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Foreign investment attraction – silver lining in Hung Yen province

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Foreign investment attraction has been considered a bright spot in the northern mountainous province of Hung Yen, generating jobs, contributing to the State budget revenue while becoming a crucial driving force for the locality’s socio-economic development.

Foreign investment attraction - silver lining in Hung Yen province hinh anh 1Foreign investment attraction – silver lining in Hung Yen province (Photo: baohungyen.vn)

Hanoi – Foreign investment attraction has been considered a bright spot in the northern mountainous province of Hung Yen, generating jobs, contributing to the State budget revenue while becoming a crucial driving force for the locality’s socio-economic development.

According to the provincial management board of industrial parks, in the first half of 2023, the province attracted more than 360 million USD of foreign investment capital, of which 251 million USD came from 18 newly registered projects and 99 million USD from 19 existing projects with additional capital.

As of May 2023, there were 520 valid foreign invested projects in local industrial parks, with a total registered capital of over 7.1 billion USD.

Foreign invested projects focus on a number of areas such as electrical and electronic equipment components, informatics, mobile phones, manufacturing products from steel, aluminum and aluminum products, metal processing; spare parts for automobiles and motorcycles, among others.

Many projects are operating effectively in the province such as projects of Toto Vietnam Co., Ltd (403 million USD), Kyocera Vietnam Co., Ltd (379 million USD), Mektec Manufacturing Vietnam Co., Ltd (300 million USD), Hoya Glassdisk Co., Ltd (214 million USD), Canon Electronics Vietnam Co., Ltd (128 million USD), among others.

The engagement of FDI businesses in several industries is a significant factor to boost economic restructuring towards modernity, contributing to developing a dynamic economic environment while increasing production capacity in the locality.

Besides, foreign capital flows also help the province to beef up exports, increase budget revenue, and boost its Gross Regional Domestic Product (GRDP).

In 2022, domestic budget revenue from foreign invested enterprises in the province’s industrial parks reached more than 2.8 trillion VND (118 million USD).

Job creation is one of the important and undeniable contributions of foreign investors in the province, which have so far generated jobs and stable incomes for over 78,000 local labourers.

In addition to direct jobs, the FDI sector has also created indirect jobs for millions of workers in supporting industries or other enterprises in the supply chain of goods for businesses in this sector.

Foreign investment attraction - silver lining in Hung Yen province hinh anh 2As of May 2023, there are 520 valid foreign invested projects in local industrial parks, with a total registered capital of over 7.1 billion USD. (Photo:baodautu.vn)

Pham Truong Tam, head of the provincial management board of industrial parks, said that the quality of labourers in foreign-invested enterprises in the province has improved markedly through internal training system, from on-the-spot and overseas training.

In late June 2023, Tran Quoc Van, Chairman of the provincial People’s Committee had a meeting with Japan’s Sumitomo Corporation. During the meeting, the group’s representative thanked the province for creating favourable conditions for Japanese businesses to operate and expressed a desire to expand the company’s operations at Thang Long II Industrial Park.

The industrial park currently has 104 foreign investment projects, with a total registered capital of about 3.274 billion USD, mainly from Japanese investors such as Kyocera, Hoya, Nippon, Daikin, Toto and Panasonic.

Nguyen Huu Nghia, Secretary of the provincial Party Committee, affirmed that the province has focused on attracting investors, large-scale enterprises, multinational companies, businesses with a leading role in regional and global supply chains, large-scale, hi-tech and environmentally friendly industrial and service investment projects.

The province is committed to continuing to further promote administrative procedures reforms, building a government that fabricates, serves, and creates more attraction for domestic and foreign businesses, he added.

Hung Yen is striving to become a smart, green urban area with modern infrastructure.

Its GRDP is expected to grow 8% per year from 2021-2025 and 8.5% from 2026-2030, while its social investment is set at about 250 trillion VND and 450 trillion VND in the two periods, respectively.

By 2025, the local poverty rate is projected at below 1% and the rate of trained labourers will reach 71% of the local workforce.

Hung Yen will work to soon complete its planning scheme for 2021-2030 with a vision towards 2050, ensuring its contents match the new situation.

It will also concertedly and effectively roll out programmes, directives, projects, resolutions and conclusions of the provincial Party Committee and the committee’s standing board on socio-economic affairs.

The provincial will urge investors to speed up technical infrastructure building, continue to put into operation industrial parks and clusters, push ahead with site clearance, further improve the investment environment and ensure social welfare, becoming a bright spot in terms of socio-economic development, national defence and security in the Red River Delta./.

Source: https://en.vietnamplus.vn/foreign-investment-attraction-silver-lining-in-hung-yen-province/265477.vnp

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Zhejiang Trade Exhibition opens in Hanoi

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The 2023 Zhejiang International Trade Exhibition and the 11th Zhejiang Export Fair, the largest and oldest expo independently held by China’s Zhejiang authority in ASEAN, opened at the Hanoi International Convention Centre on September 28.

