German cleaning equipment maker Karcher builds plant in Vietnam
Karcher, a German cleaning equipment manufacturer best known for high-pressure cleaning products, has broken ground for a workshop to serve the construction of its $21.8 million Vietnam plant.
Karcher and Indusvalley Chu Lai JSC, its construction partner for the $10 million workshop, co-held the groundbreaking ceremony on Wednesday at the construction site in the Tam Hiep Industrial Park, Chu Lai Open Economic Zone, Quang Nam province on Vietnam’s central coast.
The construction company plans to hand over the workshop in its first phase to Karcher Vietnam of the German manufacturer by August 31 this year.
The Karcher Vietnam cleaning equipment plant is expected to employ 300 workers in the first phase, and the investment of around $21.8 million is also for the initial stage. The facility is set to start production in January next year.
Karcher operates 17 production and logistics sites around the world, Indusvalley Chu Lai CEO Le Thi Nghia said, adding that by the end of 2021, the global provider of cleaning technology had more than 14,000 employees in 78 countries.
As for her company, she said it will build a series of pre-built or custom-designed workshops in Tam Hiep IP, with the size ranging from 1,500 square meters to 15,000 sq.m for Vietnamese and foreign investors to lease as factories.
Quang Nam is a key industrial province and manufacturing center in central Vietnam. Bordering it to the north is Danang city, the regional hub. Meanwhile, Quang Ngai province next to Quang Nam to the south is home to Dung Quat Refinery, Vietnam’s first oil refinery, with designed capacity of 6.5 million tons of crude oil annually, or 140,000 barrels per day.
- Read More
State utility EVN proposes trial of two-tier electricity pricing model
State utility Vietnam Electricity (EVN) has proposed piloting a two-tier electricity pricing mechanism for some customer groups before it is expanded nationwide starting January 1, 2025.
Economy - Tue, November 5, 2024 | 8:16 pm GMT+7
Registered FDI in Vietnam rises 1.3% in to $27.3 bln in Jan-Oct
Registered foreign direct investment (FDI) in Vietnam totaled $27.26 billion in the first ten months of this year, up 1.9% year-on-year, according to the Ministry of Planning and Investment.
Economy - Tue, November 5, 2024 | 5:35 pm GMT+7
Thailand’s Krungsri aims to wholly acquire Hanoi-based SHBFinance soon
Bangkok-domiciled Krungsri, officially known as Bank of Ayudhya Public Company Limited, has offered to acquire the remaining 50% stake in SHBFinance from private lender SHB before their initially agreed timeline.
Finance - Tue, November 5, 2024 | 4:23 pm GMT+7
LG Electronics to expand R&D operations in Vietnam to in-vehicle infotainment
LG Electronics is strengthening its research and development (R&D) capabilities in Vietnam and will expand its local research program into vehicle components, webOS platform, and home appliances.
Companies - Tue, November 5, 2024 | 3:28 pm GMT+7
BIDV cuts selling price of construction major’s mortgaged assets to $174 mln
State-controlled BIDV, a “Big 4” lender in Vietnam, has slashed the auction price of mortgaged assets held by Tai Nguyen Construction and Trading Company to VND4.41 trillion ($174.4 million).
Finance - Tue, November 5, 2024 | 3:16 pm GMT+7
Vietnam developer Novaland denies involvement in violations at Central Highlands property project
Real estate major Novaland asserted on Monday that it was neither aware of nor involved in any violations of the law by its partner or other parties concerned in a Central Highlands eco-resort and urban area project.
Companies - Tue, November 5, 2024 | 2:36 pm GMT+7
Vietnam central bank likely to raise interest rates in Q2 next year: StanChart
The Vietnamese central bank is forecast to lift interest rates by 50 basis points in Q2/2025 due to a pickup in inflation, a Standard Chartered economist has said.
Economy - Tue, November 5, 2024 | 2:01 pm GMT+7
Chinese e-commerce giant Temu receives tax code, still unlicensed
Temu, the e-commerce platform under China’s PDD Holding, has been given tax identification number 9000001289 for its tax duty in Vietnam, says the General Department of Taxation (GDT) under the Ministry of Finance.
Companies - Tue, November 5, 2024 | 12:05 pm GMT+7
Korea soju producer HiteJinro targets annual output of 70 mln liters in Vietnam
South Korea's HiteJinro, a leading producer of traditional alcoholic beverage soju, targets an annual output of 70 million liters of soju and fruit-flavored soju under the Jinro brand for its to-be-built factory in Vietnam.
Industries - Tue, November 5, 2024 | 10:13 am GMT+7
Vietnam stock market may receive $9 bln from overseas funds once upgraded: Morgan Stanley
International funds may pour up to $9 billion into Vietnamese equities once Vietnam’s stock market status is upgraded from a frontier to an emerging market, says a Morgan Stanley representative.
Finance - Tue, November 5, 2024 | 9:33 am GMT+7
Vietnam oil & gas sector’s Q3 profits up for upstream firms, down for downstream firms
Upstream oil and gas companies in Vietnam reported robust profit growth in the third quarter of this year, but downstream peers were hit by declining oil prices.
Companies - Tue, November 5, 2024 | 8:01 am GMT+7
Indonesia targets comprehensive fuel subsidy scheme reform
Indonesian Energy Minister Bahlil Lahadalia has said the country is conducting a thorough exercise to reform its fuel subsidy scheme.
Southeast Asia - Mon, November 4, 2024 | 10:50 pm GMT+7
Tech companies invest in data centers in Thailand
Thailand’s Board of Investment (BOI) has approved investment support for two large data centre projects in the country worth over THB60 billion ($1.7 billion).
Southeast Asia - Mon, November 4, 2024 | 10:49 pm GMT+7
Indonesia upgrades sea wall system to protect Jakarta
Indonesian Coordinating Minister for Infrastructure and Regional Development Agus Harimurti Yudhoyono has stated that the construction of sea walls was one of the priorities of President Prabowo Subianto.
Southeast Asia - Mon, November 4, 2024 | 10:47 pm GMT+7
Where real estate and urban development meet
The Transit-Oriented Development (TOD) itself, if properly planned and implemented, can lower the barrier to the use of public transport, lessen the dependency on private vehicles, contributing to the liveability of communities and cities, write Avison Young Vietnam analysts.
Consulting - Mon, November 4, 2024 | 8:49 pm GMT+7
AI helps sellers offer competitive prices on e-commerce platforms: Lazada trainer
When sellers carry out promotions on e-commerce platforms, artificial intelligence can help ensure their prices remain competitive, says Nguyen Tran Tin, a seller and trainer at Lazada Academy.
Companies - Mon, November 4, 2024 | 8:07 pm GMT+7