Taiwan electronics maker Foxlink likely to raise investment in Danang to $400 mln
Taiwan’s Foxlink International Investment Ltd. is likely to increase its investment in Vietnam’s central city of Danang to $400 million in its second phase and beyond.
Vu Quang Hung, director of the Danang Hi-Tech Park and Industrial Zones Authority (DHPIZA), unveiled the information at a Friday meeting with chief of the municipal Party Committee Nguyen Van Quang.
The DHPIZA attracted $260 million in investment last year, far above its year target of $200 million.
Besides Foxlink, a number of semiconductor producers from Taiwan and Japan are exploring opportunities to set up facilities in the city’s high-tech park, with a combined area of 500 hectares.
Quang asked the DHPIZA to promote investments in prioritized industries such as electronics, semiconductors, and advanced medical equipment, and prepare for the expansion of the high-tech park.
At a meeting with Foxlink executives the same day, Quang hailed the firm’s swift action to roll out its investment plan after receiving an investment license last year. He promised further support from the city’s leadership as well as the DHPIZA for the firm on its path ahead.
Foxlink started its Danang operations in late September 2023 with an initial investment of $28 million, and is poised to produce electronic components and high-tech products for tech giants such as Microsoft, Google, and Apple. Its plant will employ 1,500-2,000 workers.
A Foxlink executive said that the firm will recruit core managers and send them for training in mainland China and Taiwan. In addition, it is filing for construction and fire prevention permits to put the plant into operation quickly to process already placed orders.
Since 1986, Foxlink Group has designed and manufactured connectors, cables, power management devices, and battery packs on an original equipment manufacturer (OEM)/original design manufacturing (ODM) basis for several leading global manufacturers of communications equipment, computers and consumer electronics.
- Read More
Vietnam retail giant Aeon's second most important market: exec
Vietnam is 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
ThaiBev earns $1.71 bln revenue from Vietnam in fiscal year 2024
Thailand’s largest beverage firm Thai Beverage (ThaiBev) earned a revenue of THB58,319 million ($1.71 billion) in Vietnam in fiscal year 2024 (ending September 30, 2024), down 2.7% year-on-year.
Companies - Fri, December 13, 2024 | 6:59 pm GMT+7
56.1% of Japanese firms target expansion in Vietnam: survey
As many as 56.1% of Japanese firms aim to expand their activities in Vietnam in the next one to two years, reflecting their stable business confidence, according to a survey of the Japan External Trade Organization (Jetro) for fiscal year 2024.
Economy - Fri, December 13, 2024 | 6:51 pm GMT+7
Former Prime Minister Nguyen Xuan Phuc disciplined
The Politburo, Vietnam’s supreme decision-making body, on Friday issued warnings to former PM Nguyen Xuan Phuc and former Deputy PM Truong Hoa Binh, while reprimanding Truong Thi Mai, former Secretary of the Party Central Committee, for their violations while on duties.
Politics - Fri, December 13, 2024 | 4:33 pm GMT+7
Sun Group breaks ground on $512 mln Aspira Tower project in Phu Quoc
Sun Group, Vietnam's leading real estate developer, recently held a groundbreaking ceremony for the VND13 trillion ($512 million) Aspira Tower project on Hon Thom Island, Phu Quoc, southern Vietnam.
Real Estate - Fri, December 13, 2024 | 3:35 pm GMT+7
Vietnam aims to remove obstacles facing renewable energy projects by Jan 2025
The government strives to solve problems facing renewable energy projects by January 31, 2025, Prime Minister Pham Minh Chinh said at a Thursday conference on the government’s policy to aid such projects.
Energy - Fri, December 13, 2024 | 3:23 pm GMT+7
FDI a driving force for double-digit growth: parliament member
Vietnam's FDI attraction will likely remain "very good" in 2025 thanks to investors' trust in the country's internal strength, says Prof. Dr. Hoang Van Cuong, member of the National Assembly's Finance and Budget Committee.
Economy - Fri, December 13, 2024 | 1:37 pm GMT+7
Vietnamese conglomerate T&T Group becomes strategic shareholder of Vietravel Airlines
T&T SuperPort, T&T Airlines, and BVIM Fund Management JSC, all part of the T&T Group ecosystem, have become strategic shareholders of Vietravel Airlines, a member of travel service provider Vietravel Group.
Economy - Fri, December 13, 2024 | 12:57 pm GMT+7
Vietnam refinery operator to list on HCMC bourse
Binh Son Refining and Petrochemical JSC (BSR), the operator of Vietnam’s first oil refinery, has received the Ho Chi Minh Stock Exchange’s (HoSE) approval to list its BSR shares on the major bourse.
Finance - Fri, December 13, 2024 | 12:45 pm GMT+7
Samsung urges Vietnam to soon issue Investment Support Fund rules
Vietnam should soon issue a decree on the Investment Support Fund, Samsung Vietnam general director Choi Joo Ho said at a Thursday meeting with Vietnamese National Assembly Chairman Tran Thanh Man.
Industries - Fri, December 13, 2024 | 11:17 am GMT+7
Improved domestic manufacturing to drive Vietnam stock market in 2025: brokerage
Vietnam’s stock market in 2025 will be fuelled by the recovery of domestic manufacturing, a key driver of growth, according to broker Mirae Asset.
Finance - Fri, December 13, 2024 | 8:20 am GMT+7
Malaysia eyes to become global medtech hub
Malaysia is on track to become a global medical technology (medtech) hub with its strong policies in attracting and executing the right investments, says Minister of Investment, Trade and Industry Tengku Datuk Seri Zafrul Abdul Aziz.
Southeast Asia - Thu, December 12, 2024 | 10:14 pm GMT+7
Malaysia launches national AI office for shaping policy
Malaysia on Thursday launched a national artificial intelligence (AI) office aimed at shaping policies and addressing regulatory issues, as it looks to establish itself as a regional hub for AI development.
Southeast Asia - Thu, December 12, 2024 | 10:10 pm GMT+7
Amended Electricity Law to benefit renewable energy, energy infrastructure firms: broker
The amended Electricity Law, effective from February 1, 2025, is expected to benefit businesses involved in the development of renewable energy, energy infrastructure, and power generation.
Companies - Thu, December 12, 2024 | 10:05 pm GMT+7