid to cash in on the soaring prices.
Many growers of vegetables, sugarcane and other crops have also switched to rice, officials say.
The Mekong Delta grows three rice crops a year. The highest yielding winter-spring crop is mainly used for exports.
On Wednesday the winter-spring paddy was 6,000-6,200 dong (37.3-38.6 U.S. cents) per kilogram in An Giang, one of the delta's largest rice growing provinces, unchanged from last week, but double its level of a year ago.
In Vietnam, the rise in rice prices has ignited inflation, which accelerated to 25.2 per cent in May from 21.4 per cent in April, its seventh consecutive double-digit reading and one of the highest in Asia.

Vietnam inflation hits 25 percent in May

Vietnamese consumer prices surged by over 25 percent in May compared to the same month last year, a trend driven mainly by sharply higher food prices, the communist government said on Tuesday.
Prices shot up an estimated 3.91 percent between April and May alone, a period that saw panic-shopping for rice as prices surged, the highest month-to-month rise since 1995, said the General Statistics Office (GSO).
Food and beverage costs rose by over 42 percent year-on-year, with rice up almost 68 percent in May compared to a year earlier, said the GSO.
Housing and construction materials rose 23 percent, clothing and footwear prices were up 9.5 percent, pharmaceuticals and health care increased by 8.2 percent, and the cost of household goods and appliances rose by 7.5 percent.
For the first five months of the year, prices rose by 15.96 percent.
Inflation -- driven by record high global oil and food prices -- has hit much of Asia this year and stoked public anger and fears of food shortages in Vietnam, a country of 86 million people.
In late April, many supermarkets ran out of rice in Ho Chi Minh City and other cities as consumers, worried by rumours of looming shortages, queued to stock up on rice, further driving up retail prices.
Prime Minister Nguyen Tan Dung in an urgent message said that Vietnam, the world's number-two rice exporter, has enough stocks to meet domestic and export demand and warned speculators of "severe punishment."
Rising prices have outpaced wage increases and fuelled industrial unrest in Vietnam. Factories were hit by 295 labour strikes in the first three months of 2008, the official labour union reported according to the Lao Dong newspaper.