SCG is developing a firmer foothold in Vietnam with the recent resumption of its Long Son Petrochemicals complex, first licensed in 2008. The SCG-backed Long Son Petrochemicals Complex marks a new era in the Thai firm’s local co-operation The group has recently signed a memorandum of understanding (MoU) with Vietnam National Oil and Gas Group (PetroVietnam) to push forward a $5.4 billion project - Long Son Petrochemicals (LSP) in the southern province of Ba Ria-Vung Tau. Positioned as Vietnam’s first petrochemical complex, LSP will accommodate a flexible feedstock with olefin production capacity of 1.6 million tonnes per year. The complex is equipped with proven processes from leading international licensors, while its business operations strictly follow international safety standards … [Read more...] about In its 25th year of local investment, SCG goes in big
Southeast Asia
Real estate remains 2nd largest FDI lurer
Despite having fallen to the fourth position in terms of foreign direct investment in the first eight months of 2017, the real estate sector remains the second-biggest recipient of this type of investment to date. Though realty is fourth in FDI for eight months, it remains the second-largest earner overall Photo: Le Toan According to the Ministry of Planning and Investment’s Foreign Investment Agency, between January and August 20, the real estate sector stood in fourth with regards to foreign direct investment (FDI) inflows – with 46 newly-registered projects and 15 others increasing their capital, totalling more than $1.16 billion. Real estate FDI is behind the sectors of manufacturing and processing ($11.69 billion), power processing and distribution ($5.36 billion), and mining ($1.28 … [Read more...] about Real estate remains 2nd largest FDI lurer
Australia underlines Vietnam’s considerable strides
Australian Minister for International Development and the Pacific Concetta Fierravanti-Wells addressing the event. Photo: Vietnam+ The Doi moi has turned it into an emerging country in Southeast Asia, she affirmed at the celebrations held by the Vietnamese Embassy on September 1. She also emphasized the countries’ tightened links in economy, security and trade. Bilateral trade reached 10.5 billion AUD (about 8.3 billion USD) in 2016. She noted they also share similar viewpoints on many important regional issues, and both agree on ASEAN’s central role in promoting security and prosperity in the region. They also vowed to enhance regional economic integration. Additionally, bilateral relations are thriving in many other spheres such as dialogue on human rights, people-to-people exchange, and education and tourism cooperation. The minister stressed Vietnam’s prosperity benefits both Australia … [Read more...] about Australia underlines Vietnam’s considerable strides
Vingroup to manufacture “Made in Vietnam” automobiles
Vingroup today organised the ground-breaking ceremony of its electric automobile and motorbike manufacturing complex named Vinfast, representing a total investment capital of VND35 trillion ($1.5 billion), marking the group’s first step to becoming Southeast Asia’s “Made in Vietnam” automobile brand, according to newswire Zing. Vingroup's Vinfast vehicle brand aims to become Vietnam's very own brand on the international market RELATED CONTENTS: First Vietnamese private firm to join Hanoi metro projects Vingroup approves mixed targets for 2017 Two Vietnamese in Forbes’ billionaires list Quang Ninh becomes new center of … [Read more...] about Vingroup to manufacture “Made in Vietnam” automobiles
Work starts on first Vietnamese automobile manufacturing complex
At the ceremony. Photo: qdnd.vn Invested by Vinfast manufacturing and trade Ltd company - an affiliate of real estate developer Vingroup, the complex is expected to roll out a five-seater sedan model, a seven-seater sport utility vehicle model, and electric motorbike meeting European standards during the first stage. The designed capacity is estimated at 100,000 - 200,000 vehicles per year. Its first product in the next 12 month will be electric motorbike model while automobiles will be made in the next 24 months. The complex will cover a site of 335ha with five major workshops. Design of engines and major components will be bought from top European and US designers while exterior shape will be designed by famous Italian studios that were behind luxury cars such as Alfa Romeo, Aston Martin, Audi, Bentley, Jaguar, Porsche, Rolls-Royce, among others. Vinfast will use advanced and eco-friendly technologies, … [Read more...] about Work starts on first Vietnamese automobile manufacturing complex
Vietnam seals deal with Chile for visa-free travel
