Nghệ An approves US$590 million fabric factory investment from Singapore

16:01 | 29/11/2024 Investment Follow Ven.vn on

The factory will begin trial operations in the second quarter of 2028 and is expected to provide jobs for 15,000 locals.

The Southeast Nghệ An Economic Zone in Diễn Châu District where the Mega Textile–Việt Nam fabric factory will be built. — Photo nguoiquansat.vn

NGHỆ AN — The Standing Committee of the Nghệ An Provincial Party Committee on Thursday approved a foreign direct investment (FDI) project worth US$590 million from Singapore.

The Mega Textile-Việt Nam factory will be built by Mega Textile Singapore Private Limited Company, on a total area of over 51 hectares in the Thọ Lộc Industrial Park, located in the Southeast Nghệ An Economic Zone in Diễn Châu District.

The factory will produce various types of fabrics at a yearly capacity of 67,200 tonnes, knitted goods (10,300 tonnes), coloured yarn (7,200 tonnes), clothing (130 million pieces), belts (100 million) and semi-finished products (2.2 million).

Preparation procedures are expected to be completed by the second quarter of 2025. The factory will begin trial operations in the second quarter of 2028 and is expected to provide jobs for 15,000 locals.

The project will boost FDI investment capital into Nghệ An this year to nearly $1.7 billion, bringing the province into the top 10 localities with largest FDI in the country.

Mega Textile Singapore Private Limited was established in 2022. It is a wholly-owned subsidiary of Best Pacific International Holdings Limited, a publicly listed group on the Hong Kong Stock Exchange.

Best Pacific is a leading producer and trader of fabrics for renowned global sportswear and undergarment brands. The group built its first factory in Việt Nam in Hải Dương Province in 2016, providing employment for over 1,600 people.

Source: VNS

See more news

Can Tho attracts non-state investment

10:21 | 17/12/2024 Investment

Can Tho has been planned as a nuclear urban centre of the Mekong Delta region and received central government attention after the National Assembly issued a resolution on piloting special mechanisms for Can Tho’s development.

FDI remains vital contributor to boost economic growth

09:06 | 13/12/2024 Investment

Foreign direct investment (FDI) remains one of the most vital drivers of national economic growth, recording remarkable results in 2024.

Total investment for Bien Hoa - Vung Tau expressway project to increase by VND6.3 trillion

14:54 | 12/12/2024 Investment

(VEN) - The total investment of Bien Hoa - Vung Tau expressway project is expected to increase by nearly VND6.3 trillion compared to the initial estimate approved by the National Assembly.

HCM City lays out plans for sound business climate with Japanese firms

16:50 | 11/12/2024 Investment

Ho Chi Minh City pledges to develop an equal and transparent business climate for foreign firms, including those from Japan, to aid in business development plans in the southern economic hub, Vice Chairman of the municipal People’s Committee Vo Van Hoan said on December 9.

Hai Phong – a bright spot in attracting foreign investment

09:47 | 09/12/2024 Investment

With its advantageous geographical location, convenient transport connections, attractive investment environment, and consistent stance that the development of businesses is the development of the city, Hai Phong has witnessed a strong rise to become a bright spot in attracting foreign direct investment (FDI).

Vietnamese businesses explore Indonesian market

18:01 | 07/12/2024 Investment

A business networking session between a delegation from the Ho Chi Minh City Association of Mechanical-Electrical Enterprises (HAMEE) and the Indonesian Chamber of Commerce and Industry (KADIN) was held on December 5 in Jakarta.

Vietnam attracts nearly 31.4 billion USD in foreign investment in 11 months

17:59 | 06/12/2024 Investment

Total registered foreign direct investment (FDI) into Vietnam, including new and additional investments, and capital contributions via share purchases, reached 31.4 billion USD in the first 11 months of 2024.

Top legislator suggests Japan’s Tokyu Group expand investment in Vietnam

15:26 | 05/12/2024 Investment

Chairman of the Vietnamese National Assembly (NA) Tran Thanh Man received Chairman of Japan’s Tokyu Group Hirofumi Nomoto in Tokyo on December 5 morning, as part of his ongoing official visit to the East Asian nation.

