With a total turnover of approximately 16. 2 billion USD and a profit of 400 million USD last year, the Hyosung Group, working in the textile and apparel, commercial materials, IT, structures and chemicals sectors, has expressed its goal to expand its operations in Viet Nam.
Hyosung President Cho Hyun-joon told Prime Minister Pham Minh Chinh last week that the company will invest more in Viet Nam in those fields with a giant volume of capital.
Hyosung also plans to build a $300 million knowledge center in Ho Chi Minh City. According to the plan, the company will build a knowledge center with a capacity of 1,500 to 4,000 racks that meet foreign criteria to serve its partners on a large scale.
The allocation consists of plans to inject an additional investment of 2 billion USD into Viet Nam in 2024. In addition, Hyosung plans to invest in an ATM production plant in Viet Nam, as the company is the third largest ATM manufacturer in the world.
Hyosung Core Materials is recently building a $550 million allocation to produce carbon fiber at the Phu My 2 industrial park in the southern province of Ba Ria-Vung Tau, which is expected to become operational next year. The assignment received a license in October 2023.
In March, Hyosung TNC obtained approval from the Ba Ria-Vung Tau People’s Committee for an allocation of $730 million to build the biospandex plant in Viet Nam.
Vice President Lee Sang Woon said, “Hyosung regards Viet Nam as a strategic market. The organization will not only expand its operations, but also needs to make Viet Nam a sustainable investment destination. We look forward to preparing the company’s long-term for the next one. One hundred years in Viet Nam by expanding its operations in southern locations.
Having started its operations in Viet Nam in 2007, Hyosung has invested around $5. 1 billion here with 8 corporations and a branch. In total there are around 9,000 people in the country, and its turnover reached $3. 5 billion last year.
The contribution of conglomerates such as Hyosung has contributed to the expansion boost of foreign direct investment (FDI) in the production and processing sector.
In the first part of 2024, the sector registered the largest amount of FDI with $6. 83 billion, representing 71. 6% of the total dispensed in the country in the period.
The production and processing activities of Foreign-Invested Enterprises (FIEs) have contributed a major component of the country’s total export volume. Statistics released through the General Bureau of Statistics of Viet Nam show that in the first component of the year, total EIA exports amounted to US$123. 45 billion, a year-on-year increase of 13. 2% (US$14. 42 billion), accounting for 72% of the country’s total export turnover.
Investment flows in the production and processing sector will be consolidated through commitments of primary equipment provided in Viet Nam.
At last week’s meeting with Prime Minister Chinh in South Korea, Samsung Electronics CEO Lee Jae Yong said Samsung plans to invest “massively” in Viet Nam over the next 3 years. Park Hark-kyu, chief financial officer of Samsung Electronics, unveiled an investment plan of around 1 billion USD in Viet Nam at an assembly with Prime Minister Chinh in May.
“Viet Nam’s good luck is Samsung’s good luck. Samsung Electronics has made a long-term commitment to Viet Nam, expanding its network of local suppliers,” Yong said.
Samsung has already invested 22. 4 billion USD in Viet Nam and incorporated more than three hundred Vietnamese corporations into its home chain, 12 times more than in 2014.
Viet Nam now produces part of Samsung’s smartphones, and last year Samsung’s total exports to Viet Nam reached 55. 7 billion U. S. dollars. The organization has expanded its local operations from smartphone production plants to studies and progression services and, more recently, has helped local corporations enroll in its global production and supply chain network.
Samsung is lately the largest FIE in Viet Nam, with 4 factories in Bac Ninh, Thai Nguyen and Ho Chi Minh City. Mobile phones produced in Viet Nam account for more than a share of Samsung’s global production, and exports are expected to increase over more than 10 years. % this year until 2023.
Since the meeting with the Vietnamese Prime Minister in South Korea, other conglomerates such as CJ Group, POSCO Holdings and LG Display have also pledged to invest billions of dollars more in Viet Nam as part of their long-term investment strategy.
In particular, LG Group has invested about 8 billion USD in the northern port city of Haiphong. Seven projects are valued at more than $7 billion, and 50 satellite corporations have a total investment capital of just about $1 billion. dispensed so far.
Cheol-Dong Jeong, CEO of LG Display, said the company’s total profit in 2023 is estimated at 14 billion USD and it will invest 3 billion USD in Viet Nam over the next 3 years.
Meanwhile, the northeastern province of Quang Ninh on July 3 controlled the projects through Foxconn Singapore to be implemented in the Song Khoai Amata Industrial Park and the DEEP C Quang Ninh 2 Industrial Zone.
