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Instant noodle consumption in Vietnam is fuelled by a growing number of producers According to statistics published by the World Instant Noodle Association (WINA), Vietnam is currently ranked fifth in the world in terms of instant noodle consumption, following China, Indonesia, Japan, and India. According to WINA, around 100 billion instant noodle packets are sold annually worldwide. Global sales saw a growth rate of 40 per cent from $44 billion in 2013 to $61 billion in 2017, as revealed by Euromonitor's statistics. In Vietnam, the wide range of products available to customers thanks to the growing number of both foreign and local firms joining the market is one of the reasons behind the increase in consumption. At present, there are approximately 50 enterprises producing instant noodles in Vietnam. Seventy per cent of the revenue is made by Vina Acecook, Masan Consumer, and Asia Foods, the three largest instant noodle producers. Notably, Vina Acecook ranks first with 43 per cent … [Read more...] about Vietnam ranks fifth in global instant noodle consumption

Velodrome project still rolling, illustration photo KP Singh, CEO of Vietnam Sports Platform (VSP), the consortium between South Korean and Japanese investors behind the $200 million velodrome project, told VIR that he was expecting to start the project development process within this year, given permission from the local authorities. “We are in regular follow-ups with the Ho Chi Minh City Department of Planning and Investment. Our team is ready with all the resources to start the process as soon as we have approval from the local authorities,” he said, adding that he targeted to break ground before Tet and complete the project within 26 months. Chairman of the Ho Chi Minh City People’s Committee Nguyen Thanh Phong said that the city had decided to withdraw from hosting the 31st Southeast Asian Games and the 11th ASEAN Para Games in 2021, due to the delay of key projects in the $1.5 billion Rach Chiec Sports Complex in the city’s District 2. “One of the … [Read more...] about Velodrome project still rolling

According to Stephen Phillips, general director of Invest Hong Kong (InvestHK), Hong Kong's government promotion authority, Hong Kong is an active international business environment and offers foreign investors convenient business registration procedures, modern infrastructure, and low tariffs. Hong Kong is looking to strengthen business ties with Vietnam “Moreover, we now have a mechanism to provide support for newly-established and mature firms, from planning and opportunity evaluation to visa application and marketing,” stated Phillips at the round table to call for investment from Vietnam held in Ho Chi Minh City on August 13 organised by the Vietnam Chamber of Commerce and Industry (VCCI) Ho Chi Minh City. Phillips said there are ample business opportunities in Hong Kong for Vietnamese enterprises. “While doing business in Hong Kong, Vietnamese companies will be able to enjoy the incentives guaranteed under the ‘One country, two systems’ … [Read more...] about Hong Kong stands ready to welcome Vietnamese investors

Masan Resources Corporation (UPCoM: MSR), one of the world’s largest integrated industrial tungsten mineral and chemical producers, announced that Nui Phao Mining Company Ltd. (NPMC), a wholly-owned subsidiary of the company, has acquired H.C.Starck GmBH’s (HCS) 49 per cent stake in Nui Phao-H.C.Starck Tungsten Chemicals Manufacturing LLC (NHTCM) for the total cash consideration of $29.1 million, and now owns 100 per cent of this company. Masan bought out HCS from their joint venture tungsten chemicals processing facility NHTCM, previously a joint venture between NPMC and HCS, was established in 2013 and is a leading producer and global supplier of tungsten chemicals (ammonium paratungstate [APT], blue tungsten oxide [BTO], and yellow tungsten oxide [YTO]). NHTCM processes tungsten concentrate (TC), the main product of NPMC, into higher value-added tungsten products. In consideration of NHTCM’s contribution to the development of Vietnam’s high-tech … [Read more...] about Masan takes full ownership of tungsten processing facility

An Phat High-Tech Industrial Park Company Limited’s takeover of the notorious Viet Hoa-Kenmark Industrial Zone (IZ) may revive the project to make An Phat a supplier of Samsung.   An Phat will try to revive the Viet Hoa-Kenmark IZ to further its ambitions After winning at the auction organised by Bank for Investment and Development of Vietnam (BIDV) in March, An Phat became the new owner of Viet Hoa-Kenmark IZ and renamed the IZ to An Phat Complex Hi-Tech IZ. Previously, in March 2018, BIDV, the largest creditor of Viet Hoa-Kenmark IZ, organised an auction to put the notorious IZ on sale. An Phat won the bidding after paying VND756.45 billion ($33.47 million), equalling the starting price of the auction. However, the selling price is still lower than the VND800 billion ($35.39 million) that BIDV expected to acquire from the deal. While BIDV is happy to have gotten rid of the liability, An Phat expects that revive the IZ and make it its new base, serving its target … [Read more...] about An Phat to revive notorious Viet Hoa Kenmark IZ