Manufacturing

Vietnam Advised to Improve Industrial Park Services

Jun. 29 – Vietnam was advised to develop its industrial parks to offer more services to entice more foreign investors to come in.

According to Marc Townsend, the general director of CB Richard Ellis Vietnam, industrial parks in the country should be equipped with trade centers, offices, apartments, hotels and other logistics services in addition to production facilities. Despite charging cheaper rent for its industrial parks compared to other Asian neighbors like China, Vietnam lags behind in offering auxiliary services to support businesses. Continue reading →

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Biggest Cold Storage Facility in the Region Opens in Ho Chi Minh City

Jun. 22 – The largest cold storage facility in Southeast Asia opened in Ho Chi Minh City last week to provide services to the country’s local and foreign aquaculture and food companies.

The US$28 million facility was built by U.S.-based Preferred Freezer Services as part of its strategic plans to expand into Asia in the next 36 months. Continue reading →

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Mekong Delta Region Lures in US$78.64 Million Worth of FDI

Jun. 21 – During the first five months of the year, the Mekong Delta region successfully lured in US$78.64 million worth of foreign direct investment (FDI) projects with US$66.44 million of funds coming from 17 new projects and the rest from existing projects.

According to the Foreign Investment Agency, the southern province of Long An was the top FDI destination with 10 projects worth US$7.89 million, at second place is Tra Vinh Province with four projects worth US$17.81 million. Continue reading →

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Vietnamese Company to Develop Dinh An Economic Zone

Jun. 10 – Local trading company Le Hai Trade–Construction Company Limited has committed to investing in the development of Dinh An Economic Zone with funds lent by American company L2G Financial.

In March, the Le Hai company borrowed US$4.5 billion from the L2G company to help develop the zone which will include an area of more than 39,000 hectares spanning Duyen Hai and Tra Cu districts, Tra Vinh Province. Continue reading →

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Vietnam-Cambodia Trade Up by 130 Percent

May 11 – Trade between Vietnam and Cambodia jumped 130 percent in the first four months of the year, reaching US$432 million.

The two nations set a goal to bring in US$2 billion worth of bilateral trade for 2010. Last year, trade amounted to US$1.33 billion, a decrease of 19 percent compared to the previous year due to the global financial crisis. Continue reading →

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Holland Overtakes the United States as Top Foreign Investor

May 10 – Holland has overtaken the United States as Vietnam’s largest foreign direct investor during the first four months of the year based on figures released by the Foreign Investment Agency.

During the period, Dutch companies were given licenses to invest in four projects amounting to US$2.15 billion including one project worth US$2.14 billion compared to U.S. investment worth US$1.02 billion. Continue reading →

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Saigon High-Tech Park Expands to Second Phase

May 5 – The Saigon High-Tech Park (SHTP) will soon begin work on its second phase to expand the park by 613 hectares to include a high-tech manufacturing area, a research and development and a business incubation area to name a few.

The park’s new development will cost about US$300 million to build. The first phase of the SHTP has been operational for four years and is already 95 percent occupied. It is one of the only two high-tech parks in the country with the other one, Hoa Lac High-Tech Park, situated in Hatay Province. Continue reading →

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Vietnam, Chinese Province Sign Trade Deals

Apr. 29 – Vietnam signed trade deals with China’s east province of Jiangsu during the China-Vietnam Economic Cooperation Forum held in Nanjing on April 27.

The deals encompass cooperation in industry, trade, investment, finance, and tourism. Trade between Vietnam and Jiangsu Province has grown by 30 percent in the past four years. On the other hand, bilateral trade between China and Vietnam has also increased by an average of 30 percent in the last decade and trade rose by 40 percent during the first quarter of this year. Continue reading →

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New Bidding Rules Prioritize Local Companies for State Projects

Apr. 26 – New bidding regulations will favor local contractors and materials for state-sponsored projects and programs.

International tenders for goods and equipment will only be allowed if local bids are not able to meet required standards, if the required materials are unavailable in the country, or if official development assistance (ODA) requires that foreign contractors must be considered according to Directive 494/CT-TTg. Continue reading →

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Vietnam Considers Restrictions on Steel Imports

Apr. 21 – Vietnam may consider restricting steel imports to reduce reliance on China, Japan and Russia, says a recommendation from the Vietnam Steel Association.

The restrictions will benefit local steelmakers who are capable of meeting construction material needs for wire rods, pipes and metallic-coated steel. The move will also help the country cut its trade deficit and mitigate the effects of its fluctuating local currency. Continue reading →

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