US firm studies feasibility of Hai Phong free trade zone
U.S. consulting firm CT Strategies LLC has signed a contract with Vietnam’s L.Q Joton Group to carry out a feasibility study for a free trade zone in Hai Phong city.
Ho Chi Minh City-based L.Q Joton Group expects to build the free trade zone in Tien Lang district, utilizing the advantages of connecting with deep-water seaports in Hai Phong and major roads in surrounding areas.
“Regarding feasibility, we’ll analyze significant factors such as infrastructure, planning, business models and funding,” CT Strategies CEO Andrew Farrelly said at Saturday’s contract signing ceremony.
The port city of Haiphong, northern Vietnam’s logistics hub, is cementing its position as an industrial hub.
In a massive industrialization push, the city administration approved in late June a list of 137 projects calling for foreign investment in the 2023-2025 period. They include 16 industrial parks (IPs), nine logistics centers, and 52 urban development areas.
Of the 16 IP development projects in the list, three in Tien Lang district have the largest land use area: Tien Lang 2 with 500-550 hectares; Tien Lang Airport with 450-550 hectares; and Tien Lang 1 with 407 hectares.
These are followed by three IPs in Vinh Bao district: Vinh Quang with 340-350 hectares; An Hoa with 200 hectares; and Giang Bien II with 350 hectares. Thuy Nguyen, An Duong, An Lao and Kien Thuy districts boast two IP projects each, while Cat Hai and Hai An districts have one each.
Also in late June, LG Innotek, an electronic component arm of South Korea’s giant LG, received an adjusted investment certificate to invest an additional $1 billion in Hai Phong, doubling its investment in the city to $2.05 billion. The new investment is for LG Innotek Vietnam Hai Phong Co. Ltd.
The city is also home to two other LG firms – LG Display Vietnam Hai Phong Co. Ltd. and LG Electronics Vietnam Hai Phong Co. Ltd.
Hai Phong also hosts the headquarters of electric vehicle startup VinFast, a subsidiary of Vietnam's biggest listed company Vingroup.
- Read More
Maersk opens its first bonded warehouse in Vietnam
Denmark's integrated transport and logistics giant A.P. Moller - Maersk (Maersk) on Thursday opened its first bonded warehouse in Vietnam at SLP Park, Nam Dinh Vu Industrial Park in Hai Phong city.
Industries - Thu, October 31, 2024 | 11:44 pm GMT+7
ABBank incurs $14 mln loss in Q3
Hanoi-headquartered An Binh Commercial Joint Stock Bank reported a pre-tax loss of VND343.5 billion ($13.59 million) in the third quarter of this year, while some other private Vietnamese banks posted strong profits.
Banking - Thu, October 31, 2024 | 9:29 pm GMT+7
Vietnam’s emergence as regional manufacturing hub a significant logistics opportunity: SuperPort exec
Southeast Asia’s rise as a vital logistics hub with Vietnam positioned as a key manufacturing center presents a significant business opportunity, says Yap Kwong Weng, CEO of Vietnam SuperPort.
Companies - Thu, October 31, 2024 | 9:01 pm GMT+7
Indonesia steps up support for textile industry
Indonesia’s President Prabowo Subianto held a close-door meeting with several ministers on Tuesday to discuss the current situation of Indonesia's textile industry, particularly focusing on textile giant Sri Rejeki Isman (Sritex).
Southeast Asia - Thu, October 31, 2024 | 6:01 pm GMT+7
Thailand speeds up plans to construct six new airports
Thailand’s Transport Ministry is accelerating development and construction projects on six airports with an aim to become the region's transportation hub.
Southeast Asia - Thu, October 31, 2024 | 6:00 pm GMT+7
Thailand develops eco-friendly seaport model
Thailand is striving to implement environmental protection and social sustainability solutions in developing the country’s major infrastructure projects, such as the development of Phase 3 of Laem Chabang Port, Thailand's only deep-sea port.
Southeast Asia - Thu, October 31, 2024 | 5:58 pm GMT+7
Indonesia intensifies oil palm cultivation to meet biodiesel demand
Indonesia is expanding its oil palm cultivation to increase crude palm oil (CPO) production as a raw material for 50% biodiesel (B50), according to the country’s Ministry of Agriculture.
Southeast Asia - Thu, October 31, 2024 | 5:56 pm GMT+7
Malaysia’s first domestic EV model opens for booking
The Malaysian multinational automotive company Proton's first electric vehicle (EV), the e.MAS 7, is now open for booking.
Southeast Asia - Thu, October 31, 2024 | 5:54 pm GMT+7
Thailand aims to become emerging leader in AI
Thailand is positioning itself as an emerging leader in artificial intelligence (AI) regulation and development, thanks to policies that support an approach that balances technological innovation with ethical considerations and workforce protection.
Southeast Asia - Thu, October 31, 2024 | 5:53 pm GMT+7
Vietnam PM calls for more investment from Qatar’s $475 bln sovereign wealth fund
Vietnamese Prime Minister Pham Minh Chinh has called on the Qatar Investment Authority (QIA), Qatar's sovereign wealth fund with total assets amounting to $475 billion as of 2023, to ramp up its investment in Vietnam.
Industries - Thu, October 31, 2024 | 4:43 pm GMT+7
FPT Retail earns $6.5 mln in Q3 profit, to expand FPT Shop chain
Vietnamese retail major FPT Retail made a profit after tax of VND165 billion ($6.52 million) in the third quarter of this year, while it incurred a loss of VND13 billion ($514,000) in the same period last year.
Companies - Thu, October 31, 2024 | 3:56 pm GMT+7
Germany’s PNE opens rep office for $4.6 bln offshore wind project in central Vietnam
Germany’s PNE AG, a leading developer of renewable energy projects, has shown its determination to proceed with a mega offshore wind power project in central Vietnam by opening a representative office there.
Energy - Thu, October 31, 2024 | 2:43 pm GMT+7
Saudi Arabian energy giant ACWA Power ready to invest $5 bln in Vietnam
Saudi Arabian private energy giant ACWA Power stands ready to invest up to $5 billion in Vietnam, a senior executive said Wednesday.
Industries - Thu, October 31, 2024 | 2:39 pm GMT+7
Effective M&A deal depends on thorough understanding, value addition potential: Kido exec
An effective M&A transaction depends on fully understanding the company being acquired in order to create added value, says Kido Group CEO Tran Le Nguyen.
Companies - Thu, October 31, 2024 | 1:22 pm GMT+7
No budget apartments in Vietnam, chronic supply-demand gap widens
Vietnam saw no supply or transaction of low-cost apartments priced below VND25 million ($988) per square meter in the third quarter, says a real estate report by the Ministry of Construction.
Real Estate - Thu, October 31, 2024 | 1:10 pm GMT+7
Vietnam steel major SMC remains bogged down with difficulties
Steel manufacturer SMC Trading Investment JSC has been actively selling assets to generate cash for debt repayment and maintain operations since the beginning of this year.
Companies - Thu, October 31, 2024 | 10:41 am GMT+7