Zhejiang Trade Exhibition opens in Hanoi hinh anh 1At the opening ceremony of the exhibition (Photo: VNA)

Hanoi – The 2023 Zhejiang International Trade Exhibition
and the 11th Zhejiang Export Fair, the largest and oldest expo independently
held by China’s Zhejiang authority in ASEAN, opened at the Hanoi International
Convention Centre on September 28.

The 4,000sq.m expo features 120 booths, displaying
products in hardware and machinery, textiles and inputs, interior and exterior
furniture, electronics and household appliances.

The three-day event is hosted by the Department of Commerce of Zhejiang province, and co-organised by Zhejiang Yuanda International Exhibition Co Ltd and
the Vietnam National Trade Fair and Advertising Company (VINEXAD).

Deputy Director of the Asia-Africa Market Development under the Ministry of
Industry and Trade  (MoIT) To Ngoc Son
said this is the 11th year the two sides have coordinated to
organise the trade promotion activity which marks the full recovery of economic
and trade exchanges between the two nations after three years of hiatus due to COVID-19.

Zhejiang Trade Exhibition opens in Hanoi hinh anh 2Deputy Director of the Asia-Africa Market Development To Ngoc Son speaks at the opening ceremony. (Photo: VNA)

The event is expected to create more cooperation opportunities for businesses
from both nations in the context that the global economy is facing a gloomy outlook,
he said, adding Zhejiang province – an important gateway in China’s eastern
region has an important role to play in the Vietnam – China trade, with Vietnam
– Zhejiang trade revenue accounting for 10% of the total trade between
the two nations in 2022.

Launched in 2011, the expo has been a platform not only for product exhibition
and promotion but also for Vietnam and China to strengthen economic and cultural
exchanges and multifaceted cooperation between their localities.

Last year, Zhejiang’s exports
to Vietnam reached 14.5 billion USD, an increase of 17.99%, while imports were 6
billion USD, up 14.21% over the same period last year.

The exhibition will run until September 30./.

Source: https://en.vietnamplus.vn/zhejiang-trade-exhibition-opens-in-hanoi/268734.vnp

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Vietnam’s nine-month economic growth reported at 4.24% YoY

The country’s GDP grew by 4.24% in the first 9 months, exceeding the growth rate of 2.19% and 1.57% in 2020 and 2021, according to data from the General Statistics Office.

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The results suggest that the economy is experiencing a notable upswing, potentially due to favorable economic politics or external factors.

The gross domestic product in the July-September quarter was estimated to increase by 5.33% from a year earlier, faster than the growth rate of 4.05% in the second quarter.

The recent growth registered in the country’s economy is a positive sign, indicating a continued recovery from the pandemic-induced downturn. Despite a slight decrease in growth compared to the same period last year, the economy remains stable and may continue to grow in the coming months.

In September, the consumer price index increased by 3.66% compared to the same period last year. The average value recorded in the third quarter of 2023 grew by 2.89% compared to the third quarter of 2022.

In the reviewed period, the total import and export turnover of goods reached $497.66 billion, down 11% over the same period last year. Of which export value hit $259.67 billion, down by 8.2%, while import value hit $237.99 billion, down 13.8%.

With regard to trade balance, the country posted a trade surplus of $2.29 billion in September and $21.68 billion during the nine months.

Industrial production in September increased by 5.1% year on year, up 0.1% from the previous month, while the January-September period showed an increase of 0.3% from the previous year.

In addition, the total retail sales and consumer service revenue in the first 9 months of 2023 is estimated to reach VND 4,567.8 trillion, an increase of 9.7% year on year (the same period in 2022 increased 20.9%). 

Source: https://e.nhipcaudautu.vn/economy/vietnams-nine-month-economic-growth-reported-at-424-yoy-3355298/

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International packaging firms eye Vietnamese market

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Over 400 exhibitors from 17 countries and territories are joining the 21st Vietnam International Printing and Packaging Industry Exhibition (VietnamPrintPack 2023), which opened in Ho Chi Minh City on Wednesday, in search of investment and cooperation opportunities.

The participating printing and packaging enterprises come from Germany, China, Japan, South Korea, Switzerland, Britain, and the United States.

According to insiders, Vietnam faces a shortage of providers of high-quality printing and packaging services and products.

VietnamPrintPack plays a key role in helping foster the printing and packaging industry in Vietnam. 

It has also paved the way for domestic firms to seek appropriate solutions and technologies, and for foreigners to do business in the Southeast Asian nation.

The exhibition covers an area of over 20,000 square meters and features 910 booths showcasing the latest products and services in the industry.

China’s Masterwork Group, which has joined the annual exhibition for the first time, is using the event to showcase its folding and gluing machines, as well as other products.

The expo is scheduled to wrap up on Saturday.

Vietnam’s printing and packaging industry is growing quickly, creating much potential for foreign investors and producers.

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Source: https://tuoitrenews.vn/news/business/20230928/international-packaging-firms-eye-vietnamese-market/75845.html

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