Central Vietnam coastal province seeks hi-tech investments in economic zone
The central coastal province of Khanh Hoa, famous for beach town Nha Trang, has adopted an investment promotion plan that includes high-tech investments for the Van Phong Economic Zone (EZ).
For the Van Phong EZ, the province seeks investments of VND1.5 trillion ($60.88 million) in innovation centers, research & development (R&D) centers, information technology as well as transfer of advanced maritime and biotechnology technologies.
The province also seeks investments worth VND12 trillion ($487 million) for trade and financial centers as well as development of urban areas of at least 300 hectares that house 50,000 dwellers each.
Other priority areas that Khanh Hoa has identified include hotels, resort complexes and integrated entertainment zones as well as a golf course with investments worth VND25 trillion or more.
It also seeks investments worth at least VND6 trillion ($243.5 million) for projects in clean energy, hi-tech processing and manufacturing, precision mechanics, petrochemicals and electronics.
Priority is also given to infrastructure works related to airports, seaports, wharves and logistic services with investments of at least VND2.3 trillion ($93.3 million); and construction and operation of non-tariff zones with investments of VND6 trillion or more.
The Van Phong EZ has a combined area of 150,000 ha – 70,000 ha of land and 80,000 ha of sea – about 30 kilometers north of Nha Trang town. It was intended to become one of the three special economic zones in Vietnam under a bill green-lighted by the Politburo, the highest decision-making body in the country. But the parliament decided to suspend the bill after protests across the country.
The province has also outlined investment guidelines for Nha Trang town and the Cam Ranh bay. An international hospital and a solid waste treatment plant in Nha Trang are open for investment.
In the Cam Ranh bay region, home to the country’s six Kilo-class submarines, the local government intends to turn Cam Ranh town into a tourism-logistics area and for Cam Lam district to become a world-class airport and ecotourism township.
To encourage investments, the provincial government will prepare detailed plans and specify projects for implementation each year. It will also establish a steering committee for investment promotion, increase dialogue with businesses to promptly remove hurdles and speed up crucial infrastructure works.
In 2023, the province attracted 17 non-budgetary investment projects with a combined registered capital of VND100.86 trillion ($4.1 billion) and allowed capital additions worth VND41.1 trillion ($1.67 billion) to 19 existing projects.
- Read More
Thailand’s Krungsri aims to wholly acquire Hanoi-based SHBFinance soon
Bangkok-domiciled Krungsri, officially known as Bank of Ayudhya Public Company Limited, has offered to acquire the remaining 50% stake in SHBFinance from private lender SHB before their initially agreed timeline.
Finance - Tue, November 5, 2024 | 4:23 pm GMT+7
LG Electronics to expand R&D operations in Vietnam to in-vehicle infotainment
LG Electronics is strengthening its research and development (R&D) capabilities in Vietnam and will expand its local research program into vehicle components, webOS platform, and home appliances.
Companies - Tue, November 5, 2024 | 3:28 pm GMT+7
BIDV cuts selling price of construction major’s mortgaged assets to $174 mln
State-controlled BIDV, a “Big 4” lender in Vietnam, has slashed the auction price of mortgaged assets held by Tai Nguyen Construction and Trading Company to VND4.41 trillion ($174.4 million).
Finance - Tue, November 5, 2024 | 3:16 pm GMT+7
Vietnam developer Novaland denies involvement in violations at Central Highlands property project
Real estate major Novaland asserted on Monday that it was neither aware of nor involved in any violations of the law by its partner or other parties concerned in a Central Highlands eco-resort and urban area project.
Companies - Tue, November 5, 2024 | 2:36 pm GMT+7
Vietnam central bank likely to raise interest rates in Q2 next year: StanChart
The Vietnamese central bank is forecast to lift interest rates by 50 basis points in Q2/2025 due to a pickup in inflation, a Standard Chartered economist has said.
Economy - Tue, November 5, 2024 | 2:01 pm GMT+7
Chinese e-commerce giant Temu receives tax code, still unlicensed
Temu, the e-commerce platform under China’s PDD Holding, has been given tax identification number 9000001289 for its tax duty in Vietnam, says the General Department of Taxation (GDT) under the Ministry of Finance.
Companies - Tue, November 5, 2024 | 12:05 pm GMT+7
Korea soju producer HiteJinro targets annual output of 70 mln liters in Vietnam
South Korea's HiteJinro, a leading producer of traditional alcoholic beverage soju, targets an annual output of 70 million liters of soju and fruit-flavored soju under the Jinro brand for its to-be-built factory in Vietnam.
Industries - Tue, November 5, 2024 | 10:13 am GMT+7
Vietnam stock market may receive $9 bln from overseas funds once upgraded: Morgan Stanley
International funds may pour up to $9 billion into Vietnamese equities once Vietnam’s stock market status is upgraded from a frontier to an emerging market, says a Morgan Stanley representative.
Finance - Tue, November 5, 2024 | 9:33 am GMT+7
Vietnam oil & gas sector’s Q3 profits up for upstream firms, down for downstream firms
Upstream oil and gas companies in Vietnam reported robust profit growth in the third quarter of this year, but downstream peers were hit by declining oil prices.
Companies - Tue, November 5, 2024 | 8:01 am GMT+7
Indonesia targets comprehensive fuel subsidy scheme reform
Indonesian Energy Minister Bahlil Lahadalia has said the country is conducting a thorough exercise to reform its fuel subsidy scheme.
Southeast Asia - Mon, November 4, 2024 | 10:50 pm GMT+7
Tech companies invest in data centers in Thailand
Thailand’s Board of Investment (BOI) has approved investment support for two large data centre projects in the country worth over THB60 billion ($1.7 billion).
Southeast Asia - Mon, November 4, 2024 | 10:49 pm GMT+7
Indonesia upgrades sea wall system to protect Jakarta
Indonesian Coordinating Minister for Infrastructure and Regional Development Agus Harimurti Yudhoyono has stated that the construction of sea walls was one of the priorities of President Prabowo Subianto.
Southeast Asia - Mon, November 4, 2024 | 10:47 pm GMT+7
Where real estate and urban development meet
The Transit-Oriented Development (TOD) itself, if properly planned and implemented, can lower the barrier to the use of public transport, lessen the dependency on private vehicles, contributing to the liveability of communities and cities, write Avison Young Vietnam analysts.
Consulting - Mon, November 4, 2024 | 8:49 pm GMT+7
AI helps sellers offer competitive prices on e-commerce platforms: Lazada trainer
When sellers carry out promotions on e-commerce platforms, artificial intelligence can help ensure their prices remain competitive, says Nguyen Tran Tin, a seller and trainer at Lazada Academy.
Companies - Mon, November 4, 2024 | 8:07 pm GMT+7
Vietnam plans $7.3 bln rail route linking 2 northern provinces bordering China
Vietnam Railway Authority under the Ministry of Transport has proposed a 448-km long, VND183,856 billion ($7.26 billion) route running between the northern provinces of Lao Cai and Quang Ninh, both sharing a border with China.
Infrastructure - Mon, November 4, 2024 | 7:14 pm GMT+7
Vietnam agribusiness HAGL trains focus on domestic market, inks pact with Kingfoodmart
Vietnamese agri major Hoang Anh Gia Lai JSC (HAGL) is looking to tap domestic market potential afresh by distributing its products through the Kingfoodmart supermarket chain.
Companies - Mon, November 4, 2024 | 7:08 pm GMT+7