Leaders of Ho Chi Minh City recently held a meeting with foreign-invested (FDI) businesses, calling on them to work side by side with the southern metropolis of Vietnam toward the goal of fast and sustainable development.
The event on April 21 drew representatives of foreign businesses’ associations and nearly 200 FDI companies in HCM City.
Secretary of the municipal Party Committee Nguyen Thien Nhan said over the past years, HCM City has made efforts to improve investment climate, step up administrative reforms, streamline procedures, increase transparency and boost IT application in the settlement of administrative procedures to enhance the attractiveness to foreign investment.
As a result, the city attracted 6.6 billion USD in FDI in 2017, surging over 90 percent from the previous year. In the first quarter of 2018 alone, the figure stood at 1.37 billion USD, compared to 5.8 billion USD of the entire country.
However, he said, HCM City is also facing an array of challenges typical of a big city such as outdated transport system, and overloading in infrastructure, hospitals, schools and housing due to rapid population growth. Meanwhile, heavy climate change impacts and risks of serious flooding have also negatively influenced local people’s life and businesses’ activities.
Secretary Nhan called on FDI enterprises to take part in key socio-economic development projects, noting that the city particularly encourages them to suggest measures and share experience in building a smart city.
He affirmed that HCM City considers businesses and people’s satisfaction as the meter of the development and efficiency of its administrative apparatus’ performance.
At the meeting, many FDI companies described HCM City as a dynamic city with fast growth rate and a destination drawing foreign investors’ interest. However, they also said to attract foreign capital for fast and sustainable development and smart city building, the city will have to tackle policy and human resources problems.
A representative of the European Chamber of Commerce in Vietnam (EuroCham Vietnam) said European companies wants HCM City to put forth more open and transparent policies. The legal system regarding investment activities needs to be consistent in both theory and practice. It is also necessary to improve the quality of human resources, not only manual workers but also middle- and high-level manpower, in order to meet foreign businesses’ demand.
Sharing the same view, Saranya Skontanarak, Chairwoman of the Thai Business (Vietnam) Association, said manpower quality not only affects the attractiveness to foreign investment but also serves as a decisive factor of smart city building success.
She added HCM City, and on a larger scale, Vietnam, no longer has labour cost advantages. Therefore, the city must have solutions to promote labour productivity and quality. Building a smart city requires not only modern technology but also capable personnel to operate the system and enjoy the benefits it will generate.
Seck Yee Chung, Vice President of the Singapore Business Group – HCM City Chapter, said HCM City and many other cities in Vietnam want to build smart cities, which is a necessary step toward modernising cities and solving hot issues pertaining to transport infrastructure, environment and database.
Singapore is experienced in smart city building and technology-based development, and it is ready to help HCM City and Vietnam. However, he said, the country needs policies which are more open to investment in technology services.
Saigon Beer-Alcohol-Beverage Corporation (Sabeco) has asked for guidance to pay over VND2.7 trillion for the State budget as requested by the State Audit Office of Vietnam and the Ministry of Finance.
According to a Thanh Nien news report, the Ministry of Industry and Trade has told Sabeco to pay VND2.79 trillion, or roughly US$124 million, in undistributed profit to fulfill tax obligations and administrative penalties concerning taxes.
Following the trade ministry’s instruction, Sabeco has written to the HCMC Tax Department seeking advice on how to proceed with the payment.
The Ministry of Finance earlier told the trade ministry to instruct the representative of the State shareholding at Sabeco to handle violations mentioned in an auditing report and immediately pay taxes and make other mandatory payments. The trade ministry and Sabeco were requested to report on the matter to the finance ministry’s Department of Corporate Finance by the end of the month.
Thanh Nien reported last month that the State Audit Office informed the trade ministry of the financial situation and activities concerning the management and use of State capital in 2016 at Sabeco and requested a clarification of responsibilities of violating organizations and individuals.
According to the report of the State Audit Office, Sabeco’s profit after distribution near the end of 2016 was over VND2.8 trillion. The parent company distributed almost VND76 billion of 2016 profit in 2017’s first quarter. Sabeco’s remaining profit from 2016 backwards was more than VND2.7 trillion.
The State Audit Office requested Sabeco to pay nearly VND2.5 trillion of profit from 2016 backwards, equivalent to 89.59% of State capital at the firm as of December 31, 2016.
