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Southeast Asian countries are winning manufacturers over from China due to lower costs, rising domestic consumption and improving infrastructure.
Tan Son Nhat airport to expand this October
A joint venture has been proposed with the Airport Corporation of Viet Nam to invest and construct new terminal T4 for the Tan Son Nhat International Airport. The project has attracted a number of large investors. Vietjet Aviation Joint Stock Company was the first applicant to bid for construction of the T4 terminal, which will handle 10 million passengers annually, on a 21ha area next to the apron. The project is expected to start in October and it will come into operation before 2019.
Bac Ninh takes lead in FDI attraction
Bac Ninh is leading the country in FDI attraction, drawing over USD 2.6 billion from 14 newly-licensed projects and 48 capital-added projects in the first quarter of this year. Notably, Samsung Display Vietnam Co. Ltd. asked for permission to raise investment capital of its project in the Yen Phong IP to USD2.5 billion and Hanwha Techwin Security Vietnam to implement a project worth USD100 million in the Que Vo IP. The hi-tech and supporting industries are expected to develop strongly in the province in the coming years.
Mizuho to establish USD 252 million fund, eyes Vietnam
Mizuho Financial Group has planned to set up an USD 252 million investment fund early this summer to invest in small- and medium-sized companies in Southeast Asia. The fund is targeting businesses in countries such as Viet Nam, Indonesia and Malaysia. Each selected SME will receive around USD 9 million. Through this fund, the Japanese company may also support joint ventures between Japan and Southeast Asian nations, as well as send staffs to the firms.
Hoi An once again expands walking zone for tourists
Hoi An has successfully demotorized some of its most beautiful streets, is expanding its walking zone. Walking through the old quarter and its narrow lanes has always been one of the favorite activities for visitors to the town. The pedestrian-only segment on Nguyen Hue Street has also been extended, starting this week. The hours remain unchanged, namely, motorbikes will still be allowed in from 11 a.m. to 3 p.m. Once implemented, local officials hope the added space will give pedestrians more to see and ease overcrowding around some attraction hotspots.
PM okays USD 2.4 billion for major highway
The government has agreed to support construction of the North-South Highway with investment of USD2.4 billion during the 2016-20 period. The highway will be constructed using a Public Private Partnership model that is transparent and highly effective. Also, the Prime Minister has instructed to review and adjust the plan on developing Vietnam expressway network until 2020, towards developing the North-South Highway into 6-10 lanes instead of 4 as originally proposed.
City plans to open more book streets
To meet the high demand of readers, the HCMC Department of Information and Communications is planning to open more book streets, with each able to cater to citizens of two or three districts. The book streets’ design will be based on the specific demand of each particular area. Since the city has already had an extensive bookstore system, these streets will not only open for business purposes but also to encourage people to read books and create a space for cultural activities.
Work begins on USD 300 million plant in Bình Duong
The USD 300 million project has been broken ground for the construction by the Taiwan-based A-Pro Technology Co Ltd and will be operated by A-Pro Tech Vietnam Co Ltd in Binh Duong province this December. The factory is being built on a 76,000 sq.m plot in Dai Dang Industrial Park. Once completed, it is expected to have an annual capacity of 300,000 bicycles, one million bike frames of different types, 100,000 tonnes of spare parts for bicycles, motorcycles and cars, as well as 50,000 tonnes of metal tubes.
Prime Minister approves golf course project
The Prime Minister has given the green light to a plan on developing the Kim Bang golf project on a total area of 198.24ha in Kim Bang District, Ha Nam Province. The project’s total investment is USD43.9 million, undertaken in two phases -- developing a golf course and a resort in Ha Nam Province. The Kim Bang project is expected to be in operation in the first quarter of 2018.
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