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BUSINESS IN BRIEF 5/12
Electronic toll collection available
nationwide in late 2019
The Ministry of Transport has plans to provide
electronic toll collection (ETC) service at all toll stations nationwide in
late 2019.
The ministry on November 29 held a meeting to review
the installation of ETC systems at toll stations located on
According to ETC system provider VETC, up to 22 of 24
toll stations on these two routes have signed contracts with the company to
install the systems. It is in talks with the two remaining stations – Can Tho-Phung
Hiep in Can Tho City and Cam Thinh in
To date, the ETC systems have been operational at 13
stations. VETC has also finished installation work at six stations and is
setting up ETC systems at three others.
The company has also supplied E-tag cards for 270,000
automobile owners.
In addition to VETC,
Minister of Transport Nguyen Van The has urged the
Directorate for Roads of Vietnam to draw up specific roadmaps to ensure that
ETC service will be available at all toll stations on National Highway 1A and
the section of Ho Chi Minh Highway passing through the Central Highlands in
late 2018 and stations nationwide in late 2019.
The minister also asked the Department of Science and
Technology to study other toll collection technologies that shall be used for
expressways in the future.
The Ministry of Transport earlier had plans to finish
installing ETC systems at 28 toll stations on
However, it failed to meet the schedule due to
protracted negotiations between providers of ETC systems and
build-operate-transfer (BOT) road builders.
Some BOT road investors have not finalized contract
terms over fees charged by ETC system providers. They said there should be
more providers so that they can have more choices.
According to the Ministry of Transport, ETC will help
save VND3.4 trillion (US$150 million) a year, including VND700 million to
VND1 billion in paper ticket cost, if all toll stations on National Highway
1A and Ho Chi Minh Road’s Central Highlands section use ETC service.
In order to pay a fee through an ETC system, automobile
owners will be issued an E-tag card based on Onboard Unit (OBU) equipment
installed on their vehicles, along with a toll payment account.
When the vehicle passes through a toll collection lane,
the system will activate a camera to photograph the vehicle’s number plate
while reading the card. The vehicle owner’s account will be deducted, and a
text message will be sent to their mobile phones.
If drivers do not use the system or their accounts do
not have enough balance, they will have to pay in cash as in the traditional
toll collection way.
Ministry targets US$5 billion from
sale of Sabeco stake
The State will sell more than 343 million shares in
Saigon Beer-Alcohol-Beverage Corporation (Sabeco) at VND320,000 each,
fetching an estimated VND110 trillion, or nearly US$5 billion.
The Ministry of Industry and Trade, after several
delays, on November 29 announced the starting price of VND320,000 per share,
quite high compared to market prices, at a roadshow in HCMC. This price is
equivalent to the closing price of Sabeco shares (coded SAB) on the Hochiminh
Stock Exchange (HOSE) on Tuesday.
According to the ministry, the Government has permitted
the sale of State-held shares equivalent to 53.59% of Sabeco’s chartered
capital, thus reducing the State stake in the brewery from 89.59% to 36%. The
remaining shares are sufficient for the State to have veto rights at Sabeco.
According to Truong Thanh Hoai, director of the
ministry’s Heavy Industries Department, foreign investors showed keen
interest in Sabeco at the roadshows in
The share sale will not be divided into stages but be
made all at once, depending on the market’s absorption.
Local investors are not confined to a certain volume
out of 343 million shares on offer, whereas the foreign ownership cap is 49%.
Given the SAB shares that foreign investors are holding, the room left for
foreign investors in Sabeco is 38.59%, equivalent to around 247 million
shares.
At the share auction on December 18, investors can bid
either in local or foreign currencies, or in the form of guarantee.
New FDI approvals in Binh Duong up
127%
New foreign direct investment (FDI) approvals in the
southern
Nguyen Thanh Truc, director of the provincial
Department of Planning and Investment, gave the statistics at a meeting with
Taiwanese enterprises on November 29.
According to Truc, the province approved 178 new
projects in the period with total pledged capital of US$1.3 billion. In
addition, investors of 111 operational projects injected an additional US$965
million to expand their operations, plus US$247 million worth of share sales
and stake transfers to foreign investors.
