Central Vietnam province vows to meet semiconductor firms’ energy needs
Nghe An will fulfil the energy demand of semiconductor businesses from the U.S., the central province's Chairman Nguyen Duc Trung pledged Thursday.
Trung gave the assurance at a Washington D.C. meeting with John Neuffer, president and CEO of the U.S. Semiconductor Industry Association (SIA).
He reiterated that Nghe An will work with the central government to ensure stable energy supply for industrial activities, especially those of semiconductor firms.
He also said that the province has accorded priority to semiconductor businesses in its efforts to facilitate investment.
Highlighting other Nghe An attractions, Trung mentioned its traffic infrastructure projects including plans to upgrade Vinh airport, build a deep-water seaport to accommodate ships of up to 200,000 tons and complete construction of several expressways connecting with the capital city of Hanoi.
Nghe An stands ready to provide 2,000 hectares in industrial parks and economic zones to facilitate the work of foreign investors, he said, adding that the province was willing to set up an industrial park specifically for semiconductor businesses.
Besides, investments in the Dong Nam Economic Zone will receive the country’s highest preferential policies, he noted. These include a low corporate income tax (CIT) of 5% for 37 years, CIT exemption for the first six years and 50% CIT reduction in the next 13 years. Land and water surface lease fees are also exempted for 22 years and subject to 75% reduction for the remaining project duration.
The central province has 1.6 million people of working age and 40,000-45,000 new additions to the workforce every year, as also many universities, colleges and vocational training centers. The province is seeking training support for the semiconductor industry, Trung said.
The SIA’s Neuffer said Nghe An was making the right moves to attract investment. Apart from energy, the association urged Nghe An to ensure water supply to meet investors’ demand and for Vietnam to join soon the Information Technology Agreement (ITA) of the World Trade Organization (WTO).
Nghe An is an emerging foreign direct investment hub in central Vietnam. The province has so far attracted 130 FDI projects with a total registered capital of $3.85 billion. This includes $1 billion in 2022 and $1.27 billlion in the first 10 months of 2023.
Stable power supply has been a concern for foreign investors. It was cited by Intel as one of the reasons it called off a planned investment expansion in Vietnam, which would have doubled the tech giant’s operations in the country.
Intel made the decision in July, prior to the visit of U.S. President Joe Biden to Vietnam, a Reuters report said.
An unnamed source who attended two separate meetings between U.S. companies and top Vietnamese officials told the news wire service that Intel had raised "concerns about the stability of power supplies and excessive bureaucracy."
- Read More
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
Mixed performance by Vietnam commercial banks in Q3
Vietnamese commercial banks have had a mixed third quarter, with some reporting substantial profit gains while others seeing steep declines or even losses.
Banking - Mon, November 4, 2024 | 4:52 pm GMT+7
Vietnam’s Vingroup, UAE's NMDC to collaborate in offshore wind power
Vietnam’s leading conglomerate Vingroup and the UAE-based NMDC Group will collaborate in offshore wind power, the latter said in a recent filing sent to the Abu Dhabi Securities Exchange (ADX).
Energy - Mon, November 4, 2024 | 4:20 pm GMT+7
Military-run Viettel Group has 2 more deputy general directors
General Phan Van Giang, Minister of National Defence, has appointed Cao Anh Son and Nguyen Dat as deputy general directors of Military Industry and Telecommunications Group (Viettel Group), starting last Friday.
Companies - Mon, November 4, 2024 | 3:14 pm GMT+7
Mega Long Thanh airport first phase should be completed in Sept 2026: senior parliament official
Relevant agencies should prepare to complete the first phase of the $14-billion Long Thanh International Airport project on September 2, 2026, as soon as the Vietnamese National Assembly approves changes to the project, said a senior parliament member.
Infrastructure - Mon, November 4, 2024 | 12:44 pm GMT+7
Fed rate cuts, upgrading efforts to lure foreign investors back into Vietnam stock market: VinaCapital
The U.S. Fed’s rate cut cycle and the Vietnamese government’s fresh efforts to upgrade the local stock market status are likely to bring foreign investors back into the stock market next year, according to VinaCapital.
Finance - Mon, November 4, 2024 | 11:42 am GMT+7