Taiwanese firms invest $1.1b in Vietnam

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Taiwanese businesses have pumped US$1.11 billion into 154 projects in Viet Nam over past 11 months, making the territory one of the leading sources of foreign direct investment in the country, according to the Foreign Investment Agency's year review. During the period, the processing and manufacturing sector attracted the largest share of investment with $890 million, about 80 per cent of newly registered Taiwanese capital in the country. The construction sector followed behind with $130 million, and other investments went to industries such as real estate and mining. Typically, Taiwanese investors have a tendency to invest in the country's key southern region due advantages in market and support industries, the report said. Binh Duong Province took the lead with $427 million, a third of total Taiwanese investment, with Dong Nai Province in second with $242 million. The largest Taiwan-invested project is Polytex Far Eastern Viet Nam's 99ha-plant, which will manufacture … [Read more...]

Taiwanese firms invest $1.1b in VN

During the period, the processing and manufacturing sector attracted the largest share of investment with $890 million, about 80 per cent of newly registered Taiwanese capital in the country. — Photo VNA

HA NOI (Biz Hub) — Taiwanese businesses have pumped US$1.11 billion into 154 projects in Viet Nam over past 11 months, making the territory one of the leading sources of foreign direct investment in the country, according to the Foreign Investment Agency's year review. During the period, the processing and manufacturing sector attracted the largest share of investment with $890 million, about 80 per cent of newly registered Taiwanese capital in the country. The construction sector followed behind with $130 million, and other investments went to industries such as real estate and mining. Typically, Taiwanese investors have a tendency to invest in the country's key southern region due advantages in market and support industries, the report said. Binh Duong Province took the lead with $427 million, a third of total Taiwanese investment, with Dong Nai Province in second with $242 million. The largest Taiwan-invested project is Polytex Far Eastern Viet Nam's 99ha-plant, which will … [Read more...]

FDI approvals in Binh Duong beat target

An employee is at work at a factory of an FDI enterprise in Binh Duong Province. Foreign enterprises have registered US$2.8 billion for both new and operation projects in Binh Duong Province in the year to date - PHOTO: QUOC HUNG

Hung Le The new FDI pledges include over US$2.06 billion in 188 fresh projects and more than US$765 million in 123 operational ventures. They have increased sharply in the final months thanks to some big-ticket projects being approved by the southern province. Take as an example an industrial paper project of Taiwan’s Cheng Loong Corporation. According to the investment certificate, Cheng Loong Binh Duong Paper Co. Ltd. will invest around US$1 billion in a mill with an annual capacity of one million tons of industrial paper and 50,000 tons of household paper. The project covering 75 hectares is scheduled to get off the ground at Ascendas-Protrade Industrial Park in Ben Cat District this month and come online in early 2018. The paper plant is the biggest foreign-invested project approved in Binh Duong this year. It is Cheng Loong’s largest project abroad as well. Cheng Loong has over 50 years of experience in the development of cutting paper and carton packaging. … [Read more...]

Binh Duong receives $1.7b of FDI since early 2015

BINH DUONG (VNS) — Some US$1.7 billion in foreign direct investment (FDI) has been poured into southern Binh Duong Province since the beginning of 2015, surpassing the yearly target by 70 per cent and up 11.1 per cent year-on-year. According to the provincial People's Committee, the province licensed 176 new FDI projects during the period, worth $966 million, and $734 million was added to 113 operational projects. Chief among these is a $274-million textile project run by Far Eastern Polytex Vietnam, a member of Taiwan's Far Eastern Group, in Bau Bang Industrial Park. Another is a $50-million Samoa wood factory in the Thanh An industrial cluster. An extra $130 million was pumped into the Vina Kraft Paper Ltd Co in Ben Cat district. The Chanh Duong Paper Ltd Co added more $74 million in investment. Binh Duong is now home to 26 industrial parks, covering a total area of 8,800 hectares. The locality plans to attract $1.4 billion in FDI in 2016. — VNS … [Read more...]

Regional minimum wages to rise next year

An employee is at work at a factory of Saigon Paper in Tan Thanh District, Ba Ria-Vung Tau Province. The plant is located in region two, so it will be required to raise minimum wages by at least 12.73% early next year - PHOTO: MINH TAM

Minh Tam and Thuy Dung The Government’s Decree 122/2015/ND-CP on region-based minimum wage increases was issued on November 14, nearly three months after the National Wage Council made a salary spike proposal following heated debates between the Vietnam General Confederation of Labor and the Vietnam Chamber of Commerce and Industry. According to the decree, those working for companies, cooperatives, farms, household businesses, individuals and organizations under labor contracts will get an additional VND250,000-400,000 per month, up an average of 12.4% compared to the current salaries. When raising minimum wages for their staff, employers are prohibited from removing or cutting allowances for workers who work overtime, at night or in a toxic environment. Other allowances, subsidies and bonuses must be maintained as stated in their labor contracts and collective labor agreements, according to the decree. As for vocationally trained workers, employers must pay them at … [Read more...]

