Tri state investment group

The Ministry of Planning and Investment (MPI) reported last week by the Vietnam Electronic Industries Association (VEIA) that Apple has moved 11 factories from Chinese businesses in the supply chain to Vietnam, while other assemblers like Foxconn, Luxshare, Pegatron, and Wistron are ramping up production capacity in Vietnam. Do Thi Thuy Huong, general secretary of the VEIA, said that the electronic components manufacturing industry of Vietnam has its own advantages for those looking to relocate supply chains out of China to neighbouring countries. “A number of high-tech groups have been cultivating their projects in the northern provinces of Bac Ninh and Bac Giang, and they will also do the same in some other potential localities,” Huong said. Last week Sandeep Mehta, president of India’s Adani Ports & SEZ, announced on behalf of Adani Group that it would pour $10 billion into Vietnam. It is part of a $100 billion package that Adani Group would like to invest overseas. … [Read more...] about Electronics giants leading foreign investment bounce

Nghi Son 1 power plant in Thanh Hoa (Source: baothanhhoa.vn) Thanh Hoa (VNA) – The central province of Thanh Hoa collected about 26.33 trillion VND (1.12 billion USD) to the State budget in the first six months of this year, completing 94% of its plan for the period. According to the provincial Department of Finance, domestic collection was estimated at 16.67 trillion VND, fulfilling 97% of the target for the whole year. Of the total, collection from land use fee was over 7.77 trillion VND. Meanwhile, collection from foreign-invested firms exceeded 3.25 trillion VND, and income from the non-State-owned sector topped 1.44 trillion VND. At the same time, income from import and export activities in the first six months of this year hit over 9.65 trillion VND, equivalent to 88% of the plan. Localities across the province also contributed over 10 trillion VND to Thanh Hoa’s State budget collection in the January-June period. Vice Chairman of the provincial People’s … [Read more...] about Thanh Hoa shows strong performance in State budget collection

Deputy Minister of Industry and Trade Do Thang Hai speaks at the forum (Photo: VNA) Mexico City (VNA) – A delegation of 23 Vietnamese entrepreneurs, led by Deputy Minister of Industry and Trade Do Thang Hai , attended the Vietnam-Mexico Business Forum in Mexico City on July 4, aiming to seek cooperation opportunities with the host country’s partners. Undersecretary for Foreign Trade in Mexico 's Secretariat of Economy Luz Maria de la Mora spoke highly of the bilateral economic and trade relations, affirming that Mexico considers Vietnam a strategic market in the Asia-Pacific region. She expressed her hope that the two countries’ authorised agencies will continue strengthening close coordination in the coming time and their businesses will effectively take advantage of the Comprehensive and Progressive Agreement for Trans-Pacific Partnership (CPTPP), contributing to promoting bilateral trade turnover as well as post-pandemic economic recovery. The official affirmed … [Read more...] about Vietnam, Mexico promote economic, trade, investment cooperation

At the mid-term review meeting (Photo: MPI) Hanoi (VNA) – The Vietnamese Ministry of Planning and Investment (MPI), in coordination with the Japanese Embassy in Vietnam and the Japan-Vietnam Economic Committee under the Japan Business Federation (KEIDANREN), held a mid-term review meeting for the Vietnam-Japan Joint Initiative (eighth phase) in Hanoi on July 5. It was reported at the meeting that 47 out of the total 80 sub-items in the joint initiative have been well implemented as scheduled so far, 15 are underway, six make no progress, and work will start on 12 others in the time ahead. Do Nhat Hoang, head of the Foreign Investment Agency under the MPI, said Vietnamese ministries and agencies have coordinated with the Japanese side to implement commitments in the action plan of the initiative. Vietnam’s commitment to materialising the joint initiative manifests the government’s resolve to improve the domestic investment environment, he said. Many legal documents … [Read more...] about Vietnam, Japan review joint initiative

Electronics groups from South Korea and Japan are continuing to expand in Vietnam, Le Toan The Saigon Hi-tech Park Management Authority has recently granted the license for Samsung Electronics HCMC CE Complex (SEHC) to expand its operation with a total investment capital of $841 million. Starting operations in 2016, SEHC is currently Samsung Electronics’ second-largest manufacturing site worldwide for TV screens and home electronics units. Meanwhile, Samsung Engineering has officially become the strategic shareholder of DNP Water, a member of DNP Holdings, after spending $41 million to acquire 24 per cent of the company. The pair signed a strategic partnership agreement on June 29. Investing in DNP Water is an opportunity for Samsung Engineering to approach the water treatment sector in Vietnam. With the experience and the competition capacity, it has plans to open wastewater treatment plants and then expand to other surrounding countries. Founded in 1970, Samsung … [Read more...] about Samsung imprinting essential role in fostering capital inflows

