Kraig to Produce Spider Silk Based Fiber in Vietnam
Developer of spider silk based fibers Kraig Biocraft Laboratories has signed a cooperative agreement with a governmental entity in Vietnam to develop and produce its advanced silk technologies.
“Under the terms of the agreement Kraig Labs has agreed to form a subsidiary company in Vietnam and to open an advanced hybrid silk research and pilot production operation,” Kraig informed in a press release.
Stanley Furniture Builds Dedicated Vietnam Factory
Stanley Furniture, which produces at 10 factories in Indonesia and Vietnam, has established a strategic alliance with a Binh Duong-based Vietnam furniture manufacturer, Starwood Manufacturing VN Corporation, to develop a dedicated factory in Ho Chi Minh City.
The purpose-built plant, which will employ 500 laborers, will rely on Stanley Furniture’s manufacturing know-how, its construction aimed at helping Stanley achieve better long-term control over its sourcing in Asia, says company CEO Glenn Prillaman.
WB to Continue Financing Transport Projects in Hanoi
The World Bank will continue funding transport projects in Hanoi to help solve traffic problems in the city, said Country Director Victoria Kwakwa Tuesday.
The bank is looking into the feasibility of some projects which include the bell ring-3 road, and those in the southeast and west of Hanoi, she added.
KOTRA Opens FTA Support Center in Hanoi
The Korea Trade Investment Promotion Agency (KOTRA) inaugurated the Korea-Vietnam FTA Support Center in Hanoi Tuesday to help firms from both countries make use of the free trade agreement, which took effect last December, and boost bilateral trade and investment.
The center will supply information for enterprises and will aid them clear obstacles related to non-tariff trade barriers and certificate of origin.
ADB Provides Finance for 2 More Vietnam Banks
The Asian Development Bank’s (ADB) Trade Finance Program and two Vietnamese banks, Ho Chi Minh City Development Bank and Saigon-Hanoi Bank, today signed agreements enabling the program to provide guarantees of up to $100 million a year to support trade finance in Vietnam.
Since 2009, ADB’s Trade Finance Program has conducted 4,303 transactions, supporting $6.5 billion in trade in Vietnam, ADB said in a press release.
Vingroup Boss Climbs 107 Places in Forbes Billionaire List
Pham Nhat Vuong, chairman of Vingroup – Vietnam’s largest real estate developer - occupied the 1,011th place in the Forbes’s 2016 richest list, up 107 steps from a year earlier.
Vuong’s wealth has been estimated at $1.8 billion, $0.1 billion higher from 2015. He has remained the sole Vietnamese billionaire in the list since 2013 when he was first ranked.
Vietnam Raises Prices of 1,900 Healthcare Services by 30% from March
Vietnam has increased prices of 1,887 health services by 30% starting March 1 and 50% from July.
The increases will be applied for beneficiaries covered by health insurance only now, said an official.
Temasek Seeks to Boost Investment Portfolio in Vietnam
Temasek Holdings expects to ramp up investments in Vietnam and carry out cooperation projects in the finance, hi-tech, consumer goods and healthcare sectors, said Cheo Hock Kuan, head of strategic & public affairs at the Singaporean state-own company.
She made the revelation at a meeting with Vietnamese Deputy Prime Minister Nguyen Xuan Phuc, who has been nominated for the prime minister post in a few months’ time.
A host of Finnish firms will arrive in Vietnam later this week to explore opportunities mainly in the education, clean technology and information technology, the Ministry of Planning and Investment-run Dau Tu (Investment) newspaper reported.
Representatives of the companies will accompany Minister for Foreign Trade and Development Lenita Toivakka, who will visit the Southeast Asian country from March 6 to 11 and witness the signing of several cooperation agreements.
First Solar Inc. has signed a memorandum of understanding with Vietnam-based Thien Tan Group to supply thin-film photovoltaic (PV) modules for projects the local firm is planning to build in the country.
The projects, developed and owned by Thien Tan Group, are being developed in several provinces in Vietnam, with the initial projects targeting the beginning of construction before the end of 2016, the firm said in a press release.
Central Vietnam-based Thien Tan Group has been working with two companies from the U.S. and South Korea for a possible tie-up to upgrade Chu Lai Airport at a cost of $1 billion, the Dau Tu (Investment) newspaper reported.
The two investors will arrive at the group’s headquarters in Quang Ngai province to discuss next steps to implement the project, said Thien Tan Group Chairman Huynh Kim Lap, tipping that the Ministry of Transport has agreed the firm to lead the upgrade project.
Inward remittances to Ho Chi Minh City, Vietnam’s southern metropolis, reached an estimated $900 million between January and February, much higher than the amount in the same period of 2015.
The surge in remittances to the city was attributable to the peak remittance season, the Lunar New Year (Tet) festival, which fell in early February, Nguyen Hoang Minh, deputy director of the State Bank Vietnam (SBV
) – HCM City branch, was quoted by local media as saying.