Vietnam on track for FDI target

The Glonics Vietnam Ltd Company's headphone production line supplies Samsung. Vietnam expects to lure more projects worth billions of US dollars, like those from Samsung. — VNA/VNS Photo Hoang Nguyen

Vietnam is likely to attract US$22-US$23 billion worth of foreign direct investment this year, thanks to a strong on-year surge of 40.8% to US$19.3 billion in registered foreign capital during the last ten months. According to the Ministry of Planning and Investment (MPI), as of October 2010, the country granted new investment certificates to 1,657 projects with the total registered investment capital of US$12.43 billion, up 26.9% and 24.8% year-on-year, respectively. It also allowed investors to add US$6.9 billion to 667 existing projects during the period. Between January and October, a total of US$11.8 billion worth of foreign direct investment (FDI) was estimated to have been disbursed, up 16.3% year-on-year. Among the various sectors, the processing and manufacturing and real estate sectors continued to be the most attractive to foreign investors, with the total registered capital of US$12.5 billion, accounting for 64.7% of the country’s total FDI. The runners-up were … [Read more...]

Jan-Oct FDI in Binh Duong soars

Quoc Hung Foreign-invested enterprises have registered a total of over US$1.63 billion for projects in the southern province in the January-October period, including US$910 million for 165 new projects and US$722 million for 107 operational projects. The total figure comprises over US$200 million for 23 new projects and US$330 million for 15 operational projects for which the provincial government granted investment certificates last Friday. The 23 new projects are active in supporting industries for automobile, bicycle and motorbike manufacturing, mechanical engineering, apparel and services for industrial production. Some major fresh projects include a US$30-million project of South Korea-based SJF Vina Co. Ltd to produce auto parts in My Phuoc 3 Industrial Park (IP) and an US$18-million project of Taiwan-based CLK Cold Storage Co. Ltd. to provide cold storage facilities and bonded warehouse services in Tan Dong Hiep B IP. Meanwhile, South Korea’s Jung Kwang Vietnam … [Read more...]

Taiwanese firm builds bike production cluster in Binh Duong

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VGP - A cooperation agreement to build a bicycle production cluster in the southern province of Binh Duong was signed between representatives from the Active International Viet Nam Co., Ltd and the Becamex IDC on October 23. Under the document, Active International Viet Nam chose the Bau Bang Industrial Park (IP), which was invested by Becamex IDC, to house the cluster. The project, with an estimated cost of US$200-250 million, will be built on an area of 80 hectares in the Bau Bang IP. Once completed and operational, it is expected to attract 45-60 businesses and generate jobs for 10,000 laborers. The Active International Viet Nam is a subsidiary of Taiwan (China)’s DDK Corporation, which is one of the world’s leading bike and plastic spare-part manufacturers. The firm has operated in the Song Than 2 IP in Binh Duong’s Di An town since 2000. Its factory in the Dai Dang IP in Thu Dau Mot City is scheduled to go into operation this month.-VNA … [Read more...]

Construction of ten-lane expressway in Binh Duong begins

The new expressway will be connected with the newly built My Phuoc-Tan Van route.

NDO – Construction of the My Phuoc-Bau Bang 10-lane expressway in the southern province of Binh Duong was kicked off at a ceremony held in the province on October 20. >> Binh Duong: Over VND4.8 trillion invested in two arterial roads The 11-kilometre road will connect the newly inaugurated My Phuoc-Tan Van road in the My Phuoc Urban and Industrial Zone with Highway 13 at the Bau Bang Urban and Industrial Zone and Highway 1A. With a width of 62 metres, including seven metre wide pavements on either side and a three metre wide median strip, the designated maximum speed for vehicles travelling on the road is 80kph. Aside from the cost of site clearance, the project’s total investment is VND967 billion (US$43.5 million). Speaking at the ceremony, Vice Chairman of the Binh Duong provincial People’s Committee Tran Thanh Liem noted that it is an important transport project for the province to expand regional linkage among Binh Duong, Binh Phuoc, Ho Chi Minh City … [Read more...]

