VNR500 sees 41 businesses’ revenues surpassing 1 billion USD

Hanoi, January (VNA) – As many as 41 local enterprises joined the "billion US dollar Club" for recording annual revenues of over 1 billion USD. They were listed among the country’s 500 largest enterprises (VNR500) in 2014. According to the VNR500 2014, released by the Vietnam Report Joint Stock Company (Vietnam Report) on January 27, the top place was secured by the Vietnam National Gas and Oil Group (PetroVietnam). PetroVietnam made total revenues of 745.5 trillion VND (34.8 billion USD) in 2014 and this is the seventh consecutive year that PVN has taken the top position. The other big names included Samsung Electronics Vietnam, Vietnam National Petroleum Group (Petrolimex), Electricity of Vietnam (EVN), and Viettel Group. The list of 500 largest private companies placed DOJI Gold and Gem Group in the first position. The Vietnam Dairy Products Joint Stock Company (Vinamilk) came in second, reaping revenues of 36 trillion VND (or 1.8 billion USD). Vietnam Report … [Read more...]

PetroVietnam named Vietnam’s largest enterprise in 2014

The Vietnam National Gas and Oil Group (PetroVietnam) topped the list of Vietnam’s 500 largest enterprises (VNR500) in 2014, which was released by the Vietnam Report Joint Stock Company (Vietnam Report – VNR) at a ceremony in Hanoi on January 27. Samsung Electronics Vietnam Co., Ltd came in second place, followed by Vietnam National Petroleum Group (Petrolimex), Electricity of Vietnam (EVN) and Viettel Group. Vietnam Report also published the 500 largest private companies in Vietnam, with DOJI Gold & Gems Group, Vietnam Dairy Products Joint Stock Company, FPT Corporation and Vingroup Joint Stock Company making the top four positions of the list. According to VNR statistics, State-owned enterprises still made up the larger proportion of 2014 VNR500. The minerals, oil and petroleum industry remained the "richest", creating 32.9% of VNR500’s total revenues, followed by the electricity sector (19%) and the banking and finance sector (10.3%). Notably, 41 of … [Read more...]

Ha Tinh Improves Business Environment and Attracts Investments

In the context of international integration, how are opportunities for Ha Tinh businesses and what are their strengths and weaknesses in the competition?

In 2014, with various changes in the world economy, the Vietnamese economy revived even with potential risks affecting the business community. Under such circumstances, Ha Tinh province has adopted several policies and improved business environment to maintain production and attract investment. As a result, the province has successfully joined the top list in attracting investment. Vietnam Business Forum interviewed Mr Hoang Van Son, Deputy Director of Ha Tinh Planning and Investment Department. Hoang Tinh reports.In recent years, in spite of world economic recession, Ha Tinh continues to attract investment, joining the leading group and occupying the 6th position in FDI. How do you evaluate this success? So far, Ha Tinh has attracted 370 investment projects, domestic and foreign, with total capital of over VND425 trillion (US$20.5 billion). The number of businesses has also increased to over 4,000 (including business branches and representative offices). In 2014 alone, there are 500 … [Read more...]

HCM City funds infrastructure for Samsung project

HCMC chairman Le Hoang Quan (R) talks to Han Myoung Sup at a meeting in the city on January 22.

The government of HCMC is spending around VND1 trillion developing infrastructure and building facilities to support the implementation of Samsung’s US$1.4-billion electronics project at the Saigon Hi-Tech Park (SHTP). HCMC chairman Le Hoang Quan unveiled the huge spending at a meeting with Han Myoung Sup, general director of Samsung Vietnam, and some senior representatives of Samsung in Vietnam in the city on January 21. Han has been appointed to head all projects of Samsung in Vietnam, including the Samsung CE Complex (SECC) at SHTP, which was licensed last October. According to Quan, the city government is urgently developing facilities on 70 hectares of land at SHTP planned for SECC, leveling the site and building roads so that Samsung can have cleared land on schedule. The budget for all these works is VND1 trillion, he said. Han said at the meeting that Samsung has implemented many projects in Southeast Asia but the project in HCMC is important. Samsung is trying to … [Read more...]

City funds infrastructure for Samsung project

HCMC chairman Le Hoang Quan (R) talks to Han Myoung Sup at a meeting in the city on January 22 - PHOTO: LE HOANG

Le Hoang HCMC chairman Le Hoang Quan unveiled the huge spending at a meeting with Han Myoung Sup, general director of Samsung Vietnam, and some senior representatives of Samsung in Vietnam in the city on January 21. Han has been appointed to head all projects of Samsung in Vietnam, including the Samsung CE Complex (SECC) at SHTP, which was licensed last October. According to Quan, the city government is urgently developing facilities on 70 hectares of land at SHTP planned for SECC, leveling the site and building roads so that Samsung can have cleared land on schedule. The budget for all these works is VND1 trillion, he said. Han said at the meeting that Samsung has implemented many projects in Southeast Asia but the project in HCMC is important. Samsung is trying to put it into operation around this time next year. The latest smart TVs will be turned out in the first phase of the project before the production of household electronic appliances. Earlier, the authority of … [Read more...]

