Japan’s Nojima Electronics has bought another 3.7 million shares of Tran Anh Digital World JSC (TAG), the Vietnam Securities Depository said. The buying of the shares, which belonged to Aureos Southeast Asia Fund and are equal to a 21 percent stake in TAG, has increased the total holding of the Japanese corporation to 30.92 percent, making it the largest foreign shareholder of TAG. TAG is one of the leading electronics firms in northern Vietnam, with a chain of 15 stores. It plans to open seven to nine more stores to serve the northern region. In the first quarter of this year, TAG earned 872.67 billion VND (40 million USD) in…
Japan expresses interest in underground commercial complex
A Japanese delegation held a working session with Ho Chi Minh City authorities on June 10 to seek cooperation opportunities with the city on the construction of the main metro station and an underground commercial centre in front of the Ben Thanh market. Kisaburo Ishii, Deputy Minister of Land, Transport Infrastructure and Tourism and leader of the delegation, told city authorities that the underground complex will be the cynosure marking the development of the city. Despite the high cost, the project will bring a number of benefits and has high profit prospects, Ishii said, predicting it will take 10 to 11 years for investors to recover their investments. A model…
Property developments given go-ahead to continue
HA NOI (VNS) — Following a nationwide inspection of housing development projects, the Ministry of Construction has decided to allow more than 3,100 of them to continue construction. Inspections revealed that some 460 projects must adjust their structures in line with their plans and market demand, while another 306 projects must halt their construction. The ministry said that failure in raising more capitals saw most of the projects being temporarily halted (vietnamnews.vn 2015年6月6日)
First precast viaducts of metro line in place
The Management Authority for Urban Railways (MAUR) and contractors on June 4 started to install precast viaducts of the elevated track of Metro Line No. 1, and plan to complete its construction by 2018. Metro Line No. 1 connects the downtown area of HCMC and Suoi Tien Park in District 9. Its 17.1-kilometer elevated section is designed to start from Shipyard in District 1 and end at Long Binh Depot in District 9. According to MAUR, constructors have used a mobile scaffolding system to install the precast segments based on the balanced cantilever method of bridge construction applied for the first time in Vietnam. As many as 4,536 U-shaped viaducts…
ACV plans to expand Tan Son Nhat airport this month
HCMC – Airports Corporation of Vietnam (ACV) plans to begin expanding the international terminal of Tan Son Nhat airport in HCMC later this month to raise its annual capacity from ten million to 13 million passengers. Le Manh Hung, general director of ACV, told the Daily on June 3 that contractors are making final preparations and that work on Terminal T2 could start in mid-June. The expansion project will be implemented in two phases. The terminal will be expanded towards the east in the first phase at a total cost of VND1.52 trillion (US$69.8 million). The second phase costing VND787 billion will commence at the western side of the terminal…
HCMC to remove low-tech firms from industrial zones
Most of industrial parks (IPs) and export processing zones (EPZs) in the city have built traffic, electricity and water infrastructures before calling on investors. They have tried to invite investors as much as possible to fully occupy the built zones and paid little heed to technology, resulting in products’ low-added value. A survey by the city Department of Science and Technology shows that only one percent of businesses at IPs and EPZs are at advanced technology level, four percent at rather good level and 51 percent at low level. According to Hepza, most foreign invested projects in the zones have done outwork using a lot of workers and creating low…
City drums up Japanese investment in key sectors
HCMC – HCMC is calling for Japanese firms to invest in major sectors like mechanical engineering, chemical, food processing, fashion and production of textile-garment materials and pharmaceuticals, HCMC vice chairman Tat Thanh Cang said. Cang mentioned the key sectors in need of Japanese investment at a meeting with a business delegation from Japan’s Saitama Prefecture on June 2. The delegation, headed by Saitama deputy governor Iwasaki Yasua, is in the city to foster economic cooperation between the two localities. Cang that some 700 Japanese enterprises have invested in HCMC and that more companies from the northeast Asian country are coming to explore business and investment opportunities in this city. The…
City drums up Japanese investment in key sectors
HCMC – HCMC is calling for Japanese firms to invest in major sectors like mechanical engineering, chemical, food processing, fashion and production of textile-garment materials and pharmaceuticals, HCMC vice chairman Tat Thanh Cang said. Cang mentioned the key sectors in need of Japanese investment at a meeting with a business delegation from Japan’s Saitama Prefecture on June 2. The delegation, headed by Saitama deputy governor Iwasaki Yasua, is in the city to foster economic cooperation between the two localities. Cang that some 700 Japanese enterprises have invested in HCMC and that more companies from the northeast Asian country are coming to explore business and investment opportunities in this city. The…
A credit package worth some VND20 trillion (US$952.38 million) will be released to support homebuyers interested in commercial and urban housing projects
