Nov. 25 – As a transport hub of the Red River Delta, Hanoi features a large network of waterways, railways and highways connecting the region. Infrastructure development has been a priority in the city, with the local government taking steps to ensure that the continued flow of goods and investment into the city can be sustained to uphold its strong economic growth.
Rapid economic expansion in Hanoi has led to substantial growth in the city’s population, adding over 400,000 new citizens each year since 2008. This population boom, while benefitting the local economy through the addition of young and skilled workers, has also led to congestion within the city’s transportation network. Due to this, motorcycles and mopeds have become the preferred means of transportation in Hanoi. According to the Institute of Transport Planning and Management, motorcycles outnumber cars by 10-to-1. Car ownership is on the rise in Hanoi, however, with an annual growth rate of 10 percent. Continue reading
Nov. 20 – Lying on the right bank of the Red River in northern Vietnam, approximately 85 miles inland from the South China Sea, is the charming capital city of Hanoi. Hanoi is Vietnam’s old imperial capital and its modern center of politics and culture. The previous generation of people in Hanoi experienced a strict communist domination. While still recognized for their humility and simpler lifestyle compared to those living in the south of the country, today Hanoi people display an increasing warmth and openness in communication and work.
Hanoi was predicted to be the fastest growing city in the world in terms of GDP growth from 2008 to 2025, according to a report by PricewaterhouseCoopers. Despite the recent economic crisis, Hanoi remains one of the fastest growing cities in Vietnam, with its economy expanding 7.88 percent during the first 10 months of this year. Continue reading
Aug. 19 – Ho Chi Minh City (HCMC, known as Saigon until 1976) is much younger than Hanoi, with many historians dating the city at just over 300 years old. A prosperous and densely-populated trade hub, the city is today considered the commercial and economic center of Vietnam. HCMC is actually a municipality (on the same governmental level as a province) and, with a population of over 7 million, it is the most populous province/municipality in Vietnam.
The inhabitants of HCMC – the “Saigonese” – are generally seen as industrious and tolerant. HCMC is in many ways a “promised land,” attracting immigrants from across Vietnam to pursue economic fortune. While the majority of people in HCMC are ethnic Vietnamese, the city is also known for cultural diversity. Continue reading
Jul. 18 – Home to Ho Chi Minh City (HCMC), Vietnam’s largest city, the Southeast region has long been a focus of the country’s foreign investment inflows thanks to its impressive growth fueled by a massive energy sector and a thriving manufacturing sector.
HCMC is also Vietnam’s commercial center, and accounts for a large share of the national economy – contributing over 20 percent to the country’s overall GDP, and over 25 percent of total industrial production.
HCMC’s economy consists of a wide spectrum of industries, ranging from mining and construction to seafood processing and tourism. Other large industries include agriculture and high-tech/electronic products and services. Continue reading
Jun. 21 – This week, the Ho Chi Minh City (HCMC) Infrastructure Investment Joint-Stock Company (CII) announced that it will issue VND1 trillion worth of bonds to be used as funds for infrastructure projects in the city – specifically for the upcoming Saigon 2 Bridge project.
The Saigon 2 Bridge project is estimated to cost a total of VND1.5 trillion, with VND1 trillion of it being sourced from a bond issue. Construction on the project began in April last year, and it is expected to be opened by next November.
In addition to Saigon 2, CII has been entrusted by the HCMC government to upgrade the Thu Duc Intersection, the BOT Binh Trieu 2 Bridge and Road project and a road project to connect the East-West Highway and the HCMC-Trung Luong Expressway. Continue reading
May 16 – Construction began last month on four main roads in the Thu Thiem New Urban Area, a development located near the heart of Ho Chi Minh City (HCMC).
Construction of the Thu Thiem New Urban Area has been steady, with 99 percent of the seven square kilometer area already cleared, with the adjacent Thu Thiem tunnel and bridge already having been completed. Construction is currently expected to be completed by 2025, with its developers promoting the area as the future financial and cultural hub of Vietnam and Southeast Asia.
Economic recession, however, has slowed the development of other key infrastructure projects in the area. At the Conference on Investment Promotion held earlier this month, investors voiced their concerns, citing worries over the slow infrastructure development in addition to the high land prices and restrictive administrative regulations. Continue reading
May 7 – The Red River Delta constitutes the industrial heart of Vietnam and is one of the richest and most developed regions in the country.
Hanoi, Vietnam’s capital city, dominates in terms of foreign investment and gross industrial output. It is also home to many manufacturing plants for big international names like GM, Nokia and Yamaha. The industrial parks and economic zones in the region are strengthened by their “corridor to the sea” via the Hai Phong Port, one of Vietnam’s largest ports. Continue reading
Posted in Business, Hanoi
Apr. 26 – During the first four months of 2013, Vietnam attracted newly registered and additional foreign direct investment (FDI) capital worth over US$8 billion. The capital was injected into projects throughout 18 different sectors, with the processing and manufacturing industries topping the list, followed by the property, wholesale and retail sectors.
Of this, US$4.9 billion of new capital was added thanks to the licensing of 341 new FDI projects. Another 121 projects expanded its capital by a total of US$3.34 billion. These capital injections represent a 14.6 percent and 20.7 percent year-on-year increase, respectively. Continue reading
By My Nguyen
Nov. 23 – Da Nang Hi-Tech Park is the newest among three high-technology zones in Vietnam, besides Hoa Lac Hi-Tech Park in Hanoi and the Ho Chi Minh City Hi-Tech Park.
Da Nang City is calling for foreign investment in its hi-tech park by promising attractive incentives. The Vice Chairman of Da Nang Phung Tan Viet presented in front of the Dutch business representatives in an event recently held by the city’s People Committee and the Netherlands general consul that the city shall offer them 100 percent land tax and 100 percent land-use tax exemptions for investment projects in infrastructure, hi-tech research and accommodation for on-site workers. Continue reading
Oct. 30 – The coming month in Vietnam will bring in a fresh set of trade fairs, shows, expos, and exhibitions to try and satiate the growing demand for new business in the country. A sampling of November’s key events can be found below.
Vietnam International Shop and Franchise Show 2012
- When: November 1-3, 2012
- Where: Saigon Exhibition and Convention Center, 799 Nguyen Van Linh, District 7, Ho Chi Minh City, Vietnam
- Organizer: Vinexad Continue reading