Ho Chi Minh City welcomes Samsung project with over $46mn in infrastructure upgrades

The southern megacity is expected to spend as much as VND1 trillion ($46.6 million) to develop infrastructure to serve the Samsung project,

Ho Chi Minh City is spending over US$46 million on infrastructure upgrades to speed up the implementation of a multibillion-dollar project by Samsung, the city’s chairman told executives of the South Korean electronics titan on Wednesday. The Saigon Times Online quoted chairman Le Hoang Quan as saying at a meeting with Han Myoung Sup, executive presidents of Samsung Electronics, and other high-ranking officials from the company. Han has just been appointed general director of Samsung Vietnam and assigned to oversee all of Samsung’s investments in the Southeast Asian country, including the $1.4 billion plant at the Saigon Hi-Tech Park, Ho Chi Minh City’s tech hub, according to the newswire. The city money is being spent on site clearance and bridge and road construction so that Samsung can soon begin implementing its project, according to the city’s chairman. Quan added that the megaproject is expected to help boost the city’s socio-economic … [Read more...]

Local authorities vye for Samsung investments

1624477-20150120093855-samsung

VietNamNet Bridge – Economists have repeatedly called on local authorities to give preferential policies to Samsung, one of the biggest investors in Vietnam. Phan Huu Thang, former head of the Foreign Investment Agency (FIA), and now deputy chair of the Vietnam Foreign Invested Enterprises’ Association, said that Samsung has proposed to enjoy three additional investment incentives – the import tax exemption on import building materials, no taxation on imported materials and accessories for five years, and incentives related to customs procedures. The three incentives are beyond the general investment incentives offered to foreign investors. The South Korean investor has been enjoying many incentives for its projects in Vietnam, including common incentives stipulated by the government and additional incentives offered by local authorities. "The incentives offered to later investment projects are higher than those to previous projects," Thang wrote in an article … [Read more...]

Tablet/laptop hybrids to be dominant in Vietnam in 2015

1623792-20150120095052-scitech-tablet

VietNamNet Bridge – Tablet/laptop hybrids are expected to become more popular in Vietnam in 2015. Samsung, Apple and Asus tablets were the bestsellers in 2104 in the country, as reported by mobile phone distributors. At FPT Shop retail chain, Apple’s tablets, including iPad Air, iPad Mini and iPad mini Retina, and Samsung’s products, including Samsung Galaxy Tab 3, Galaxy Tab 4 7.0 and Galaxy Tab 4 8.0, were the best-sellers. Six out of the 10 Samsung’s tablet models were listed in the top 10 products with highest sales at the FPT Shop, while the other four positions belonged to Apple’s iPad Air, iPad Mini, iPad mini Retina and Asus’s Fonepad 7FE170CG. Similar statistics have been released recently by GfK, a market survey firm, which said Samsung had the highest tablet sales in Vietnam, followed by Apple and Asus. The survey firm’s report caused a big surprise, as iPad Air and iPad mini had still sold very well in Vietnam, though they … [Read more...]

New criteria for hi-tech investments

The new criteria and updated list of prioritised technologies should lure fresh investors -- Photo: VIR

VietNamNet Bridge – Hi-tech inward investments are expected to surge following the issuing of a new government shortlist of prioritised technologies and hi-tech products and eased criteria for enterprises to enjoy the most preferential incentives. According to the newly approved Law on Investment, businesses wanting to be recognised as hi-tech firms will first have to be involved in the production of the listed hi-tech products and conform to the government’s energy saving and environmental protection standards. In addition, the businesses must follow other criteria regulated by the prime minister. Prime Minister Nguyen Tan Dung issued a new shortlist of prioritised technologies and hi-tech products following National Assembly approval of the new Law on Investment. The new regulation of criteria and shortlist of high technologies actually include significant changes in luring hi-tech investments from foreign companies to Vietnam, especially multinational companies. … [Read more...]

Social News 17/1

1621823-20150116174632-1-14

Fishing boat rescued near Truong Sa A fishing boat and its 13 crew members were rescued at sea near Viet Nam's Truong Sa (Spratly) Islands after sending an SOS on Wednesday. The boat's crew belongs to Ly Son Island's An Hai Commune in the central province of Quang Ngai. Nguyen Quoc Chinh, head of the An Hai Commune Fishing Union, confirmed yesterday that the union had received an SOS from fishing boat QNg 96156 TS, which was stranded off the island of Thuyen Chai in the Truong Sa Islands of Khanh Hoa Province. Other fishing boats nearby failed to approach the boat due to big waves and the rough sea. However, ship HQ561 from Navy Zone 4 was able to tow the fishing boat to anchor on Thuyen Chai Island. The sea around the Truong Sa Islands has been choppy over the last few days with 3-4m high waves. Two arrested for trafficking women in Son La Two persons were arrested for cheating andtrafficking Vietnamese women near the Viet Nam-China border onTuesday, said the Son La Border … [Read more...]

