MARKET SNAPSHOTS WEEK 40/2024
AEON Vietnam opened its 8th shopping mall
On September 26 in Ho Chi Minh City, AEON Vietnam officially inaugurated and opened a department store and supermarket located at Parc Mall Shopping Center on Ta Quang Buu Street, District 8. This is AEON's 8th supermarket in Vietnam and the first AEON Mall to offer tax refund services for tourists visiting the country. AEON Ta Quang Buu spans nearly 7,000 square meters across two floors, featuring a modern, convenient shopping space with a wide variety of products and services adhering to AEON's standards. Vietnam is now identified as AEON Group’s second most important market, after Japan. Recently, the group opened AEON Mall Hue, the largest shopping center in Central Vietnam, and has plans to open more shopping centers in other provinces and cities.
US tech firm Coherent to invest $83 mln in southern Vietnam industrial hub
Coherent Corp., a U.S. manufacturer of optical materials and semiconductors, will invest $83 million through two subsidiaries in Dong Nai, an industrial hub in southern Vietnam. Coherent Vietnam Co., Ltd. (Dong Nai) will invest $29 million in optical equipment manufacturing at Nhon Trach 1 Industrial Park, while another subsidiary, Silicon Carbide Vietnam Co., Ltd., will invest $54 million in semiconductor material production for the electronics industry in the same industrial park. Dong Nai is attracting foreign investment due to its strategic location and ongoing investments in major transportation infrastructure projects, including the under-construction Long Thanh International Airport. This will positively contribute to the socio-economic development of Dong Nai Province and the southern region as a whole.
Northern Vietnam industrial hub Bac Ninh greenlights projects worth $5.58 bln
On September 22, 2024, Bac Ninh Province granted investment decisions and certificates for projects totaling $5.58 billion. Among the highlights is the Hong Hac-Xuan Lam Ecological Urban Area in Thuan Thanh District, with an investment of $1.07 billion from VietinBank. Additionally, the province approved eight new projects with a combined investment of over $1.12 billion. The largest of these is Foxconn's $383.3 million electronic component factory at the Nam Son-Hap Linh Industrial Park. Other notable projects include Goertek's factory ($280 million), Victory Giant's facility ($260 million), and Logos' warehouse ($74 million). Bac Ninh also signed cooperation agreements with Samsung Display ($1.8 billion) and Aeon Mall Vietnam ($190 million), and granted capital increase certificates to Amkor Technology Vietnam, making it the largest semiconductor project in Vietnam with a total investment of $1.07 billion. With nearly $5.6 billion in registered and committed investments, Bac Ninh once again solidifies its position as a top investment destination in Northern Vietnam.
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Aboitiz Foods invests $45 million to build factory in Long An
On September 26, Aboitiz Foods officially inaugurated its Gold Coin Feedmill Long An factory, located in Nhut Chanh Industrial Park, Ben Luc District, Long An Province. This is Aboitiz Foods' sixth plant in Vietnam, with an investment of nearly $45 million over a 4-hectare site. With a designed capacity of up to 300,000 tons per year, the Gold Coin Feedmill Long An factory raises the company’s total production in Vietnam to 1.1 million tons of animal feed and nutrition products annually. The plant is considered one of the most modern facilities in Southeast Asia. Its port has a daily capacity of 3,000 tons, equivalent to over 1 million tons per year, three times the plant’s capacity. Through this new facility, Gold Coin aims to provide feed and nutrition solutions tailored to the specific breeds and climate conditions of different regions, focusing especially on supplying specialized products for the Mekong Delta region.
Deli Vietnam to begin construction of the largest FDI-funded factory in Hai Duong
On September 28, 2024, Deli Vietnam Office Technology Co., Ltd. will officially break ground on the Deli Hai Duong Stationery Manufacturing Plant at the Dai An Expanded Industrial Park in Hai Duong Province. This is the largest project to be invested in an industrial park in Hai Duong to date. The project will cover an area of approximately 212,480 m2, with a total investment exceeding VND 6,490 billion (equivalent to USD 270 million), and will operate for 50 years. The plant is expected to produce over 104 million stationery products, 33 million adhesive and glue items, 23.7 million office and household appliances, 2.4 million electronic devices, and 22.5 million rubber products annually. Once operational, the factory will employ around 3,000 workers, with expected revenue of about USD 5 million, contributing to the socio-economic development of Hai Duong Province and the Northern region.
Ben Tre to begin construction of a bridge worth over VND 2.2 trillion
On September 24, the People's Committee of Ben Tre Province announced plans to commence construction of the Ba Lai 8 Bridge project along the coastal road of Ben Tre Province, as well as initiate the coastal road project connecting Ben Tre with Tien Giang and Tra Vinh Provinces. The Ba Lai 8 Bridge project is set to begin on October 2, 2024. The main bridge will span more than 536 meters, with a width of 22.5 meters, and will include two approach roads totaling 12 kilometers, along with smaller bridges and intersections. The structure will feature four lanes for cars and two mixed lanes, with a design speed of 80 km/h. The bridge will cross the Ba Lai River, connecting Binh Dai and Ba Tri districts in Ben Tre. The total investment for the project is approximately VND 2.255 trillion, with nearly VND 1.5 trillion funded by the central government and the remainder from local budgets. The project aims to ensure synchronized investment and seamless traffic connectivity across coastal provinces in the east, while promoting widespread impact and attracting investments in the development of coastal economic zones, industry, agriculture, high-tech aquaculture, tourism, and services.