The agency announced the sector lured USD5.18 billion of a total USD9.9 billion, or 52.3 percent of foreign direct investment (FDI), the country attracted.Real estate ranked second with USD1.07 billion, while the retail and wholesale sector attracted USD1.02 billion.Although the FDI in five months of this year was equivalent to only 81.6 percent of that in the same period last year, experts said FDI quality was higher.Notably, LG Innotek added USD501 million to its factory in Hai Phong, raising total investment in the project to USD1.05 billion, while Regina Miracle International Vietnam injected an additional USD260 million to its sportswear factory.Source: VNAEconomists said that the increase of investment in projects in equipment and garment will bring more opportunities for domestic enterprises to learn from FDI firms and take advantage of their strengths. This is also what Vietnamese businesses need to do to enhance their competitiveness and engage deeper into global supply … [Read more...] about Processing, manufacturing industry attractive for foreign investors
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Reed Tradex steps forward with Vietnam’s manufacturing industry
(VEN) - In a talk with Vietnam Economic News’ Nguyen Huong Deputy Managing Director of Reed Tradex Co., Ltd (Thailand) Suttisak Wilanan said that Reed Tradex passionately steps forward with Vietnam’s manufacturing industry. Could you tell us the results of your exhibitions organized in Vietnam? Reed Tradex marked the 11th year in Vietnam with three international exhibitions in 2017 which are Metalex Vietnam, Nepcon Vietnam and Vietnam Manufacturing Expo. By stepping up to two digits years, we have annually attached over 30,000 quality visitors, covered two biggest economic hubs of Vietnam - Hanoi and Ho Chi Minh City. One of the key success points to make customers to confidently continue participating in our exhibitions is not only the specialized content but also the good preparation, comprehensive marketing plan to deliver the right targeted partners to all the participants. Through up and downside situations in more than 10 years in Vietnam, all industrial … [Read more...] about Reed Tradex steps forward with Vietnam’s manufacturing industry
EU joins global battle against Trump tariff onslaught
A steely riposte from Europeans to Washington's metal tariffs. (Photo: AFP/Tobias Schwarz) Meanwhile in Washington, Trump floated the possibility of scrapping the 24-year-old North American Free Trade Agreement in favour of separate bilateral deals with Canada and Mexico. Brussels and Ottawa filed legal challenges at the World Trade Organisation against Washington's decision. The EU, Canada and Mexico also threatened stiff retaliatory tariffs as they pushed back against President Donald Trump's multi-front trade offensive. British Prime Minister Theresa May said she was "deeply disappointed" and reiterated a call for Britain and the EU to be "permanently exempted" from the "unjustified" metals tariffs. As the Group of Seven ministerial opened in Canada, US Treasury Secretary Steven Mnuchin faced stern reaction from his counterparts, who accused Trump of jeopardising the world economy with steps that would prove job killers for all concerned. TRUMP AND THE 'G6' Canada Finance … [Read more...] about EU joins global battle against Trump tariff onslaught
More Vietnam businesses join global supply chains
At least 29 Vietnamese businesses have joined global supply chains, according to the HCM City Centre of Supporting Industry Development. Local businesses’ improved production quality has helped them gain contracts to become suppliers to major companies. - Photo www.sggp.org.vn Bac Viet Technology Joint-Stock Company, for example, has become a supplier of plastic electronic components and precision samples for Samsung Electronic Viet Nam and Samsung Electronics Viet Nam Thai Nguyen. The company has reduced its inventory ratio from 37 per cent to 24 per cent and has successfully built a system for recognising and repairing mistakes on the goods that it manufactures. After making improvements, the percentage of errors fell by 63 per cent. Shim Won Hwan, director of Samsung Electronic Viet Nam, said that Samsung expected to have 50 suppliers from Viet Nam by 2020. Samsung has been working with the Ministry of Industry and Trade on a business innovation programme that trains … [Read more...] about More Vietnam businesses join global supply chains
More VN businesses join global supply chains
Local businesses’ improved production quality has helped them gain contracts to become suppliers to major companies. — Photo www.sggp.org.vn At least 29 Vietnamese businesses have joined global supply chains, according to the HCM City Centre of Supporting Industry Development. Bac Viet Technology Joint-Stock Company, for example, has become a supplier of plastic electronic components and precision samples for Samsung Electronic Viet Nam and Samsung Electronics Viet Nam Thai Nguyen. The company has reduced its inventory ratio from 37 per cent to 24 per cent and has successfully built a system for recognising and repairing mistakes on the goods that it manufactures. After making improvements, the percentage of errors fell by 63 per cent. Shim Won Hwan, director of Samsung Electronic Viet Nam, said that Samsung expected to have 50 suppliers from Viet Nam by 2020. Samsung has been working with the Ministry of Industry and Trade on a business innovation programme that trains … [Read more...] about More VN businesses join global supply chains