Connect with us

Project

MM Mega Market Vietnam proposes hypermarket project in northern Vietnam province

Published

on

Thailand-invested MM Mega Market Vietnam is searching for a location in Vinh Yen town, capital of the northern province of Vinh Phuc, to build a hypermarket.

Bruno Jousselin, CEO of MM Mega Market Vietnam, made the proposal at a meeting with Tran Duy Dong, Chairman of the Vinh Phuc People’s Committee, on Thursday.

Bruno Jousselin, CEO of MM Mega Market Vietnam, talks with Chairman of the Vinh Phuc People's Committee Tran Duy Dong in the northern province, March 7, 2024. Photo courtesy of Vinh Phuc newspaper.

Bruno Jousselin, CEO of MM Mega Market Vietnam, talks with Chairman of the Vinh Phuc People’s Committee Tran Duy Dong in the northern province, March 7, 2024. Photo courtesy of Vinh Phuc newspaper.

Jousselin expressed high regard for the province’s geographical location, infrastructure, and investment attraction policies. He proposed that the people’s committee facilitate its search for suitable investment locations and streamline project procedures in line with regulations.

During the meeting, Chairman Dong noted the significant demand for commercial transactions and shopping in the province, adding that Vinh Phuc is yet to have a commercial center at a suitably high level.

He expressed support for the company’s proposal and instructed the Department of Construction, the Center for Investment Promotion and Enterprise Support, and relevant departments to collaborate with MM Mega Market Vietnam in identifying investment locations that align with the province’s planning and land use plan for Vinh Yen town.

Dong also urged the company to review potential investment locations based on suggestions from provincial departments to ensure that they are suitable and convenient for site clearance.

The chairman recommended that the company consider leasing existing premises in urban areas within the province to expedite the project’s development.

MM Mega Market Vietnam, a subsidiary of Thailand’s TCC Group, primarily focuses on trade and services. After 23 years of operation, the company has expanded its network to include 21 supermarkets, seven warehouses, five logistics centers, two central distribution centers, and two warehouses for fresh products. The firm employs over 4,000 people and has over 2,000 suppliers across the country.

MM Mega Market Vietnam last November broke ground on its first department store in Vietnam, signalling a strong commitment to expanding its presence in the Southeast Asian nation.

The facility, costing nearly $20 million, spans 19,197 square meters on Nguyen Sinh Sac street in Lien Chieu district of the central city of Danang and incorporates recyclable and energy-saving materials. The MM Mega Market Danang is expected to come on stream in late 2025.

SK Group’s subsidiary seeks to expand in Vinh Phuc

On the same day, during a meeting with ChairmanDong, Yoo Jin-Han, chief financial officer of SKC and CEO of ISC Company under South Korea’s SK Group, asked Vinh Phuc to provide favorable conditions for ISC to expand its production capacity in the province, especially in terms of human resources, with the goal of making the ISC Vina factory a key production base for SK Group in Vietnam.

Chairman of the Vinh Phuc People's Committee Tran Duy Dong (fourth, right) and SKC representatives at their meeting in the province on March 6, 2025. Photo courtesy of Vinh Phuc newspaper.

Chairman of the Vinh Phuc People’s Committee Tran Duy Dong (fourth, right) and SKC representatives at their meeting in the province on March 6, 2025. Photo courtesy of Vinh Phuc newspaper.

ISC Company specializes in manufacturing semiconductor test sockets and is currently investing in the ISC Vina factory project at Ba Thien 2 Industrial Park in Binh Xuyen district, Vinh Phuc. The factory spans nearly two hectares, with total registered investment capital of over $12.3 million.

The ISC Vina factory produces five main products, including plastic and synthetic rubber in primary form, metal products, electronic components, mechanical and metal processing and coating, and plastic and aluminum molds for the semiconductor industry.

The project currently employs over 900 workers, and in 2024, it is expected to generate nearly $29 million in export revenue, contributing more than $340,000 to the state budget.

Dong commended SK Group’s expansion as aligned with Vinh Phuc’s investment attraction goals.

Regarding the company’s request for assistance with human resource challenges, Dong assured that the province has plans to provide high-quality workers and social housing for employees, meeting the needs of investors.

Vinh Phuc is a manufacturing hub in northern Vietnam, together with Hanoi, Hai Phong, Hai Duong, Ha Nam, Bac Ninh, and Thai Nguyen.

Japanese keiretsu Sumitomo is keen to build its second industrial park in Vinh Phuc, a representative told local authorities in mid February.

Sumitomo-invested industrial parks in Vietnam include Thang Long in Hanoi, Thang Long II in the neighboring province of Hung Yen, and Thang Long Vinh Phuc in Vinh Phuc province,

Project

Industrial production sees positive recovery

Published

on

Vietnam’s economic growth in the first half of 2024 achieved a positive result with a figure of 6.42%. The significant recovery in industrial production has made an important contribution.

