BUSINESS IN BRIEF 9/3

Raw material price hike causes burden for steel, packaging industry Raw material prices for the steel and packaging industry have shot up a great deal, causing much difficulty and financial pressure on manufacturing companies in Ho Chi Minh City. Several packaging companies are facing difficulty due to increase in raw material price (Photo: SGGP) Despite the current freeze in the real estate market, steel prices have gone up by VND160,000-200,000 per ton to touch VND14.5 million in first week … [Read more...]

Berjaya Corporation of Malaysia downsizes in Vietnam

Nguyen Hoai Nam, CEO of Berjaya Vietnam, on March 4 denied rumors that the company--a subsidiary of Berjaya Land Berhad in Malaysia, has decided to return two large-scale property projects in Ho Chi Minh City but confirmed downsizing its investments in an ailing real estate market in Vietnam. Nam said that the company was over-optimistic when starting the Vietnam Financial Center in District 10 in Ho Chi Minh City. After several buildings were constructed in District 1--providing large retail … [Read more...]

Malaysia external trade development corporation (MATRADE) Promoting Vietnamese-Malaysian trade

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(VEN) - According to Malaysian Trade Commissioner in Ho Chi Minh City Ahmad Shanizam Ab. Ghani, the achievements of trade and investment relations between Vietnam and Malaysia have been quite significant. In trade relations, total bilateral trade continuously increased year by year, from US$991.91 million in 2002 to US$7,195.56 million in 2011, recorded an increase of 625.42 percent during 2002-2011 period and an average growth of 20 percent each year. For the first half of 2012, total trade of … [Read more...]

BUSINESS IN BRIEF 7/1

State companies found with massive losses EVN is amongst the state-owned enterprises with steep debts and lossesAudit results and reports from ministries have revealed that many state-owned enterprises (SOEs) have been, or still are, in alarming financial states. These SOEs have repeatedly incurred steep losses and debts because of poor investments, the Saigon Times Online reported. Besides the already infamous debt-stricken Vinashin, the Electricity Group of Vietnam (EVN) is another … [Read more...]

Berjaya says to stick to project commitments

HCMC - Malaysia's Berjaya Land Berhard has said that it is completing all necessary procedures to begin construction of the Vietnam Financial Center in HCMC after having the project site readied in May. The HCMC government might consider withdrawing the investment certificate of this project as Berjaya Land has made little headway on the project and has not completed investment procedures as pledged. An artist's impression of the Vietnam Financial … [Read more...]

Huge foreign-invested property projects delayed in HCMC

Many foreign-invested real estate projects have not been carried out in HCMC although investors have received investment permit for many years (Photo: Minh Tri)

Figures from the HCMC Department of Planning and Investment (DPI) show the city authority has granted permits for 138 foreign-invested property investments. Some of them are worth up to billions of US dollars. Yet many projects have not been carried out although investors have received investment permit for many years, according to the statistics. Malaysian conglomerate Berjaya Land Berhad received the license in 2008 to develop an international university township in HCMC at a cost of … [Read more...]

FDI flow into HCMC falls 86% in 2009

The department reported that nearly 370 foreign-invested projects had been licensed this year with US$840 million in committed capital, falling by 28% and nearly 90% respectively against last year. Last year, many projects worth billions of dollars were licensed, like the Malaysian Berjaya's two property projects including the US$930 million Vietnam Financial Center in District 10 and the US$3.5 billion international university township project in Hoc Mon District. This year, the biggest … [Read more...]

Vietnam Financial Center to break ground next year

An artist's impression of the Vietnam Financial Center in HCM City

Berjaya Leisure (Cayman) Company, a subsidiary of the Malaysian group Berjaya Land BLand, expects to begin construction of the Vietnam Financial Center (VFC) in the first quarter of 2010. The company's General Director Nguyen Hoai Nam said the project is currently waiting for a building license. Construction of VFC, a complex including an office building, five-star hotel, service area and high-class trade center, is expected to cost US$930 million. It will be built on a 25.4 hectare area … [Read more...]

Berjaya in deal with U.S. hotel manager

US$2-billion Nhon Trach new city project to get started next year An artist's impression of Nhon Trach New City in Dong Nai Province HCMC - Berjaya - D2D Co. Ltd., a unit of Berjaya Land Berhad, on Wednesday signed a memorandum of understanding with the U.S. hotel management company Marriott Inc. to manage a five-star hotel in the country's south. The 22-story hotel with 263 rooms is part of the broader Bien Hoa City Square project worth US$150 million which Berjaya - D2D is developing in … [Read more...]

Malaysia emerges as Vietnam’s biggest investor in Jan-Sept

HCMC - Malaysia has surpassed traditional top investors like South Korea, Japan, Taiwan and Singapore to become the biggest foreign investor in Vietnam in the first nine months of this year, says the Foreign Investment Agency. The agency of the Ministry of Planning and Investment (MPI) says the country attracted a total of US$57.12 billion in foreign direct investment (FDI) in January-September, and that Malaysia made up some 26% of the amount via 37 licensed projects. An artist's impression … [Read more...]