The province’s attraction of FDI capital has turned
more effective owing to the improving investment environment, Truc said.
Priority areas of the province such as electricity,
electronics, mechanical engineering, pharmaceuticals, chemicals and services
have continued to attract the attention of foreign investors, Truc added.
Binh Duong has so far licensed 3,027 FDI projects with
total registered capital of US$28.28 billion from 64 countries and
territories. Compared to other localities in terms of pledged FDI capital,
the province ranks second, just behind HCMC.
Regarding Taiwanese investment in Binh Duong, Truc said
that
However, some Taiwanese enterprises at the meeting
complained about a number of difficulties they have encountered, such as tax
payment, residence permit, visa and payment of social insurance for laborers.
The office attributed the increase to production
gaining speed for the year-end holiday season in such industries as
confectionery, beer, ceramic bathroom fixtures and wood furniture.
Total retail and services revenues in the month were
estimated at 52 trillion VND (2.28 billion USD), up 2.1 percent on October’s
figure.
Export activities by Hanoi-based enterprises earned 1
billion USD in November, up 2.9 percent on month. Meanwhile, imports
surpassed 2.4 billion USD, increasing 7.6 percent from October but dropping
2.9 percent from one year ago.
The Consumer Price Index (CPI) for November in
During the month, the capital city welcomed 390,000
foreign visitors, an 11.4 percent increase from October and up 40.1 percent
from the same period last year. Domestic visitors to the city numbered
867,000. In all, the tourism sector reported revenues of 5.7 trillion VND
(250 million USD).
Proptech to alter real estate
industry
After financial technology (fintech), which changed the
way the financial sector worked, now, property technology (proptech) is
expected to effect a change in the real estate industry.
Proptech has emerged in the world after nearly a decade
and has started to grab attention in
A report by real estate and investment services firm,
Jones Lang LaSalle (JLL), showed that 4.8 billion USD, out of 7.8 billion USD
worth of funding, was poured into Asia Pacific proptech start-ups between
2013 and 2017.
Asia Pacific was leading the investment into proptech
start-ups, with a great deal of potential, according to JLL. “With its young
population, rapid urbanisation and popularity of mobile phones, all the
conditions are in place for this new sector to grow,” JLL’s report said.
According to Nguyen Quoc Anh, deputy director of Dai
Viet Group, which owns property information website batdongsan.com.vn,
proptech would help minimise risks for both buyers and sellers.
Proptech is defined as technology applied to real
estate information, transaction and management to digitalise services and
products, so as to improve real estate processes and solve modern challenges.
Proptech would help property developers and real estate
businesses to make changes and adapt to a new generation of customers via the
internet, build brands and direct their products to the right targeted
buyers, Quoc Anh said. He said that applying the technology would also
promote sales efficiently.
With proptech, customers could search for products to meet
their demands, compare prices and choose the best financial solutions to
minimise risks. In addition, all transaction procedures would be conducted
online, Quoc Anh said.
Besides Dai Viet Group, other firms in
Recently, a number of developers such as Vingroup, Sun
Group and BIM Group made use of virtual reality and augmented reality to
provide customers with real-life experiences of their projects.
According to the Vietnam Association of Real Estate
Brokers, the development of proptech was an indispensable trend, but it was
important to improve the awareness of both buyers and firms in applying
proptech to fuel a boom in
Nguyen Thanh Hung, chairman of the
According to Pham Van Hung, from property developer
CenGroup, technology such as big data, artificial intelligence, augmented
reality and the Internet of Things was being applied in the real estate
industry of
National carrier Vietnam Airlines and Agribank have
signed a co-operation agreement to promote the sale of each other’s products
and services in the future.
Accordingly, Vietnam Airlines will provide airfreight
services with special incentives for officials and employees of
Agribank.
The bank, meanwhile, is committed to providing a
variety of financial services to Vietnam Airlines, such as deposits in term,
payment of airfare and credit co-operation.
The two sides will strengthen co-ordination to conduct
regular customer care programmes. At the same time, they also agreed to share
experiences and document information to reach co-operation efficiency.
Vietnam Airlines has inked many co-operation agreements
with large companies such as FPT Corporation, Vietnam Post Corporation and
Vietnam Oil and Gas Corporation.