Chinese media highlights Vietnam as attractive investment destination in 2025

16:38 | 03/12/2024 Investment

The number of Chinese manufacturers shifting production to the Vietnamese market has boomed since 2018, and the upward trend is set to continue over the coming years, the South China Morning Post (SCMP) of Hong Kong (China) confirmed.

Vietnam's readiness to receive semiconductor investment

18:07 | 01/12/2024 Investment

Vietnam’s goal is not only to participate in the global value chain but also to build an advanced and attractive semiconductor industry ecosystem in the region and the world, which will help the country achieve self-reliance and sustainable development in this field. Currently, Vietnam has met the necessary conditions to be ready to welcome and cooperate with enterprises and investors from all over the world in the semiconductor industry.

Latest Most Read

Logistics firms optimistic about growth prospects in 2025: Survey

17:12 | 02/01/2025 Economy

The logistics industry’s business community has expressed optimism about growth prospects in 2025, with nearly 42% of companies surveyed by Vietnam Report JSC affirming that their business outlook will be more positive.

Long-term strategies needed to prepare for rising power demand

17:04 | 02/01/2025 Economy

As Vietnam’s electricity consumption demand in 2025 is forecast to show double digit growth, 10.5-13% compared to 2024, manufacturing needs to have long-term investment strategies to minimise risks from fluctuations in prices and supply, experts said.

Vietnam urged to bolster global integration, multilateralism for new era

16:24 | 02/01/2025 Cooperation

In a move to usher Vietnam into a new era of growth and prosperity, Vietnam should double down on its global integration efforts and strengthen its commitments to multilateralism, according to Vietnamese representative in Switzerland and foreign former officials.

Ha Tinh: 90 wild animals released back to nature

16:18 | 02/01/2025 Environment

Authorities have released 90 wild animals of 14 species into Vu Quang National Park in the central province of Ha Tinh.

India launches anti-dumping investigation on nylon yarn imports from Vietnam

16:10 | 02/01/2025 Trade

India’s Directorate General of Trade Remedies (DGTR) has initiated an anti-dumping investigation into nylon filament yarn imported from China and Vietnam, the Trade Remedies Authority of Vietnam reported.

Banking sector: Capital flows with no congestion

15:35 | 25/12/2024 Finance-Banking

(VEN) - So far, despite the difficulties in capital sources, the Vietnamese banking sector continued to maintain stability. Capital injection into the economy has been more favorable, with no congestion like in previous years. That is a great achievement of the sector in 2024.

“PV GAS - Green Energy Journey” marathon: Act for health, act for the environment

06:00 | 25/12/2024 Vietnamese Brands

(VEN) - On December 22, the “PV GAS - Green Energy Journey” marathon was officially kicked off in Hanoi by the Petrovietnam Gas Joint Stock Corporation (PV GAS). This event marks the beginning of a series of vibrant social and sports activities in both Hanoi and Ho Chi Minh City, celebrating PV GAS’s successful 2024 – a year in which it shone as an energy spotlight in Vietnam. PV GAS has continuously achieved remarkable milestones, expanding its footprint to ensure comprehensive, flexible nationwide supply of clean gas.

PM urges realisation of high-level agreements with Saudi Arabia, UAE, Qatar

08:48 | 25/12/2024 News and Events

Prime Minister Pham Minh Chinh held a working session with ambassadors and staff of the Embassies of Saudi Arabia, the United Arab Emirates (UAE) and Qatar in Hanoi on December 24 to accelerate the realisation of high-level agreements between Vietnam and the three countries.

Top 10 prominent events of Vietnam in 2024 selected by VNA

08:54 | 25/12/2024 News and Events

As 2024 is nearing its end, the Vietnam News Agency has selected the top 10 events in the country in the year.

