Industry

A factory of Sumi-Hanel Wiring Systems Company at Sai Dong B Industrial Park in Hanoi (Photo: VNA) Hanoi (VNA) - Hanoi authorities have requested that the management board of local industrial parks (IPs) inspect all IPs and make appropriate development recommendations in line with the capital’s planning, Nguyen Manh Quyen, Vice Chairman of the municipal People’s Committee, has said. Planning is the top priority that determines the effective development of these parks, he underscored. The city is home to nine operating industrial parks (IPs), which together cover 1,369 ha and post an occupancy rate of 95 percent. There are also two other IPs undergoing infrastructure adjustments , four calling for investment, and one that has had its investment licence revoked. IPs in the capital attracted a total of about 118.2 million USD in investment last year, fulfilling just 30 percent of the target and representing only 34 percent of the figure recorded in 2019. 2020 revenue amounted to 7.6 billion USD, an annual decline of 2 percent. In the first two months of 2021, they reeled in over 1.2 billion USD, and paid 35.5 million USD to the State budget. According to Tran Anh Tuan, deputy head of the management board, the volume of investment has remained low and there are no large-scale or high-tech projects . Insiders have attributed issues to a lack of attention to industrial development, overlapping inspections, and red tape, among other matters./. VNA …

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According to data released by the United States International Trade Commission, during the opening 11 months of last year, the US’ imports for wooden furniture endured a decline of 0.6% to US$16.8 billion compared to the same period from 2019. Vietnam remained as the largest supplier of wooden furniture to the United States throughout the reviewed period, with the export turnover reaching US$6.26 billion, a rise of 30.9% on-year. The proportion of imports from the country accounts for 37.2% of the total import value, up 9% compared to last year’s corresponding period. Most notably, Vietnam is the largest market for bedroom furniture for the US, making up 49.7% of the US’ total import value, followed by Malaysia, China, and Indonesia. Nguyen Liem, chairman of Lam Viet Joint Stock Company, attributed this increase in US demand for wooden furniture to the impact of the novel coronavirus (COVID-19) pandemic as it has forced many Americans to remain indoors and focus on activities such as renovating their homes and purchasing new furniture. He emphasised that Vietnamese wood brands in the US market have significantly improved in recent years due to American people being willing to purchase Vietnamese wooden furniture at more expensive prices over similar products from the Chinese market. Do Xuan Lap, chairman of the Vietnam Timber and Forest Products Association, pointed out that the wood industry’s strategic export products in the US market will be kitchen cabinets and bathroom cabinets. Due to this, Lap advised local firms to be aware of market changes and appropriate product strategies, while enhancing their competitiveness to deeper penetrate into the global supply in order to increase exports to the demanding market. …

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The factory's ground breaking ceremony. — VNA/VNS Photo Duc Hoanh The Happytex Joint Stock Company began construction on Thursday of a US$15 million textile factory at the Trang Bang Industrial Park in the southern province of Tay Ninh. Covering an area of 25,000sq.m, the factory is designed to produce 2,000 tonnes of woven fabric each year for export. Construction is scheduled for completion in six months. According to the Management Board of Economic Zones of Tay Ninh, since the beginning of this year local industrial parks and economic zones have attracted four projects, including three foreign-invested projects worth $373.12 million USD. As of February, the province had attracted 364 investment projects, including 265 FDI and 99 domestically-invested projects with combined capital of over $8.3 billion, creating jobs for nearly 34,000 workers, it said. — VNS …

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