Vietjet offers promotional tickets
on routes to Thailand
Jubilantly welcome new routes to
The promotional tickets are applied on the following
international routes:
Opening new routes from December this year, Vietjet
will operate six international routes connecting
With high-quality services, diverse ticket classes,
special low-fare tickets, Vietjet offers its passengers flying experiences on
new aircrafts, comfy seats, delicious hot meals, beautiful and friendly
flight attendants and other interesting added-on services.
“We had to reduce the growth target from 8.4 percent to
8.25 percent because of inaccurate computation at the beginning of the year,”
Vo Van Hoan, head of the People’s Committee Office, told the meeting held to
review socio-economic development in the first 11 months.
Hoan pointed out that the general growth index had
risen sharply, and higher than last year, but the economy needed to accelerate
to achieve the target.
“Revenue collection has been only 88.34 percent of the
target and related authorities must work hard to fulfil the full-year plan.”
Pham Thanh Kien, director of the Department of Industry
and Trade, said the city should focus on its four key industries in the final
month.
“Shopping malls, supermarkets and convenience stores
have increased significantly, while e-commerce has grown 31 percent.
“The city should focus on e-commerce besides
traditional businesses.”
He said software exports had seen very high growth this
year with revenues reaching 1.5 billion USD in the year-to-date compared to 1
billion USD for full-year 2016.
Su Ngoc Anh, director of the Department of Planning and
Investment, said the city’s revenues had grown by 12.6 percent to 307.3
trillion VND (13.5 billion USD), or 88.34 percent of the full-year target.
FDI has doubled to nearly 5.57 billion USD.
Services and retail sales grew by 11.5 percent and
industrial output by 7.9 percent.
The city’s four key industries -- engineering and
automation; electronics; chemicals, rubber, plastics; and food processing --
continued to perform strongly, expanding markets, investing in technology and
improving quality and competitiveness, and growing at over 12.9 percent.
This year, 37,596 new companies with a combined
registered capital of 778.5 trillion VND (34.6 billion USD) have been
licensed, three times the number in the same period last year.
Job creation, vocational training and support for poor
people have been carried out efficiently to ensure social welfare.
The number of jobs created rose marginally to 298,225
or 106.5 percent of the full-year target.
Exports were worth around 32 billion USD, an increase
of 16.1 percent.
Exports to
Exports of rubber, vegetables, computers and
electronics, and vehicles grew by 18 – 55 percent.
Imports were worth 38.9 billion USD, an increase of
13.5 percent.
Imports from
“Authorities have paid close attention to the
environment, flooding and traffic as well as price stability,” Hoan added.
Customs revenue to surpass target
The budget revenue of the General Department of Customs
(GDC) surpassed VND261.1 trillion (US$11.5 billion), or 91.6 per cent of the
2017 target as of November 28.
The information was released on Thursday during a press
conference held by the GDC. Budget collection for the whole year is targeted
to touch VND285 trillion. Collections of the export-import, special
consumption and environmental protection taxes reached VND101.7 trillion,
while those of the value-added tax reached VND183.3 trillion.
November budget revenue is estimated to reach VND25
trillion.
According to Luu Manh Tuong, director of the
Import-Export Tax Department, budget revenue in December every year tends to
surge as enterprises usually boost the import of goods before the occasion of
Tet (Lunar New Year). The department expects this month’s revenue to reach
VND26 trillion.
GDC forecasts that budget collection for the whole year
will likely surpass the annual target of VND285 trillion, to total VND295
trillion.
From now until the end of the year, the department will
instruct local customs departments to tighten the collection and disbursement
of the State budget and tackle difficulties in tax policies in a timely
manner, GDC said.
The GDC will also increase the implementation of
post-customs clearance and inter-sectoral co-operation to prevent and detect
trade fraud.
In turn, the local departments must propose measures to
prevent losses and increase management by price consultation and price and
tax code assessment.
The high revenue was also attributed to the effective
instruction of the Party, National Assembly and Government and provinces’
implementation of plans to achieve annual national socio-economic development
goals.
HCM City gets Italy-Viet Nam Textile
Technology Centre
The Italy-Viet Nam Textile Technology Centre was set up
at the HCM City University of Technology on November 29 to support training
and research in textile technology.
