News in Brief on 9/11/2012
More bridges to be built in HCM City
HCM City People’s Committee has given the green light for the construction of another bridge connecting Thanh Da peninsula with Rach Chiec traffic junction in District 2.
With the Binh Quoi-Thanh Da area poised to develop, more roads and bridges are required to connect the area with the rest of the city. Currently, there is only one road, Binh Quoi Street.
Coca-Cola set to expand operations
Coca-Cola, the world’s largest beverage company, plans to invest 300 million USD in Vietnam over the next three years, the corporation announced on October 26.
Muhtar Kent, the company’s chairman and CEO, said the company would focus on building new infrastructure, creating new jobs, developing stronger partnerships with local consumers and investing in thousands of communities across the country.
The new investment, which will commence in 2013, will bring the total investment made by the company and its bottling partners in the country during 2010-15 to 500 million USD.
The company made its first appearance in Vietnam in 1960.
Deawon to invest $300m in resort
Deawon Cantavil company from South Korea will invest $300 million in the resort-style Da Phuoc Urbanisation Project in the central city of Da Nang.
The site was cleared in 2010 at a cost of $50 million. Construction will start next year on resorts, golf course, hotels and a 33-storey apartment building for completion in 2020.
The project is Deawon Cantavil’s second biggest in the world. It has been described as the largest Foreign Direct Investment project in Da Nang.
VN, Japan sign MoU on investment promotion
Memorandum of Understanding on investment promotion was signed on Tuesday by Vietnamese Minister of Planning and Investment Bui Quang Vinh and Chairman of Japan’s Chamber of Commerce and Industry Tadashi Okamura. At a seminar held in Ha Noi on the same day, both sides discussed ways to improve Viet Nam’s business environment and its preferential regulations on luring Japanese investors.
Mr. Dao Quang Thu, Deputy Minister of Planning and Investment said Vietnamese Government attaches importance to developing proper policies to attract foreign investors and improve the quality of the workforce. The Government will also continue measures to support businesses in terms of land, tax, human resource training and to amend the Land Law, Investment Law and Law of Enterprises to synchronize legal foundation. Japanese investors to the seminar said they are considering to shift part of their investments to Asian destinations like Viet Nam as they spoke highly of the country’s business environment.
Ten railway bridges on North-South route upgraded
Ten railway bridges on the North-South route have been upgraded with loans from the Japanese Government to ensure a higher level of safety for transportation. Upgrade works, started in May 2010, were completed as by October 10 as announced in a ceremony held in the central city of Da Nang.
The bridges include Pho Trach, Truoi, Thua Luu, Nam O, Bau Sau, Chau Lau, Bau Thinh, Tam Ky, Ba Bau and An Tan in the central provinces of Thua Thien Hue and Quang Nam, and Da Nang city. The work package cost over 3 billion JPY and almost 300 billion VND, which came from the Japanese Government’s loans and the Vietnamese side’s corresponding investment contribution.
Argentinean businesses seek opportunities
A delegation of 250 Argentinean enterprises will come to Viet Nam to explore business opportunities in the market later this month. The participating enterprises specialise in food and beverages, automobiles, machinery and construction equipment, agriculture, garments and textiles and pharmaceuticals.
The visit is part of trade promotion activities launched by the Argentinean Government. The Argentinean businesses are scheduled to arrive in HCM City on October 28.Two-way trade last year reached record figures of above US$971 million, up 17 per cent over 2010, according to statistics from Argentinean Customs.