Sai Gon-Ha Noi Securities Joint Stock Company (SHS) has reported that its post-tax profit in the first quarter of 2018 tripled from a year ago to VND136 billion (US$6 million).
The company recorded higher growth in all segments, with a total revenue of VND365 billion in the first quarter of this year – 2.5 times the revenue earned during the same period in 2017.
Of the total revenue, earnings from proprietary trading accounted for VND164 billion, revenue from margin lending reached VND95 billion and revenue from brokerage was VND79.4 billion.
The figures were up 6.3, 1.6 and 1.8 times, respectively, the earnings in the same period last year.
The increase in earnings in the first quarter also helped the firm’s four-quarter accumulated earnings-per-share ratio reach VND4,366 (19 cents) per share, equivalent to a trailing price-to-earnings ratio of 5:1.
In the first four months of 2018, SHS launched two corporate bond issuances worth VND1.15 trillion to provide additional capital for margin lending.
The company made the first corporate bond issuance in February 2018 under private placement, raising VND500 billion.
SHS plans to raise VND650 billion from the second corporate bond issuance in the second quarter of this year.
According to data of the HCM City and HaNoi stock exchanges, SHS ranked sixth on the southern bourse and fourth in the northern market in terms of market shares. The figures were 4.15 per cent and 8.62 per cent, respectively.
HDBank shareholders approve PG Bank acquisition in all-stock deal
Shareholders of the HCM City Development Joint Stock Commercial Bank (HDBank) have approved a plan to acquire the Ha Noi-based Petrolimex Group Commercial Joint Stock Bank in an all-stock deal.
At the HDBank annual general meeting held on April 21 they approved taking over PG bank by paying 0.621 share for every share of PGBank.
They also approved a strategic co-operation programme with the State-owned Viet Nam National Petroleum Group (Petrolimex) to exploit the advantages offered by the country’s biggest petroleum retailer.
Shareholders of PG Bank also agreed to the takeover by HDBank at its annual general meeting on the same day. The bank has already wrapped up the formalities.
Following the takeover, HDBank will have a charter capital of VND12.81 trillion (US$564.32 million).
It will have 15,371 employees, 73 branches and 235 transaction offices.
PGBank had a small capital base, which made it difficult to meet borrowers’ increasing credit needs.
The acquisition by HDBank is an effective outcome for PG Bank since its biggest shareholder, Petrolimex, has had to draw up a roadmap for reducing its ownership of the lender.
HDBank was responding to the Government’s appeal to participate in the banking sector restructure to help consolidate weak banks.
The acquisition will help it develop its retail segment, thus diversifying its products and easing its reliance on credit growth.
The two banks will be able to expand their scale of operations, particularly in the lucrative retail segment thanks to their large combined retail network, and also their financial resources, thus developing and improving the quality of their existing products and services.
The HDBank shareholders meeting also saw the tabling of a report on its record high profit in 2017, which made it one of the most profitable lenders in the country.
The bank’s pre-tax profit surged by 110.6 per cent to VND1.282 trillion (US$51.9 million).
For the past five years HDBank has been reporting high profits following its acquisition of DaiABank and Société Générale Viet Finance (SGVF) a few years ago, listing on the stock market and strategic sales of its stocks to foreign investors early this year.
Its assets at the end of 2017 were up 26 per cent to VND189.334 trillion.
Its non-performing loans were down to 1.51 per cent.
It had deposits of more than VND100 trillion, up 27 per cent from 2016, and credit growth was 17 per cent.
Based on the solid performance, the bank is set to pay dividends of 35 per cent, 15 per cent in cash and 20 per cent in the form of stocks, for 2017.
In 2018 HDBank targets increasing its assets to VND242.865 trillion and pre-tax profits to VND3.921 trillion, up 62.2 per cent.
It expects to keep bad debts under 2 per cent.
HCMC hotel room rates pick up
Room rates at three- to five-star hotels in HCMC have inched up for the first time in three years, buoyed by an upsurge in international tourist arrivals.
According to Savills Vietnam, average occupancy at such hotels was 74% in quarter one, up six percentage points against the same quarter a year earlier. Room rates averaged out at US$83 per night, a year-on-year increase of 4%. This is the first hotel room tariff rise in three years.
Hotel representatives told the Daily that hotels of three to five stars in the city performed well last quarter, particularly last month, and achieved higher-than-expected room occupancy. On many days in March the hotels were full.