Binh Duong opens major road to traffic

Cars travel on the first-phase My Phuoc-Tan Van road, which was opened to traffic on October 13 - PHOTO: QUOC HUNG

Quoc Hung Built by Becamex IDC Corporation, the first-phase road section stretches 16 kilometers from Road DT 741 to An Phu Roundabout. It is part of My Phuoc-Tan Van road capitalized at VND4.3 trillion and designed to be 62 kilometers from Bau Bang to National Highway 1A. The road will have six lanes for vehicles to travel at a maximum speed of 80 kilometers per hour. The My Phuoc-Tan Van road will pass through major industrial parks in Bau Bang, Ben Cat, Thu Dau Mot, Thuan An and Di An in Binh Duong Province. It is expected to help ease traffic congestion on nearby roads and facilitate goods transportation in the area and the southeastern region. Becamex IDC chairman Nguyen Van Hung described the new road as a key route of the province that links Ho Chi Minh Highway and National Highway 1A and the transport network of southern major economic zones. When completed, it will reduce vehicular traffic on National Highway 13 and Road DT 743. As the road connects the province with … [Read more...]

Phu Yen opens highway for public use

The Highway 1A section which passes An Cu Commune, Tuy An District in the southern province of Phu Yen. — VNA/VNS Photo The Lap

PHU YEN (VNS) — The Ministry of Transport, in co-ordination with the southcentral province of Phu Yen, today opened Highway No 1, which passes through the province, for public use. Work on the highway, which is 66.2km long, began in September 2013. The highway, stretching from Song Cau Town to Dong Hoa District, received a total investment of more than VND4.3 trillion (US$192 million) from a government bond. It is designed to withstand speeds of up to 80km per hour. To complete the project, more than 4,600 households in the province had to be resettled. Also today, the southern province of Binh Duong inaugurated the first phase of the My Phuoc-Tan Thanh Road and started construction work on the DT743. The two roads are considered the province's main thoroughfares and are expected to help promote the economy and reduce traffic jams in the area. The My Phuoc-Tan Van Road has a total length of nearly 30km, with 18 flyovers. The road can withstand speeds of 100km per hour and … [Read more...]

Labor Confederation seeks 14.4% salary increase

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The Vietnam General Confederation of Labor (VGCL) sent a proposal to the Prime Minister on October 5 seeking an increase to the minimum salary in 2016 of 14.4 per cent, saying it did not agree with the increase 12.4 per cent decided on by the National Wage Council. A VGCL representative said the factors behind the proposal included improving economic development and that the minimum salary must ensure the minimum living standards of workers and their families under Article No. 91 of the Labor Law. The 14.4 per cent increase in 2016 would lead to the minimum salary meeting living standards in 2017, he added. The proposal comes as the National Party Congress approaches. On September 3 the National Wage Council proposed that that the minimum wage in 2016 be increased by 12.4 per cent. The minimum for Regions I, II, III and IV would be VND3.5 million ($156), VND3.1 million ($138), VND2.7 million ($120) and VND2.4 million ($107), respectively. Region I:Districts in: - Hanoi: Gia … [Read more...]

Binh Duong Police seize 500 illegal imported guns

A policeman is checking the number of illegal imported gun seized while being transported on the National Highway 13. — Photo dantri.com.vn

BINH DUONG (VNS) — Police in this southern province has detained a truck with more than 500 imported guns and ammunition on National Highway 13 through the Bau Bang District. Truck driver Tran Nam Tuan, 27, from HCM City's Go Vap District was immediately arrested while the owner of the batch of guns being illegal transported tried to escape when the police stopped the truck yesterday. The batch included 388 sport guns, 117 gun mufflers and 5kg of ammunition hidden under the trunk of the truck. Le Van Thanh, 44, the batch owner from Chon Thanh District, Binh Phuoc Province, was arrested and immediately confessed that he had bought such illegal guns in Indonesia at a price of US$25 each and tried to resell them in Viet Nam for profit. Police from Bau Bang District said they would continue investigating the case. — VNS … [Read more...]

Binh Phuoc builds $1b work park

A view of central Dong Xoai Town in southern Binh Phuoc Province. An urban area-industrial park worth US$1 billion began construction in the province. — Photo tanthanhcentercity.com.vn

BINH PHUOC (VNS) — Construction of a US$1 billion urban area-industrial park began in the southern province of Binh Phuoc's Chon Thanh District last week. Developed jointly by Becamex – Binh Phuoc JSC, a joint venture between Becamex IDC and Song Be Rubber Company, and others, the 4,633ha project is expected to attract investments of $3 billion when completed. Of the area, 2,448ha will be earmarked for the industrial park, which will focus on certain sectors like electronics, information technology, telecom, food and agricultural processing, and others. Nguyen Van Hung, chairman and general director of Becamex IDC, said the complex would help transform an agricultural area, helping industrialise and modernise Binh Phuoc and the country in general. The complex is situated on National Highway No. 13 linking Cambodia and National Highway No. 14 going to the Central Highlands. Becamex has built several industrial parks like the Viet Nam – Singapore Industrial Park in … [Read more...]

