Chinese textile supplier Weixing launches $62 mln plant in central Vietnam
SAB Industrial (Vietnam) Company Limited, under Chinese textile material supplier Weixing, launched a $62 million factory in Vietnam’s central province of Thanh Hoa on Wednesday.
Construction of the 66.4-hectare factory in Bim Son Industrial Park started in July 2022. Once operational, the plant will employ over 1,000 skilled workers with an annual output worth $100 million for various items, including metal, plastic and nylon zippers, and plastic and metal buttons.
Speaking at the launching ceremony, Thanh Hoa Vice Chairman Nguyen Van Thi highlighted the project would help Vietnam reduce its dependence on imported textile materials and develop supporting industries for the textile sector. Thanh Hoa province would facilitate the optimal performance of the factory, he added.
Thi also asked the industrial park authorities to help the firm with issues related to electricity, water supply, security-safety, and recruitment. Besides, he urged the investors to consider helping provincial authorities to run further investment promotions.
The apparel-textile sector is a major industry in Vietnam. The sector earned $5.23 billion from exports in the first two months of this year, according to the General Statistics Office. The figure was only lower than the electronics-computers-components, phones-components, and machine-equipment sectors.
Meanwhile, in the same period, Vietnam spent $483 million on importing cotton, $1.98 billion on garments, $335 million on weaves, and $963 million on accessories for textile-apparel-footwear.
- Read More
Vietnam a promising market for supply chain diversification, risk mitigation: German association AHK
German businesses see significant growth potential in Vietnam's promising market, especially when the country’s focus on renewable energy and sustainability aligns with Germany’s strengths in green technologies.
Economy - Wed, December 11, 2024 | 5:57 pm GMT+7
Philippines expected to import record rice volume
Despite record production and ample stocks, the Philippines is expected to import a record volume of rice in the 2024-2025 crop year, according to a report from the Foreign Agricultural Service (FAS) of the US Department of Agriculture.
Southeast Asia - Wed, December 11, 2024 | 4:23 pm GMT+7
Vietnam's auto sales up 17% to 308,544 in Jan-Nov
Members of the Vietnam Automobile Manufacturers' Association (VAMA), not including VinFast and Hyundai, sold 308,544 units in the first 11 months of 2024, up 17% year-on-year.
Companies - Wed, December 11, 2024 | 3:46 pm GMT+7
Indonesia's economic growth projected below 5.2%
Indonesia’s Finance Minister Sri Mulyani Indrawati has forecast a growth rate of 5.01% for the country’s economy in the fourth quarter of 2024.
Southeast Asia - Wed, December 11, 2024 | 3:37 pm GMT+7
Bamboo Capital, Foxlink, Micro Electricity partner to establish comprehensive renewable energy ecosystem in ASEAN
Vietnam's Bamboo Capital Group and Taiwanese firms Foxlink and Micro Electricity on Monday signed a strategic cooperation agreement to advance renewable energy technologies and solutions.
Bamboo Capital - Wed, December 11, 2024 | 3:35 pm GMT+7
Vietnamese lender OceanBank's name changed, leadership reshuffled
OceanBank will have its name changed to Modern Vietnam Commercial Joint Stock Bank (MBV) from December 18, aiming to become "a sustainable, safe and modern bank".
Banking - Wed, December 11, 2024 | 2:43 pm GMT+7
Private equity to enhance Vietnam stock market quality: VinaCapital exec
Private equity plays a crucial role in boosting the quality of Vietnam's stock market, especially after its anticipated status upgrade, says Nguyen Thi Dieu Phuong, deputy CEO of fund manager VinaCapital.
Economy - Wed, December 11, 2024 | 12:10 pm GMT+7
Japan valve producer Kitz launches $25 mln factory in Vietnam
Japan’s valve producer Kitz on Tuesday inaugurated a $25 million factory in the northern province of Vinh Phuc, its first plant in Vietnam.
Industries - Wed, December 11, 2024 | 11:39 am GMT+7
Propery sales in HCMC double in Nov on slight supply hike
Primary property sales in Ho Chi Minh City, Vietnam’s southern metropolis, reached 2,022 units in November, double that of the same month last year, according to a report by DKRA Consulting.
Real Estate - Wed, December 11, 2024 | 11:28 am GMT+7
ADB raises Vietnam GDP growth prediction to 6.4% in 2024, 6.6% in 2025
The Asian Development Bank (ADB) has revised up Vietnam’s GDP growth to 6.4% in 2024 and 6.6% in 2025, according to the December edition of its Asian Development Outlook (ADO).
Economy - Wed, December 11, 2024 | 9:37 am GMT+7
Vietnam increasingly important to US semiconductor industry: exec
Vietnam is becoming increasingly important to the U.S. semiconductor industry and plays a crucial role in the strategy of the U.S. Semiconductor Industry Association's (SIA) member companies, says the association’s chairman John Neuffer.
Economy - Wed, December 11, 2024 | 8:51 am GMT+7
Vietnam an extremely attractive investment destination: KKR
David Petraeus, a partner at leading global investment firm KKR, says political stability, rapidly improving infrastructure, and friendly relations with other countries make Vietnam an extremely attractive investment destination.
Economy - Wed, December 11, 2024 | 8:20 am GMT+7
Thai soup 'Tom yum kung' becomes new UNESCO intangible cultural heritage
"Tom yum kung", the iconic spicy and sour Thai prawn soup, has officially been inscribed on the UNESCO representative list of the Intangible Cultural Heritage of Humanity.
Southeast Asia - Tue, December 10, 2024 | 6:48 pm GMT+7
Thailand steps up crackdown on cheap imports
Thailand has recorded a decrease of 20% in low-quality imports, mainly from China, since restrictions on cheap imports that hurt business in Southeast Asia's second-largest economy were imposed, government spokesperson Sasikarn Wattanachan said on Monday.
Southeast Asia - Tue, December 10, 2024 | 6:46 pm GMT+7
Indonesia’s national rice stock at 8 mln tons by year-end
Indonesia's Coordinating Minister for Food Zulkifli Hasan said on Monday that the national rice stock has reached eight million tons by the end of 2024, so there will be no need for additional imports, including for next year.
Southeast Asia - Tue, December 10, 2024 | 6:43 pm GMT+7
Indonesia boosts trade cooperation with EU
Indonesia's Ministry of Investment and Downstreaming plans to establish an European Union (EU) desk to enhance trade cooperation with the bloc, said Minister Rosan Roeslani, who is also head of the Investment Coordinating Board (BKPM).
Southeast Asia - Tue, December 10, 2024 | 6:38 pm GMT+7