It is an Italian-funded joint project between the
university and the Italian Trade Agency with technical support from the
Association of Italian Textile Machinery Manufacturers and the International
Polytechnic for Industrial and Economic Development.
Prof Dr Vu Dinh Thanh, rector of the university, said
the centre is equipped with Italian machinery and equipment, while Vietnamese
lecturers and engineers have been trained by Italian experts.
The centre would be a reliable place for training and
supplying manpower for Vietnamese and Italian textile-garment businesses, he
said.
“With the Italy-Vietnam Textile Technology Centre,
Vietnamese textile-garment enterprises will be able access advanced
technology and interact with professors and researchers from Italian
universities.”
Nguyen Phuong Dong, deputy director of the HCM City
Department of Industry and Trade, said the garment and textile sector has
developed strongly with exports topping US$21.4 billion in the first 10
months of the year, a year-on-year increase of 9 per cent.
But the sector faces challenges like a reliance on
imported materials and a lack of qualified designers and workers who can
handle technology, he said.
“With active support from a global leading in the
garment and textile sector, the centre would help train skilled human
resources and improve design capacity, boosting the country’s textile-garment
industry and making it globally competitive,” he said.
Paolo Lemma, chief representative of the ITA in
“
“I believe that if the two countries’ enterprises
strengthen their information exchange and co-operation, bilateral trade will
increase steadily.”
Sacombank’s shareholders don’t want
listing transferred to HNX
Shareholders of the Saigon Thuong Tin Commercial Joint
Stock Bank (Sacombank) disagreed with the bank’s decision to transfer its
listing to the Ha Noi Stock Exchange (HNX) under new code SCM.
After collecting shareholders’ opinions on the
amendments, Sacombank on Wednesday released the result, which showed 83.36
per cent of the bank’s shareholders disagreed with the change.
Previously, in October, Sacombank, which is currently
listed on the HCM Stock Exchange as STB, sought shareholders’ approval to
transfer its listing to the HNX under new code SCM.
According to the proposal, Sacombank will cancel its
registration of STB at the Viet Nam Securities Depository Centre (VSD),
delist from the southern bourse, re-register SCM at VSD and finally list SCM
on HNX.
This came as a surprise to investors because the code
STB has been associated with Sacombank for the past 11 years.
Sacombank was the first bank to launch its IPO at the
initial price of VND200,000 (US$8.8) per share in 1996 and also the first to
list on the national bourse in July 2006.
In 2012, STB was included on the VN30, which consists
of the largest stocks by market capitalisation. However, in 2015-16,
Sacombank struggled with a huge stockpile of bad debts.
Duong Cong Minh, who became chairman of Sacombank on
June 30, 2017, has been speeding up efforts to resolve bad debts. In the
first nine months of this year, Sacombank announced it handled bad debts
worth VND2 trillion and posted pre-tax profit of more than VND1 trillion,
doubling its VND585 billion target for the full year.
STB shares yesterday closed at VND13,200, up against
VND12,600 in the previous session.
Ministry details Grab app’s losses
ahead of tax inspection
The Ministry of Finance has released a detailed report
on Grab Vietnam’s consistent annual losses since it began operating in the
country, despite the ride-hailing app’s mushrooming popularity among local
commuters.
During the fourth session of the lawmaking National
Assembly which wrapped up last week, a delegate demanded that the finance
ministry explain why Grab Vietnam, with a total registered capital of only
VND20 billion (US$881,057), has accumulated VND938 billion (US$41.32 million)
in losses after three years of operating in the country.
The ministry has responded to the question with the
release of a document on November 29 detailing the company’s financial
situation.
Grab made its
In 2014, Grab Vietnam logged losses of VND51.6 billion
(US$2.27 million). The company managed to take that number to VND441.8
billion (US$19.46 million) and VND444.7 billion (US$19.59 million) in 2015
and 2016, respectively.
The finance ministry attributed the steep losses to
massive marketing expenses and service prices set deliberately low to
undercut conventional taxi operators.
Grab
The Vietnamese ministry underlined that Grab Vietnam is
considered a business with high operational risk, thus categorized as needing
special tax oversight.