Electronic giants pioneer Vietnam’s support industry

1620932-canon-vietnam

(VOV) - Foreign direct investment has been the catalyst for economic growth in Vietnam over recent years, and capital investment by foreign enterprises continues to set the pace for development of the nation’s support industries. Intel is believed to have started the second wave of foreign investment in Vietnam when it built a US$1 billion chip manufacturing facility in Ho Chi Minh City back in 2010 but it was Samsung who sealed the deal. The Republic of Korean technology giant has methodically moved its manufacturing base to Vietnam away from China and currently contributes up to nearly 20% of the total export turnover of Vietnam. In recent years, international giants such as Samsung, Intel, Canon, Panasonic, Fujitsu, LG, Bosch and Nokia have followed suit pumping billions of US dollars into the Vietnamese electronics industry. Samsung has injected billions of US dollars into smartphone production plants in the country, principally in the Hanoi metropolitan and surrounding … [Read more...]

Fire breaks out at Que Vo industrial park

1620494-fire-accident

(VOV) - A fire spread over about 1,000 square metre of a workshop owned by Mitac Vietnam Co. Ltd. in Que Vo Industrial Park 1 in the northern province of Bac Ninh on January 14. The fire started at 7:55 am on the second floor of the workshop when the short circuit happened and spread out to other areas in the industrial park. It took nearly three hours for local police and fire fighters to keep the blaze under control and tighten the security at the scene. Pham Huu Quang, deputy head of the Bac Ninh provincial Police Department’s fire prevention and control division, said no human losses were reported although the fierce fire spread to a large area. Functional agencies are conducting investigation to find out the cause of the accident. Mitac Vietnam is a member of Taiwan’s Mitac Precision Technology Corporation (MPT), specializing in producing plastic and metal mechanical parts for well-known international brands such as Samsung and Canon. … [Read more...]

Employment demand for execs jumps

Thai Ngoc Nguyen Thi Van Anh, managing director of Navigos Search, told the Daily on January 12 that the middle-ranking and senior personnel needed by the sector accounted for 17% of the total demand for employees in the third quarter last year but climbed to 27% in the final quarter of last year. Employment needs at consumer goods enterprises rose from 9% in the third quarter to 17% in the fourth quarter and from 3% to 9% at the banking-insurance companies. However, the information technology sector saw a quarter-on-quarter fall from 15% to 13% in demand for senior staff. Last year, Navigos Search was unable to find enough skilled engineers as requested by Microsoft Vietnam and Samsung Vietnam, Anh said. Anh said the highest monthly salary of VND202 million (US$9,463) in the fourth quarter was offered by a company in HCMC for the post of e-commerce director, followed by VND148 million for the head of sales and administrative office in the education sector, and VND110 million … [Read more...]

Samsung asks PM for tax exemption

1619704-20150113100305-1

Samsung Electronics CE Complex JSC has submitted a proposal to the Prime Minister, relevant ministries and departments, seeking preferential treatment for its Samsung CE Complex project. As Dat Viet news website reports, the South Korean business giant's member company has sought to be exempted from paying taxes on imported construction material. It also requested for tax exemption for imported materials, components in five years since it started manufacturing products or since taxes were erased in Viet Nam following the signing of the ASEAN Trade in Good Agreement (ATIGA). In addition, it has also asked to be given preference during the customs procedure. The Sai Gon Hi-tech Park-based project was granted an investment certificate on October 1, 2014, and has a total area of 70 ha. It will break ground in January 2015 and is expected to become operational during the second quarter of 2016. Samsung CE Complex will manufacture high-technology home appliances, such as TVs, printing … [Read more...]

Samsung requests $15.5 mil tax break to start HCMC factory

1619653-samsung-uxgg

Samsung Electronics has asked for a US$15.5 million import tariff exemption for its electronics factory in Ho Chi Minh City. Photo: Reuters Samsung Electronics has asked for a US$15.5 million import tariff exemption for its electronics factory in Ho Chi Minh City because local materials do not meet their manufacturing standards. Vietnam Television reported Sunday that Samsung had asked for roughly $8 million in tariff exemptions to import construction materials for the factory and around $7.5 million in tariff exemptions for production materials it will use over the next five years, in addition to its preferential customs policies. Vietnam imposes import tariffs on parts and materials used in home electronics. Samsung said it is asking for the exemptions since its products will use the latest technology and that it expects to generate US$6 billion a year at the factory in the future, which will translate into big tax revenue for Vietnam. The Korean giant issued a statement saying … [Read more...]