Room rates at some hotels have edged up by just a couple of U.S. dollars per room but one five-star hotel in District 1 quoted a new rate of US$180 per night last month compared to its previous rate of US$120.
Lam Quang Huy, deputy general director of the five-star Grand Hotel Saigon on Dong Khoi Street, said the hotel’s average occupancy was 92% in January-March, the highest in three years.
According to Huy, the hotel recorded an occupancy rate of 98% last month. Though April is the beginning of the low season for international tourist arrivals, but occupancy this month may still range from 75% to 80%.
The five-star Rex Hotel’s occupancy in quarter one was 89% on average, whereas it was 84% in last year’s same quarter.
The four-star Nhat Ha 3 Hotel has also reported a high occupancy rate of 94% in recent months. Even in February when Asian tourists returned home for the Lunar New Year, the hotel was still crowded, said general director of the hotel Nguyen Thanh Tung.
According to the HCMC Department of Tourism, international visitor arrivals in the city were nearly two million in the first quarter, up 16% year-on-year. The city expects 7.5 million foreign arrivals in all of 2018.
Vietjet’s profit hits new heights in 2017
VietJet Aviation Joint Stock Company (HOSE code: VJC) recorded a strong yearly increase of 103 per cent taking its 2017 after-tax profit to more than VND5 trillion (US$223 million).
This profit also surpassed by 150 per cent the target set earlier, according to its 2017’s audited consolidated financial results released on Saturday.
During the year, the company’s net revenue stood at VND42.3 trillion, an increase of nearly VND45 billion while cost of sales decreased from VND36.3 trillion to VND35.75 trillion.
Profit attributed to shareholders of the parent company increased from VND4.52 trillion to more than VND5 trillion, equivalent to an increase of VND546 billion. Earnings per share (EPS) stood at VND11,356, an increase of 73 per cent year on year.
With an increase of profit attributable to shareholders of the parent company, VietJet’s unallocated profit up to December 31, 2017 topped VND5.8 trillion.
Previously, the company raised its 2017 dividend payout from 50 per cent to 60 per cent due to the positive business results. VietJet advanced the 2017 cash dividend payment at the rate of 30 per cent and planned to pay the other 30 per cent dividend by shares.
Bangladesh – promising market for Vietnamese travel firms
Vietnamese travel companies should pay more attention to the Bangladeshi market, while fostering cooperation with Bangladeshi partners to design tours suitable to both Vietnamese and Bangladeshi people, thus increasing the number of visitors to each other’s country, said Vietnamese Ambassador to Bangladesh Tran Van Khoa.
The diplomat said that leaders of Vietnam and Bangladesh have agreed to open a direct air route linking the two countries and the plan is being considered by relevant agencies.
Bangladesh, with a population of over 160 million, rapid economic growth and an increasing number of people with high incomes, is becoming a promising market for Vietnamese tourism companies.
However, the number of enterprises entering this market has remained few. According to Nguyen Hong Van, Director of the ATE Vietnam Ltd., one of the reasons behind this fact is high prices of tours due to the lack of a direct air route between the two countries as well as information about the market.
She said that as part of efforts to penetrate the market, ATE Vietnam participated in the Bangladesh International Travel and Tourism Fair 2018, which ran from April 19-21 in Dhaka.
Many visitors showed their interest in the Vietnamese booth which introduced Vietnam’s popular tourist destinations such as Ha Long Bay, Ninh Binh, Sa Pa, Nha Trang and Mui Ne.
Muhammad Rezaul Karim, General Director of Bangladesh’s Sky Holidays Company, said that he traveled to many places in Vietnam such as Hanoi, Ho Chi Minh City and Da Nang and he was the most impressed at the UNESCO-recognised heritage site of Ha Long Bay.
Vietnamese firms have great business opportunities in Bangladesh as Bangladeshi people have warm sentiments towards Vietnam, he said, adding that more Bangladeshi people are travelling abroad.
The International Travel and Tourism Fair is the biggest of its kind in Bangladesh, which is held annually. This year, the event was participated by travel firms from various countries including China, India, Thailand, Malaysia, Singapore, Vietnam, Cambodia, Nepal, Bhutan, Sri Lanka and Maldives.
PNJ to expand retail system, online sales
Phú Nhuận Jewelry Joint Stock Company (PNJ) has said it will further expand its retail network and online sales and carry out customer segmentation to offer tailor-made designs meeting the needs of every customer.