The finance ministry said it will cooperate with the
State Bank of Vietnam (SBV) and relevant agencies to review the company’s
‘borrowing’ and crack down on tax evasion or trade fraud, if any.
Grab
Last week, the General Department of Taxation requested
that local tax departments countrywide focus their 2018 tax inspections on
‘special’ businesses, such as Grab, Uber, online shopping platforms, and
multilevel marketing companies.
Danang Hotel Association to provide
training to scale up low-rated hotels
The Danang Hotel Association is starting a training and
assistance programme in December to guide one- and two-star hotel members on
transforming their business to attract a more lucrative clientele, in a bid
to ensure Danang maintains her reputation as a quality destination.
In an interview in
There are 25,570 hotel rooms in Danang, 40% of which
are in one-and two-star hotels. These hotels tend to attract lower-end
tourists who may bring with them certain social issues that will ultimately
influence Danang’s reputation as a holiday destination.
As a solution, deputy chairman Quynh recommends that
one- and two-star hotels “convert into long-stay properties that are suitable
for business travellers and domestic family groups on holidays.”
He explained, “Following the APEC meetings in Danang on
November 4-11, trade and foreign investment will pick up in
“Going after the long-stay market will also help
alleviate these hotels’ poor business during the winter season,” he said.
The association will provide guidance on business
transformation and training on critical knowledge such as revenue management.
When asked where the association will get its funding
for these activities, Quynh said, “They will come from membership fees and
sponsorship from businesses that have an interest in our members, for example
hotel booking technology companies that hope to introduce their solutions to
these one- and two-star hotels.”
VIS divestment brings dual benefits
for Thai Hung
Thai Hung Trading JSC’s offer to buy an additional 5.35
per cent stake in Vietnam-Italy Steel JSC (VIS) right after selling 20 per
cent of this steel company to Kyoei Steel Ltd. is considered a wise move
aiming to retain Thai Hung’s controlling right in
In early November, Thai Hung’s offer to buy a 5.35 per
cent stake in
The first is to receive technology support as Kyoei
Steel is known as the leading steel manufacturer in
Previously, at the ceremony to announce its strategic
shareholders, the
The second is the controlling rights. Before handing
over 20 per cent to Kyoei Steel, Thai Hung held a controlling stake in
Remaining the parent company of VIS is important to
Thai Hung because Thai Hung would retain the right to add
Needless to say, Thai Hung has an advantage to recover
its controlling right because, with the exception of Kyoei Steel, no investor
can overcome Thai Hung’s existing holding of 45.66 per cent to seize a
controlling shareholding.
Along with the two above benefits, Thai Hung also
acquired profit from the sale of the VIS stake to the Japanese partner
because in September 2016, Thai Hung completed the purchase of 12.8 million
VIS shares at the price of VND13,500 ($0.59) apiece and then bought an
additional 12 million shares in July 2017 at the price of VND15,000 ($0.66).
Selling 20 per cent to Kyoei at the price of VND25,597 ($0.99) apiece brought
significant profit.
Regarding VIS, after Thai Hung’s acquisition,
Thai Hung is well-known for its large-scale M&A
deals. Besides, it is a major material supplier as well as the largest steel
distributor of northern factories like
Two billion dollar projects in
The two projects are a railroad construction to
The length of the railroad construction to
The total investment of the project is estimated at
$1.6 billion, part of which will be financed from Japanese official
development assistance (ODA) loans. It is expected to be implemented in until
2030 to construct 16.56 kilometres of railway, 26.9 kilometres of bridges,
and seven new railway stations.
The main line, which is 35.7 kilometres long, starts at
the new Hung Vuong Railway Station (equivalent to Km95+215 of the
Hanoi-Haiphong railway route), goes through Dinh Vu Industrial Zone (IZ) (now
known as Deep C IZ), crosses Nam Trieu Seaport, and arrives at
The secondary line, which is 7.78 kilometres long,
starts at South Dinh Vu Railway Station (equivalent to Km23+940) and will run
parallel with the main line until Km26+337, then turn left towards Dinh Vu
Seaport and arrive at Deep C IZ.
After launching, it is estimated to transport 30
million tonnes of cargo per year by 2020 and 95 million tonnes per year by
2030.