According to the General Statistics Office, the industrial sector experienced many positive changes and achieved good growth, in the first six months of the year. Notably, in the second quarter, industrial production recovered positively, based on relatively low growth in the same period of 2023 (0.86%), with the added value reaching 8.55%, compared to the same period. Specifically, the manufacturing and processing industry surged with a growth rate of 10.04%, while the electricity production and distribution industry continued to grow strongly at 14.15%, ensuring electricity supply for production, business, and people’s needs. The water supply, waste management, and wastewater treatment sectors increased by 7.83%, and the mining industry recorded a negative growth of 9.06%, due to the policy of gradually reducing domestic mineral extraction.

Overall, in the first six months, the added value of the industrial sector reached 7.54%, and many secondary sectors had double-digit growth.

Enterprise’s recovery beyond expectations

Despite many pessimistic forecasts, at the beginning of the year, industrial enterprises have shown a good recovery in the first half of the year. Many businesses have made a spectacular comeback.

For multi-industry conglomerates like DNP Holding, systems operation under unstable economic conditions over the past six months, has been a significant challenge. However, by the end of May, the company’s revenue exceeded 50% of the plan, and profits increased by more than 50%.

Tran Huu Chuyen, Deputy General Director of the Group, noted that this result was beyond the initial forecast thanks to a remarkable orders recovery amid cheaper and more accessible credit. “Despite challenging economic conditions, we highly appreciate the timely support from the Government. We have taken advantage of boosts related to policy to restructure and recover effectively.”

A highlight in the economic picture of the past six months was the attraction of foreign direct investment (FDI). The capital flow continued to increase, estimated at 10.84 billion USD, up 8.2% from last year. This is the highest figure for the first six months in the past five years.

This has provided companies in the cleanroom and high-tech supply areas, such as Intech Group, with many advantages. According to Cao Dai Thang, CEO of the Group, the industrial production activities of FDI enterprises have been quite active, with a high demand for building production systems, allowing the company to recover better.

Phi Huong Nga, Director of the Industrial and Construction Statistics Department under the General Statistics Office, assessed that industrial growth was positive, with industrial production continuing the recovery momentum from the first quarter of 2024 and showing a clearer growth trend in the second quarter. The industrial production index increased month by month and quarter by quarter, with 5.9% in the first quarter, an estimated 9.5% in the second quarter, and an estimated 7.7% in the first six months of 2024, compared to the same period last year. Among these, three out of four primary industrial sectors (including manufacturing, electricity production and distribution, water supply, and waste treatment) increased compared to last year, with growth rates of 8.5%, 13.0%, and 6.3%, respectively.

Especially, the manufacturing and processing industry, which accounts for more than 74% of the added value of the entire industrial sector, continued its growth trajectory in a clearer trend, increasing by 8.5% in the first half of the year, compared to the same period last year while the same period saw a decrease of 1.8%.

In the manufacturing and processing industry, inventory levels decreased as reflected by an increase in production index, a higher consumption index than production, and an inventory index reduction. Specifically, the production index and consumption index increased by 8.5% and 10.8%, respectively (the consumption index increased by 2.3 percentage points higher than the production index) and the inventory index was expected to increase by 9.6% as of June 30, 2024, compared to the same time last year, significantly lower than the 19.9% increase in the same period in 2023. The average inventory ratio of the manufacturing and processing industry in the first six months of 2024 was 76.9%, much lower than the 83.1% increase in the same period in 2023.

Business confidence

Le Duy Binh, an economic expert, believes that this recovery is also clearly reflected in the relatively high increase in exports and imports, with 14.5% and 17%, respectively. These figures indicate that enterprises had good order volumes and showed positive imports of raw materials for production.

Binh said the number of enterprises returning to the market and the number of newly established enterprises increased strongly, showing that the health of the business sector has improved. This has reversed the trend of previous years when the number of enterprises withdrawing was higher than that of new establishments. “Particularly, the recovery of the manufacturing and processing industry has been stronger, showing a more reliable recovery of the economy,” said Binh.

Paulo Medas, Head of the International Monetary Fund (IMF)’s 2024 Article IV Mission to Vietnam, gave a positive evaluation of Vietnam’s flexible fiscal and monetary policy management. State’s support policies are targeted correctly to help the economy recover and grow more sustainably. “Especially, the recovery of the business sector shows that business confidence has returned. This is also quite clearly reflected in the FDI sector. When global capital flows are still very gloomy, Vietnam remains a reliable destination for many foreign investors”, Paulo assessed.

However, in the context of many global uncertainties, the Government and relevant ministries and agencies must continue to support business activities, Binh added. There are still more than 100,000 enterprises withdrawing from the market, and the survey results on business trends of manufacturing and processing enterprises showed that more than 60% still believe that the business situation will not improve. This indicates that there are still issues in need of being addressed to improve the business environment and boost the spirit and enthusiasm of enterprises in business activities.

