Hoa Phat Group is accelerating the construction of the two phases of $3 billion Hoa Phat Dung Quat steel complex in the central province of Quang Ngai's Dung Quat Economic Zone, which the group took over from Taiwanese investors, who failed to develop the project as promised. Hoa Phat Group has parallelly accelerated the construction of the two phases of $3 billion Hoa Phat Dung Quat steel complex Licensed in September 2006, the project was initiated by Taiwanese steel giant Tycoons with a total investment of more than $556 million. The investor committed to completing the construction within 36 months. E-United Group joined later by acquiring a 90 per cent stake. The two Taiwanese enterprises raised the registered investment amount to $3 billion in 2008 and then $4.5 billion in 2010, while simultaneously increasing the factory’s manufacturing capacity to seven million tonnes per year, five million tonnes higher than the initial design. In December 2015, the Dung Quat … [Read more...] about Hoa Phat Group accelerates $3 billion ill fated Dung Quat steel complex
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Davis Cup Group III opens, 9 teams competing
The Vietnamese team (Source: thanhnienthudo.com) Hanoi (VNA) – The Davis Cup Asia/Oceania Zone Group III event kicked off in Hanoi on April 2 night, with the participation of nine teams. The teams, hailing from Vietnam, Cambodia, Jordan, Kuwait, Malaysia, Pacific Oceania, Qatar, Saudi Arabia and Syria, are divided into two groups. According to the tournament’s rankings, the Vietnamese team is considered the first seed of Pool A which also comprises Cambodia, Pacific Oceania and Malaysia. Meanwhile, the first seed of Pool B is Kuwait. As scheduled, the Vietnamese tennis players will face rivals from Pacific Oceania at the opening match on April 3. The host team includes Ly Hoang Nam, Pham Minh Tuan, Trinh Linh Giang, Le Quoc Khanh and Truong Quoc Bao. The tournament is set to wrap up on April 7.-VNA … [Read more...] about Davis Cup Group III opens, 9 teams competing
French AccorHotels becomes main operator of Sun Group invested resort
On April 1, Sun Group and France-based hotel group AccorHotels officially inaugurated the five-star Premier Village Phu Quoc Resort in the southern island of Phu Quoc. The French-operated resort was designed with ocean-view two-storey villas Perched on Mui Ong Doi, Premier Village Phu Quoc Resort was designed with 227 ocean-view two-storey villas. Only 30 minutes from the international airport of Phu Quoc, the resort promises extraordinary hospitality experiences to its visitors. The resort is surrounded by a sea cliff and white strips of sand, offering romantic moments in a secluded area. Infinity swimming pools placing visitors in the embrace of the raw natural scenery Dang Minh Truong, CEO of Sun Group, noted that, “With the launching of Premier Village Phu Quoc Resort, Sun Group expects to successfully develop Premier Village as the first chain of international resorts in Vietnam. Thanks to its unique location and outstanding interior design, Premier … [Read more...] about French AccorHotels becomes main operator of Sun Group invested resort
Cambodian farmers sue Thai sugar group Mitr Phol over alleged land grab
Farmers from Cambodia have filed a lawsuit in a Thai civil court against Asia's largest sugar producer, accusing it of rights abuses after it allegedly kicked farmers off their land, a rights group said on Monday. The lawsuit, filed on behalf of 3,000 people, is the first class-action lawsuit filed in a Thai court by plaintiffs from another country against a Thai company operating outside Thailand, the group, Inclusive Development International, said in a statement. The plaintiffs accuse sugar producer Mitr Phol of violently displacing them in Cambodia's northwestern Oddar Meanchey province between 2008 and 2009 to make way for plantations. "Since Mitr Phol took my land, my family and I have suffered tremendously," Ma Okchoeurn, one of the affected people, said in a press release issued by the rights group. "My house was burned down. I was arrested without reason, and as a result my family had nothing to eat and had to collect trash to survive. To this day, I have no land or house." … [Read more...] about Cambodian farmers sue Thai sugar group Mitr Phol over alleged land grab
Steelmaker Hoa Phat Group targets 2.42 billion USD in revenue
Illustrative image (Source: VNA) Hanoi (VNA) - Steelmaker Hoa Phat Group targets revenue of 55 trillion VND (around 2.42 billion USD) and after-tax profit of 8.05 trillion VND (354.6 million USD) in 2018. The information was released at the group’s annual shareholder meeting held recently in Hanoi with the participation of 368 shareholders, who together hold 77 percent of ordinary shares. Hoa Phat’s management board chairman Tran Dinh Long said the group sees 2018 as a crucial year. The firm would take drastic measures to ensure the progress of the Hoa Phat Dung Quat steel and iron production complex and make it the priority target for this year, Long said. He added that the management board had carefully considered the targets before submitting them to the meeting. The group would implement many big projects this year in their main steel business. In addition, it would be alert for changes in the material market. In other sectors such as agriculture, … [Read more...] about Steelmaker Hoa Phat Group targets 2.42 billion USD in revenue