Vietnam aims to reduce greenhouse gas emissions in agriculture production

08:57 | 25/12/2024 Society

The transformation of agricultural production towards ecological, organic, circular and low-emission agriculture is a top priority as Vietnam seeks to meet its goal of achieving net-zero emissions by 2050, experts said.

Multimedia

Video Longform Infographic Photo

Glorious tradition of the Vietnam People's Army

08:30 | 22/12/2024 Infographic

The Vietnam People’s Army (VPA) celebrate its 80th founding anniversary on December 22, 2024, a milestone in the army’s glorious history of serving and defending the nation. After 80 years of construction and development, the VPA has truly proven its revolutionary nature as an army “born from the people, fighting for the people, and serving the people”.

Total FDI registered in Vietnam hits 31.4 billion USD in January-November

09:02 | 17/12/2024 Infographic

As of November 30, 2024, the total newly registered capital, adjusted capital, and capital contributions or share purchases by foreign investors in Vietnam reached nearly 31.4 billion USD, up 1% increase compared to the same period last year.

First 11 months of 2024: Import-export turnover increases 15.4%

10:55 | 16/12/2024 Infographic

In the first 11 months of this year, Vietnam’s total import-export turnover reached 715.55 billion USD, up 15.4% against the same period last year, of which exports rose by 14.4% and imports up 16.4%. In the reviewed period, Vietnam enjoyed a trade surplus of 24.31 billion USD.

11-month agro-forestry-fishery exports exceed yearly target

19:55 | 15/12/2024 Infographic

Vietnam’s total export turnover of agro-forestry-fishery products in the first 11 months of 2024 reached 56.74 billion USD, an increase of 19% over the same period in 2023. The sector has exceeded the set target of 54-55 billion USD for the whole year, and is confidently aiming for a new record of 60 billion USD.

Hanoi achieves or exceeds 23/24 socio-economic targets for 2024

08:57 | 13/12/2024 Infographic

Hanoi achieves rather comprehensive results in its socio-economic development in 2024, with 23/24 targets completed or exceeded.

Policy

Innovation, acceleration lead Vietnam into new era

13:01 | 01/01/2025 Policy

On the occasion of the New Year 2025, Prime Minister Pham Minh Chinh has written an article stressing the importance of innovation, creativity, acceleration, and breakthroughs to lead Vietnam steadily into a new era – the era of rising up for strong, civilised and prosperous development of the Vietnamese nation.

Organization downsizing must be linked to improvement of staffing quality: PM

15:44 | 29/12/2024 Policy

Prime Minister Pham Minh Chinh has requested linking organizational downsizing with improving the quality of civil servants, public employees, and officials, to ensure government agencies operate effectively, efficiently, and with capable personnel.

Amended Electricity Law proves MoIT’s institutional improvement success

17:06 | 23/12/2024 Policy

(VEN) - The amended Electricity Law has been recently passed by the National Assembly, marking a new milestone deeply influenced by the Ministry of Industry and Trade (MoIT) in enhancing the institutional framework in a “rapid” spirit.

Ministry proposes extending agricultural land tax exemption through 2030

15:06 | 23/12/2024 Policy

The Ministry of Finance has proposed the National Assembly extend the agricultural land tax exemption until December 31, 2030, a move aimed at encouraging investments in agriculture and rural areas to improve the competitive edge of the agricultural products amidst deeper international integration.

Industry & Trade

Revised Power Development Plan VIII to be submitted by February's end

16:01 | 02/01/2025 Industry

The Ministry of Industry and Trade (MoIT) will submit the revised National Power Development Plan VIII to the Prime Minister for approval by February 28, 2025, Deputy Minister Nguyen Hoang Long has said.

New 300-hectare industrial zone near Long Thanh Airport

15:58 | 30/12/2024 Industry

A 300-hectare industrial zone near the mega Long Thanh International Airport has been licensed for development.

Vietnam, Canada have opportunity to cooperate in nuclear power: former Canadian Deputy PM

15:30 | 30/12/2024 Energy

Nuclear power is one of the priority areas where Canada and Vietnam can cooperate, and both sides have a good opportunity to share this technology and build nuclear reactors to provide their economies with clean, zero-emission energy, according to Jean Charest, former Deputy Prime Minister of Canada and former Premier of Québec.