A credit package worth some VND20 trillion (US$952.38 million) will be released to support homebuyers interested in commercial and urban housing projects, reported Xay Dung, the Ministry of Construction’s e-paper. The ministry made the announcement in a document sent to the government office, whereby it approved the lending programme suggested by the State Bank of Viet Nam. The central bank will disburse the fund through commercial banks in which it has controlling stakes. They include Vietcombank, VietinBank and BIDV, along with Agribank and Viet Nam Development Bank. Deputy Minister of Construction Pham Hong Ha said the programme was aimed at boosting the real estate market while helping lending institutions speed…
Eco-industrial parks a new trend
VietNamNet Bridge – Foreign industrial zone developers are leading the way in the development of eco-industrial parks (EIZ) in Vietnam. VSIP Nghe An is expected to kick off this September, according to Nghe An provincial authorities. This will be an EIZ to cover an area of 1,400 hectares with investment capital of VND3 trillion in the first phase of the project. The license for the project is expected to be granted in July. This will be the seventh VSIP to be developed in Vietnam. A similar project, the eighth VSIP, would be developed in the central province of Binh Dinh. Like other VSIPs, the IZs developed by the joint venture…
Japanese company to build industrial park in Vinh Phuc
Japan’s Sumitomo Corporation will build an industrial park in northern Vinh Phuc province, as said in a memorandum of understanding it signed with the provincial People’s Committee on May 29. The industrial park, named Thang Long 3, covers nearly 300 hectares in Binh Xuyen district and has an initially investment of 135 million USD. When operational, it is set to attract over 80 Japanese businesses manufacturing automobile and motorcycle components, high-tech and other products for support industries, providing 40,000 jobs for local residents. Chairman of the Vinh Phuc People’s Committee Phung Quang Hung said Sumitomo’s construction will create a prerequisite for the sustainable development and a breakthrough for local industrial…
Japanese businesses raring to invest in Vietnam
( Scene at the workshop. Photo: VNA) The Consulate General of Vietnam in Osaka, Japan organised a workshop for Japanese businesses from the Kansai region on investing in Vietnam. The workshop was coordinated by the Kansai Bureau of the Economy, Trade and Industry, the Japan-Vietnam Business Support Centre, and the Japan-Vietnam Friendship Association in Sakai, among others. A representative from the Kansai Bureau of Economy, Trade and Industry stated that Japanese firms consider Vietnam as a top investment destination. More than 120 participating enterprises learned about the trade ties between Vietnam and Japan, the Vietnamese economy and relevant policies. They commended Vietnam for its business climate and investment opportunities during…
HCM City maintains stable economic growth
Socio-economic development in Ho Chi Minh City in the past nine months continues to progress across fields, as reported at a regular conference in the southern hub on September 24. According to the municipal People’s Committee, the gross domestic product (GDP) was estimated at nearly 650 trillion VND (28.6 billion USD), an annual rise of 9.1 percent. Services accounted for 59.7 percent of GDP (up 10.3 percent) while industry and construction made up 39.9 percent (up 7.5 percent) and agriculture 1 percent (up 5.9 percent). Retail and service revenue totalled more than 493 trillion VND (21.7 billion USD), an annual rise of 11 percent, and export turnover reached over 22.4…
Foreign investment up by 7.6% this year
With above $1.1 billion, South Korea continued to be Viet Nam’s leading source of FDI, making up 25.7 per cent of the total FDI registered in the country. — Photo vtv HA NOI (VNS) — The disbursement of foreign direct investment (FDI) reached US$4.95 billion in the first five months of this year, a year-on-year rise of 7.6 per cent. ADVERTISING According to the latest report of the Foreign Investment Agency under the Ministry of Planning and Investment, foreign investors pumped $4.29 billion into Viet Nam during the reviewed period, equal to 78 per cent of the figure for last year. Of the sum, $2.95 billion went to 592 newly-licensed…
Big foreign investors in Vietnam’s construction field
According to the Foreign Investment Agency (Ministry of Planning and Investment), by April 20, 2015, there were a total of 1,196 FDI projects in the construction sector with a total registered capital of about $11.5 billion, accounting for 6.5% of the total FDI projects and 4.5% of total foreign capital. Real estate ranked third for attracting FDI. The average scale of projects in the construction sector was $9.64 million. Among the countries and territories investing in Vietnam in the field of construction, Korea is leading with 587 projects with investment of $ 2.4 billion (representing 49% of total projects and 20.9% total investment of the entire construction industry). Other countries…
UAE firm mulls US$500-million car park
HCMC – EPS Group from the United Arab Emirates (UAE) has proposed a plan to build a smart car park under the build-operate-transfer (BOT) format in HCMC with a total investment of US$500 million. Rustam Ibragimov, a representative of the Dubai group, told the Daily about the plan on the sidelines of a meeting between leaders of UAE businesses and the city government on May 25. EPS has invested in parking lots in 19 countries worldwide. Ibragimov said if EPS gets approval from the city government, it will consider building a system of parking, traffic surveillance and control and vehicle maintenance facilities. HCMC chairman Le Hoang Quan said the city is calling for…
Will Vietnam become “the world’s factory”?
