Illustrative image (Source: VNA) Hanoi (VNA) – Foreign-invested enterprises have become an important driving force for Vietnam’s economic development and international integration after 30 years since the country began attracting foreign direct investment (FDI). Statistics from the Import-Export Department under the Ministry of Industry and Trade, from only 10 billion USD in 1988 when Vietnam started absorbing FDI, the country’s total export revenue is expected to hit 225 billion USD in 2018. Notably, an annual average rise of 17.6 percent has been recorded in exports in the 2011-2015 period, much higher than the target set in the import-export strategy to 2020 with a vision to 2030 as well as the goal of 12 percent set out at the 11th Party National Congress. The FDI sector has played a key role in maintaining export growth of the country. Tran Thanh Hai, Deputy Director of the Import-Export Department, said that six years ago, export value of domestic firms was … [Read more...] about FDI firms play important role in Vietnam’s economic growth
Samsung in vietnam
Nokia leads, Motorola outstrips Samsung in Vietnam
Nokia continues to hold more than double the market of share of its nearest competitor in Vietnam but the gap narrowed in March as Motorola's sales surged on the back of some snazzy models. A survey by market researcher GFK Asia Pte showed Nokia had a 50 percent market share, a drop of 2 percent over February. Motorola gained 4 percent to end at 22 percent, going past Samsung which lost a percent to fall to 18 percent. Sony Ericsson too slid by 1 percent to 3 percent. … [Read more...] about Nokia leads, Motorola outstrips Samsung in Vietnam
Samsung mulls many major projects in Vietnam
Samsung mulls many major projects in Vietnam Tu Hoang By Tu Hoang - The Saigon Times Daily HANOI – Samsung is expected to increase its registered capital in Vietnam to US$20 billion in 2017 if the South Korean giant’s planned projects go as planned, according to a recent report of the Ministry of Planning and Investment. The report, which the ministry submitted to the Government, said Samsung has registered an additional investment of US$5.4 billion this year, accounting for 31% of total foreign direct investment (FDI) approvals as of last month. With the fresh investment pledge, Samsung is now the biggest foreign investor in Vietnam with accumulated capital commitments amounting to over US$12.6 billion. Samsung is currently working on a number of major infrastructure projects in the country. Samsung C&T has signed a memorandum of understanding with the Ministry of Industry and Trade to develop Vung Ang 3 thermal power plant in Ha Tinh Province under the … [Read more...] about Samsung mulls many major projects in Vietnam
Korean chaebols promote investment in Vietnam
VietNamNet Bridge - The Korean consortiums, such as LG and Samsung, are stepping up investment in Vietnam and see this as an important market to bring about more job opportunities and boost production. Following Samsung, LG Group has launched a $1.5 billion factory in Trang Due Industrial Park in the northern port city of Haiphong. Along with Thai Nguyen and Bac Ninh, Hai Phong was dubbed by investors as the new "Silicon Valley" of Vietnam. These days, the Facebook page of Trang Due Industrial Park is filled with recruitment information, especially from LG. It is expected that more than 20,000 workers will be recruited by this plant. The race of Samsung - LG In fact, LG seems to be late in comparison with Samsung in Vietnam, where Samsung Vietnam has had three factories with a total investment of more than $7 billion. But as one of the chaebols of South Korea, LG has made strategic attempts that are not inferior to Samsung. Koo Bon-joon, Vice Chair and CEO of LG Group, said the … [Read more...] about Korean chaebols promote investment in Vietnam
FTA heralds new wave of Korea investments in Vietnam
FTA heralds new wave of Korea investments in Vietnam Quoc Hung By Quoc Hung - The Saigon Times Daily HCMC – Experts believe the newly signed free trade agreement (FTA) between Vietnam and South Korea will give rise to a new wave of Korean investments in the coming time. They said the trade accord officially signed by the trade representatives of Vietnam and Korea in Hanoi last week is a motivation for more Korean firms to come to the country for business and investment. Shin Dong Bin, chairman of Lotte Group, said the group is stepping up paperwork for a US$2-billion property complex called Eco Smart City in Thu Thien New Urban Area in HCMC’s District 2 while exploring other projects in Vietnam. Shin told HCMC chairman Le Hoang Quan earlier this year that the Eco Smart City was the biggest project the Korean group would develop overseas. In addition, the group proposed a plan for a metro line linking downtown HCMC and the new urban area. Lotte, now a majority … [Read more...] about FTA heralds new wave of Korea investments in Vietnam