In late March 2017, Truong Hai Automobile kicked off the $500 million project on manufacturing and assembling Mazda in Chu Lai IZ with the capacity of 100,000 products a year. The first phase of the project, to have the capacity of 50,000 products, is scheduled to be completed by April 2018. This will be a modern automobile factory with automatic production lines, robots and advanced technologies. The Mazda factory is just one of the new investment projects of Truong Hai. In 2017, the corporation invested VND30.47 trillion to build 8 car assembling, 19 car part manufacturing factories and one R&D center. It plans to manufacture sedans, trucks and passenger cars with the localization ratio of 40 percent at minimum for domestic sale and export. Hyundai Thanh Cong in early April 2017 decided to set up a 120,000 product per annum assembling plant in Ninh Binh. From 2018, when the plant becomes operational, 90 percent of Hyundai cars to be sold in Vietnam will come from the plant. Robots will be used in most of the production phases. Hyundai Thanh Cong is building a modern automobile manufacturing IZ with huge capital of VND20 trillion which will comprise avsedan, passenger car and bus assembling center, an R&D center and an area for supporting industries. Meanwhile, in early September 2017, Vingroup, known in Vietnam as a real estate giant with powerful financial capability, started the construction of VinFast, an automobile manufacture complex in Hai Phong City. The complex, to manufacture automobiles and electric motorbikes,… [Read full story]
Cruise tourism in SE Asia begins to boom Dao Loan By Dao Loan - The Saigon Times Daily HCMC – Cruise tourism in Vietnam is growing in the context that this segment begins to boom in Southeast Asia. Phan Xuan Anh, chairman of Viet Excursions, said cruise lines from the U.S. and Europe are promoting new destinations in Asia, including Vietnam. Therefore, the company has recorded a rise of 1.5 times in the number of orders for the tourism season from November 2012 to April 2013, the best growth so far. Viet Excursions not only caters to cruise ships arriving…... [read more]
Manufacturers plan to build 54 newplants in SE Asia’s biggest economy by 2019, expected to surpassMalaysia and Thailand in the field.President Joko Widodo’sgovernment has adjusted the fuel subsidy policy and increased investmentin infrastructure while promised to promote investment to boost thelocal economy which is growing at the lowest rate since 2009. A survey by the British Chamber of Commerce in Indonesia showsbusiness confidence improved last year and predicts investment will riseby 15 percent in 2015, facilitated by government policies streamliningprocedures. Beyond Indonesia , surveyed manufacturers also plan to open new factories in Myanmar , the Philippines , and Vietnam.-VNA... [read more]
A corner of Ho Chi Minh City - Photo: Trang Dương, VietnamplusThe Bangkok Post online newspaper published an article on Monday saying that the wait-and-see moment in Vietnam is over, and that now is the time for investors to take the plunge in Vietnam-one of Southeast Asia’s most promising economies. The article said with an economic growth of 6.5% this year, Vietnam, a country of 92 million, has been a magnet for global investors in recent years as its government has actively concentrated on improving diplomatic ties and business-friendly policies, and has signed various international trade agreements. The article quoted…... [read more]
The proposed changes to how the special consumption tax is calculated, submitted to other relevant state agencies for evaluation and recommendations by the Ministry of Finance late last month, is expected to drive up the retail price of automobiles starting next year, according to news website vneconomy.vn.Accordingly, the calculation of the new special consumption tax will be based on the wholesale prices, covering all profit margins and almost all other kinds of fees and charges emerging during the process of transferring the vehicles from importers to dealers, such as customs, registry, storage, freight, advertising and marketing.The tax is now based on…... [read more]
Vietnam car market is much likely to cool down due to effects of the financial market fluctuations, local media cited analysts on February 28. Vietnam’s key index has fallen nearly 40 per cent since mid-October and a score of local investors are still trapped with their shares. Worse still, the local property market is suffering from the government financial adjustments leading a sharp down trend recently, a senior analyst said. Meanwhile, commercial banks have to increase interest deposit rate in response to the country’s tighten monetary policies, the New Hanoi newspaper said. The Asia Commercial Bank has so far raised the…... [read more]
