Dong Nai province approves $370 mln cash injection into 5 FDI projects
The southern province of Dong Nai granted investment expansion certificates to five foreign-invested projects with additional capital of $370 million on Friday.
![Dong Nai Chairman Cao Tien Dung addresses a meeting with FDI enterprises in the southern province on March 31, 2023. Photo courtesy of Dong Nai Television.](https://i.ex-cdn.com/theinvestor.vn/files/content/2023/04/01/dn-2-1646.jpg)
Dong Nai Chairman Cao Tien Dung addresses a meeting with FDI enterprises in the southern province on March 31, 2023. Photo courtesy of Dong Nai Television.
The largest of those is being implemented by Hyosung Dong Nai Co. Ltd. with additional capital of $182.3 million, raising the total to $925 million.
The South Korea-invested firm entered Dong Nai in 2007 and produces fiber for spandex, nylon, polyester and other materials.
Hyosung has already invested over $3.5 billion in Vietnam, said chairman Cho Hyun-joon at a meeting with then Vietnamese President Nguyen Xuan Phuc last December.
Japan-invested SMC Manufacturing (Vietnam) Co., Ltd. was okayed to raise its investment by $100 million to $549.4 million. The firm manufactures automated control devices, such as valves and cylinders.
South Korea-backed AK Vina Co., Ltd., a manufacturer of chemicals and paints on metal and plastic materials, received approval to expand its investment from $35 million to $72.82 million.
Suheung Vietnam Co., Ltd., another South Korea-invested firm, a producer of capsules for medicine and food supplements, obtained a certificate to raise its investment by $25 million to $105 million.
Singapore-invested KCC (Vietnam) Co. Ltd. was green-lighted to upscale its investment by $25 million to $137.5 million. The firm entered Dong Nai province in 2018, producing capacitors’ ceramic covers and ceramic electronic circuit boards.
In the year to March 20, Dong Nai, an industrial hub in southern Vietnam, attracted 18 FDI projects with registered capital of $607 million, the second-highest figure in Vietnam, only after the northern province of Bac Giang with $1.1 billion.
In the first quarter of this year, Dong Nai’s gross regional domestic product (GRDP) grew 3.25% year-on-year, driven by 3.84% growth in agriculture-forestry-fisheries, 1.4% in industry-construction, and 7.8% in services, according to the provincial statistics office. The office attributed the low growth to the underperformance of the industry-construction sector, which accounted for 60% of Dong Nai’s GRDP.
- Read More
London-based EnQuest acquires fellow firm Harbour Energy’s Vietnam business
EnQuest, listed on the London Stock Exchange (LON) as ENQ, has acquired activities in Vietnam of fellow firm Harbour Energy (LON: HBR), the former said on Wednesday.
Energy - Wed, January 22, 2025 | 6:47 pm GMT+7
Honda, Toyota urge Vietnam to provide tax, fee incentives for cars, hybrid EVs
Honda and Toyota, based in Vietnam’s northern province of Vinh Phuc, have urged Vinh Phuc authorities to propose relevant authorities provide tax and fee incentives for automobiles and hybrid electric vehicles (EV).
Companies - Wed, January 22, 2025 | 4:14 pm GMT+7
Vietnam's leading publisher hailed for textbook price reductions
The Vietnam Education Publishing House (VEPH) achieved remarkable success in 2024, particularly in implementing synchronous solutions to reduce textbook prices, said Deputy Minister of Education and Training Pham Ngoc Thuong.
Companies - Wed, January 22, 2025 | 3:44 pm GMT+7
Schneider Electric keen to partner with Nvidia in developing data centers in Vietnam
Schneider Electric is keen to cooperate with U.S tech giant Nvidia in developing data centers in Vietnam, said Jean-Pascal Tricoire, chairman of the French industrial technology giant.