Binh Duong attracts $1.4 billion in FDI

FDI investments in Binh Duong are mainly in industrial production and supporting industry. — Photo www.sggp.org.vn

BINH DUONG (Biz Hub) — The southern province of Binh Duong attracted more than US$1.4 billion of foreign direct investment (FDI) capital in the first eight months of this year, according to the provincial Department of Planning and Investment. The investments were mainly in industrial production, supporting industry, exports, trade, retail and property. Of these, 124 new projects, valued at $788 million, were granted new licences and 85 projects saw increased capital of $647 million. One of the largest projects is the $274 million Polytex Far Eastern Co, Ltd textile project, invested in by the Taiwanese Far Eastern Group at Bau Bang Industrial Park. To date, nearly $22 billion in FDI capital has been designated for Binh Duong. Tran Van Nam, chairman of the provincial People's Committee, attributed this funding to the province's infrastructure investment, along with the infrastructure development of 10,000 ha of 28 industrial parks. Not only the foreign business sector, but … [Read more...]

Seven-month FDI hits nearly $9 billion

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The Foreign Investment Agency (FIA) under the Ministry of Planning and Investment has announced that in the first seven months of this year Vietnam attracted nearly $9 billion in foreign direct investment (FDI), primarily to the textiles sector in a number of multi-million dollar projects.Textile becomes appealing Most recently, the Polytex Far Eastern Co. from Taiwan invested $274 million in a project producing and processing yarn at the Bau Bang Industrial Park in southern Binh Duong province. Previously there were a series of other foreign investors pouring capital into the sector. Significantly, the Hyosung Vietnam Limited Company, a Turkish investor, invested $660 million in a project producing and processing yarn in industrial zones in southern Dong Nai province. Meanwhile, a British Virgin Islands investor, Worldon Vietnam Co., also invested $330 million in a project producing high-grade garments in Ho Chi Minh City. It is clear to see that FDI flowing into the textiles … [Read more...]

Binh Duong sees foreign investment boom in garment sector

Over 50 percent of the 1 billion USD in foreign direct investment that landed in the southern province of Binh Duong was poured into the garment sector in the first six months of this year, according to Nguyen Thanh Truc, Director of the provincial Department of Planning and Investment. The province has granted an investment certificate to Polytex Far Eastern Co., Ltd under the Taiwan Far Eastern Group. With an investment of 274 million USD in the first phase, the company will construct a 99-hectare plant producing auxiliary products including cotton, synthetic and knitted fibres at Bau Bang industrial Park. This is the largest investment project in the locality since the outset of this year. As the Trans-Pacific Partnership Trade pact enters the final rounds of negotiation, foreign investors are making huge investments in Vietnam to take advantage of preferential export taxes, Truc said. In the first two quarters of this year, provincial garment export revenue reached over 904 … [Read more...]

FDI flows into textile-garment projects

Quoc Hung Early this week, the government of Binh Duong Province awarded an investment certificate to Polytex Far Eastern Co. Ltd. under Taiwan’s Far Eastern Group to develop a US$274-million clothing project. The biggest FDI project in the southern province in the year to date will go up on 99 hectares at Bau Bang Industrial Zone and produce supporting items for the apparel sector. It is designed to have an annual capacity of 43,200 tons of polyester, 127 million square meters of knitted fabric and 96 million square meters of cotton fabric. The investor wanted to build the factory in Vietnam to capitalize on the opportunities from the Trans-Pacific Partnership (TPP). The group plans to invest an additional US$700 million to US$1 billion in the second phase of the project. Earlier this year, three large-scale projects were approved for the textile and garment sector with two in HCMC and Dong Nai Province, according to statistics of the Foreign Investment Agency under the … [Read more...]

Taiwan firm gets Binh Duong green light for $274m textile plant

Tran Van Nam (right) grants investment certificate to Chairman of Polytex Far Eastern Viet Nam.   VNS Photo Thu Ngan

The People's Committee of the southern province of Binh Duong on Monday issued an investment certificate to Taiwanese company Polytex Far Eastern Viet Nam. With an investment of over US$274 million in the first phase, the company will build a 99ha plant to make supporting products including polyester and cotton yarn in the Bau Bang Industrial Zone. It has not indicated when work on the second phase will start. The project is highly anticipated since it is expected to spearhead the development of supporting industries in Viet Nam for the garment and textile industry at a time when Viet Nam is set to accede to the Trans Pacific Partnership Agreement. Polytex Far Eastern Viet Nam is a member of the Far Eastern Group, which has interests in 10 different sectors ranging from petrochemicals, cement, and retail to hospitality, finance, and communications. Source VNS … [Read more...]