Want to be in the loop?
subscribe to
our notification
Business News
CHINESE PORT WANTS TO INVEST IN LOGISTICS, OPEN A LINE TO VUNG ANG PORT
Chinese Xiamen Port Group met with Ha Tinh Province’s People's Committee recently to explore opening a container line between Vung Ang and Xiamen ports as well as invest in local logistics.
Leader of Xiamen Port Group, Zhiping Chen, said Xiamen is a coastal city in Fujian Province in China. Xiamen Port is among the top seven largest ports in China and the 16th largest container port in the world. The port is a deep-water one that can accommodate up to 100,000-ton ships. It has routes to Asia, Europe, the Americas and the Mediterranean.
Zhiping Chen asked the province to support its possible investment in the local port and logistics industries.
Chen said: "Our survey of the local infrastructure conditions shows that Vung Ang Port, connecting with international seaports as well as connecting road systems in the country via Laos and Thailand, has great potential and advantages for development.”
Speaking at the meeting in the province, deputy chairman Duong Tat Thang said: “Ha Tinh is focusing on attracting projects in seaports, logistics centres and post-steel industry into the economic zone.”
He said the Lao Government is currently conducting a feasibility study on a railway project linking Laos and Viet Nam. The new railway is about 400km long, running from Thakhek district (Laos) to Vung Ang Port of Viet Nam with a total investment of nearly US$2 billion.
Thang said: "The railway will be an important gateway for investors and businesses to cooperate and invest in cargo transport routes from Laos and Thailand to other countries and vice versa through Vung Ang seaport."
He added Ha Tinh will create favourable conditions for the Xiamen Port Group to survey, research and invest in the field of seaports and logistics in Vung Ang.
Vung Ang Economic Zone is one of nine coastal economic zones that have been selected by the Government to develop steel, thermal power and deep-water ports for the central region and the whole country.
Currently, Vung Ang Economic Zone has attracted 137 investment projects, including 80 domestic investment projects and 57 FDI projects. These projects focus on the fields of industry, thermal power, renewable energy and post-steel development.
In addition to Xiamen Port Group, many large enterprises are also exploring investment opportunities in the zone. They are a joint venture between Lee & Man Group (Hong Kong) and Hokuetsu (Japan) which proposed research and surveys to build a port complex, logistics area and large-scale paper industrial park with total investment of $3 billion; while Siemens Energy (Germany) studied a gas-fired power plant with total estimated investment of $1.8 billion in Vung Ang No 3.
Source: VIR
Related News
BUSINESS ENVIRONMENT REFORM NEEDS FURTHER PROMOTION: EXPERT
Ministries, sectors and localities need to drastically improve the business environment, including improving the efficiency in implementing reform. That was the message from Nguyễn Thị Minh Thảo, head of the Business Environment and Competitiveness Research Department at the Central Institute for Economic Management (CIEM).
MINISTRY ASKS CARRIERS TO DEVELOP FLEET OPERATION PLAN TO MEET SUMMER TRAVEL DEMAND
In a document sent to the Civil Aviation Authority of Việt Nam, the ministry said that the restructuring of some airlines’ fleet and flight networks, coupled with the recall of PW1100 engines by Pratt & Whitney for repair, have affected the load on both international and domestic flight routes, causing difficulties to passengers in terms of prices and schedules.
US AND VIETNAM BUILD MOMENTUM WITH UPGRADED TIES
In the six months since the historic upgrade of the US-Vietnam relationship to a Comprehensive Strategic Partnership, the United States and Vietnam have built on the momentum of our elevated relationship to advance bilateral cooperation across a range of areas.
LENDING SLOWDOWN THREATENS TO DELAY REAL ESTATE RECOVERY
Phan Duc Tu, chairman of BIDV’s Board of Directors, said, “Over the first 80 days of 2024, BIDV has disbursed loans totalling $18.95 billion to the economy. However, the figure is lower than its debt repayment of $19.55 billion. As of March 11, the bank’s outstanding balance contracted approximately 1 per cent compared with the end of 2023.”
PERFECT SPRINGTIME SIP AT LEGEND LOUNGE
Ho Chi Minh City, February 28, 2024 - The season of love dedicated to women has returned to the LOTTE HOTEL SAIGON, offering ladies impressive and sophisticated experiences. A highlight not to be missed at The Canvas seafood buffet restaurant is the masterpiece Lobster Ravioli. Visit Ottimo House to enjoy premium Italian cuisine prepared with Australian Wagyu beef. On Mondays and Tuesdays, Yoshino Japanese Cuisine Restaurant offers a 20% discount on sashimi. Discover the classy space and enjoy the new drinks available at Legend Lounge, including "Cherry Blossom Latte" and "Strawberry Afternoon Tea.". To end your self-love journey, Legend Healing Spa will be offering 20% off two special treatments.
VIETNAM RANKS IN TOP 5 FAVOURITE INVESTMENT DESTINATIONS AMONG ASIA’S EMERGING AND DEVELOPING COUNTRIES
The US' Milken Institute released the Global Opportunity Index (GOI) on March 5. The GOI remains a strong predictor of capital movements 10 years after its inception. The index alone explains 64.7 per cent of the variation in per capita foreign direct investment (FDI) inflows and 51.7 per cent of per capita portfolio inflows to countries across the world. The 2024 GOI report provides a global overview of countries' attractiveness and capital inflows.