Samsung could double-down on Vietnam by 2017

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Workers at Samsung's cell phone factory in Bac Ninh Province, northern Vietnam. Photo: Mai Phuong Samsung has offered to raise its investment in Vietnam to US$20 billion in 2017 if their existing business here goes smoothly, according to a new government report. The South Korean giant has become Vietnam’s biggest foreign investor with over $12.6 billion in registered capital. According to a report prepared by the Ministry of Investment and Planning, the giant is considering a major role in Vietnam's infrastructure projects. The company has signed an MOU with the Ministry of Industry and Trade about building a 1,200-megawatt thermal power plant in the central province of Ha Tinh. It is expected to release a final feasibility study on the $2.45 billion project next year. Samsung has also expressed interest in the planned Long Thanh Airport in Dong Nai Province, according to a recent story published in Thoi Bao Kinh Te Saigon Online. The government approved the airport … [Read more...]

Samsung mulls many major projects in Vietnam

Tu Hoang The report, which the ministry submitted to the Government, said Samsung has registered an additional investment of US$5.4 billion this year, accounting for 31% of total foreign direct investment (FDI) approvals as of last month. With the fresh investment pledge, Samsung is now the biggest foreign investor in Vietnam with accumulated capital commitments amounting to over US$12.6 billion. Samsung is currently working on a number of major infrastructure projects in the country. Samsung C&T has signed a memorandum of understanding with the Ministry of Industry and Trade to develop Vung Ang 3 thermal power plant in Ha Tinh Province under the build-operate-transfer (BOT) format. The investor plans to submit the feasibility study for the 1,200-MW power project worth US$2.45 billion early next year. Samsung is also seeking to participate in the Long Thanh airport project in the southern province of Dong Nai. The enterprise wants to invest, build and operate some … [Read more...]

Local firms to make 144 Samsung components

The Ministry of Industry and Trade (MoIT) has announced a list of 144 parts, which will be produced by local suppliers in partnership with Samsung Electronics Vietnam. Information revealed on the ministry's website showed that 91 of the total number of agreed parts would be used for the smartphone Galaxy S4 production, while the remaining 53 parts would be for the 7-inch tablet. The parts range from simple to complex mechanics, such as battery, earphone, USB data storage devices and insulation tape. Parts used for cable data transmission are included as well. The ministry said it would cooperate with Samsung to connect Vietnamese parts suppliers with the company. This is the first time MoIT published a detailed list of the parts on its website. This decision to publicise the list is aimed to encourage the participation of partners from both Vietnamese and foreign direct invested enterprises, which could meet Samsung's requirements. Parts suppliers could directly contact the … [Read more...]

Big Firms Confident in Business Results in 2014

"The economy and business have many positive signs in 2014 and 2015," said the VNR500 Report - a list of the 500 biggest companies in Vietnam in 2014 - recently released by Vietnam Report Joint Stock Company in cooperation with online newswire VietNamNet. While preparing the VNR500 Report 2014, Vietnam Report also conducted a survey with VNR500 firms since 2007 to depict an overall picture of business in 2014 and forecast economic outlook for 2015. The survey, carried out in November, collected more than 300 replies. Significant growth in revenue and orders According to the survey results, big companies are confident of their business results in 2014 when the majority of respondents (50 percent) said that their revenue, profit, labour productivity and orders are higher than the previous year. 64.3 percent of respondents said their business performances in 2014 are better than in 2013; 28.6 percent saw stability and only 7.1 percent said their business situations are worse than in … [Read more...]

Foreign firms win HR awards

The first Vietnam HR Awards held in HCM City aims to recognie and honour businesses with excellent HR policies and effective strategies. — Photo dantri.com.vn

HCM CITY (VNS) — Thirteen businesses received the Vietnam HR Awards for best human resource practices given away by the Talentnet Corporation and Labour and Social Affairs newspaper at a ceremony in HCM City on Wednesday. … [Read more...]

Thai Nguyen approves incentives for Samsung

The People’s Council of northern Thai Nguyen province on December 11 officially approved a resolution on investment incentives for Samsung Electronics Vientam Thai Nguyen’s second phase hi-tech production complex (SEVT2) located in Yen Binh Industrial Park (IP). Accordingly, the investors receive incentives and investment assistance so that they can fulfill their commitment to meeting the criteria required for a hi-tech enterprise. These criteria have been approved by the Ministry of Science and Technology. … [Read more...]

Agribank continues securing Top 10 VNR500 place

The Vietnam Bank for Agriculture and Rural Development (Agribank) was named in the Top 10 of VNR500 in 2014 and was the only commercial bank in the position, Vietnam Report Joint Stock Company announced on December 9. The latest top rankings of VNR500, which indicates Vietnam’s largest enterprises by revenues, showed that the bank has secured the place for five consecutive years. The others in the Top 10 VNR500 are the Vietnam National Petroleum Group, Samsung Electronics Vietnam Co., Ltd, Vietnam National Oil and Gas Group, Vietnam Electricity, Vietnam Military Telecommunications Group, Binh Son Refining and Petrochemical Company Limited, Vietnam Posts and Telecommunications Group, PetroVietnam Oil Corporation (PVOIL) and Vietnam National Coal and Mineral … [Read more...]