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The Hanoitimes - IFC will work with Hanoi to formulate a new-generation FDI strategy in response to the government’s master plan on foreign investment promotion toward 2030. IFC, a member of the World Bank Group, today [June 27] signed a memorandum of understanding (MoU) with the People’s Committee of Hanoi to support its efforts to attract new-generation foreign direct investment (FDI) and diversify its funding sources, thereby sustaining the city’s rapid economic development, competitiveness, and inclusive prosperity. IFC will work with Hanoi to formulate a new-generation FDI strategy. Photo: Nguyen Tung. As one of the fastest growing cities in Asia and home to over eight million inhabitants, Hanoi accounts for one-fifth of Vietnam’s gross domestic product (GDP). Hanoi attracted US$8.45 billion in FDI in 2019, highest among the country’s 63 cities and provinces. Three areas namely property development, processing and manufacturing, and telecommunication … [Read more...] about IFC supports Hanoi to attract high value-added investments

Pham Hong Quat, director general, NATEC and Leon Cai, regional director (Ho Chi Minh City), Enterprise Singapore The Vietnamese agency (NATEC) and Enterprise Singapore (ESG) have renewed their cooperation for another two years. What will be the focuses in the next stage? How will it benefit the innovation landscape for Singapore and Vietnam? Pham Hong Quat: Singapore is considered to be the hub of innovation as well as a “paradise” for startups, with startup-friendly policies including subsidies and a range of incubation schemes. With its advanced IT infrastructure, strong government support, intellectual property laws, and deep tech talent pools, Singapore has become a world-leading technology innovation centre. Thus, the cooperation between NATEC and ESG will provide an open space for best practices and know-how sharing, particularly on the crafting and execution of startup and innovation supporting policies, as well as building and operating startup hubs. Through … [Read more...] about NATEC and Enterprise continue cooperation to unlock Vietnam’s innovation potential

In June last year, Ngo Dinh Vuong halted the operation of his garment factory in Quang Minh Industrial Park in Hanoi’s Dong Anh District due to the health crisis. The factory was opened in late 2018 and is the third to have been opened by Vuong in the northern region of the country since 2016. Then in July, the second factory, based in Hung Yen Province, faced the same plight, leaving the first factory operating moderately also in Hung Yen. The three factories are managed by Hoang Yen Garment and Trading JSC, established in 2016, where Vuong is the director. However, in early January, the two factories with halted operations began resuming operations as some big contracts have been landed with local and foreign experts. This would allow 800 workers to have incomes. “We are happy that all of our three factories are in full operations now,” Vuong told Nhan dan Online. Hoang Yen Company’s case is among more than 11,000 enterprises resuming operation in the first two months of this … [Read more...] about Health crisis fails to impede business confidence

Hanoi (VNA) - The Philippines’ exports of garments and hard goods could reach 2 billion USD in 2021 as local garment factories expect to receive up to 500 million USD worth of new orders from global fashion brands. President of the Foreign Buyers Association of the Philippines (FOBAP) Robert Young said the group has been getting export orders and inquiries for garments and apparel from foreign buyers, including Zeeman Europe, Walmart and TJ Maxx in the US, as well as Hudson’s in Canada. Young estimates that the additional orders may create about 10,000 to 20,000 jobs in factories located in Metro Manila and Cebu. To support export activities, he called on the government to ease the community quarantine level. He also said that factories should have access to loans to allow them to open and operate./. VNA … [Read more...] about Philippines garment exports projected to hit 2 billion USD this year

Billionaire Pham Nhat Vuong, who is chairman of parent company Vingroup JSC, said late last year that he would support the company’s ambitions in the US market with US$2 billion of his own fortune. The company therefore plans to establish an automobile factory in the US, according to Thai Thanh Hai, chief executive officer of VinFast, declining to provide additional details regarding timing or possible factory locations. Hai went on to reveal that the company is also planning sales in both Canada and Europe next year, adding that VinFast’s vision is to become a global smart electric car company, with the US market set to be the firm’s first international market. Indeed, priority will be given to developing high-end models for use in the US during the initial stage. VinFast sold approximately 30,000 vehicles throughout last year, with the company forecasting sales of more than 45,000 units in the year ahead. In line with its own schedule, it will begin delivery of electric vehicle … [Read more...] about VinFast plans to build electric car factory in US