Speaking at the company’s annual general meeting in HCM City last Saturday, chairwoman Cao Thị Ngọc Dung said the company targets VNĐ14.195 trillion (US$662.58 million) in revenues and VNĐ882 billion ($38.68 million) in net profits, 30 per cent and 22 per cent higher than last year.
Revenues from online sales are expected to rise five-fold to VNĐ150 billion this year and at least VNĐ1 trillion by 2021.
The company would also open at least 40 stores this year to increase the total number to more than 300, she said.
Two subsidiaries, PNJ Production and Trading Ltd and Customer Era Ltd, would be set up for trading jewellery, precious metals, precious and semi-precious stones, gold bars, souvenirs and gifts, import and export gold jewellery and import and distribute watches, eyewear and fashion accessories, she said.
PNJ plans to issue bonus shares this year at the ratio of 2: 1, increasing its charter capital to VNĐ1.621 trillion.
It will also make a 3 per cent ESOP, equivalent to 4.86 million shares, at a par value of VNĐ20,000 to members of the board making outstanding contributions and the most competent staff at PNJ and its subsidiaries.
The meeting also voted two new members of the board of directors.
Lê Trí Thông, vice chairman and general director, said last year was a successful one for PNJ, with sales growing by 28 per cent to VNĐ11.049 trillion, and jewellery retail sales accounting for nearly VNĐ5.78 trillion.
Its consolidated pre-tax profit was 54 per cent up at VNĐ908.11 billion, he said.
He attributed the company’s success to its investing in modern production and managment technologies, human resource development, risk management and development of its brand and retail network.
According to the World Gold Council, demand for jewellery gold in Việt Nam increased by 7 per cent last year to 16.5 tonnes. The demand is expected to keep increasing.
VCSC focuses on investment banking
Viet Capital Securities Company (VCSC) will focus on investment banking in 2018, a sector expected to contribute VND458 billion (US$20.3 million) to the firm’s total post-tax profit this year.
VCSC targets VND1.7 trillion in total revenue this year and VND1 trillion in pre-tax profit, a yearly increase of 11 per cent and 26 per cent, if the benchmark VN Index ended above the 1,000-point level at the end of this year.
If the VN Index falls below 500 points, VCSC would record VND250 billion in pre-tax profit, the firm’s management board said at the annual shareholder meeting this week.
Besides investment banking, other core sectors that VCSC will focus on include trading brokerage (VND491 billion), stock investment (VND444 billion) and proprietary trading (VND324 billion).
The company forecast its pre-tax profit in the first quarter of 2018 at VND400 billion, 40 per cent of the full-year prediction. VCSC will make a 15 per cent dividend payout for its performance in 2018.
Foreign ownership lifted off
VCSC also plans to remove the cap of foreign ownership, allowing foreign investors to purchase up to 100 per cent of the company’s shares.
The brokerage company also plans to sell all treasury shares to its current employees for VND20,000 per share, and offer employee-stock-ownership-plan shares to its employees for a similar price level.
The company will also issue 42 million tradable bonus shares for its existing shareholders at an issuance ratio of 35 per cent.
VCSC expects the share sales and issuance will help increase its charter capital to VND1.63 trillion and reduce its bank debts in 2018.
The company also hopes to rank among the top five brokerage firms with the largest market share in 2018, improve its position in the derivatives market and provide secure, financially-healthy instruments for its clients.
Int’l cafe show brings buzz to City
The Viet Nam International Cafe Show 2018 will take place in HCM City next month, attracting more than 200 booths from 100 exhibitors and brands from 12 countries.
The third annual show will take place from May 3-5 at the Sai Gon Exhibition and Convention Centre in District 7.
The event is one of the largest coffee shows of the year with the presence of major coffee brands such as Trung Nguyen and King Coffee, as well as famous coffee machines and accessories brands. Exhibitors will also display desserts, raw materials and ingredients.
There will be a space devoted to new products and services in the Vietnamese food and beverage industry.
In addition, a coffee training station will offer visitors a chance to experience cupping and brewing under the guidance of professionals.
A class for cafe owners, consultants and R&D staff to learn about recipes from experts will also be held, while baristas will serve free cups of coffee to visitors.
The final round of the Viet Nam National Barista Championship, which will take place from May 3-5, will determine the winner representing Viet Nam at the World Barista Championship to be held in June in Amsterdam.