In Document No. 3158/TTr-EVN recently submitted to its Members’ Council, the State-owned group pointed out there is currently no clear legal basis for connecting rooftop solar power systems with the national grid as well as the establishments where they are installed for self-consumption. It said in the recent past, EVN and subsidiaries received opinions from investors and the community regarding the temporary suspension of connecting rooftop solar power systems with the grid pending Government issuance of mechanisms and the Ministry of Industry and Trade’s guidance for implementation. Foreign investors and domestic organisations guaranteed by foreign investors or international development funds asked for permission to use their own rooftop solar systems. For example, the Norsk Solar Vietnam Co. Ltd, guaranteed by investors and development funds of the Norwegian and Finnish Governments, asked for permission to use rooftop solar power systems for industrial parks, factories, and … [Read more...] about EVN suggests solutions to rooftop solar power-related issues

Cargoes at Tan Cang – Cat Lai warehouse are being loaded into containers. (Photo: SGGP) Adding to difficulties from possible logistics chain disruption and increasing fuel prices is the challenge to approach capital amounts. Thanks to the stable political and social status of the country plus the well-controlled pandemic, Vietnam is a preferred choice of many foreign investors. 17 trade agreements have been successfully signed in the first 6 months of 2022, bringing about a direct foreign investment of over US$10 billion in the country, a rise of nearly 9 percent compared to this time last year. Vice CEO in charge of global supply sources of Techonic Industries (TTI) Nate Easter informed that his company chose to start a new manufacturing plant in Saigon Hi-tech Park in HCMC, worth $650 million. This is the second largest among 12 plants of TTI in the world to earn a revenue of $2.5 billion a year. TTI needs to build a supply chain of domestic support industry products for 80 … [Read more...] about Vietnam becoming attractive destination for foreign capital

Deputy Foreign Minister Pham Quang Hieu co-chairs the second political consultation at foreign deputy ministerial level with Qatari Minister of State for Foreign Affairs Soltan bin Saad Al-Muraikhi . (Photo: VNA) Hanoi (VNA) – Deputy Foreign Minister Pham Quang Hieu was on a visit to Qatar on July 4 – 5 where he co-chaired a political consultation at foreign deputy ministerial level, the second of its kind, with Minister of State for Foreign Affairs Soltan bin Saad Al-Muraikhi. Hieu also paid a courtesy call to Qatari Deputy Prime Minister and Foreign Minister Sheikh Mohammed bin Abdulrahman Al-Thani and met with Saleh bin Majid Al-Khulaifi, Assistant Undersecretary for Commerce Affairs at the Qatari Ministry of Commerce and Industry; Mansoor bin Ebrahim Al-Mahmoud, CEO at Qatar Investment Authority; and Mohammed Bin Ahmed Twar Al Kuwari, First Vice Chairman of Qatar’s Chamber of Commerce and Industry. At the meetings, the two sides expressed delight at the … [Read more...] about Vietnam, Qatar hold second deputy foreign ministerial political consultation

Hanoi (VNA) - The following is a brief review of the day’s events as reported by the Vietnam News Agency on July 5. - Prime Minister Pham Minh Chinh chaired the 15th meeting of the National Steering Committee for COVID-19 Prevention and Control on July 5 amid the appearance of the BA.5 sub-variant of Omicron. Opening the teleconference with the 63 localities nationwide, PM Chinh, who is also head of the committee, pointed out that the pandemic remains unpredictable around the world with the emergence of the BA.5 sub-variant of Omicron in many countries. Read full story - Standing Vice Chairman of the National Assembly (NA) Tran Thanh Man hosted a reception in Hanoi on July 5 for a delegation from Indonesia’s Regional Representative Council (DPD) led by Chairperson of its Committee for Parliamentary Cooperation Sylviana Murin. Man said the visit demonstrates the resumption of the two legislative bodies’ delegation exchange activities after a long disruption due to the … [Read more...] about ☕ Afternoon briefing on July 5

As major cities of Vietnam, Hanoi and HCMC will promote tourism in the northern and central regions of the country. The six North Central provinces need to cooperate with key localities of Hanoi and Ho Chi Minh City (HCMC) to attract more tourists and increase revenue. Lan Chau Island in Cua Lo Town, Nghe An Province. Photos: nghean.gov.vn This is key content discussed by more than 500 delegates from various ministries, international organizations and tourism businesses at a tourism forum, with the theme “Convergence of Quintessence - Enhanced Destination Experience”, held in the central province of Nghe An early this month. Nguyen Duc Trung, Chairman of Nghe An Provincial People's Committee pointed out that the forum was an event marking an important and comprehensive turning point in the cooperation between Hanoi and HCMC with the provinces of Ninh Binh, Thanh Hoa, Nghe An, Ha Tinh, Quang Binh and Quang Tri, in which Nghe An played the role of a tourism … [Read more...] about Experts look for ways to bolster tourism in North Central region