IT & Telecom

FDI Drops by 77 Percent for First Half of the Year

Jun. 25 – According to a Vietnamese foreign investment official, foreign direct investment (FDI) in the country plunged by 77.4 percent to US$8.87 billion for the first 6 months of the year.

Figures compiled by the agency showed that only US$4.7 billion worth of new projects were licensed during the period, a 86.7 percent in value over the same period last year.

Another US$4.1 billion was poured into 68 operational projects, an increase of 13.8 percent. The agency head, Phan Huu Thang told Thanh Nien News added that the FDI result was still positive given the extent of the current economic slowdown.

Continue reading →

Posted in Automotive, Aviation, Economy and Politics, FDI and Foreign Trade, IT & Telecom, Manufacturing, Retail, Shipping & Logistics | Leave a comment

Telecom Market to Open in 2012

Jun. 17 – Vietnam has announced it would fully open its telecom market to overseas investment following international practices and its obligation under the World Trade Organization by 2012.

The draft bill for the new telecom law is expected to be submitted by this month. Local telecom companies have until 2012 to maintain 51 percent ownership with foreign partners.

The mostly state-owned companies have developed faster through the presence of foreign companies like SK Telecom, Hutchison and Vimpelcom.

Improvements made on the country’s telecom infrastructure has also attracted bidding from top companies like IBM, Cisco, AT-T, Alcatel Lucent, Ericsson, Nokia and Motorola as well as Chinese equipment suppliers like Huawei and ZTE.

Continue reading →

Posted in Economy and Politics, FDI and Foreign Trade, IT & Telecom | Leave a comment

IBM Innovation Center Opens in Vietnam

May 26 – IBM has opened an innovation center in Ho Chi Minh City to provide businesses access to digital infrastructure technologies for the telecommunications, finance and energy industry.

According to IBM, Vietnam has the highest internet penetration rate among developing countries.

The center will offer training workshops, consulting services and assistance to help test new software technologies. Deputy Minister of Science and Technology Le Dinh Tien said: “The opening of IBM Innovation Center marks a milestone in closely associating technology with the business community. It has further asserted the government’s determination for Vietnam to become a leading regional technology center.”

Continue reading →

Posted in Economy and Politics, FDI and Foreign Trade, Ho Chi Minh City, IT & Telecom | 1 Comment

South Korean Company Opens US$300 Million Plant in Central Vietnam

May 18 – The subsidiary of South Korean Doosan Heavy Industries and Construction inaugurated a US$300 million plant in central Vietnam with the aim of developing it as a global production hub.

Doosan Heavy Industries Vietnam’s plant in Quang Ngai Province’s Dung Quat Economic Zone will make major components and equipment for the flagship company’s power and water businesses. This will include boilers, heat-recovery steam generators, seawater desalination evaporators, and material handling equipment.

The plant will also provide the chemical process equipment (for Doosan Mecatec, also under Doosan Group and will employ 1,300 locals eventually increasing staff to 3,000 by 2013.

Continue reading →

Posted in Chemical & Pharmaceutical, Economy and Politics, FDI and Foreign Trade, IT & Telecom | Leave a comment

Recommended Trade Fairs Now Online

Apr. 3 – A list of recommended trade fairs for the year is now available online at Vietnam Briefing.

You can click here to download the list or click at the Recommended Trade Fairs and Exhibitions in Vietnam located at the right hand column of the website.

Trade fairs are a great way to get a feel of doing business in a country and meeting suppliers face-to-face. In Vietnam, meeting in person to conduct business is still preferred over dealing with contracts via internet or phone calls.

For sellers, trade fairs offer a chance to present their company and capabilities in a favorable light thus it is important that employees stationed at the booth be both pleasant and good with dealing with people.

Posted in Economy and Politics, IT & Telecom | Leave a comment

Vietnam Cuts Gas Prices for Second Time in a Row

Aug. 28 – Vietnam decreased fuel prices for the second time in a row this month. Gasoline prices will be cut from VND18,000 to VND17,000 a liter while kerosene from VND19,000 to VND18,000.

On August 14, the government cut the price of 92-RON gasoline by VND1,000 a liter in response to dropping world crude prices. Compared to a record US$147.27 a barrel last July 11, crude oil futures have dropped by 21 percent.

According to the New York Mercantile Exchange on Wednesday, contracts for October delivery have risen by as much as 0.6 percent or 68 cents to US$116.95 a barrel.

Posted in Economy and Politics, IT & Telecom | Leave a comment

Flooding Threatens Countries along Mekong River

By Chua Siew Joo

Aug. 27 – According to the Integrated Regional Information Networks (IRIN), residents and environmentalists in Thailand have expressed suspicions that dams in China and destruction of small Mekong river islands to clear passage for Chinese cargo ships have contributed to severe flooding in the Mekong basin countries.

This year, Thailand experienced its worst flood in 100 years, causing an estimated damage of THB223 million. Large areas of Laos, Cambodia and Vietnam were also inundated.

The Mekong River Commission (MRC), established by Cambodia, Laos, Thailand and Vietnam in 1995, has since issued a statement in August accruing the abnormally high water runoff in the northern part of the Mekong basin following heavy rainfall to the tropical storm Kammuri.

Continue reading →

Posted in FDI and Foreign Trade, Hanoi, IT & Telecom | Leave a comment

Ho Chi Minh Real Estate Prices Rise

Aug. 18 – During the first two weeks of August, real estate prices increased in Ho Chi Minh City.

Apartments and land located on District 2’s main roads increased by VND1 million to VND2.5 million per square meter while prices on on Tran Nao and Luong Dinh Cua streets are now worth VND60 million to VND80 million per square meter.

In the Van Do Building, apartments are priced at more than VND20 million per square meter while those in the H3 Building on Hoang Dieu street are being sold at VND28 million to VND30 million per square meter.

Continue reading →

Posted in IT & Telecom | Leave a comment