Taiwan-invested Formosa builds illegal temple in Vietnam EZ

Authorities of the central province of Ha Tinh have suspended the illegal construction of an 18-square-meter temple by the Taiwan-invested Formosa Ha Tinh Steel Corporation in the Vung Ang economic zone. The firm requested a license to build the temple in July but was rejected. Nonetheless, it began work on the building, which will be 3.6 x 5.1m and 4.5m height. … [Read more...]

Breakfast @ Tuoi Tre News – October 25

Tuoi Tre News briefs you on some of the leading stories published today, October 25, in Vietnamese media. Politics -- Vietnamese Prime Minister Nguyen Tan Dung and his spouse will pay an official visit to India from October 27 to 29 to discuss measures to boost the two-way trade and expanding cooperation between the two countries in such fields as science-technology, … [Read more...]

Vietnam rejects yet another demand by Taiwanese steel giant

A huge steel mill owned by Taiwan's Formosa Plastics Group being built in the north-central province of Ha Tinh. Photo: Nguyen Dung The government has turned down a request from Taiwanese-owned Formosa Plastics Group for using its own fleet of ships to transport its steel products in Vietnam's inland waterways, citing the country's laws. Earlier this month Formosa Ha Tinh … [Read more...]

Taiwanese firm keeps demanding more despite huge incentives from Vietnam

Formosa Ha Tinh Steel Corporation had been unknown to most people outside of the business sector before it first grabbed media attention in early May, when protests, followed by riots, erupted in some Vietnamese localities after China stationed its illegal oil rig in Vietnamese waters. Sixteen individuals were arrested and placed under investigation on May 18 for igniting … [Read more...]

Excessive FDI incentives will nullify benefits to society, say experts

VietNamNet Bridge - Tax incentives offered by Vietnam to foreign direct investors help attract business and improve the competitiveness of the country in the global economy. However, when things go beyond the framework, there will be a "competitive race to the bottom". Local authorities' incentives overlapping state's incentives UNIDO, the United Nations Industrial … [Read more...]

Formosa pours huge money for its

Taiwan's Hung Nghiep Formosa Ha Tinh Steel Limited Company has poured $1.166 billion for its site clearing According to the company's latest report, it has poured that amount of money for its sucking sand as well as smooth the surface of its steel project, a 2.6 times higher than initial estimate. Formosa Plastics Group, the largest private conglomerate … [Read more...]

BUSINESS IN BRIEF 24/1

DHL extends pickup cutoff time for customers in southGlobal express service provider DHL Express has applied an extension of 45 minutes to the pickup cutoff time for customers located in southern Vietnam looking to send packages and documents internationally.DHL Express said in a statement that the change would see counters extending their cutoff times to as late as 17:45 p.m. … [Read more...]

BUSINESS IN BRIEF 21/10

Food security and farmer interestsAlthough Vietnam has ensured food security and exported large amounts of rice, its farmers feel hunger here and there.Food security is a big challenge to any countries when their populations keep rising and farmland shrinks dramatically for urbanisation and industrial production.Statistics show the world has approximately 870 million hungry … [Read more...]

BUSINESS IN BRIEF 18/10

Trade surplus recorded in nine monthsThe nation enjoyed a trade surplus in the past nine months of this year, with export reaping over US$96.27 billion and import earning US$96.26 billion, according to the Viet Nam Customs.The figures are against the General Statistics Office's forecast on a trade deficit of US$124 million.In the last fifteen days of September, Viet Nam's … [Read more...]

CSVC commissions 1.2-million-ton steel plant

Van Nam The company said in a statement that the facility with total investment capital of around VND18.4 trillion produces cold rolled coils, pickled and oiled steel coils, and hot deep galvanized steel and electrical steel sheets. The plant employs 800 workers. Speaking to the Daily, a representative of CSVC said that in the first phase of operation, all products of the … [Read more...]