Sharp seeks new large-scale plant in Binh Duong
Sharp Corporation is gauging possibilities to build a new large-scale facility in Binh Duong province as part of the Japanese electronics giant’s production shift from China to Vietnam.
Sharp is operating two factories in the southern industrial province, located in the Vietnam-Singapore Industrial Park (VSIP) I and VSIP II, both developed by VSIP Ltd., a joint venture between Singapore’s Sembcorp Industries and Binh Duong-based Becamex, a leading Vietnamese developer of industrial and urban real estate.
Sharp Corp’s senior managing executive officer Yoshihiro Hashimoto, during his meeting with the provincial administration Saturday, said the giant was seeking investment opportunities in southern Vietnam in its plans for a production shift from China to disperse risks and diversify markets.
The new large-scale facility would produce electronics, high-tech components, smartphones, household appliances, as well as health products, he said.
Hashimoto asked provincial authorities for support in recommending a proper plant site, labor supply and to provide full road connectivity for the project. Sharp also wants to enjoy provincial incentives in terms of tax and construction costs. He said the company would soon submit the documents needed to apply for a high-tech products certificate for the project.
Binh Duong’s Standing Vice Chairman Mai Hung Dung told Hashimoto the provincial government would firstly support Sharp in achieving the high-tech products certificate.
Dung added the province has established 29 industrial parks with a total planning area of 12,663 hectares.
Sharp Corp in 2016 became a subsidiary of Hon Hai, better known as Foxconn - the world’s biggest electronics contract manufacturer and largest iPhone supplier. Foxconn currently employs about 60,000 workers in Vietnam, and will “substantially” increase the number in the next one to two years, Young Liu, CEO and chair of Foxconn, said this month, without adding specifics.
As a key assembly partner for Apple, Foxconn has been producing electronics in Vietnam for years. The Taiwanese corporation made its foray into Vietnam in 2007 and had invested $1.5 billion as of December 2020. In January last year, it injected another $270 million to expand its laptop and tablet assembly capacity in the country.
Vietnam is also home to production facilities operated by other Apple suppliers like Goertek Inc., Pegatron, Luxshare, and Wistron. Earlier this July, Japan’s Panasonic announced it would accelerate the expansion of its electrical construction materials business in Vietnam to up sales by approximately 3.5 times over the next decade, equivalent to a $365 million increase.
Panasonic said it would respond to growing demand on the housing and construction market in Vietnam based on its three main strategies of building a local product development system, strengthening local production capacity of wiring and indoor air quality devices, and proposing solutions across product categories through co-creation with local companies.
- Read More
Vietnam needs large, specialized logistics centers to compete better: official
Vietnam needs large-scale, specialized logistics centers that will enable greater competitiveness of local economies and enterprises, says Tran Thanh Hai, deputy head of the Ministry of Industry and Trade's agency of foreign trade.
Economy - Sun, November 3, 2024 | 11:00 am GMT+7
Vietnam manufacturing sector sees 35% increase in Q3 job orders: Adecco
Vietnam’s manufacturing and sourcing sectors saw a substantial 35% year-on-year increase and a 52% quarter-on-quarter increase in Q3/2024 job orders, global workforce solutions provider Adecco said in a reseach report released Thursday.
Economy - Sun, November 3, 2024 | 9:00 am GMT+7
Construction majors to continue capitalizing on public investment projects
Vietnamese construction giants are expected to continue capitalizing on public investment projects for the remainder of this year after delivering strong performances in the third quarter, analysts say.
Companies - Sun, November 3, 2024 | 8:00 am GMT+7
Former Government Office chairman receives $7,900 bribe from property project
Mai Tien Dung, former Minister-Government Office Chairman, received a bribe worth VND200 million ($7,900) from Nguyen Cao Tri, owner of the Dai Ninh eco-resort and urban area project in Lam Dong province.
Society - Sat, November 2, 2024 | 9:13 pm GMT+7
Thai food giant CP enters public-private partnership to promote food system transformation
Thai-invested C.P. Vietnam Livestock JSC and the Partnership for Sustainable Agriculture Vietnam (PSAV) signed a memorandum of understanding Friday on working together to advance sustainable agriculture in the country.
