Vietnam’s leather and footwear sector is to benefit from many favourable factors in 2018, opening up great opportunities for the attraction of orders and an expanded export market share. Vietnam’s leather and footwear sector has set a target of US$20 billion in its export revenue in 2018 Over the past few years, leather and footwear products have had a sustained presence among the top five major export items of Vietnam. The whole sector reported an export revenue of US$18 billion last year, up 10.7% compared to 2016, with a range of products exported to many countries around the world. The United States remains the largest export market for Vietnamese leather and footwear products, accounting for 34 percent of the sector’s total export turnover, followed by the European Union (EU), the Republic of Korea (RoK), Japan, and China. According to the Vietnam Leather, Footwear, and Handbag Association (LEFASO), in 2018, the leather and footwear industry will see … [Read more...] about Bright prospects for Vietnam’s leather and footwear industry in 2018
Industry
Industry and trade boost HCMC economic growth
(VEN) - The industry and trade sector of Ho Chi Minh City (HCMC) has attained consistently high growth, contributing greatly to the city’s fast and sustainable economic development. Minister of Industry and Trade Tran Tuan Anh (first from left) shakes hands with HCMC People’s Committee Chairman Nguyen Thanh Phong in February 2018 Efficient solutions In 2017, the city’s index of industrial production (IIP) increased 8.48 percent, while retail sales and service revenues soared 10.89 percent over 2016. The HCMC industry and trade sector reached a value added of VND356 trillion plus in 2017, representing 33.62 percent of the city’s annual gross regional domestic product (GRDP). As of February, the city’s IIP grew 15.04 percent compared to the same time in 2017. Four key industries continued to grow thanks to the city’s efficient market expansion and technology and competitiveness improvement efforts. Specifically, the food, beverage and … [Read more...] about Industry and trade boost HCMC economic growth
Hanoi’s industrial clusters to see more foreign investment
Hanoi has issued ambitious planning for its industrial clusters In order to lure in domestic and foreign firms, Hanoi has been developing 19 industrial zones (IZs) and high-tech parks covering an area of 5,250 hectares, as well as 107 industrial clusters located on an area of 3,000ha, according to Hanoi Industrial and Export Processing Zone Management Board. However, one of the difficulties is the scant land area for IZ development. In the city, Quang Minh IZ has 13ha, Phu Nghia 25ha, and Hanoi Southern Supporting IZ 36ha. According to Le Hong Thang, director general of the Hanoi Department of Industry and Trade, it is hard to attract investment to industrial clusters due to high costs, while firms and household businesses are of a small or micro scale and have little capital. Businesses have to deploy their own power system, while investment registration procedures are not easy to do. In order to develop sustainable industry, the Hanoi People’s Committee is focusing on … [Read more...] about Hanoi’s industrial clusters to see more foreign investment
Vietnam to benefit from industrial expansion
Vietnam and Indonesia are standing to benefit the most in Southeast Asia from expanded industrial projects. Warburg Pincus recently signed with Becamex IDC to break into the Vietnamese market According to Stephen Wyatt, country head of JLL Vietnam, the company sees an increasing number of companies looking to relocate from China due to higher labour costs and a challenging business environment. “Vietnam is looking to take advantage of the current market conditions and is making a big push to establish itself as the next manufacturing hub for Southeast Asia,” said Wyatt. “A number of key factors are helping to attract companies, including lower labour costs, economic zones (EZs) offering tax incentives, and the signing of free trade agreements (FTA’S) including the EU, Korea, and most recently the CPTPP,” Wyatt said. Meanwhile, challenges still remain with the lack of good quality infrastructure and unnecessary bureaucratic red tape. However, JLL … [Read more...] about Vietnam to benefit from industrial expansion
Mekong Delta province to have 14 industrial hubs
Illustrative image (Source: VNA) Vinh Long (VNA) - The Mekong Delta province of Vinh Long plans to develop nine industrial clusters with a total area of 492.5 ha from now to 2020, and another five industrial clusters with a combined area of 165.49 ha during the 2020-2030. The information was released at a seminar held in the province late last week to announce the province’s zoning planning for industrial cluster development until 2020 with a vision to 2030. Approved industrial clusters will serve projects in the fields of farm produce, aquatic products and food processing; energy; repairing and assembling of agricultural machines and transportation means; wood processing; garment and textiles, and footwear. Vu Ngoc Tu, Deputy Director of the provincial Department of Industry and Trade, said that through the zoning plan, the province aims to form a system of industrial parks and clusters to ensure its sustainable economic development, as well as contribute to promoting … [Read more...] about Mekong Delta province to have 14 industrial hubs