Kinda Kindle: Multi-billion projects kindle hope for recovery TalkVietnam

A number multi-billion dollar projects have been approved to start in 2013.

Samsung have decided to expand its base in Vietnam

Leading South Korean electronics giant LG is expected to invest in an electronics factory in Haiphong City this year with investment for the first stage amounting to USD300 million. There are also rumours that Samsung is planning to build a second hi-tech complex in Thai Nguyen Province worth USD1.2 billion.

Meanwhile, deputy director of Vung Ro Petroleum Company Nghiem Xuan Cai confirmed that the capital for Vung Ro Oil Refinery would be raised from USD1.7 billion to USD3.6 billion in May or June. “We’ll start the construction once we receive the permit and land,” Cai said.

Binh Dinh Province has also just approved a Russian-invested bus assembly project by Buscenter Met Company. The USD1 billion factory to manufacture and assemble bus spare parts will be constructed in Nhon Hoa Industrial Zone this year.

The capital of Nghi Son Oil Refinery, a joint Vietnam Oil and Gas Group, Kuwait Petroleum Group, Idemitsu Kosan Petroleum Group and Mitsui Chemical project has been raised from USD2.8 billion to USD9 billion in the first months of 2013.

Foreign investment has picked up this year, after a slow down in interest. In 2011, only two major projects were approved and in 2012 there was only one. Furthermore, many large capital projects had their permits revoked or were still unable to complete construction.

However, most of the new projects are primarily focused on manufacturing industry rather than real estate and hospitality as previously. Many projects have already started construction.

Gov't to underwrite huge loans for Nghi Son oil refinery

Leaders of the Ministry of Industry and Trade and Vietnam Oil and Gas Group (PVN) on Tuesday signed a pledge on the Government guarantee worth VND4 trillion for developing the basic components of the Nghi Son Oil Refinery project. Nghi Son Oil Refinery with a total investment... [Read more]

PVN signed EPC contract for Nghi Son project

HA NOI (VNS)- Viet Nam Oil and Gas Group (PVN) yesterday issued a Letter of Award and signed EPC (engineering, procurement, and construction) contracts with five contractors for the Nghi Son oil refinery plant project. Outline of NSRP Location: Nghi Son Economic Zone, Thanh Hoa Province, Viet Nam Establishment: April 14, 2008 Capital: $200... [Read more]

Binh Dinh Province protects stonemasons, woodworkers

HA NOI ' Wood workers and stonemasons in the central province of Binh Dinh are in difficulties due to the economic slowdown and provincial leaders are working to devise measures to help them. Wooden chairs are made for export at Nhon Hoa Industrial Zone in central Binh Dinh Province. ' VNA/VNS... [Read more]

Firms urged to exploit free trade deals

HA NOI — Businesses should take full advantage of free trade agreement (FTA) preferences to expand their export markets and product portfolios, a meeting held in Ha Noi heard on Monday. Workers of the Thai Bao Co Ltd in the Nhon Hoa Industrial Zone in the central province of Binh... [Read more]

VNSTEEL plans mill in Binh Dinh

General director Dau Van Hung leading a 10-member delegation of VNSTEEL presented the project to Binh Dinh chairman Vu Hoang Ha and local officials after conducting a location survey there, seeking the provincial government's support. Nguyen Thanh Hai, director of the Binh Dinh Investment Promotion Center, told the Daily on the... [Read more]

PetroVietnam opposes USD27-billion refinery project

Vietnam Oil and Gas Group (PetroVietnam) has proposed the Ministry of Industry and Trade to turn down proposals for a USD27-billion oil refinery project invested by PTT Public Company Limited (PTT). Dung Quat Oil Refinery currently meets just 30% of domestic petroleum demand The investor has finished a feasibility study of the... [Read more]

FDI amounts to US$6.034 billion in Q1

(VEN) - The Foreign Investment Department said that Vietnam attracted US$6.034 billion worth of foreign direct investment (FDI) in the first quarter of this year, a 63.6 percent increase from a year ago, including US$2.927 billion in new FDI capital and US$3.1 billion in supplementary FDI capital. Foreign investors disbursed US$2.7... [Read more]

FDI inflow surges in first quarter

VGP - As of March 20, newly registered and expanded foreign direct investment (FDI) capital in Viet Nam was estimated at US$6.034 billion, representing a year-on-year rise of 63.3% and equaling 37 percent of the 2012 figure. Newly-registered investment was estimated at US$2.93 billion in 191 projects, up 2.2% over the... [Read more]

Vietnam sees FDI surge in first quarter

As of March 20, newly registered and expanded foreign direct investment (FDI) capital in Vietnam was estimated at 6.034 billion USD, representing a year-on-year rise of 63.3 percent and equalling 37 percent of the 2012 figure. Illustrative image (Source: VNA) The figure included 5.4 billion USD pumped in between February 20... [Read more]

Impressive FDI attraction results reaped in Q1

Quoc Hung So far in the first quarter, Vietnam has lured 191 new FDI projects with total registered capital of over US$2.9 billion, up 2.2% year-on-year. However, 71 projects have raised capital by a combined US$3.1 billion, 3.7 times higher than the same period last year. In total, US$6.03 billion... [Read more]