Industry sector asked to urgently restart Ninh Thuan nuclear power project

14:35 | 24/12/2024 Energy

The industry and trade sector should exert efforts to speed up the implementation of the revised Electricity Law and the policy on restarting the Ninh Thuan nuclear power project in the south-central province of the same name, Deputy Prime Minister Bui Thanh Son has said.

Investment

Dong Trieu city emerges as Vietnam’s new investment hotspot

15:03 | 02/01/2025 Investment

An Giang upgrades infrastructure to attract investment

10:20 | 31/12/2024 Investment

Binh Duong creates many incentives for large FDI projects

17:23 | 29/12/2024 Investment

Vietnam increasingly attractive to foreign investors

14:17 | 24/12/2024 Investment

Finance-Banking

Financial sector asked to promote creativity in performing tasks for 2025

19:12 | 01/01/2025 Finance-Banking

Prime Minister Pham Minh Chinh chaired a conference in Hanoi on December 31 to review budgetary-financial affairs in 2024 during which he requested the financial sector to change mindset and promote creativity to complete all finance-budget-related tasks in 2025.

Forecast upbeat for banking industry in 2025

17:29 | 29/12/2024 Finance-Banking

Commercial banks' pre-tax profits in 2025 are forecast to grow by 14.9% year-on-year, while bad debt has peaked and is expected to decrease next year.

Banking sector: Capital flows with no congestion

15:35 | 25/12/2024 Finance-Banking

Cashless payment requires biometric data updating from January 1, 2025

10:30 | 24/12/2024 Finance-Banking

From January 1, 2025, customers will not be able to perform any digital transactions on mobile if they have not completed the biometric information update.

Environment

Ha Tinh: 90 wild animals released back to nature

16:18 | 02/01/2025 Environment

Authorities have released 90 wild animals of 14 species into Vu Quang National Park in the central province of Ha Tinh.

Centre to apply AI to tropical cyclone forecasting

15:47 | 29/12/2024 Environment

The Hanoi University of Science and Technology's Institute for Research and Application of Artificial Intelligence, alongside relevant units, has been told to work closely with the National Centre for Hydro-Meteorological Forecasting (NCHMF) to integrate artificial intelligence (AI) into the forecasting of tropical cyclones ahead of the 2025 rainy and storm season.

Sowing millions of seeds to green Vietnam’s shared home

15:08 | 24/12/2024 Environment

Each year in Vietnam, millions of seeds are persistently sown to increase forest coverage, contributing to watershed protection, safeguarding mangrove ecosystems, and mitigating the impacts of climate change.

Dong Thap revives red-crowned crane population

14:29 | 24/12/2024 Environment

In a bid to save its iconic symbol, the Mekong Delta province of Dong Thap is embarking on a conservation and development scheme for the critically endangered red-crowned cranes at the Tram Chim National Park for the 2022–2032 period.

Science - Technology

MIC urged to promote digital infrastructure, AI application

16:51 | 30/12/2024 Science - Technology

Deputy Prime Minister Ho Duc Phoc has urged the information and communications sector to focus on developing digital infrastructure, strongly accelerate the application artificial intelligence (AI) and promote the digital industry, contributing to the whole country’s efforts to advance to a new era of prosperity and growth.

5G technology to yield US$1.5 billion revenue for Vietnamese telecom operators

09:56 | 29/12/2024 Science - Technology

(VEN) - The fifth-generation (5G) technology is forecasted to yield US$1.5 billion in revenue for Vietnamese telecom operators by 2030. 5G services are expected to contribute 7.3-7.4% to Vietnam’s gross domestic product (GDP) growth in 2025.

Safe nuclear power development essential for clean energy frontier: Japanese expert

10:37 | 28/12/2024 Science - Technology

Vietnam needs to acquire technologies to ensure the safe management of nuclear power plants, and establish an appropriate financial mechanism to secure the substantial initial investment capital for the plan, according to Hisanori Nei, Professor Emeritus of the National Graduate Institute for Policy Studies of Japan.