Vietnam’s prime minister has signed a mutual visa exemption deal with Chile allowing people from both countries to visit the other for up to ninety days without the tiresome paperwork. Visitors are not permitted to use their trips for money-making purposes and will need to have at least six months left on their passports, Vietnam News Agency reported on Tuesday. Chile is the 24th country to be granted a visa waiver by Vietnam, which is the second most difficult country to enter in Southeast Asia after Myanmar. Its visa policy is also one of the toughest in Asia. This summer, the country announced it would extend its 15-day visa exemption policy for citizens from Germany, France, Britain, Italy and Spain until the end of June 2018. It also offered visa waivers for citizens of the Czech Republic for up to 15 days. Tourism industry groups have been urging the government to open up its visa policy to major markets such as Australia, Canada and India, as well as … [Read more...] about Vietnam seals deal with Chile for visa-free travel
Despite strains, Vietnam and China forge closer economic ties
Tensions are high on the East Sea, the Vietnamese reference for the South China Sea, as Hanoi faces off against Beijing over their overlapping maritime claims. But for the boatmen on the junks cruising the calm expanse of Vietnam's Ha Long Bay, another growing Chinese presence in the region is very welcome indeed. "More than half our tourists are Chinese now," said Nguyen Van Phu, 33, who has spent six years working on the boats that chug between the bay’s spectacular stone towers. "If they stopped coming it would be a big problem, if not a disaster." The number of Chinese tourists in Vietnam has surged this year, just one sign of the growing economic ties between two countries. Chinese investment in Vietnam is also increasing rapidly, as is bilateral trade. But while tourists, trade and investment are being welcomed, they also present a challenge for a fiercely independent country like Vietnam, which has been wary of China’s growing influence in the … [Read more...] about Despite strains, Vietnam and China forge closer economic ties
HCM City workshop discusses digital economy
Vo Tan Thanh, vice president of the Vietnam Chamber of Commerce and Industry (Source: VNA) HCM City (VNS/VNA) - Potential benefits and challenges for the digital economy and new-age regulations for new-age businesses were discussed at a workshop in Ho Chi Minh City on August 30. Pradeep S Mehta, secretary general of CUTS International, said: “The digital economy is about three things: big data, advanced analytics, and the Internet of Things. And it is undeniably changing the nature of the job market, corporate competition and corporate infrastructure. “Fifteen years ago, when we spoke about big names in businesses, we counted oil companies, car manufacturers, retail chains, airlines, consumer goods producers, etc. Nowadays, when we talk about corporate giants, it is Apple, Google, Amazon, Alibaba, Facebook, Uber, etc. that come to our … [Read more...] about HCM City workshop discusses digital economy
Standing witness to Vietnam’s rise
On the occasion of Vietnam’s National Day on September 2, VIR gets an insight into foreign CEOs’ thoughts and feeling about the country’s vitality and development, and why Vietnam has become their home away from home. Vietnam has come far in the last decades, and some in the foreign business presence have witnessed its celebrations and struggles, Photo: Le Toan Ronan Le Bihan CEO at Mango Bay Resort, Phu Quoc In 2002, I was offered a position for the setup of “Le Domaine de Tam Hai”, a beach resort in Chu Lai Open Economic Zone, Quang Nam. At that time, the only knowledge I, and many people in my country had, was that Vietnam was one of the fastest-growing economies in Southeast Asia. But obviously it was still early days and development was far from where we are … [Read more...] about Standing witness to Vietnam’s rise
Ha Tinh marks 55th anniversary of Vietnam-Laos diplomatic relations
Overview of the event (Source: baohatinh) Ha Tinh (VNA) – A ceremony was held in the central province of Ha Tinh on August 30 to mark the 55th anniversary of Vietnam-Laos diplomatic relations and the 40 years of the Vietnam-Laos Treaty of Amity and Cooperation. Addressing the event, Secretary of the Ha Tinh Party Committee Le Dinh Son reviewed the special traditional relations between the two countries and the achievements that Ha Tinh has made to boost the bilateral ties. Ha Tinh borders the Lao provinces of Khammouane and Bolikhamsai, with its Cau Treo international border gate being one of the eight key national border gates. Over the past years, Ha Tinh has shared fruitful cooperation with the two provinces as well as Vientiane and other Lao localities in all fields, especially in education. Currently, more than 2,500 officials and students … [Read more...] about Ha Tinh marks 55th anniversary of Vietnam-Laos diplomatic relations