European firms inaugurate $84 mln instant coffee factory in southern Vietnam
The Netherlands-headquartered Louis Dreyfus Company (LDC) and Poland-based Instanta Sp.zo.o. inaugurated a $84.2 million instant coffee factory in Binh Duong province on Friday.
The factory, under newly-established joint venture iLD Coffee Vietnam, has an annual capacity of 5,600 tons of freeze-dried instant coffee, serving global markets like Europe and emerging markets in Asia, LDC said in a release.
It is equipped with the latest extraction and freeze-drying technology, reflecting the company’s commitment to safety, LDC added.
The new venture will support LDC’s global strategy to diversify the portfolio with more value-added products, while indicating the firm’s commitment to developing Vietnam as a key market and complementing the firm’s Robusta green coffee business, said Ben Clarkson, LDC’s global head of coffee.
“Leveraging our expertise in coffee sourcing in Vietnam and extensive global network, combined with Instanta’s leadership in the instant coffee business, ILD Coffee Vietnam is well positioned for success,” the executive added.
Vietnam is among the biggest coffee exporters in the world. In the first eight months of this year, Vietnamese coffee was exported to 38 markets. The export price hit a record high of $3,054 per ton, nearly $700 higher than the same period last year.
During this period, Vietnam shipped 1.2 million tons of coffee, worth about $3 billion, the Vietnam Coffee-Cocoa Association (Vicofa) said.
- Read More
Investment policy adjusted for $59 mln wind power project in central Vietnam
Quang Tri province authorities recently approved an adjustment to the investment policy for Hai Anh wind power plant project, with Hai Anh-Quang Tri Wind Power JSC as its investor.
Energy - Sun, December 15, 2024 | 10:06 pm GMT+7
Latvian man on trial for running loan shark ring with 1,380% interest rate
The Ho Chi Minh City People’s Court is holding the first-instance trial of Aigars Plivės, a 39-year-old Latvian national, for engaging in illegal lending through online platforms with interest rates as high as 1,380% per year, earning VND4.15 trillion ($163.35 million) in illicit profits.
Society - Sun, December 15, 2024 | 8:11 pm GMT+7
Vietnam interest rates under rising pressure to go north in 2024: central bank
Vietnam’s banking sector will face significant challenges in the near future, including mounting pressure for higher interest rates, amidst global economic uncertainty and domestic economic risks, says Deputy Governor of the State Bank of Vietnam (SBV) Dao Minh Tu.
Banking - Sun, December 15, 2024 | 2:17 pm GMT+7
Daughter of Vietnam jewelry major PNJ head to spend $15 mln on company’s shares
Tran Phuong Ngoc Thao, vice chairwoman of Phu Nhuan Jewelry JSC (PNJ), has registered to purchase 4 million PNJ shares between December 18 and January 16, 2025.
Finance - Sun, December 15, 2024 | 10:20 am GMT+7
Exchange rate to cool down, deposit interest rates to inch up by year-end: broker
While the VND/USD exchange rate may cool off toward the VND25,000 mark, interest rates on savings could see modest increases over the rest of the year, broker MB Securities (MBS) said in its latest macroeconomic report.
Banking - Sun, December 15, 2024 | 10:03 am GMT+7
US policy changes likely to impact Asia and Pacific growth
Asia and the Pacific’s economic growth will remain steady this year and next, but expected U.S. policy changes under the incoming administration of President-elect Donald Trump are likely to affect the region’s longer-term outlook, write Asian Development Bank (ADB) analysts in the latest edition of Asian Development Outlook (ADO).
Consulting - Sun, December 15, 2024 | 8:00 am GMT+7
Vietnamese hospitality firm Vinpearl seeks to mobilize $197 mln before stock relisting
Vinpearl JSC, the hospitality arm of Vietnam's leading private conglomerate Vingroup, will offer more than 70 million shares to the public at VND71,350 apiece, for proceeds of over VND5,000 billion (nearly $197 million).
Finance - Sat, December 14, 2024 | 10:12 pm GMT+7
Vietnam has 174 FDI projects in semiconductor sector: minister
Vietnam is now hosting 174 foreign-invested projects in the semiconductor sector, with a total registered capital of nearly $11.6 billion, according to Minister of Planning and Investment Nguyen Chi Dung.
Industries - Sat, December 14, 2024 | 4:47 pm GMT+7
‘Euro’ leads Vietnam’s most trending Google search in 2024
Google has released its “Year in Search” list for 2024, with "Euro" emerging as the most trending search term among Vietnamese internet users.
Society - Sat, December 14, 2024 | 3:35 pm GMT+7
Vietnam Airlines posts first profit in 4 years, record revenue since listing
National flag carrier Vietnam Airlines JSC is estimated to earn VND6.26 trillion ($246.57 million) in pre-tax profit in 2024, marking its first return to profitability since 2020.
Companies - Sat, December 14, 2024 | 2:56 pm GMT+7
Fraud in coconut growing area codes must be strictly addressed: Vina T&T Group exec
The buying and selling of growing area codes in the coconut sector are severely damaging Vietnam's reputation and competitiveness, says Nguyen Phong Phu, deputy technical director of Vina T&T Group.
Companies - Sat, December 14, 2024 | 12:11 pm GMT+7
KKR's investment portfolio features 4 firms in Vietnam
American global investment firm KKR currently has investments in four Vietnam-based companies, namely EQuest Education Group, KiotViet, Saigon Medical Group, and Vinhomes.
Investing - Sat, December 14, 2024 | 7:56 am GMT+7
Vietnam Aeon's second most important market: exec
Vietnam is retail giant Aeon's second most important market, after Japan, says Kazaoka Takao, chief merchandising officer at Aeon Vietnam.
Companies - Fri, December 13, 2024 | 11:18 pm GMT+7
Thai gov't collaborates with Google to combat cyber threats
The Thai government has intensified efforts to combat severe cyber threats, particularly malicious applications that siphon funds from users' accounts.
Southeast Asia - Fri, December 13, 2024 | 10:25 pm GMT+7
S&P affirms Thailand's BBB+ credit rating with stable outlook
S&P Global Ratings has reaffirmed Thailand’s sovereign credit rating at BBB+ with a stable outlook.
Southeast Asia - Fri, December 13, 2024 | 10:20 pm GMT+7
USD price likely to hit VND25,450 by Q2/2025: StanChart
Standard Chartered forecasts Fed rate cuts, which should lead to a softer-USD bias over the next few quarters, will result in the exchange rate of USD/VND at 25,250 by the end of 2024 and 25,450 by Q2/2025.
Economy - Fri, December 13, 2024 | 10:03 pm GMT+7