Samsung opens application development lab in Vietnam

Deputy Minister of Information and Communications Nguyen Thanh Hung addressing the inaugural ceremony. (Credit: vietnamnet.vn)

NDO – An application development laboratory, Samsung Lab, was inaugurated at the Post and Telecommunications Institute of Technology (PTIT) in Hanoi on January 8, hoping to enable PTIT students’ access to Samsung’s latest technologies, serving their studies and the development of mobile applications. The lab has been fitted with modern equipment including laptops, smart phones and devices, projectors and projection screens, aiming to provide students with the best and most effective studying environment. The opening of Samsung Lab was part of the STP-Samsung Talent Programme signed between the Samsung Electronics Vietnam Co., Ltd (SEV) and PTIT on research and training in the field of information technology (IT). The programme will run for three years (2014-2016) with four major components including STP scholarships, Samsung Lab, STP teaching programmes and research projects. During the period, Samsung will grant 60 scholarships worth about VND3 billion … [Read more...]

Vietnam weakens dong reference rate to boost nation’s exports

1617563-rate-zzfk

The Vietnamese dong. The State Bank of Vietnam devalued the dong by weakening its reference rate for the second time since June, seeking to spur exports and sustain growth. The central bank in Hanoi weakened the reference rate 1 percent to 21,458 dong per dollar, effective today, Jan. 7, it said on its website late yesterday. The currency is allowed to trade as much as 1 percent either side of the reference rate. Shipments from manufacturers such as Samsung Electronics Co. have buoyed Vietnam’s exports, which the government estimates grew 13.6 percent last year. That has helped offset faltering local demand and a slowdown in lending, as authorities take steps to clean up bad debt and overhaul the financial system. The government projects growth of 6.2 percent in 2015, quickening from an estimated 5.98 percent last year. The decision "is in line with movements in the local and international currency markets," the central bank said, an acknowledgement also of the global … [Read more...]

Southeast region leads in FDI attraction nationwide

A real estate project by Becamex Tokyu company in Binh Duong province (Photo: SGGP)

The southeast region continued taking the lead in Foreign Direct Investment (FDI) attraction last year with US$7.21 billion, accounting for 36 percent of total FDI capital in Vietnam, reported the Foreign Investment Agency. 644 projects were newly licensed and 283 investors registered to increase investment capital. The country’s champion was Ho Chi Minh City with a total registered capital of US$3.1 billion. Of them was a US$1.4 billion project of Samsung CE Complex Company in the Saigon Hi-Tech Park, the second largest value project in the park. Chairman of the city People’s Committee Le Hoang Quan said that authorized agencies would continue administrative reform and infrastructure improvement at industrial and export processing zones to lure investors from the US, the EU and Japan to hi-tech field this year. The neighboring province of Binh Duong attracted US$1.65 billion with 151 new projects being licensed at US$812 million and 126 companies registering to … [Read more...]

Hung Hung Green Environment Co., Ltd: Efforts for Green Environment

1615331-20141230144927-hh

As one of the first private industrial waste treatment companies in Bac Ninh province, Hung Hung Green Environment Co., Ltd, set up seven years ago, has quickly won the trust of many partners in industrial parks and received high appreciation from environment authorities. Set up in 2007, the company invested VND80 billion (US$4 million) to build a facility on over 20,000 square metres in the first phase to treat industrial waste, especially hazardous waste and medical waste. Currently, the facility consists of all necessary works for its operations like a 3,000-square metre hazardous waste treatment storage warehouse, a liquid waste treatment plant with a daily capacity of 60 cubic metres, a hazardous waste incinerator with a daily capacity of 5 tonnes, and transportation vehicles. Besides, the company has rapid test labs and a lot of machines, equipment and gear for waste processing and recycling. These are the optimal technologies and methods of waste disposal studied and applied by … [Read more...]

Bac Ninh: Effort to Become Industrial Province in 2015

1615327-20141230144423-ph-n-d-u-t-nh

With an export turnover of over US$23 billion, an industrial production value of US$598 trillion (US$29 billion), and an investment capital of nearly US$1.6 billion in 2013, Bac Ninh is asserting its position of being a dynamic, modern industrial province. Effective investment projects are speeding up the province’s economic restructuring, aimed to become a modern industrial province in 2015. According to reports by the Government and by Bac Ninh province, global financial crisis and economic downturn caused adverse impacts on Vietnam in 2013. But, with the effective direction and administration of the Provincial People's Committee, the timely deployment and implementation of consistent measures to social and economic development, with many mechanisms and policies to support the province's social and economic situation in 2013, continued to produce many good results in all areas, with most targets achieving and exceeding expectations. In 2013, the gross regional domestic … [Read more...]