The second project to call for foreign investment is
the professional industrial park for Japanese companies in the north, located
on an area of 300-400 hectares in Dinh Vu-Cat Hai Economic Zone.
Earlier, the Haiphong People’s Committee announced the
general master plan of Dinh Vu-Cat Hai Economic Zone (EZ) until 2025.
Accordingly, the zone, which has a total area of about 22,540 hectares, will
become a multi-sector economic zone of the
Samsung elevates 29 Vietnamese
vendors to tier-1 supply chain
Samsung completed the consultation programme for 12
enterprises in 2017 and has achieved the target of 29 Vietnamese businesses
becoming Tier-1 vendors by the end of the year.
During the two days of November 29-30, 2017, the Board
of Directors of Samsung
The list of these vendors consists of Manutronics
Vietnam JSC (Bac Ninh), Tien Thanh JSC (Bac Ninh), Bac Viet Technology JSC
(Bac Ninh), Nhat Minh Company (Binh Duong), Minh Man Manufacturing Trading
& Printing Labels Co., Ltd. (
South Korean experts have spent two weeks surveying and
evaluating each enterprise, and then directly consulted and worked with the
Vietnamese vendors in the next 10 weeks in order to improve manufacturing
procedures and satisfy Samsung’s standards in supplying products and
accessories for the corporation’s plants in
With great efforts to seek and connect Vietnamese
vendors, the number of Samsung’s tier-1 Vietnamese vendors has increased
dramatically from four businesses in 2014 to 29 at the moment.
Working towards the target of having 50 Tier-1 vendors
by 2020, while creating support for the development of the Vietnamese
supporting industries, Samsung has collaborated with the Ministry of Industry
and Trade (MoIT) to expand the business consultation programme by
establishing an advisory board in order to build and implement the programme
on a larger scale.
According to Shim Won Hwan, president of Samsung
Electronics Vietnam Complex, “The business consultation programme, which has
been carried out by Samsung since 2015, has helped 26 Vietnamese enterprises
attain many achievements in the process of business reforms and enhance
competitiveness. We believe that this consultation model, with the
co-operation from MoIT, will create a widespread effect. This is the
motivation for us to persevere in our efforts to accompany the development of
the Vietnamese supporting industries.”
Vietnam ranks 8th in tourist
arrivals to Korea
With a rapidly increasing inflow of tourists in 2017,
As of November 19,
MICE tourism (meetings, incentives, conferences and
exhibitions) also achieved healthy performance. As of November 30, there were
over 55,000 MICE tourist arrivals travelling from
More tourism products by local agencies have been
launched to cater to Vietnamese tourists visiting
“2017 is a successful year for
He noted that KTO will continue its efforts to develop
new and unique products for the Vietnamese market like Hallyu tourism and
Korean beauty tourism. The organisation has hosted over 20 seminars to
promote Korean tourism in
In the upcoming time,
VCIC to provide support worth
US$75,000 to ideas on smart agriculture
The Vietnam Climate Innovation Centre (VCIC) will provide
support worth US$75,000 to ideas and solutions in smart agriculture at the
Vietnam International Exhibition on Machineries & Technologies of
Agriculture, Forestry and Fishery (Growtech 2017), being held in Hanoi from
November 30 to December 2.
Co-organised by the ministries of Science and
Technology, Industry and Trade, and Agriculture and Rural Development,
Growtech 2017 is the first event of its kind in
Addressing the opening ceremony, Pham Duc Nghiem,
deputy head of the National Agency for Technology Entrepreneurship and
Commercialisation Development, under the Ministry of Science and Technology,
said that the event is not only a chance for professionals and businessmen to
exchange new technology products but will also serve as a bridge to help
farmers to gain better access to high-tech products.
Growtech 2017 has attracted more than 60 companies from
countries with developed agricultural sectors, such as
During the expo, a number of agro technologies and
pieces of equipment were introduced, such as hydroponics, urban farming,
irrigation solutions, greenhouses, rice planting machines and a sowing robot
that received significant attention.
Under the framework of the expo, two more conferences
will be held to discuss the commercialisation of technology in the
agricultural sector of
Taiwanese Group eyes Dong Nai food
investment
The Group’s CEO Lee Yu Sheng recently held a meeting
with the Deputy Chairman of the Dong Nai Provincial People’s Committee to
determine its investment policies in the food industry.