VietNamNet Bridge – According to the Asian Development Bank’s report on Asia’s development prospects in 2015, Vietnam’s GDP growth will reach 6.1% this year and will be 6.2% in 2016, the second highest growth rate in Asia after India. Vietnam is considered a country with the brightest future among the VISTA economies India, South Africa, Turkey and Argentina. Although Vietnam’s annual growth rate in 1998-2008 was 7.5%, it was still in crisis due to inflation, slowing growth and labor competition. According to Bloomberg, Vietnam still has a chance to become a strong emerging economy in Asia thanks to its favorable geographical location, abundant young labor force and its large investments…
Foreign investors optimistic about Vietnam’s economy
Vietnam has numerous opportunities for economic development due to its stable economy and ongoing reforms in key sectors, the CEO of Maybank Kim Eng Group, John Chong, said at the Invest ASEAN 2015 conference in Ho Chi Minh City on May 25. Chong and other foreign investors participating in the conference were optimistic about Vietnam ’s economy, which is expected to grow by more than 6 percent this year. According to the CEO, the formation of the ASEAN Economic Community (AEC) at the end of this year would create a common market of ASEAN countries in which Vietnam ’s position as the region’s manufacturing hub will be strengthened. The country…
Transparency must be the supreme principle for FDI
VietNamNet Bridge – Taxation bodies are expected to examine the behavior of foreign-invested enterprises suspected of conducting transfer pricing, without fuss. However, most of the works have never been made public. Vietnam, FDI, FIA, MPI State agencies have had their reasons to keep the cases silent. However, this has angered the public and economists. Silence gives the public another reason to believe that many names on the black list of FIEs (foreign invested enterprises) conducting transfer pricing have not been exposed. Nguyen Duc Kien, deputy chair of the National Assembly’s Economics Committee, noted that Metro’s story showed the duplicity of foreign direct investment (FDI). “Investors always try to make things…
政治：ベトナム、ニン副首相が第21回国際会議でアジア発展について議論
TOKYO (VNS) — Deputy Prime Minister Vu Van Ninh shared his thoughts on the major trends deeply influencing Asia’s development at the 21st International Conference on The Future of Asia in Tokyo yesterday. In his speech at the event, Ninh described Japan as an economic power crucial to Asia-Pacific’s development and the strength of the ASEAN Community. He praised Japan for increasing co-operation with Southeast Asian countries through ASEAN institutions, and important regional summits and forums. He said their participation contributed to building trust, expanding comprehensive development co-operation, and effectively coping with traditional and non-traditional security challenges. Japan is of special significance to Viet Nam as its top investor and…
Japanese investors have injected 37.5 billion USD into 2,619 valid projects in Vietnam as of the end of April.
Japanese investors have injected 37.5 billion USD into 2,619 valid projects in Vietnam as of the end of April. Japanese funding accounted for 14.3 percent of the country’s total foreign-invested projects, as well as 14.6 percent of the total foreign direct investment registered in the nation. Latest statistics from the Ministry of Planning and Investment’s Foreign Investment Agency (FIA) revealed that Japan ranked second among countries and territories investing in Vietnam during the reviewed period. Further, up to 1,344 Japanese-invested projects, worth a combined 31.3 billion USD, were involved in the processing and manufacturing sector, making up 83.3 percent of all Japanese registered capital in this period. In order to…