Naspers invests 89m in emerging markets car auction start up

Jakarta (VNA) – Indonesia sold 1.03 million cars in 2019, a drop of 10.8 percent year on year from 1.15 million units the previous year, due to the weak demand and other factors, according to the car manufacturer association (Gaikindo). In December only, 86,582 cars were sold, lower than the 90,798 units sold in November and 87,846 vehicles in the same period of 2018. The market leader was still Toyota, with the sale of 333,222 units, followed by Daihatsu 177,284 units, and Mitsubishi 161,765 units. Earlier, Gaikindo had predicted the car sales would not be achieved because of low demand, tight competition, and influx of new players and variants from abroad, such as Wuling, Mitsubishi Xpander, and Nissan. According to analysts, car sales still have an opportunity to enjoy a two-digit growth if the economy grows by around 7 percent. They expect that throughout 2020, discount wars will decrease significantly as the producers are beginning to maintain their profit … [Read more...] about Indonesia’s car sales fall nearly 11 percent in 2019

Jakarta (VNA) - Taiwanese state-owned oil refiner CPC Corp. has pledged to invest 22 billion USD in the development of the Balongan petrochemical refinery, said Coordinating Minister for Maritime and Investment Affairs Luhut Binsar Pandjaitan. In 2018, the company and Indonesia’s oil and gas holding PT Pertamina signed a 6.49 billion USD framework agreement for the project. Under the deal, the two sides will cooperate in building an oil refinery with an annual capacity of at least 1 million tonnes of ethylene and a downstream unit that will produce other refined derivative products to meet the needs of the world industry, especially in Indonesia. Several components of the project will start this year, including completing a pre-feasibility study (FS), starting a bankable feasibility study (BFS), environmental impact assessment (EIA) and land reclamation. The refinery is expected to start operating in 2026, Pandjaitan said. Currently, Pertamina‘s … [Read more...] about Taiwan invests 22 billion USD in building oil refinery in Indonesia

Thuy said against the background of the global and domestic macro-economy, the overall balance of payments may remain a surplus, or in other words, foreign currency supply is still greater than demand. In particular, the element deemed to play the most important role would be foreign investment. The dynamic and healthy development of Vietnam’s economy with such driving forces as the openness of the economy, the population structure, and the process of restructuring and urbanization will continue to lure capital flows from abroad to Vietnam in various forms—from remittances to direct and indirect investment. … [Read more...] about Peacetime in sight for the dong

However, the fierce competition with imported vehicles, especially those from other member countries of the Association of Southeast Asian Nations (ASEAN) such as Thailand and Indonesia as well as members of free trade agreements which Vietnam has joined will boost Vietnam’s auto import revenue. … [Read more...] about Customers to be centre of auto industry

For the Grand Manhattan project, Lotte E&C will send experts with a wealth of experience and deep understanding of luxury apartments. Also, people having working experience in Vietnam, such as those formerly engaged in the construction of Lotte Centre Hanoi and other works, will be given priority as they have already adapted to the Vietnamese culture and can share their experience in site management in Vietnam. Lotte E&C will ensure the quality of the building and the safety of the site by strictly adhering to site management manuals. The material quality will also be monitored using our state-of-the-art material management ­system. … [Read more...] about Lotte E&C creates high-end hallmark