China-invested steelmaker commences $125 mln plant in central Vietnam
Yongjin Metal Technology (Vietnam) Company Limited, a subsidiary of China-based Yongjin Metal, kicked off the construction of a $125 million factory in the central province of Nghe An on Friday.
The 12.6-hectare plant, located in WHA Industrial Zone 1, was granted an investment license in November 2022. The project, named Tan Viet metal technology factory, is expected to enter operation in the second quarter of 2024, employing 300 people.
Yongjin kicks off construction of its steel factory in Nghe An province, central Vietnam on May 19, 2023. Photo courtesy of Nghe An newspaper.
The facility’s annual capacity includes 180,000 tons of 2B high-quality 300 series cold rolled stainless steel and 80,000 tons of BA high-quality 300/400 series cold rolled stainless steel.
Once operational, the project can contribute about VND1 trillion ($42.59 million) to the state budget annually, Nghe An Chairman Nguyen Duc Trung said. He also lauded WHA Industrial Zone 1 for aiding investors in project implementation.
The project is Yongjin’s second investment in Vietnam. The first, with an area of 9.2 hectares and an investment of $132.5 million, entered operation in the Mekong Delta province of Tien Giang in March 2022. Besides, Yongjin has other manufacturing facilities in China and Thailand.
As of April 20, Nghe An province had attracted 135 foreign direct investment (FDI) projects with a total investment of $2.86 billion, the 30th-highest figure in Vietnam, according to the Ministry of Planning and Investment.
WHA Industrial Zone is a major industrial park in Nghe An province, invested by WHA Industrial Development, a leading industrial realty developer in Thailand. The 1,850-hectare facility has an investment of VND22 trillion ($939 million) and has completed the first phase of 498 hectares.
A major project in the industrial park is a $100 million investment by Foxconn, a key supplier for Apple. The Taiwanese business is scheduled to commence construction of the 48-hectare project in June 2023. Between July 2024 and October 2024, the Taiwan-based giant will conduct trial runs, then enter official operation in November 2024, according to the investment certificate.
- Related News
- Read More
Vietnam gov't investment arm SCIC expects $438 mln pre-tax profit for 2024, a record high
The State Capital Investment Corporation (SCIC), Vietnam’s government investment arm, is set to achieve a record profit in 2024, driven by strong dividend income from its diverse investment portfolio.
Companies - Wed, December 25, 2024 | 3:49 pm GMT+7
Hue, Hanoi among 50 best food cities by TasteAtlas
Hue and Hanoi are two Vietnamese destinations making it into the list of the 50 must-visit food cities in the world in 2024-2025 by food magazine TasteAtlas.
Travel - Wed, December 25, 2024 | 2:02 pm GMT+7
China’s Goertek to double UAV production in Vietnam to 60,000 units
Chinese electronics giant Goertek will double its unmanned aerial vehicle (UAV) production in Vietnam to 60,000 units a year, according to a recent project report.
Industries - Wed, December 25, 2024 | 1:33 pm GMT+7
Thailand WHA to build $55 mln industrial park in central Vietnam from Q4/2025
Thailand’s top industrial park (IP) developer WHA will commence the construction of its $55 million IP in Vietnam’s central province of Thanh Hoa from the fourth quarter of next year.
Industrial real estate - Wed, December 25, 2024 | 11:21 am GMT+7
VND/USD exchange rate surges again
The VND/USD exchange rate has risen sharply since the end of last week, now reaching VND25,900 in the free market, an increase of 4.5% from the beginning of 2024.
Finance - Wed, December 25, 2024 | 9:35 am GMT+7
Vietnam seen as favourite New Year destination for int’l travellers: Agoda
With inbound accommodation searches up 30% compared to last year, Vietnam is set to sparkle as a favourite for international revelers looking to welcome New Year 2025, according to Agoda.
Travel - Wed, December 25, 2024 | 9:27 am GMT+7
Navigating risks from AI adoption
Developing trustworthy AI solutions is essential for senior leaders to successfully navigate the risks of rapid AI adoption and fully embrace and integrate this transformative technology. write Deloitte analysts.
Consulting - Wed, December 25, 2024 | 8:20 am GMT+7
Vietnam telecom giant VNPT posts over $239 mln pre-tax profit in 2024
State-owned Vietnam Posts and Telecommunications Group (VNPT) reported a consolidated pre-tax profit of VND6.09 trillion ($239.3 million) in 2024, according to its newly released business report.
Companies - Tue, December 24, 2024 | 10:01 pm GMT+7
Vietnam's PVI Insurance achieves historic VND20 trillion revenue milestone in 2024
PVI Insurance has made history as the first and only non-life insurance company in Vietnam to exceed VND20 trillion (roughly $786.2 million) in revenue in 2024.
Southeast Asia - Tue, December 24, 2024 | 9:18 pm GMT+7
Malaysian fund sues Amicorp for allegedly facilitating $7 bln fraud
Malaysian state fund 1Malaysia Development Berhad (1MDB) has filed a legal claim against corporate services provider Amicorp Group and its CEO Toine Knipping, alleging it facilitated over $7 billion in fraudulent transactions, the fund said on Monday.
Southeast Asia - Tue, December 24, 2024 | 9:11 pm GMT+7
Vietnam's e-commerce market exceeds $25 bln
Vietnam's retail e-commerce market is estimated to surpass $25 billion in 2024, marking a 20% increase compared to the previous year, according to the Ministry of Industry and Trade.
Southeast Asia - Tue, December 24, 2024 | 9:06 pm GMT+7
Philippines’ outstanding external debt hits record high
The Philippines’ outstanding external debt stood at $139.64 billion as of end-September, up 17.5% against the same period last year, says its central bank Bangko Sentral ng Pilipinas (BSP).
Southeast Asia - Tue, December 24, 2024 | 8:59 pm GMT+7
Vietnam ministry to ease direct power purchase agreement rules
Vietnam’s Ministry of Industry and Trade is drafting amendments to Decree 80/2024 on direct power purchase agreement (DPPA) mechanism, with easier terms on large consumers.
Energy - Tue, December 24, 2024 | 5:17 pm GMT+7
Operator of iconic market Ben Thanh appoints new general director
Nguyen Viet Ha, chairwoman of Ben Thanh Trading and Service JSC (Ben Thanh TSC), has been appointed the company's new general director, starting from January 1, 2025.
Companies - Tue, December 24, 2024 | 4:34 pm GMT+7
Korea’s confectionery Orion earns $43 mln from Vietnam in Jan-Sept
South Korean confectionery firm Orion earned an operating profit of VND1,083 billion ($42.6 million) in Vietnam in the first nine months of this year, up 14.8% year-on-year, according to the firm’s financial statements.
Companies - Tue, December 24, 2024 | 4:21 pm GMT+7
UK in the Bloc: CPTPP expansion benefits all parties
With the UK’s new access to CPTPP, the available Vietnam-UK free trade agreement, and the country's strong fundamentals, Vietnam continues to stand out in the region, offering more preferential trade opportunities for its partners across the globe, write Ian Tandy, co-head of global trade solutions, Asia Pacific at HSBC and Surajit Rakshit, head of global trade solutions at HSBC Vietnam.
Consulting - Tue, December 24, 2024 | 3:23 pm GMT+7