Companies - Sat, November 2, 2024 | 7:16 pm GMT+7
Central Vietnam province Quang Ngai to begin work on new VSIP industrial park next year
Vietnam’s central province of Quang Ngai will work with the investor to have construction of VSIP II Quang Ngai, a facility based on the Vietnam-Singapore Industrial Park (VSIP) model, begin in August 2025.
Industrial real estate - Sat, November 2, 2024 | 3:47 pm GMT+7
Vietnam likely to grow 6.5% in 2024-2025: VinaCapital
VinaCapital, among the biggest foreign-run asset managers in Vietnam, has forecast the country’s economy to achieve 6.5% growth in both 2024 and 2025, with the composition of the expansion to change to more domestically driven factors next year.
Economy - Sat, November 2, 2024 | 2:00 pm GMT+7
Major Vietnamese developer Novaland appoints new CEO
Duong Van Bac, who joined Novaland as chief financial officer in August 2023, has been appointed general director, starting Friday.
Companies - Sat, November 2, 2024 | 10:24 am GMT+7
Vietnamese conglomerate Bamboo Capital posts 36-fold profit growth in Q3
Ho Chi Minh City-based Bamboo Capital Group recorded an after-tax profit of VND331.2 billion ($13.1 million) in the third quarter of 2024, an astounding 36-fold expansion year-on-year.
Southeast Asia - Sat, November 2, 2024 | 9:41 am GMT+7
ThaiBev to bag $54 mln from Sabeco’s upcoming dividend payout
Vietnam Beverage, wholly owned by Thai Beverage (ThaiBev) will rake in VND1,374 billion ($54.26 million) worth of dividend from Ho Chi Minh City-based top brewer Sabeco.
Companies - Sat, November 2, 2024 | 9:13 am GMT+7
Steel heavyweight Hoa Phat pours over $2 bln into central Vietnam complex
Leading Vietnamese steelmaker Hoa Phat had invested more than VND52.5 trillion ($2.08 billion) in its Dung Quat Iron and Steel Integrated Complex (Dung Quat 2) in the central province of Quang Ngai as of Q3/2024.
Industries - Sat, November 2, 2024 | 8:00 am GMT+7
Vietnam becomes Australia’s fastest-growing inbound market
The number of Vietnamese tourists to Australia has grown significantly after the Covid-19 pandemic, with nearly 178,000 reported in the 12 months to August 2024, according to a Friday press release by the Australian Minister for Trade and Tourism’s Office.
Southeast Asia - Fri, November 1, 2024 | 10:02 pm GMT+7
Study finds shift in Thai consumers’ spending patterns
Consumers in Thailand are shifting their spending focus to experiences and investments, according to the latest ASEAN Consumer Sentiment Study (ACSS) by United Overseas Bank (UOB).
Southeast Asia - Fri, November 1, 2024 | 10:00 pm GMT+7
Energy security, digitalization key to Indonesia's economic growth
The Indonesian government is prioritizing long-term economic growth through energy security, digitalization, and natural resource industrialization, according to Deputy Minister of Finance Thomas Djiwandono.
Southeast Asia - Fri, November 1, 2024 | 9:58 pm GMT+7
Vietnam PM's Middle East tour creates breakthroughs in economic, trade, investment cooperation: FM
Prime Minister Pham Minh Chinh’s freshly ended six-day trip to the UAE, Saudi Arabia and Qatar has produced important outcomes, demonstrating the growing relations between Vietnam and the three Middle-East countries, Deputy Prime Minister and Foreign Minister Bui Thanh Son told the Vietnam News Agency.
Politics - Fri, November 1, 2024 | 9:25 pm GMT+7
Vietnam, Qatar look to tap potential for energy, oil & gas collaboration
Vietnam and Qatar have recognized the significant potential for further collaboration in multiple sectors such as energy, oil and gas, especially LNG, agriculture, Halal industry, and banking.
Politics - Fri, November 1, 2024 | 9:02 pm GMT+7