Economy - Wed, January 22, 2025 | 3:27 pm GMT+7
Fitch downgrades SCG Chemicals to A- partly due to Long Son Petrochemicals in Vietnam
Fitch Ratings has downgraded SCG Chemicals (SCGC), an arm of Thailand’s giant Siam Cement Group (SCG), from “A(tha)” to “A-(tha)” for its senior unsecured rating of THB100 billion medium-term note program.
Companies - Wed, January 22, 2025 | 2:59 pm GMT+7
Over 64% of Japanese firms in Vietnam expect profit in 2024: Jetro survey
Up to 64.1% of Japanese companies in Vietnam expected to make profits in 2024, up 9.8 percentage points from the previous year, according to a survey by the Japan External Trade Organization (Jetro).
Economy - Wed, January 22, 2025 | 12:15 pm GMT+7
Carlsberg to up central Vietnam factory to 600 mln liters per year
Carlsberg is seeking permission to raise the capacity of its Hue factory in central Vietnam from 360 million to 600 million liters, or up 67%.
Companies - Wed, January 22, 2025 | 10:32 am GMT+7
Thai council urges ASEAN unity in US trade talks
The National Economic and Social Development Council (NESDC) of Thailand has recommended that Thailand collaborate with other ASEAN nations to negotiate trade agreements with the US to avoid high import tariffs and penalties.
Southeast Asia - Wed, January 22, 2025 | 9:35 am GMT+7
Coffee, non-alcoholic beverages generate 83 mln in 2024 net revenue for Vietnam instant coffee major
Vinacafé Bien Hoa, Vietnam's leading instant coffee maker, earned VND16 (0.06 U.S. cents) in gross profit for every VND100 ($0.4) of net revenue from coffee and non-alcoholic beverage sales, down 2% year-on-year.
Companies - Wed, January 22, 2025 | 9:31 am GMT+7
Indonesia welcomes WTO ruling on EU curbs on palm oil biofuel
Indonesia has welcomed a recent ruling by the World Trade Organisation (WTO), which found that the European Union (EU) discriminated against Indonesian palm oil-based biofuel, giving it unfair and detrimental treatment, in setting biofuel regulations, according to Coordinating Minister for Economic Affairs Airlangga Hartarto.
Southeast Asia - Wed, January 22, 2025 | 8:40 am GMT+7
Malaysia, EU resume FTA negotiations
President of the European Commission (EC) Ursula von der Leyen and Malaysian Prime Minister Anwar Ibrahim on Monday announced the resumption of an ambitious, modern, and balanced EU-Malaysia free trade agreement (FTA).
Southeast Asia - Wed, January 22, 2025 | 8:29 am GMT+7
Indonesia launches 37 energy projects
Indonesian President Prabowo Subianto kicked off 37 strategic projects related to the construction of power plants on Monday as the country is on track to achieve energy self-sufficiency.
Southeast Asia - Tue, January 21, 2025 | 10:02 pm GMT+7
Indonesia optimistic about ending fuel imports in five years
Indonesian President Prabowo Subianto is optimistic that Indonesia can halt fuel imports within five years, aligning with the government's goal of achieving energy self-sufficiency.
Southeast Asia - Tue, January 21, 2025 | 10:00 pm GMT+7
Thailand eyes cryptocurrency to boost economy
Thai Prime Minister Paetongtarn Shinawatra has announced the government’s decision to allow the use of payment products and services through digital assets in storage areas in Phuket, a popular island destination in the country.
Southeast Asia - Tue, January 21, 2025 | 9:59 pm GMT+7
Indonesia launches international carbon trading platform
Indonesia on Monday launched its first international carbon trading platform, contributing to promoting the country’s climate and sustainable development goals.
Southeast Asia - Tue, January 21, 2025 | 9:58 pm GMT+7
Indonesia to tender new oil & gas blocks, reduce LPG imports
Indonesia aims to tender all 60 oil and gas working areas by 2027 to increase oil lifting and support energy security, said its Energy and Mineral Resources Minister Bahlil Lahadalia.
Southeast Asia - Tue, January 21, 2025 | 9:56 pm GMT+7