[Jan - 06 Feb] Vietnam Weekly Industrial & Logistics Highlight
TTI to invest $650 million in cordless power equipment plant
Hong Kong-based Techtronic Industries (TTI) is to invest in Vietnam $650 million in a cordless power equipment plant in Ho Chi Minh City Saigon High-tech Park (SHTP). The plant will focus on manufacturing hand-held cordless power tools and outdoor power equipment.
Heineken Vietnam invests an additional US$70 million in Vung Tau factory
With the additional capital, the company expects to raise the annual capacity of its Vietnam factory in Vung Tau from 610 million liters to 1.1 billion liters in 2020.
Taiwan’s Pegatron Corp. is looking for a site to build a brand new industrial factory in the north of the country, according to people familiar with the matter who asked not to be identified discussing private plans. It already has rented a separate facility in the northern city of Haiphong, they said. Pegatron will make styluses for Samsung Electronics Co.’s smartphones there, one of the people said.
The complex will cover an area of 50 hectares in Chan May-Lang Co Economic Zone with the total investment capital of VND2.6 trillion ($113.04 million). The industrial factory complex will manufacture and assemble cars of up to nine seats with a capacity of 100,000 units per year.
Work begins on $96.3m industrial park in Bac Ninh
The construction of Yen Phong II-C Industrial Park, worth more than US$96.3 million, began in the northern province of Bac Ninh. It aims to attract multi-sector investment, mainly processing and manufacturing, high technology and non-polluting industrial factory.
Vietnam footwear industry likely to hit goals in 2020
The industry’s footwear and bag export value were forecast to reach 24 billion USD in 2020, gaining 10 percent compared to the figure last year. Besides that, orders for footwear and bag would continue shifting from China to Vietnam to take advantage of preferential tariffs from free trade agreements.
Vietnam manufacturing, processing industry drives economic growth
Contributing 2.33 percentage points to Vietnam’s gross domestic product growth of 7.02 percent in 2019, manufacturing and processing industry played a key role in national economic development.
Vietnam keen to develop supporting industries: Deputy PM
The Government has been working towards the goal of having 1,000 enterprises operating in this sector that are capable of supplying assembling enterprises and multinational corporations in 2020.
Japanese firms wish to scale up business in Vietnam
Tidy profits have motivated about 64 percent of Japanese firms in Vietnam to consider expanding their Vietnam investment in the Southeast Asian country, according to the Japan External Trade Organisation (JETRO).
RoK tops foreign investors in Vietnam in 2019
The Republic of Korea (RoK) is the leading foreign investor in Vietnam in 2019, pouring 7.92 billion USD into the country, accounting for over one-fifth of the total flow of foreign direct investment into Vietnam during the year.
January FDI surges 179 percent
Vietnam raked in US$5.3 billion in foreign direct investment (FDI) in the first 20 days of 2020, a year-on-year surge of 179.5 percent, according to the Ministry of Planning and Investment. Singapore was Viet Nam’s biggest foreign investor in the month with over $4.05 billion, representing 90.9 percent of the total FDI.
GDP growth forecast robust for 2020
Việt Nam would look to maintain economic growth of 6.76 percent this year. Việt Nam is in a good position to pursue high GDP growth this year thanks to stable macroeconomics, numerous international trade deals, rising contributions from the private sector and a growing appetite in the domestic market for goods and services.
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