Dong Nai continues being a FDI magnet

Friday, 17/05/2024 18:43
Foreign direct investment (FDI) in industrial parks in the southern province of Dong Nai continued to increase in the first months of 2024, surpassing the yearly target by nearly 20%, the Vietnam News Agency reported.
A corner of Go Dau industrial park in Dong Nai province (Photo: 

The Dong Nai Industrial Zones Authority (DIZA) said the parks have lured 40 FDI projects worth 519 million USD so far this year, while 39 others have adjusted their capital up by 315 million USD.

The new projects, mainly in the manufacturing of semiconductors, and electronics and components, mechanical engineering, and garment-textile, satisfy requirements in terms of environment, labour, and technology set by Dong Nai.

Singapore was the biggest investor with nine projects valued at 231.73 million USD, the DIZA said.

Bien Hoa 2 industrial park in Dong Nai province (Photo: VNA)  

During the viewed period, the industrial parks saw six domestic projects increase their capital by 1.05 trillion VND (41.25 million USD), and a new project worth 998 billion VND.

Dong Nai, a neighbouring province of the southern largest economic hub of Ho Chi Minh City, houses 33 industrial zones covering more than 10,500 hectares, of them 32 already operational. It is home to nearly 1,600 valid FDI projects with a total capital of over 34 billion USD by 44 countries and territories.

25 out of 28 northern localities report positive industrial production

As many as 25 out of 28 northern localities reported positive annual growth in industrial production in the first four months of 2024, heard the 10th meeting of industry and trade sectors from 28 northern cities and provinces in Hanoi on May 17, said the Vietnam News Agency.

Among them, 11 achieved a growth rate of 10% or higher. Industrial hubs like Thai Nguyen, Quang Ninh, Bac Giang, Hai Phong, and Hanoi regained strong industrial growth momentum.

In the period, the total retail sales of goods and services in the region reached over 1.4 trillion VND (58.3 million USD), reflecting a 12.3% year-on-year increase. Additionally, the region's export turnover jumped by 18.3% annually, reaching an impressive figure of 120.7 billion USD.

25 out of 28 northern localities report positive industrial production (Photo: VNA) 

Among the standout performers in export growth, Hai Phong reported 16 billion USD, marking a 21% rise. Thai Nguyen saw a 14.7% expansion to 17.8 billion USD, and Bac Giang 16.5 billion USD, up 22%. In total, 24 out of 28 localities reported positive export growth.

Delegates at the event discussed various policies and solutions aimed at further enhancing the economic landscape. Key topics included improving business environment, competitiveness, and regional connectivity through effective State management, planning and zoning.

The focus was on developing industrial production, particularly in priority industries that capitalise on local advantages. There was a call for pooling public investment in industrial and trade infrastructure, increasing training on global economic integration, and maximising the benefits of signed free trade agreements.

Mechanisms, solutions, and strategic orientations for industry development among the localities were also put on table.

Vietnamese archers to compete at World Cup 2024 in RoK

Eight Vietnamese archers will compete at the World Cup 2024 in the Republic of Korea from May 21-26, in both recurve and compound events for men and women, according to the Vietnam News Agency.

Vietnamese archers to compete at World Cup 2024 in RoK (Photo: VNA) 

As the recurve is the Olympic discipline, this is the last tournament that offers Olympic slots to competitors including Vietnam’s best hopes Nguyen Thị Thanh Nhi and Do Thi Anh Nguyet in the women's events.

They took part in the World Cup stage in China in April but did not get the results they expected.

Anh Nguyet and Nguyen Hoang Phi Vu were Vietnam’s competitors in Tokyo in 2021.

Marvell Technology launches IC design centre in Da Nang

Representatives of Marvell Technology, Inc. from the United States hosted a meeting on May 17 in Ho Chi Minh City to unveil the establishment of a world-leading semiconductor (IC) design centre in the coastal central city of Da Nang, said the Vietnam News Agency.

This marks the group's third IC design centre that has been held in Vietnam so far, which has contributed to expanding the group’s network and developing a world-class IC design hub right in the country.

This marks a new advancement for Marvell since the establishment of the IC design centre in Ho Chi Minh City in May last year.

Dr. Loi Nguyen, executive vice president and general manager of the Marvell Cloud Optics Business Group, revealed that the group has given priorities to developing the best technical talents, who can take the vanguard of supporting the activities of Marvell IC design centre, thereby further accelerating the growth of the Vietnamese semiconductor IC community.

Representatives of Marvell Technology, Inc. introduce the group's microchip products
at the event (Photo: VNA) 

For his part, Le Quang Dam, general director of Marvell Technology Vietnam, said along with the opening of IC design centre in Da Nang, Marvell also plans to launch an additional office in Ho Chi Minh city to serve the group's IC design.

In the near future, it is expected that Marvell Vietnam will become the group’s third largest IC design centre globally after the main hubs in the US and the branch in India.

Marvell offices in Vietnam will primarily focus on new IC technologies such as optical connectivity, storage, analog, and mixed signal semiconductor technology.

At the Vietnam - US Summit on Innovation and Investment in September, 2023, Matt Murphy, president and CEO of Marvell, committed to expanding the group's engineering team in Vietnam, with growth targets reaching 50% over the next three years.

However, after only eight months, Marvell has achieved a personnel growth rate of more than 30%./.

Compiled by BTA