The Viet Nam Signature Battle, a competition to promote innovative beverage and spirit recipes, will also return during the show.
The winner will receive a prize of US$5,000 and have an opportunity to join professional training courses and compete at the World Signature Battle 2018 in Seoul.
With rapid development of the beverage market, especially coffee, the show has attracted attention from enterprises, farmers, manufacturers, distributors and related services.
Last year, the show had 150 booths from 10 countries and more than 18,000 visitors and buyers.
Launched in 2002 in Seoul, the Cafe Show has steadily grown and established a foothold in the South Korea and Asian coffee market.
This year, around 580 exhibitors from 40 countries and 151,000 visitors from 76 countries and boasts the biggest scale among specialised coffee events in Asia.
Total coffee consumption in Viet Nam between 1990 and 2016 rose 20 times from 6,789 tonnes to 138,000 tonnes, according to Statista, an online statistics, market research and business intelligence portal.
During the 2012-2016 period, Viet Nam ranked fourth among the world’s fastest growing coffee retail markets, according to Statista.
Vinaconex to make second attempt at divetment
After failing to go above the initial offering price and selling only 6 per cent of the shares on offer in last December, will the divestment of Vietnam Construction and Import-Export JSC (Vinaconex) this year be successful?
At the annual general shareholders’meeting, Nguyen Duc Chi, chairman of the Board of Directors of Vinaconex, released two scripts for divestment this year.
Accordingly, Vinaconex will put either the entire state-owned stake (57.79 per cent) or the unmarketable stake left from the first auction on sale this year. State Capital Investment Corporation (SCIC), which represents the state-owned stake in Vinaconex, will select the final divestment plan.
Earlier on December 8, SCIC auctioned off 96.24 million shares in Vinaconex, equal to a 21.79 per cent stake on the HNX with the minimum bidding price of VND25,600 ($1.12) apiece.
At this price, the state investment company expected at least VND2.46 trillion ($108 million) in proceeds while retaining a 36-per-cent stake in the company.
However, in reality, only 5.35 million out of the 96.24 million on offer were sold, leaving 94 per cent of the shares unmarketable.
Only three investors, including one organisation and two individuals joined the auction.
After the auction, SCIC acquired VND137 billion ($6.03 million) from selling the stakes at the price of VND25,600 ($1.12, the initial offering price), decreasing its holdings in Vinaconex to 52.2 from 57.79 per cent.
Vinaconex specialises in property development, design consultancy, industrial production, financial investment, education and training, and commercial activities, among others. It currently manages nine subsidiaries and affiliates.
In 2017, Vinaconex reported a revenue of VND10.89 trillion ($478.2 million) and an after-tax profit of VND1.63 trillion ($71.5 million), signifying on-year increases of 127.5 and more than 228.6 per cent, respectively.
The divestment from its subsidiary Viwasupco resulted in soaring revenue and after-tax profit figures for Vinaconex.
This year, the firm set the target to reach VND4.49 trillion ($197.2 million) in revenue and VND491 billion ($21.6 million) in after-tax profit.
Kido to take majority interest in Golden Hope
After acquiring majority stakes in large vegetable oil manufacturers Vocarimex and Tuong An, Kido Corporation (Kido) has completed the procedures to purchase a 51 per cent stake in Golden Hope Nha Be Edible Oils Co., Ltd.
Golden Hope is a 51-49 joint venture company between Sime Darby Plantation from Malaysia and Vocarimex. Kido will take over the 51 per cent held by the foreign firm, according to Bizlive.
Despite Golden Hope’s bleak business results, Kido still decided in favour of the deal hoping that they can help Golden Hope overcome its difficulties and then utilise it to gain control over the cooking oil market segment.
According to Kido general director Tran Le Nguyen, with the firm’s financial potential and managing experience, Kido will restructure the operations of Golden Hope and turn a profit.
Nguyen added that Golden Hope’s case is similar to Tuong An Vegetable Oil JSC. After being merged with Kido, Tuong An got a new lease on life with increases in both revenue and profit.
Previously, Nguyen released that Kido has completed the negotiations for the purchase of a food manufacturing and processing firm which has an annual revenue of VND1.6-2 trillion ($70.4-87.9 million). In late May 2017, the company wrapped up the purchase of more than 32.8 million shares of Vocarimex, increasing its total stake to more than 62.1 million, equal to 51 per cent.
