Construction begins on 300-hectare industrial park in Thai Binh province

By Tri Duc
Fri, February 17, 2023 | 11:37 pm GMT+7

Construction of the 296.97-hectare Hai Long Industrial Park with investment of VND2,214 billion ($92.95 million) in the northern province of Thai Binh kicked off on Wednesday.

The facility, invested by Bao Minh Industrial Park Infrastructure Investment JSC, is the second industrial park in the 7,000-hectare Thai Binh Economic Zone.

It aims to attract investment in high-tech industry, mechanics and assembly, apparel and textiles, supporting industries, warehouses, logistics, food processing, and consumer goods.

Thai Binh Chairman Nguyen Khac Than (left) grants an investment registration certificate to a representative of Bao Minh Industrial Park Infrastructure Investment JSC in Thai Binh province, northern Vietnam on February 15, 2023. Photo courtesy of Thai Binh newspaper.

Thai Binh Chairman Nguyen Khac Than (left) grants an investment registration certificate to a representative of Bao Minh Industrial Park Infrastructure Investment JSC in Thai Binh province, northern Vietnam on February 15, 2023. Photo courtesy of Thai Binh newspaper.

Thai Binh Economic Zone currently offers various incentives to lure investments. They include low corporate income tax (CIT) of 10% for 15 years starting from the first year of revenue generation, tax exemption for four years starting from the first year of taxable income generation, and then 50% reduction for nine years. Besides, laborers enjoy a 50% reduction in personal income tax (PIT).

The province also offers land tax breaks for non-agricultural land and an exemption of land rental during capital construction.

Thai Binh attracted 112 foreign direct investment (FDI) projects with total registered capital of $1.66 billion as of the end of 2022, according to the Ministry of Planning and Investment.

Last week, at a regional investment promotion conference for the Red River Delta, the province granted in-principle approvals to three projects.

Compal (Vietnam) Co., Ltd. will invest VND6,467 billion ($274.32 million) in an electronic component and smart device factory. The plant is set to begin construction in Q1 of this year and enter official operation in Q2 of 2024, employing nearly 17,000 people. The annual designed output features 2.1 million smart watches, 70,000 modem cables, 100,000 wireless routers, 10,000 5G network modules, and 1.25 million tablets.

ET Solar Power HongKong Limited will build a VND3,490 billion ($148.04 million) solar cell component plant. Construction is scheduled to begin in Q2 of this year while official operation is slated for Q3 of 2025.

Tra Ly Spinning JSC will construct a VND737 billion ($31.26 million) high-tech weave factory with an annual output of 15,000 tons. The factory is set to enter operation in Q2 of 2025.

Comments (0)
  • Read More
Over $7.7 bln in Vietnam's private placement corporate bonds to mature in last 3 quarters

Over $7.7 bln in Vietnam's private placement corporate bonds to mature in last 3 quarters

More than VND200 trillion ($7.7 billion) in privately-placed corporate bonds will mature in the final three quarters of this year, with the real estate sector accounting for half, according to independent credit rating provider S&I Ratings.

Finance - Tue, May 6, 2025 | 4:16 pm GMT+7

Sumitomo to halve equity interest in $2.58 bln thermal power plant in central Vietnam

Sumitomo to halve equity interest in $2.58 bln thermal power plant in central Vietnam

Sumitomo has decided to transfer 50% of the Japanese giant's equity interest in its wholly-owned operator of the $2.58 billion Van Phong 1 coal-fired power plant in Vietnam’s central province of Khanh Hoa.

Energy - Tue, May 6, 2025 | 3:54 pm GMT+7

Singapore's CapitaLand Development forms strategic partnership with Vietnam's Vinhomes

Singapore's CapitaLand Development forms strategic partnership with Vietnam's Vinhomes

CapitaLand Development has expanded in Vietnam with two major moves - a strategic collaboration agreement with leading local developer Vinhomes and the unveiling of The Fullton, a $800 million low-rise residential project in Hung Yen province.

Real Estate - Tue, May 6, 2025 | 2:56 pm GMT+7

Vietnam's disbursed FDI in 4 months posts five-year record high

Vietnam's disbursed FDI in 4 months posts five-year record high

Registered foreign direct investment (FDI) in Vietnam hit $13.82 billion in the first four months of the year, up 39.9%, while disbursed capital reached $6.74 billion, up 7.3% and marking a record high in five years.

Economy - Tue, May 6, 2025 | 2:12 pm GMT+7

Vietnam's Politburo requests prioritizing administrative measures to handle economic violations, instead of criminal prosecution

Vietnam's Politburo requests prioritizing administrative measures to handle economic violations, instead of criminal prosecution

The Politburo, Vietnam's highest decision-making body, has ordered amendments to legal regulations to ensure that administrative measures are prioritized in handling civil and economic cases.

