The face of modern office space is changing rapidly Enter the giant operators The co-working space market in Vietnam will soon welcome WeWork, the third largest startup from the US that is planning to enter this December. The WeWork co-working space at E.Town Central in Ho Chi Minh City will be the biggest co-working space in Vietnam so far with the total area of 5,000 square metres, offering a flexible space for co-working and private officers. Before coming to Ho Chi Minh City, WeWork has set up shop in Hanoi via the acquisition of NakedHub – the operator of four co-working spaces in Vietnam. The presence of WeWork has been said to heavily impact the budding segment in Vietnam, prompting all other co-working space operators to improve to stay in competition against giants like WeWork. The representative of WeWork in the US refused to divulge strategy in Vietnam to VIR, however, according to local media, the operator will be more active from 2020 onward. Facing tougher … [Read more...] about Co working spaces shine as global giants approach
The closure of Parkson Cantavil would make it the fifth in the chain to shut down, Photo: Le Toan While the closing of Parkson Cantavil shopping centre in District 2 of Ho Chi Minh City has yet to be officially announced, Parkson Retail Asia (Parkson) has removed the sign board from the building frontage. Nguyen Manh Hung, owner of a fashion store in Cantavil mall where previously Parkson’s signboard was hung, said he was told Parkson had withdrawn from the mall in June. Currently, shops in the mall are dealing directly with customers instead of operating through Parkson’s system as before. Parkson’s counters were also moved out of the store. Parkson Cantavil opened in 2013 with the investment capital of $8 million at the project in the busy Thao Dien area of District 2. If the closure takes place, the number of Parkson’s closed stores would reach five, with three in Ho Chi Minh City and two in Hanoi. Representatives from Parkson were not available for … [Read more...] about Parkson shutdown signals full retreat?
Ever-increasing numbers of Vietnamese suppliers are providing the capacity to work with big manufacturers such as Toyota, Photo: Le Toan On an assessment of 45 local suppliers conducted in August within the framework of the Pilot Supplier Development Programme (SDP) funded by International Finance Corporation (IFC) and the Vietnam Industry Agency, around 20 per cent of the samples scored above the foundational level of competitiveness when compared with peers of the same industry or sector. The suppliers were assessed on a wide range of capacities, including competitive strategy and manufacturing systems, manufacturing operations, new product introduction, and the supply chain. The surveyed suppliers were recommended by multinational companies (MNCs) operating in Vietnam including Bosch, GE, Canon, Panasonic, Denso, Datalogic, Ford, and Toyota, as well as industry associations. The companies, many of which are suppliers of motorcycle parts and electronic components, are deemed … [Read more...] about MNC blocks being built
South Korean industrial giant Hyosung Group aims to turn Vietnam into a major manufacturing base to realise its global expansion target. Hyosung Group is planning to expand investment in Vietnam to $6 billion The group was recently licensed for its polypropylene (PP) production plant and an associated liquefied petroleum gas (LPG) underground storage depot in the southern province of Ba Ria-Vung Tau worth $1.2 billion in total investment value. The PP plant element of the project is expected to replace Hyosung’s existing PP production line in South Korea. Dropping anchor in the Vietnamese market in 2007, Hyosung Vietnam Limited has injected $1.5 billion into its spandex yarn and auto tire manufacturing facilities in the country. The company is currently operating nine plants based in Nhon Trach Industrial Park (IP) in the southern province of Dong Nai. This year, the company engaged in building a new plant in Tam Thang IP in the central province of Quang Nam, which is … [Read more...] about Hyosung Group gunning for M&A in Vietnam
Vietnam’s rail transport sector continues to be of interest to foreign investors,Photo: Le Toan Ups and downs Last week, a mission of the French Embassy in Vietnam led by deputy economic counsellor Laurent Chopiton held a meeting with state-owned giant Vietnam Railways (VNR) in a move to pave the way for future business and investment co-operation between VNR and French businesses. As planned, SNCF and other French firms will discuss the possibilities of partnership with VNR next week. Earlier, the likes of Siemens, Lotte Group, and Russian firms also professed to strong interest in Vietnam’s railway industry. The recent growing interest among international businesses is attributed to the government’s due attention along with VNR’s changed mindset towards market conditions, especially its recently articulated intention to give up its monopoly in cargo transport. “Certainly, surrendering any monopoly aspects will help attract foreign investment to the … [Read more...] about Rail monopoly plans off track