Innovative startup ecosystem witnesses strong development

09:21 | 25/12/2024 Science - Technology

(VEN) - Vietnam is emerging as one of the dynamic emerging economies and a hub for innovative startups in the Asia-Pacific region thanks to a strong development of its innovative business ecosystem.

Society

Capital Law opens the path for building a green Hanoi

16:59 | 01/01/2025 Society

The 2024 Capital Law sets the goal to increase green space, improve environmental quality, and protect biodiversity in the capital Hanoi.

Poverty rate among ethnic minorities decreased by 3.7 percent

17:07 | 31/12/2024 Society

(VEN) - According to a summary of reports from localities, as of December 31, 2024, the average poverty rate in ethnic minority areas has decreased by 3.7 percent, exceeding the planned target of over 3 percent.

Ho Chi Minh City confidently rises in the new era

16:58 | 31/12/2024 Society

In 2024, Ho Chi Minh City’s GRDP growth is estimated to reach nearly 7.2% (compared to 5.8% in 2023), with budget revenues surpassing 500 trillion VND (19.6 billion USD), continuing to contribute 26-27% of the total national budget. From 2025 onward, the city’s economy is expected to sustain its recovery momentum, driven by the growth of the service, industrial, and construction sectors.

$74K will be highest Tet bonus in HCMC

16:48 | 31/12/2024 Society

The highest bonus to be paid by any HCMC employer for the upcoming Lunar New Year is VND1.9 billion (US$74,600).

Vietnamese Brands

PV GAS Services funds school library embellishment in Binh Phuoc Province

14:00 | 31/12/2024 Vietnamese Brands

(VEN) - To celebrate the 63rd anniversary of the foundation day of the Vietnamese oil and gas sector (November 27, 1961 - November 27, 2024) and its successful business and production activities in 2024, the Vung Tau Maintenance and Repair Team and the Youth Union of PV GAS Services collaborated with the Red Cross Society of Ba Ria - Vung Tau Province to carry out a meaningful program at Dak Mai Secondary and High School in Bu Gia Map District, Binh Phuoc Province, on December 14.

PV GAS honored for contributions to social security in Ba Ria - Vung Tau

10:13 | 31/12/2024 Vietnamese Brands

(VEN) - On December 25, the Vietnam Fatherland Front Committee of Ba Ria - Vung Tau province held a conference to summarize the work in 2024 and approve the coordination program in 2025.

“PV GAS - Green Energy Journey” a marathon milestone

09:39 | 31/12/2024 Vietnamese Brands

(VEN) - On December 22, in Hanoi, the “PV GAS - Green Energy Journey” marathon concluded successfully, attracting the participation of 2,200 runners. This event marked a spectacular start to a series of races promoting the meaningful message of environmental protection and sustainable development, organized by the Petrovietnam Gas Joint Stock Corporation (PV GAS).

Vietnam Airlines reports record profit, ending four years of losses

17:03 | 30/12/2024 Vietnamese Brands

Vietnam Airlines is set to achieve a record pre-tax profit of 7.32 trillion VND (287.7 million USD) in 2024, ending four years of losses, with revenue expected to reach 114.7 trillion VND (4.5 billion USD), up 23% from last year.

Culture

HCM City eyes sustainable cinema development

16:47 | 30/12/2024 Culture

Ho Chi Minh City, boasting a vibrant cultural landscape and dynamic film industry, stands at a crossroads to transform itself into a regional and international film hub.

Cultural Heritage positions national brand in international arena

15:12 | 30/12/2024 Culture

(VEN) - In 2024, Vietnamese heritage sector has left many positive marks, including the National Assembly’s approval of the amended Law on Cultural Heritage which has contributed to promoting the value, and improving the effectiveness of the management and preservation of cultural heritage.

Raising Vietnam’s value through cultural diplomacy

Nghệ An approves US$590 million fabric factory investment from Singapore

See also

See more news

Multimedia