HSG exports steel sheets to US Steel producer Hoa Sen Group reported that it shipped 17,000 tonnes of steel sheets to the US worth US$14 million on Thursday. The company has been exporting to the US since 2014 and shipments have been increasing recently. A company spokesperson said the shipment proves the company’s capacity and global competitiveness since exports to the US and EU have been hit by the trade barriers they have imposed. Hoa Sen has exported to over 75 nations and territories. In 2017-18, it produced nearly 1.9 million tonnes of steel worth over VND34.4 trillion ($1.5 billion), up 13 per cent in volume and 32 per cent in value over the previous year. Revenues from domestic sales were worth over VND22 trillion ($964 million), up 34 per cent, and exports fetched $538 million, up 27 per cent. Its profit after tax was VND410 billion ($18 million). It uses advanced technologies to meet the standards expected in international markets like the US, the … [Read more...] about BUSINESS NEWS IN BRIEF 14/1
Mazda quang ninh
Vietnam, New Zealand networking event discusses CPTPP The Vietnam Trade Office partnered with the Wellington Chamber of Commerce and the ASEAN-New Zealand Business Council to run the Vietnam-New Zealand Free Trade Breakfast last week, discussing various trade issues. The event gathered representatives from enterprises in Wellington and Auckland doing business in or have business transactions with Vietnam together with local trade promotion agencies. It provided an opportunity to network and hear directly from key figures in Vietnam and New Zealand to gain a better understanding of the benefits of the two countries’ trade relations, particularly as the Comprehensive and Progressive Agreement for Trans-Pacific Partnership (CPTPP) is about to enter into force. Speaking at the event, Vietnamese Ambassador to New Zealand Ta Van Thong gave the attendees an overview of Vietnam’s economy, its CPTPP commitments relating to the domestic business environment, and support … [Read more...] about BUSINESS NEWS IN BRIEF 21/12
New trends in Vietnam’s rice exports 2018 is witnessing new trends in Vietnam’s rice export sector, notably the priority of exporting high-quality rice through international bidding as well as stricter and more diverse trade barriers from importing countries. Preliminary data by the General Department of Customs shows that Vietnam exported 264,500 tonnes of rice in October, generating a revenue of US$135.56 million, up 22.96% in volume and 31.8% in value, compared with the same month last year. The total volume of rice exports in the first ten months of 2018 was 5.15 million tonnes, worth US$2.6 billion, representing year-on-year increases of 6.62% and 21.49% in volume and revenue respectively. What is notable during the period is that the price of Vietnamese rice has now surpassed that of Thailand, averaging at more than US$500 a tonne, up about 15%. In 2016, Vietnam exported 4.8 million tonnes of rice, bringing in US$2.1 billion. The respective volume and revenue figures … [Read more...] about BUSINESS NEWS IN BRIEF 20/11
While foreign-invested manufacturers have shifted to importing cars for domestic sale, Vietnamese enterprises have increased investments and expanded production, vowing to develop a domestic automobile industry. Vietnam vows to develop a domestic automobile industry New factories Truong Hai Automobile (Thaco) on March 25 opened Thaco Mazda, which is considered Mazda’s biggest and most modern factory in South East Asia, with total area of 30.3 hectares and capacity of 100,000 products a year. On the same day, Thaco opened the Japan – Chu Lai international maritime route and received APL’s first ship from Hiroshima docking at the Chu Lai Port. The cargo carried by APL included Mazda car parts and machines that serve the manufacturing and assembling of cars at Thaco Mazda and the Chu Lai – Truong Hai Automobile Mechanical Engineering Industrial Zone. While foreign-invested manufacturers have shifted to importing cars for domestic sale, Vietnamese … [Read more...] about Foreign automakers switch to trading as Vietnamese scale up production
The inauguration of the biggest and most modern automobile manufacturing factory in Southeast Asia and continuing a new investment cycle are the way of Vietnamese firms to dominate the “long race” of automobile industry. The grand opening of the Thaco Mazda plant in the presence of Prime Minister Nguyen Xuan Phuc and ministry and privincial leaders Truong Hai Auto JSC's (THACO)’s Thaco Mazda automobile manufacturing plant were inaugurated in Chu Lai, Quang Nam yesterday (March 25). The facility will be invested VND12 trillion ($528.6 million) to manufacture and assembly Mazda-brand automobiles with the capacity of 100,000 vehicles annually. After a year, the first phase of the project has been completed with half of the designed capacity of 200,000 units per year, and Thaco spent three years to research products and manufacturing process. Covering 30.3 hectares in Chu Lai Open Economic Zone, the plant is equipped with cutting-edge technology, meeting the … [Read more...] about Vietnamese automobile manufacturers growing up to the task
In late March 2017, Truong Hai Automobile kicked off the $500 million project on manufacturing and assembling Mazda in Chu Lai IZ with the capacity of 100,000 products a year. The first phase of the project, to have the capacity of 50,000 products, is scheduled to be completed by April 2018. This will be a modern automobile factory with automatic production lines, robots and advanced technologies.The Mazda factory is just one of the new investment projects of Truong Hai. In 2017, the corporation invested VND30.47 trillion to build 8 car assembling, 19 car part manufacturing factories and one R&D center. It plans to manufacture sedans, trucks and passenger cars with the localization ratio of 40 percent at minimum for domestic sale and export.Hyundai Thanh Cong in early April 2017 decided to set up a 120,000 product per annum assembling plant in Ninh Binh. From 2018, when the plant becomes operational, 90 percent of Hyundai cars to be sold in Vietnam will come from the … [Read more...] about Will made-in-Vietnam cars roll on SE Asia streets?