Want to be in the loop?
subscribe to
our notification
Business News
FOREIGN APPAREL FIRMS EXPAND PRODUCTION IN CITY
Nearly one year ago, Worldon applied to nearly double its registered investment to US$300 million to scale up the production capacity of its factory on 45 hectares in Dong Nam Industrial Park.
The company will lease an additional seven hectares to build dorms for its workers.
Worldon plans to open a center for fashion design and high-quality apparel this March.
Ma Jianrong, chairman of Worldon (Vietnam) Co. Ltd., said the expansion followed its fabric project which is now in progress in Tay Ninh Province and will be equipped with modern technology.
Previously, the HCMC Export Processing and Industrial Zone Authority (Hepza) said Worldon was preparing for business opportunities which would come when Vietnam signs the Trans-Pacific Partnership (TPP) agreement, which is under negotiation. The investor said all the products made in Vietnam would be exported to the United States, Europe and Japan.
Nobland Vietnam Co. Ltd. under South Korea-based Nobland International was licensed to inject an additional US$18 million into its project in the city.
C K Kim, general director of Nobland Vietnam, said the extra investment would go to installing modern equipment at its factory in Tan Thoi Hiep Industrial Zone.
Nobland Vietnam currently turns out over 64 million products a year and is expected to make 11 million more items a year for export to the U.S. and Europe.
The company, which had initial capital of a mere US$3 million, has been operational in the city for 12 years.
Vietnam will be able to speed up apparel exports to other member states of the TPP when this multilateral trade pact is signed. But a yarn forward regulation of the trade pact will require the country to use domestic materials or those imported from other TPP members.
However, experts have raised concerns that foreign investors’ apparel projects may dent the city’s effort to restrict investments in labor-intensive sectors.
Source: The Saigon Times
Related News
WHEN THE DRAGON BOAT FESTIVAL COMES, IT IS THE TIME FOR THE ZONGZI
Every bite carries the memory of tradition
VIET NAM IN RACE TO ATTRACT NEW GENERATION INVESTMENT
Viet Nam is gradually changing its economic growth model, shifting the structure towards creating high-added value. This means it needs to attract new generation investment and technology exchange in order to create sustainable development for domestic enterprises.
LOTTE WINE DINNER – A VINEYARDS VOYAGE: THE NEW IMMERSIVE WINE AND CULINARY AFFAIR
Ottimo House Trattoria at LOTTE HOTEL SAIGON is excited to introduce its newest exclusive private dining experience, Lotte Wine Dinner – A Vineyards Voyage, scheduled for Friday, May 31st 2024, from 6:30 PM to 9:30 PM.
350 EXHIBITORS TO TAKE PART IN HCM CITY PAPER, COATINGS, RUBBER, PLASTIC EXPOS
They will have a total display area of 10,000sq.m, 30 per cent more than last year, and the participation of over 350 local and international exhibitors who will showcase thousands of products and technologies.
SOILBUILD EXTENDS ITS HORIZONS INTO VIETNAM INDUSTRIAL REAL ESTATE
Soilbuild Group, an integrated real estate group, has broadened its investment in industrial real estate to Vietnam through its Soilbuild International division. The official launch of Soilbuild International (Vietnam) took place in Hanoi on May 9th, 2024, and was attended by esteemed guests, including domestic and international partners.
DIGITAL TRANSFORMATION IN LOGISTICS – A KEY TO UNLOCKING SUSTAINABLE E-COMMERCE AND ECONOMIC DEVELOPMENT
Accelerating digital transformation in logistics is critical in order to promote the sustainable development of e-commerce, a conference on applying technology held by the Ministry of Industry and Trade heard on Thursday, as well as accelerating overall economic growth.