The allocation of smart entertainment products at Song Khoai Amata will cost $263. 7 million and has a design capacity of 4. 18 million products per year. Meanwhile, the allocation of DEEP C Quang Ninh 2 smart formula is 287 million USD and will manufacture 8. 78 million products per year. According to the investment certificates, any of the allocations will be fully structured until July 2026 and will enter official production in May of the following year.
In June, Foxconn Singapore also won the green light for a $383 million Foxconn Bac Ninh FCPV project. The plant will specialize in the manufacture and assembly of printed circuit boards, with a total capacity of approximately 2. 8 million pieces per year.
Nguyen Lam Thanh, Policy Director, TikTok
The prospects of the online retail market in Viet Nam have changed a lot, as most consumers prioritize cost over value when purchasing.
According to the 2024 Asia-Pacific Consumer and Commercial Shopping and Entertainment Report, conducted through Accenture and published through TikTok, approximately 79% of consumers in the Asia-Pacific region are attracted to non-promotional content, while 21% of users said they were influenced. through promotions when you plan to go shopping.
Topics such as product benefits, real-world evaluations, descriptions, and simulations of product applicability under real-world conditions are most useful for customer research, mirror image, and decision-making.
In the face of major shifts in customer behavior, TikTok hopes to bring content-based business activities to the community, creating the conditions for brands to find tactics to engage with customers to offer deals, while also offering fun, fluidity, and uninterruptedness. reports around the world. Shopping route.
With content, commerce, and network benefits, TikTok Shop offers a complete ecosystem where brands and businesses can connect with creators in the right direction, editing their expansion. Through sales bureaucracy such as live streaming, grocery shopping, and associated marketing, TikTok Shop has recorded many notable expansion milestones.
In 2023, the total price of products searched for in the Store tab will increase 32 times; the number of distributors maintaining a solid price has tripled; The number of viewers in the live sessions and short videos has increased by 12.
The past two years have also seen an expansion of sellers’ profits in typical product categories such as mom and baby, electronics, appliances, and others.
Wataru Nakano, Managing Director, Isuzu Viet Nam
Although the overall market demand scenario decreased by 14% in the first months of 2024, Isuzu Viet Nam still maintained a sales volume expansion of 3. 8% over the same period in 2023 in the advertising vehicle segment.
However, in the truck and SUV segment, the effects did show many positive symptoms in the first 4 months of the year.
The economic crisis is seriously affecting most companies and we are no exception. But we would like to collaborate with logistics companies to overcome this difficult situation.
We give the most sensible priority to the visitor with the aim of maximizing vehicle uptime. As a result, it contributes to the optimization of visitor operations in the logistics sector.
We also appreciate the legal reforms carried out through the Vietnamese government, which have allowed the automotive industry to thrive in Viet Nam. We have expressed our opinion through the Viet Nam Automobile Manufacturers Association, especially on the existing generation and industry environment.
Poovathungal Itteera Roy, Deputy General Manager, Energie Schneider Electric Viet Nam
2024 marks 30 years of Schneider Electric’s sustainability adventure in Viet Nam, and we will continue to power the grid to make the most of the world’s power and resources.
Sustainability is at the heart of everything we do. Our 2021-2025 Sustainability Commitment focuses on achieving environmental, social and governance goals, such as carbon neutrality by 2025, strengthening our efforts to fight climate change and social inequality, and maintaining local commitments.
Through automation, digitalization and electrification, we ensure a robust source of green energy. Schneider’s operations were based on renewable energy, proprietary technologies and leveraging renewable energy compulsory purchasing agreements (PPAs).
Companies can secure a sufficient source of green energy for production processes through a variety of means, such as making an investment in on-site renewable energy generation, entering into renewable power purchase agreements (PPAs) for renewable energy, and engaging with local utilities and renewable energy providers. These approaches can help to address existing demanding situations, such as renewable energy sources and the transition to sustainable and green production.
Thanks to the efforts of leaders, the business community and local citizens to realize the Government’s goals of pandemic containment and socio-economic development, the northern province of Thai Nguyen has seen encouraging effects so far this year.
The year 2021 is the second year that Haiphong implements the dual goal of economic progress and disease prevention. The commercial sector made the largest contribution, with processing and production being the drivers.
Hanoi attracted a total of 914. 4 million USD in foreign investment in the first two months of 2024, adding 27 recently legal projects for 869. 8 million USD, 17 projects that received an additional investment of 9. 1 million USD and 21 cases of foreign investors offering capital or buying shares, for a total of US$914. 4 million in foreign investment in the first two months of 2024. $35. 45 million.
What the stars mean:
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Review of investments in Vietnam by the Ministry of Planning and Investment
Editor-in-chief: Le Trong Minh
Deputy Editors: Bui Duc Hai, Nguyen Van Hong and Nguyen Quoc Viet
Editorial Board Member: Dang Tuan Khanh
Editor-in-chief: Nguyen Chi Mai
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