HCMC proposes 5-year extension for Mercedes-Benz land lease
Ho Chi Minh City's government has suggested that the Prime Minister allow Mercedes-Benz Vietnam to lease for another five years a 10.5-hectare land lot for its factory in the inner district of Go Vap.
Mercedes-Benz Vietnam is a joint venture between state-owned Saigon Transportation Mechanical Corporation (Samco) and vehicle giant Mercedez-Benz. The joint venture’s 30-year lease of the land lot for its assembly factory is set to end in mid-2025.
![Mercedes-Benz Vietnam factory in HCMC. Photo courtesy of Tuoi Tre (Youth) newspaper.](https://i.ex-cdn.com/theinvestor.vn/files/content/2024/08/20/mercedez-benz-hcmc-1222.jpg)
Mercedes-Benz Vietnam factory in HCMC. Photo courtesy of Tuoi Tre (Youth) newspaper.
The automaker had proposed a five-year extension of the lease in 2021, but it saw little progress since.
Under Decree 167/2017 and Decree 67/2021 on state asset management, the land lot in this particular case has to be recovered once the lease ends. The current legal framework does not provide details for the next steps like extending the land lease or making land use bids.
In the latest development on this issue, HCMC Chairman Phan Van Mai has called on the prime minister to handle the case as the latter can issue directions in special cases in line with the decrees.
City authorities have specifically suggested that the PM approve a five-year extension for the land lot as a solution for state asset management in this case.
They have noted that Mercedez-Benz Vietnam, a high-tech business, employs 800 locals and contributed VND5.5 trillion ($220.7 million) to the state budget ever year in the 2017-2021 period.
The extension will help the city retain its cooperation with Mercedes-Benz as a strategic partner and facilitate later relocation of the business into an industrial park specialized for automobile activities, municipal authorities have argued.
They have also emphasized that Mercedes-Benz Vietnam’s facility in Go Vap, one of the most crowded districts in HCMC, does not pose any environmental problems.
- Read More
Thailand plans to apply global minimum tax
Thailand’s Revenue Department is planning to impose an additional tax of 15% on multinational corporations that are operating in the country.
Southeast Asia - Thu, September 12, 2024 | 9:16 am GMT+7
Price of banana in Thailand rising
The price of kluay hom thong banana or "golden bananas" in Thailand has doubled from about THB 15 ($0.44) per kilogramme to THB 30, with farmers rejoicing at growing demand.
Southeast Asia - Thu, September 12, 2024 | 9:12 am GMT+7
Thailand-Laos bus service to resume
Thailand's state-run Transport Co. plans to resume bus services from the northeastern provinces of Udon Thani and Nong Khai to the Lao town of Vang Vieng in November.
Southeast Asia - Thu, September 12, 2024 | 9:10 am GMT+7
Businesses affected amidst super typhoon Yagi havoc in northern Vietnam
Many businesses have been affected in the widespread damage including loss of lives inflicted by super typhoon Yagi in northern Vietnam.
Economy - Thu, September 12, 2024 | 8:17 am GMT+7
Former Ha Giang province Party chief subject to disciplinary action for Thuan An Group-related violations
The Central Inspection Committee has proposed disciplining Dang Quoc Khanh, former Party chief of Ha Giang province, for violations related to a Tuyen Quang-Ha Giang Expressway bid package implemented by Thuan An Group.
Politics - Wed, September 11, 2024 | 10:44 pm GMT+7
HCMC makes plans to realize target of becoming world-class logistics center
HCMC will implement “key tasks and solutions” to increase investment in logistics infrastructure development, enlarging loading and unloading capacity, and building seaport warehouses, the municipal administration says.
Economy - Wed, September 11, 2024 | 9:28 pm GMT+7
Vietnam-China border gate reopens after two-day closure over flooding
The Lao Cai-Hekou International Border Gate has reopened following a two-day closure caused by super typhoon Yagi.
Economy - Wed, September 11, 2024 | 6:45 pm GMT+7
American automaker Polaris launches $36 mln factory in northern Vietnam
The U.S.-based Polaris, an automaker in the Fortune 500 list, launched its second factory in Vietnam’s northern province of Vinh Phuc on Wednesday.
Industries - Wed, September 11, 2024 | 6:18 pm GMT+7
Binh Dinh province to divest from minerals firm
Binh Dinh province in south-central Vietnam will offer state capital at Binh Dinh Minerals Joint Stock Company at a starting price of VND22,300 ($0.91) per share.
Companies - Wed, September 11, 2024 | 4:56 pm GMT+7
Taiwan footwear firm aims to invest $100 mln in central Vietnam
Taiwan-based footwear firm Dah Lih Puh (DLP Group) plans to build a $100-million factory in Vietnam’s central province of Ha Tinh.
Industries - Wed, September 11, 2024 | 4:38 pm GMT+7
Vietnam among eight ‘strategic’ countries to join US semiconductor workforce development initiative
Vietnam and seven other “strategic countries” have been selected to join a U.S. initiative designed to enhance semiconductor capabilities and supply chain resilience worldwide.
Economy - Wed, September 11, 2024 | 3:49 pm GMT+7
Vietnam pharma firm Bidiphar’s stock attracts institutional investors
Several organizations and investment funds have continuously registered to buy DBD shares of Vietnamese pharma major Binh Dinh Pharmaceutical Medical Equipment JSC (Bidiphar) since last June.
Companies - Wed, September 11, 2024 | 3:26 pm GMT+7
Russia’s Gazprom to support Vietnam growth with LNG supply: exec
Russian state-owned energy giant Gazprom will support Vietnam’s socioeconomic growth with LNG supplies, vice chairman Vitaly Markelov said Tuesday.
Energy - Wed, September 11, 2024 | 2:31 pm GMT+7
Heineken value chain halves to 0.5% of Vietnam GDP in 2023
Heineken Vietnam’s value chain added value equivalent to 0.5% of GDP to the economy in 2023, according to the brewer’s sustainability report 2023 released Tuesday.
Companies - Wed, September 11, 2024 | 10:56 am GMT+7
Red River floods exceed warning level 2, disaster risk elevated in Hanoi
Flood levels on the Red River in Hanoi have surpassed warning level 2, triggering a level 2 natural disaster risk alert.
Society - Wed, September 11, 2024 | 8:44 am GMT+7
Super typhoon Yagi damage leads to over 1,750 non-life insurance claims
Insures in Vietnam had received 1,754 claims against property and vehicle damage caused by super typhoon Yagi as of Tuesday afternoon.
Society - Wed, September 11, 2024 | 8:39 am GMT+7