Besides, in November 2016, Kido spent more than VND1 trillion ($43.9 million) to buy 65 per cent of Tuong An Vegetable Oil JSC.
The highlight in Kido’s business results in 2017 was the soaring revenue thanks to the contribution of the two newly acquired cooking oil producers.
Notably, Kido reported a net revenue of over VND7 trillion ($308.2 million), doubling the 2016 figure with a gross profit of VND1.49 trillion ($65.6 million) and pre-tax profit of VND569 billion ($25.05 million).
It set the revenue target of VND10 trillion ($440.3 million) this year.
To reach this, Tuong An conducted wide restructuring, refocusing manufacturing and distribution activities towards the high-end segment. Besides, the company extended its product portfolio by adding packaged products in manufacturing, contributing to expanding its operations in general.
Long-delayed Tan Mai pulp and paper mills revoked
The Tan Mai pulp and paper mills complex located in Quang Ngai province’s Binh Son district had its investment certificate revoked after long delays in construction.
At present, the Quang Ngai Department of Planning and Investment, in collaboration with relevant authorities, has completed the procedures to withdraw the investment certificate of the Tan Mai pulp and paper mills complex, according to the assignment of the Quang Ngai People’s Committee.
In 2009, Tan Mai Group received the investment certificate for these projects. According to the initial plan, these projects would have a total investment capital of VND1.95 trillion ($85.6 million) with an annual pulp capacity of 130,000 tonnes and the annual high-end paper capacity of 200,000 tonnes.
The construction, covering an area of 45 hectares in Binh Son district, was expected to be kicked off in October 2009 to come into operation in 2011.
During the construction process the investor proposed the Quang Ngai People’s Committee to adjust the investment capital as well as the construction’s deadline no less than five times. However, the province only approved adjustments for the first three times. Accordingly, the investment capital was increased to VND5.01 trillion ($219.5 million) and the deadline for completing the construction of the pulp mill was adjusted to December 2012 and the paper mill to December 2013.
However, the construction was only kicked off in July 2010 and was suspended in December 2012. At the time of suspending the construction, the investor had only completed the environmental impact assessment report, the detailed construction plan, and took over the land to implement the project.
If a sufficient number of investors express intention to develop projects on the plot, the district People’s Committee will organise an auction for the land use right.
According to the conclusions of the province’s inspection team, the investor committed numerous violations between 2009 and May 2017.
Notably, Tan Mai failed to comply with the investment process, including failing to prove its financial potential for the added investment capital and delaying in the implementation of the construction.
Besides, the province completed the site clearance and handed over the land for the investor in May 2010, however, it was not until May 2017 that Tan Mai completed the procedures for the certificate of land use right.
In addition, the investor violated the construction schedule by being 52 months late with the pulp mill and 40 months late for the paper mill compared to the deadlines approved after the third adjustment.
According to the Quang Ngai People’s Committee, the investor’s lack of financial potential was the major cause behind the long delays. Thus, the investor will have to bear the entire responsibility for the incident.
Most recently, the Quang Ngai People’s Committee assigned the Quang Ngai Department of Planning and Investment in collaboration with the Quang Ngai Department of Natural Resources and Environment and other relevant authorities to revoke the investment certificate of these projects.
Tran Hoang Vinh, the representative of the Quang Ngai Department of Planning and Investment, told VIR that the department has completed the procedures for the revocation and will send the decision to the investor and wait for their response. Since the construction was suspended, the investor has yet to announce whether it will resume the projects or withdraw.
“In case the projects are officially revoked, the Binh Son District People’s Committee will take over the management of the land which was handed over for these projects. If a sufficient number of investors express intention to develop projects on the plot, the district People’s Committee will organise an auction for the land use right,” Vinh added.
UNIQLO visit may turn fashion retail up-side-down once more
A delegation of UNIQLO has just visited to look for investment opportunities in Texhong Hai Ha Industrial Park and discover avenues of co-operation with Hualida Garments Co., Ltd.
Texhong Textile Group started to build Hai Ha IP in November 2014, which is the largest foreign-invested project in Quang Ninh with the total registered capital of $450 million and taking up an area of 660 hectares.
For the operation of the IP, the group has received extensive support from Quang Ninh province to complete investment procedures, land clearance, and the construction of the transport and power systems.
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