Binh Duong Welcomed 1 Billion USD Project

Set-up company in Binh Duong

Many foreign corporations have chosen Vietnam to become their investment destination to set up business in Vietnam and the most recent project coming from a Korean investor. This is the project to produce tire and automobile airbags of Kolon Industries Corporation (Korea). This “super plant” will be located at Bau Bang Industrial Zone of Binh Duong province.

Mr Tran Thanh Liem – Chairman of Binh Duong Province has just signed a memorandum of understanding with leader of Kolon Industries Group (Korea) concerning the implementation of the plant to produce tire and automobile airbag with investment capital up to 1 billion USD. On this occasion, Becamex IDC Corporation has also announced that Kolon Industries leases from them nearly 42 hectares of land in Bau Bang Industrial Zone (Binh Duong province) to put the plant on.

According to Kolon Industries Corporation, after more than two years of searching and working with many units and localities in and outside the territory of Vietnam, the Corporation has selected the Bau Bang Industrial Park as the location to implement the project to produce tire and automobile air bag in Vietnam. The expected total investment capital of the project for all three phases is about 1 billion USD, in which the Phase 1 from 2017 to 2018 is 220 million USD, Phase 2 from 2018 to 2026 is 600 million USD and after that is the Phase 3.

Established since 1954, Kolon is one of Korea’s transnational corporations in multiple industries with high-tech products: tire, automobile air bag, film to use in electricity industry, electronics, fashion….

By the end of October 2016, Binh Duong has 2,818 investment projects from 59 countries and territories with a total capital of 25, 6 billion USD. In particular, Korea is the country ranks 3rd with 594 projects and a total investment of nearly 2.4 billion USD.

ANT Consulting assists clients with Market Entry, Legal Advice, Tax Advice and Outsourcing Services in Vietnam.

We are located in Hanoi, Da Nang and Ho Chi Minh City.

Talk to our consultants at +84 28 730 86 529 or email us ant@antconsult.vn

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Indian Businesses Consider Vietnam as a New Investment Destination

Vietnam as a New Investment Destination

On the occasion of the 45th anniversary of Vietnam – India diplomatic relations and 10 years of strategic cooperation between the two countries, Mr P. Harish, Ambassador of India to Vietnam said that the two countries’ cooperation is very nice, many Indian businesses are considering Vietnam as a new investment destination in the region and choose to set up business in Vietnam.

India and Vietnam relationship have been developing very strongly since the two countries established diplomatic relations in 1972. The two countries advanced their relationship into strategic partnership in 2007 and then became comprehensive strategy in September 2016, when the Prime Minister of India visited Vietnam. This cooperation framework includes security, defense, economic and cultural cooperation, high-level delegation exchanges and people-to-people exchanges.

In terms of trade, bilateral trade has increased tenfold, from 1.15 billion USD in fiscal year 2006 – 2007, to 10.1 billion USD in fiscal year 2016 – 2017 (according to Indian data). The two countries’ leaders have set a bilateral trade target of 15 billion USD by 2020. India is among the top 10 trading partners of Vietnam and Vietnam is India’s fifth largest trading partner in ASEAN region.

Regarding investment, Vietnam currently has 136 Indian projects, with a total registered capital of about 1.28 billion USD, including capital from India through third countries, mainly focusing on areas as oil and gas, renewable energy, minerals, agricultural product processing, information technology and automotive components. The latest project of India in Vietnam is the instant coffee processing project of Tata Coffee Company in Binh Duong province, with a total registered capital of 63 million USD.

In order to achieve this goal, Vietnam and India need to work more closely in strengthening the exchange of business delegations and encouraging investment in one another, to promote trade.

In addition, Vietnam and India are expected to strengthen connectivity in aviation and sea line. Expected this year, Vietjet will open direct flights to India. Furthermore, linkage in the banking and finance sectors is also accelerating. Also, India has also strengthened its projects in Vietnam in the areas of human resource development, IT capacity building, English language teaching and science and technology.

With such a multidisciplinary approach, we can realize a comprehensive strategic partnership between the two countries and explore the potentials of two nations.

ANT Consulting assists clients with Market Entry, Legal Advice, Tax Advice and Outsourcing Services in Vietnam.

We are located in Hanoi, Da Nang and Ho Chi Minh City.

Talk to our consultants at +84 28 3520 2779 or email us ant@antconsult.vn

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