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Last week the IPN5 facility was put into operation in the northern province of Hung Yen, with the total investment of $101 million and covering 192 hectares in the two districts of An Thi and Kim Dong. Tran Quoc Van, Chairman of Hung Yen People’s Committee, said, “This is a major provincial initiative that was executed swiftly, with the site cleared in just 15 months.” Capital flow is reaching industrial park development, but the balance is not uniform across regions, photo Le Toan The Hung Yen authorities anticipate that industrial park (IP) infrastructure like IPN5 will transform the land into a significant source of local income. Over a decade ago, the Red River Delta region specialised in wet rice cultivation. Now, however, it is attempting to increase investment and industrial growth. Although Hung Yen is merely 930 square kilometres, 16 IPs have already been planned. In the first two months of this year, the industrial property segment has witnessed dynamic … [Read more...] about Localities crack on with IP construction

Property arm Lotte Land last month said it would cease plans for the Lotte Eco Logis Dong Nai, which was granted an investment certificate only in November 2022. illustration photo/source baodautu.vn In a document dated March 2, Dong Nai Industrial Zones Management Board stated that Lotte Land had sent an official document on cancelling the project in Nhon Trach Industrial Zone VI from February 17. The board requested the investor to liquidate the project and fulfill all obligations related to the operation of the enterprise in accordance with the law. Younggun Ko, a director of Lotte Land, told VIR that various circumstances and investment plans related to this project had been changed, leading to the cancellation. Ko added that the move would not make much of an impact on the business of Lotte Land, and its general business strategy would remain the same. Lotte Mall Hanoi, a $600 million facility, is still expected to open in August and will include a hotel, … [Read more...] about Lotte switches focus after cancellation of warehouse development in Dong Nai

Hanoi may resume 12 tourism services on the West Lake including boat transportation, after six years of suspension. A floating restaurant on the West Lake has been suspended since 2017 Hanoi People's Committee have just issued a draft regulation on the management of West Lake, which proposed the operation of 12 services including tourist boats, canoeing, kayaking, and rowing, among others on the lake. There will be eight wharfs serving boats on the lake. The committee also planned to organise cultural, entertainment, and sports services on the lake. Hanoi halted the operation of floating restaurants, cruise boats, and all cultural, entertainment, and sports services as well as fish farming on West Lake in early 2017 due to their failure to ensure environmental conditions and fire prevention. However, the floating restaurants and cruise boats, which have seriously deteriorated after a long time being abandoned, have still yet to be removed. They occupy … [Read more...] about Hanoi to resume tourism services on West Lake

The number of Cambodian travelers entering Vietnam is on the high rise, with the primary purpose of these visits quickly shifting from medical tourism to vacation tourism. Vietnam currently welcomes over one million Cambodian tourists each year – a figure which has surged since the end of the COVID-19 pandemic. Still, many local travel firms claim the number of Vietnamese companies offering tourism geared toward Cambodian tourists remains limited. Extended stays According to Pham Ngoc Ha, deputy general director of Saco Travel Company, her firm has been facilitating travel for scores of weekend travelers from the Cambodian provinces which border Tay Ninh Province in southern Vietnam. Popular tourism attractions for these visitors were local pagodas and Ba Den Mountain in Tay Ninh. Prior to the COVID-19 pandemic, many of these tours lasted just one day. Now more and more Cambodian tourists are opting for four-day, three-night tours to Ho Chi Minh City and other major … [Read more...] about Vietnam a major destination for Cambodian tourists

The second annual report on foreign investment in Vietnam for 2022 released earlier in March by the Vietnam’s Association of Foreign Invested Enterprises noted that the United States has decreased corporate income tax from 25 to 21 per cent, while also reforming investment licensing procedures. In addition, the US government is applying higher taxes on imported products to increase the competitiveness of several industrial sectors, such as energy, automobiles, steel, and aluminium. Vietnam may need to come up with new tactics to retain foreign investors, photo Le Toan Besides that, the US is also promoting a “prosperous economic network” that connects allied countries to build supply chains of products such as semiconductors and 5G-related technology. In Europe, some countries such as Germany and Italy have also unveiled policies to limit investment in overseas markets, while France is encouraging its enterprises to expand their operation in high-value sectors, such as … [Read more...] about Gains feasible through large-scale FDI

For the first time, on March 19, a batch of nearly 20 tonnes of fresh sugarcane from the northern province of Hoa Binh left Vietnam heading to the US market, facilitated by the privately held Tien Ngan Trade Investment Co., Ltd. Despite the modest value, the move heralds strong prospects for sugarcane and other agricultural items from Hoa Binh province. Nguyen Le Diep, the company’s director, revealed that it took six months of negotiations to meet the partner’s strict technical standards. Amidst the huge supply, boosting exports has become a crucial task for cement producers Notably, accompanying the fresh sugarcane batch were 10 cane pressing machines, which hints at how the products will be consumed in the foreign market. With a wealth of experience exporting hundreds of tonnes of fresh sugarcane to the EU, South Korea, and lately the US market, Tien Ngan Co., Ltd. is set to export 300-500 tonnes of fresh sugarcane this year. The fresh export shipment came … [Read more...] about Firms gearing up to boost exports

Is development of high-tech industrial parks (IPs) likely to become a new capital trend in Vietnam? David Jackson, CEO of Colliers Vietnam Industrial and logistics assets are two of the most in-demand real estate areas across Asia-Pacific in 2023. As investors adopt a defensive strategy, sustainability and technology will drive changes in reassessing portfolios, focusing on quality and long-term values such as green certifications, new amenities, costs, and operational efficiency. Different industrial models in Vietnam will thus also be impacted by these factors in the next few years. Yet, it is too early to say whether the investment in and development of high-tech parks will become a new trend. High-tech IPs in Vietnam have not yet reached their full potential due to a lack of attention. There is much to do in terms of removing legal barriers, completing the technology infrastructure, and offering more favourable conditions to encourage investors to join the … [Read more...] about Nation must scoop up benefits of high-tech industrial parks