Cement giant INSEE adds $35.7 mln to southern Vietnam facility
INSEE Vietnam, a subsidiary of Thailand’s Siam City Cement, began Sunday construction of its second production line worth $35.7 million in Ba Ria-Vung Tau province.
The Thi Vai cement grinding station mill No. 2 is the second investment of the firm in its facility in the southern coastal province, after the first worth $53 million in 2003, aiming to serve growing local demand.
The facility is the fifth of INSEE Vietnam in the country, after those in Cat Lai, Thi Vai, Hiep Phuoc, and Nhon Trach, all in the southern region. Besides, the firm operates the Hon Chong cement factory in Kien Giang, also a southern province.
The firm made its official entrance to the Southeast Asian nation in 2017 after changing the brand from Holcim Vietnam to INSEE Vietnam, per the acquisition of a 65% stake from Swiss firm LafargeHolcim in Holcim Vietnam for over $580 million in 2016.
The cement market in Vietnam has experienced a glut recently with a total supply of 120.7 million tons, nearly double the total demand of 64.5-65.5 million tons.
Vietnam earned $1.1 billion from exporting 24.75 million tons of cement and clinker in the first three quarters of this year, down 25.6% year-on-year in volume and 13.7% in value, according to the Ministry of Construction's Building Materials Department.
- Read More
China’s BYD to repair Apple tablets with $375 mln northern Vietnam project
Chinese giant BYD is set to repair Apple tablets at its factory in Vietnam’s northern province of Phu Tho.
Industries - Mon, October 28, 2024 | 10:27 pm GMT+7
Singapore spends $270 mln on AI infrastructure, human resources
Singapore’s National Research Foundation (NRF) will allocate $270 million to the National Supercomputing Centre (NSCC) in the next three years to train specialists and develop next-gen supercomputers in order to boost AI through supercomputing talent and infrastructure.
Southeast Asia - Mon, October 28, 2024 | 10:21 pm GMT+7
Malaysia to leverage 2025 ASEAN chairmanship to advance regional carbon initiatives
Malaysia’s ASEAN 2025 chairmanship provides the best opportunity to promote carbon trading and carbon credits among its member countries, says Sarawak’s Deputy Minister of Energy and Environmental Sustainability Datuk Dr Hazland Abang Hipni.
Southeast Asia - Mon, October 28, 2024 | 10:20 pm GMT+7
Vietnam, UAE elevate relations to comprehensive partnership
The United Arab Emirates (UAE) has become Vietnam's first comprehensive partner in the Middle East, underscoring the two nations' commitment and high expectations for a strengthened, practical and effective collaboration.
Politics - Mon, October 28, 2024 | 10:16 pm GMT+7
UAE plans to hold conference to promote investment into Vietnam: minister
The United Arab Emirates (UAE) has plans to organize a large-scale conference in Vietnam to canalize investment from the UAE and elsewhere into the Southeast Asian country, says a minister.
Investing - Mon, October 28, 2024 | 5:41 pm GMT+7
Sustainable packaging key focus area in Suntory PepsiCo Vietnam growth strategy: exec
Suntory PepsiCo Vietnam is actively promoting various initiatives in sustainable packaging as a key focus area in its development strategy, says Do Thai Vuong, deputy general director in charge of external affairs and communications.
Companies - Mon, October 28, 2024 | 5:02 pm GMT+7
Nuclear power Vietnam’s choice to ensure sufficient energy: country top leader
Nuclear power is the path for Vietnam to ensure sufficient electricity supply by 2045, Party General Secretary To Lam said Saturday at the ongoing National Assembly session.
Energy - Mon, October 28, 2024 | 4:33 pm GMT+7
Vietnam Electricity’s northern unit seeks German support in finance, technology
Northern Power Corporation (EVNNPC), a unit of state utility Vietnam Electricity, is seeking further support from the German government and state-owned German development bank KfW to reach sustainable growth.
Energy - Mon, October 28, 2024 | 4:16 pm GMT+7
Leading UAE firms plan to expand investment cooperation in Vietnam
Four leading UAE corporations collaborating with Vietnamese firms have plans to expand investment cooperation in the country, executives told Prime Minister Pham Minh Chinh in Abu Dhabi Sunday.
Industries - Mon, October 28, 2024 | 3:53 pm GMT+7
Real estate developer Nam Long achieves only 3% of year's profit target
Nam Long Group, a major real estate developer in southern Vietnam, recorded an after-tax profit of VND15.5 billion ($610,345) in the first nine months of 2024, reaching only 3% of its annual target.
Companies - Mon, October 28, 2024 | 3:00 pm GMT+7
Vietnam's largest private firm Vingroup launches VinVentures capital fund
Vingroup has launched a capital fund named VinVentures which is dedicated to investing in high-impact technology startups, with assets under management worth $150 million.
Finance - Mon, October 28, 2024 | 2:07 pm GMT+7
Vietnam’s Eximbank sees Q3 earnings triple on forex trading
Ho Chi Minh City-based Eximbank says it earned a net profit of VND721.2 billion ($28.6 million) in Q3/2024, up 198.25% year-on-year, thanks to income from lending and forex trading.
Banking - Mon, October 28, 2024 | 12:25 pm GMT+7
Taiwan electronics firm Lite-On to start $690 mln Vietnam project soon
Taiwan-based Lite-On Technology Corporation, a world-leading provider in optoelectronics and power management, is set to start its $690 million investment in Vietnam next month.
Industries - Mon, October 28, 2024 | 11:01 am GMT+7
PM Chinh asks hypermarket chain Lulu to bring UAE investors to Vietnam
Vietnamese Prime Minister Pham Minh Chinh has called on LuLu Group International, with its extensive network of branches, to bring potential investors from both within and outside the United Arab Emirates (UAE) to invest in Vietnam.
Industries - Mon, October 28, 2024 | 10:45 am GMT+7
Gov’t support, new laws spark resumption of stalled property projects: Vietnam realtors
A number of stalled property projects in Vietnam have resumed construction on the back of the government’s support and improved legal framework.
Real Estate - Mon, October 28, 2024 | 7:27 am GMT+7
Thailand’s automobile output down 25.5% in September
The Federation of Thai Industries (FTI) on Thursday reported that automobile production in the country fell 25.5% in September from a year earlier.
Southeast Asia - Sun, October 27, 2024 | 7:48 pm GMT+7