Economy - Tue, May 6, 2025 | 12:30 pm GMT+7

EC postpones Vietnam’s seafood inspection until year end

EC postpones Vietnam’s seafood inspection until year end

The European Commission (EC) has delayed its fifth inspection of Vietnam's efforts to combat illegal, unreported and unregulated (IUU) fishing to the end of 2025, according to the Ministry of Agriculture and Environment (MAE).

Southeast Asia - Tue, May 6, 2025 | 8:53 am GMT+7

Thailand lowers growth forecast for 2025

Thailand lowers growth forecast for 2025

The Thai Ministry of Finance has cut its forecast for the country’s economic growth this year to 2.1% from 3%, saying that the impact of U.S. tariffs and a global slowdown would weigh on Southeast Asia's second-largest economy.

Southeast Asia - Tue, May 6, 2025 | 8:49 am GMT+7

Vietnam’s top lighting manufacturer Rang Dong posts 48% drop in Q1 profit

Vietnam’s top lighting manufacturer Rang Dong posts 48% drop in Q1 profit

Hanoi-based Rang Dong Light Source & Vacuum Flask JSC, a veteran in Vietnam’s consumer goods sector, reported a 48% decline in Q1 post-tax profit to nearly VND101 billion ($3.9 million), blaming intensifying competition from Chinese imports and foreign-invested enterprises.

Companies - Tue, May 6, 2025 | 8:17 am GMT+7

Vietnam spends $1.8 bln on coal imports in Q1, mainly for power plants

Vietnam spends $1.8 bln on coal imports in Q1, mainly for power plants

Vietnam spent more than $1.8 billion importing 17.27 million tons of coal in Q1, primarily to fuel thermal power plants, according to the General Department of Customs.

Economy - Mon, May 5, 2025 | 10:24 pm GMT+7

Vietnam’s utility major REE records 27% net profit growth in Q1 on power segment surge

Vietnam’s utility major REE records 27% net profit growth in Q1 on power segment surge

Private utility firm REE Corporation posted strong profit growth in Q1, primarily driven by a significant improvement in its power segment compared to the same period last year.

Companies - Mon, May 5, 2025 | 10:00 pm GMT+7

Vietnam to hold first round of trade talks with US on Wednesday

Vietnam to hold first round of trade talks with US on Wednesday

Vietnam will hold its first round of negotiations with the U.S. on bilateral trade Wednesday, Prime Minister Pham Minh Chinh said at the ongoing session of the country's parliament.

Economy - Mon, May 5, 2025 | 4:40 pm GMT+7

Nestlé Vietnam announces new investment in flagship coffee plant

Nestlé Vietnam announces new investment in flagship coffee plant

Nestlé will make an additional investment of $75 million to expand its Nestlé Tri An plant in the southern Vietnam province of Dong Nai, bringing its total investment in the facility over 2024-2025 to $175 million.

Companies - Mon, May 5, 2025 | 4:35 pm GMT+7

Vietnam legislature’s ongoing session to mark 'historic breakthrough in institutional reform'

Vietnam legislature’s ongoing session to mark 'historic breakthrough in institutional reform'

The National Assembly's session which opened on Monday morning will make a critical step forward in institutional reform, paving the way for a new era of modernization, digital transformation, green growth, and sustainable development, said the parliament's Chairman Tran Thanh Man.

Politics - Mon, May 5, 2025 | 3:53 pm GMT+7

Business confidence in Vietnam drops to 44-month low over US tariff concerns: S&P Global

Business confidence in Vietnam drops to 44-month low over US tariff concerns: S&P Global

Business confidence in Vietnam dropped sharply in April to the lowest since August 2021, as manufacturers were concerned about the impact of U.S. tariffs on production in the months ahead, according to S&P Global.

Economy - Mon, May 5, 2025 | 3:24 pm GMT+7

Ford distributor City Auto chairman’s wife plans $5 mln buy to become major shareholder

Ford distributor City Auto chairman’s wife plans $5 mln buy to become major shareholder

Ngo Thi Hanh, wife of Ford distributor City Auto (HoSE: CTF) chairman Tran Ngoc Dan, has registered to buy 6 million CTF shares to increase her ownership to 6.4%, according to the Ho Chi Minh Stock Exchange (HoSE).

Companies - Mon, May 5, 2025 | 11:41 am GMT+7

HCMC street retail spaces vacant despite rent cuts

HCMC street retail spaces vacant despite rent cuts

Street retail spaces in Ho Chi Minh City, Vietnam's economic hub, continue to face persistent vacancies, as they struggle to compete with modern retail spaces that offer a wider array of goods and services.

Real Estate - Mon, May 5, 2025 | 11:14 am GMT+7