The factory’s estimated investment in the first phase
is about $60 million and then $100 million in the second phase.
Want Want is a multi-disciplinary corporation founded
in 1962. It began to produce food and beverages then expanded into other
areas such as real estate, hotels, agriculture, medical, insurance, and
media.
According to provincial figures,
In the first eleven months of this year, Dong Nai
attracted 73 FDI new projects worth $586.1 million while 78 existing projects
increased their investment, by $330.5 million. Projects include the $60
million Powerknit Vietnam Co. project from the British Virgin Islands, the
$80 million in additional capital for the Pou Sung Vietnam project, the $55
million Pou Phong Vietnam Co. project from the British Virgin Islands, and
the $24 million Phu Lam Plastic Industry JSC project from
The provincial Department of Planning and Investment
estimates the province will attract FDI worth $1.5 billion in 2017.
According to provincial authorities, Dong Nai has
advantages in climate, with enterprises investing in the province never at
risk of suspending operations due to natural disasters. Its industrial zones
have good infrastructure, so the cost of building a factory is cheap and
transportation is convenient.
More FDI companies and groups have come to Dong Nai in
recent times to determine policies and procedures when investing in the
province in the fields of industry, agriculture, and the environment.
According to Mr. Olaf Muller, Managing Director of the Eggersmann Equipment
Manufacturing Group from
Many investors from
Bosch adds $67 million to Vietnamese
plant
Bosch plans to further strengthen its presence in “With this investment, we are able to meet the rising demand for continuously variable transmission pushbelts from automakers across the Asia-Pacific and The additional investment will be used to extend production capacity and construct a new production building within the plant premises. With this investment, the company will have invested a total of EUR321 million ($372 million) in the plant. “We are also on the way to turn the plant into a smart factory and started implementing Industry 4.0 solutions,” said Martin Hayes, president of Bosch Southeast Asia. The plant started operations in April 2008, producing continuously variable transmission (CVT) pushbelts for automobiles for the global market. By March 2017, the plant reached a significant milestone by producing its 20 millionth CVT pushbelt. Bosch has become one of the largest European investors in Celebrating its 10th anniversary in the country, Bosch continues seeing great potential in the market. “With a population of almost 96 million, a rising middle-income class, high internet penetration, and a growing tech-savvy consumer base, After a fruitful decade, Bosch aims to continue making a difference in the country with its products and solutions as a top employer and by strengthening the local industry. Cathay Pacific has said it will offer high-speed Wi-Fi on its Boeing 777 and Airbus A330 aircraft from mid-2018. It said it plans to offer the service in response to growing demand for in-flight connectivity. It already offers broadband services on its Airbus A350-900 aircraft. The carrier’s chief customer and commercial officer, Paul Loo, said: “we have been listening to our customers who have told us that staying connected in-flight is important to them. “We envisage that by 2020 all of our wide-bodied aircraft will have in-flight connectivity. This will open up a wealth of opportunities for us to provide more innovative experiences for our customers.” Cathay Pacific and Cathay Dragon will be the first major carrier in It will allow passengers to check e-mails, browse the web, access social networks and shop online. Minh Anh Group builds garment factory Minh Anh Group held a groundbreaking ceremony for its garment factory in Quang Son Commune, Do Luong District, central Nghe An Province, on Tuesday. The project is built on an area of 6ha with total investment of VND150 billion (US$6.7 million). The project is expected to be completed and put into operation in the second quarter next year. After completion, the factory will produce and process some 60 million products per year for the domestic market and exports, and create jobs for 5,000-6,000 workers. Nguyen Dinh Sinh, director of Minh Anh-Do Luong Joint Stock Company, said the company would accelerate construction to create jobs, generate income for employees and produce branded products for the domestic market and exports. Speaking at the ceremony, Ngoc Kim Nam, chairman of the district People’s Committee, said he hoped the group would focus on speeding up construction and ensuring quality, in addition to continuing to invest in other projects in Do Luong, generating jobs and income for the district’s people and contributing to development.
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Thứ Ba, 5 tháng 12, 2017
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