Continue Reading

Project

Property giant Sun Group eyes central Vietnam airport investment

Published

on

Sun Group, Vietnam’s leading real estate developer, proposed 14 projects in the south-central province of Khanh Hoa, including the Van Phong International Airport, at a meeting with provincial leaders last Wednesday.

Cam Ranh International Airport in Khanh Hoa province, south-central Vietnam. Photo courtesy of An ninh Thu do (Capital Security) newspaper.

Cam Ranh International Airport in Khanh Hoa province, south-central Vietnam. Photo courtesy of An ninh Thu do (Capital Security) newspaper.

According to a document submitted by the provincial People’s Committee to the Ministry of Transport in late 2024, Khanh Hoa proposed developing Van Phong International Airport through a public-private partnership (PPP), with an initial estimated cost of VND9.2 trillion ($363 million).

The state will oversee relocation, land clearance, and certain flight operation infrastructure, while PPP investors will be responsible for building airport facilities, civil aviation areas, and a connecting traffic system.

Van Phong airport will be located in Van Thang commune in Van Ninh district, 65 km south of Nha Trang town, 108 km south of Cam Ranh International Airport, and 48 km south of Tuy Hoa Airport in the neighboring province of Phu Yen. Its northeast-southwest runway will be 3,050 meters long.

The airport will span 497 hectares, including 10 ha managed by the military. Notably, it will be built on land reclaimed from the sea

The project will have an initial capacity of 1.5 million passengers a year. It will meet level 4E design standards and also function as a level 1 military airport.

If approved, work will start as early as this year and the completion deadline will be by 2029. The airport is part of Van Phong Economic Zone, one of three key economic zones in Khanh Hoa province.

According to the master plan of Khanh Hoa, the 150,000 ha zone plays a leading role in attracting investment and is a driving force of the economic development of neighboring regions and the whole country.

Also at the Wednesday meeting, Sun Group expressed its wish to develop several urban areas in the province such as Co Ma, Tu Bong, and Dam Mon, and the Ho Na luxury resort. Notably, the Co Ma urban area is scheduled to start in July 2025.

Addressing the function, Chairman of the provincial People’s Committee Nguyen Tan Tuan affirmed that Khanh Hoa always welcomes and creates the most favorable conditions for businesses and investors to implement projects in the province.

During the implementation process, any difficulties or obstacles will be promptly resolved by the provincial leadership and relevant departments, he noted. Tuan asked Sun Group to accelerate the progress of the ongoing projects in the province.

Sun Group is one of the leading multi-sector conglomerates in Vietnam, engaging in real estate, resort tourism, entertainment, and infrastructure investment. Recently, the group also proposed investing in the second phase of Phu Quoc International Airport in the southern province of Kien Giang to serve the 2027 APEC Economic Leaders’ Week.

It committed to completing this project within 16-18 months after land clearance is finished. Once completed, the airport can accommodate 18-20 million passengers and handle 50,000 tons annually.

Sun Group has invested in Van Don International Airport in the northern province of Quang Ninh under a build-operate-transfer (BOT) format. It has also been designated as a contractor for the Gia Bình International Airport project, with a committed completion time of 12 months.

Continue Reading

Project

PM greenlights major investment at Nam Trang Cat industrial zone

Published

on

The Prime Minister has approved investment policy for infrastructure development at the Nam Trang Cat industrial zone in the northern port city of Hai Phong.

Spearheaded by Vinhomes Industrial Zone Investment JSC, the project will span 200.39ha in Trang Cat ward, Hai An district, boasting an investment of over 2.25 trillion VND (88.6 million USD), with Vinhomes pouring in 337.9 billion VND.

The venture is set for a 50-year operational term, starting on January 14, 2024.

The Hai Phong Economic Zone Authority (HEZA) is setting its sights high for 2025, aiming to attract 3-3.5 billion USD in foreign direct investment (FDI), according to its head Le Trung Kien.

HEZA reported that in 2024, FDI inflows into industrial and economic zones soared to 4.35 billion USD, or 242% of the target. Cumulatively, total FDI in these zones now stands at 30.3 billion USD, with over 77% of projects concentrated in high-tech, manufacturing, processing, and logistics.

Last year, firms operating in local industrial and economic zones generated a total revenue of 33.5 billion USD, equivalent to 105% of the target. Their exports were estimated at 28.5 billion USD, or 109% of the yearly target while imports totaled 22.8 billion USD, achieving 107%. Their tax contributions to the state budget amounted to 12.35 trillion VND (494 million USD), meeting 104% of the target.

This boom has led to employment for 210,182 workers, each earning an average of 11.52 million VND per month.

Continue Reading

Trending