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...]

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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...]

HCMC attracts huge FDI inflows: DPI

The first nine months of this year saw an FDI inflow of US$7.83 billion into new projects in HCMC, the city's Planning and Investment Department said Sunday. This is 97 percent of the total inflow of $8 billion, with the remaining three percent being capital added to existing projects, it said. The figure also marks a six-fold year-on-year increase, the department noted. Malaysia topped the FDI list with a project worth $3.5 billion to build an urban area including the Berjaya Township … [Read more...]

Berjaya D2D breaks ground for major property project

HCMC - Berjaya D2D Company Limited yesterday started work on a major property development project worth US$100 million in the southern province of Dong Nai. The project will comprise a 22-floor, five-star hotel with 263 rooms, a 20-floor office building, a 20-floor high-end apartment building with 448 units and a three-floor commercial center. Guests inspect the model of Bien Hoa City Square project at the groundbreaking ceremony in Dong Nai Province yesterday Photo: Le Toan This is a joint … [Read more...]

Malaysian entrepreneur plumps for Vietnam

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Vincent Tan, a Malaysian business tycoon, and his company have donated thousands of dollars to charities in Vietnam and committed investments of more than US$5 billion. Malaysian business tycoon Vincent Tan … [Read more...]

Malaysia’s Berjaya gets license to build HCMC university township

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Malaysian conglomerate Berjaya Land Berhad received the license Tuesday to develop an international university township in Ho Chi Minh City at a cost of US$5.9 billion. Chairman Le Hoang Quan (R) handed the 50-year investment license to Dato' Francis Ng Sooi Lin (L), CEO of Berjaya Land Berhad at the Reunification Palace in HCMC. … [Read more...]

Vietnam licenses major Malaysian office and hotel construction

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Chairman of the Ho Chi Minh City People's Committee, Le Hoang Quan, Saturday granted a 50-year license for a Malaysian company to build a US$930-million office, hotel and apartment complex in District 10. Under the license, Jerjaya Leisure (Cayman) Limited, a subsidiary of Berjaya Land Bhd of Malaysia, will develop the area at the junction of Ba Thang Hai and Le Hong Phong streets into a world class financial center. The Vietnam Financial Centre will comprise three 48-story grade A office … [Read more...]

Health sector fresh blood

The lack of high-quality hospitals, increasing income levels and the rising age of the general population in Vietnam is making healthcare a profitable sector for private investors. >> Time to inject fresh capital into healthcare Statistics from the Ministry of Planning and Investment's Foreign Investment Agency show that there were 78 foreign-invested projects in Vietnam's medical industry, including pharmaceutical production, as of February 20, 2013. According to the … [Read more...]

Patient unsatisfied with health care at Columbia hospital

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Excessive hospital charges and poor quality service from an international clinic prompted Hoang Quoc Tuan to speak out about his recent treatment at Columbia Asia Gia Dinh International hospital. Hoang Quoc Tuan said the quality of medical services he received at Columbia Hospital on May 20 was not worth the 8 million VND he paid for his 24-hour treatment. On May 20 at 5 p.m. Hoang Quoc Tuan went to the Columbia Asia Gia Dinh International hospital in Binh Thanh Disctrict, Ho Chi Minh City … [Read more...]

Obstacles to competitive electricity market

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Though the competitive power market has been in operation in Vietnam for some eight months, in practice EVN still holds a monopoly over the market. The current market has 45 power plants, a number that may increase to 67 in the future. The sole buyer of the electricity they produce is Vietnam Electricity Group (EVN), which is also a power trading company. Many people expressed concern that expanding the market will only make it easier for EVN to buy electricity at low prices and sell it … [Read more...]

Delayed projects on the chopping block

Vietnam Financial Centre project

Localities nationwide are intensifying efforts to create a healthy climate for and speed up the pace of investment. Two projects by Malaysia's Berjaya Land, a wholly-owned subsidiary of Berjaya Leisure (Caymans) Ltd., have seen no progress after being granted investment certificates many years ago. … [Read more...]

Berjaya HCMC projects continue their long delay

>> Berjaya takes backward step  >> Berjaya committed despite question marks  >> Berjaya Vietnam gets stern ultimatum  The two projects - Vietnam International University Township and Vietnam Financial Centre - are both located in Ho Chi Minh City.

Two projects by Malaysia's Berjaya Land, a wholly-owned subsidiary of Berjaya Leisure (Caymans) Ltd., have seen zero progress after being granted investment certificates many years ago. Vietnam International University Township (VIUT)'s building site is located in the southern hub's Hoc Mon district and has the registered investment capital of $3.5 billion. … [Read more...]