The Viet Nam-Japan Economic Partnership Agreement (VJEPA) came into effect on Oct 1st, 2009.
As committed in VJEPA, Japan and Vietnam cuts off 7,220 and 2,586 tax flows respectively. For the next 10 years, 92% of the bilateral turn-over will be liberalized, among that, 95% from Japan and 88% from Vietnam. Right at the validity of the agreement, tax-free policy is applied to products like garments, mechanics, electric cables, and computers, etc.
Aquatic products, shoe leathers and garments are Vietnam’s key export products to Japan. The bilateral turn-over in 2008 was over 16 billion USD and it is expected to reach 18 billion USD in 2010.
Establishment of Quang Ninh economic zone authority
PM decided to combine Quang Ninh industrial zones authority with Van Don management board to form Quang Ninh economic zone authority. It is under Quang Ninh People’s Committee, directly managing industrial and economic zones in all over the province.
Tien Son Logistics-ICD Center to open in November
Tien Son Logistics-ICD Center of Bac Ky Investment Co., Ltd will be operated in Tien Son, Bac Ninh in November 2009. With the total investment of 380 billion VND, the 10-hectare center was well-equipped so as to fully provide logistics packages services.
It has a strategic location with connections to Northern economic areas, and seaports in Hai Phong (through Highway 5) and Quang Ninh (through Highway 18). Particularly, the center has railroad capacity to connect with provinces in the South of China and Cai Lan seaport.
Samsung Vietnam opened cell phone factory in Bac Ninh
Samsung Vietnam has opened a cell phone factory in Yen Phong industrial zone (Bac Ninh). It is one of the seven factories by Samsung that has closed production lines. In 2009, it has produced 1.5 million products/month and created 2,500 jobs for local residents. In 2010 and 2011, its production is estimated to be 6 and 9 million products respectively, providing jobs for 8,000 people (2010) and 12,000 people (2011).
Since its opening, the company’s export value has reached over 300 million USD and it is expected to be 5 billion USD in 2010.
Hand over apartments to workers in Bac Ninh
Viglacera Land has just handed over an apartment building to workers of Samsung Vietnam at Yen Phong industrial site. The apartments are designed by Samsung and will be for rent in 10 years.
The 6th floor building is modernly constructed on an area of 2,000 square metre, adjacent to Yen Phong. In each floor, there are 10 apartments, each has an area of 48 square metre.
As planned, Viglacera will continue working with other enterprises at Yen Phong and Tien Son to build up similar buildings so as to improve the living conditions of workers there.
Completion of the Cold-rolling Mill construction in Vietnam
The Cold-rolling Mill of POSCO Steel Corporation with annual production capacity of 1.2 million tons has just been operated at Phu My industrial complex of Vung Tau province.
The total area of the facility is approximately 158 hectares with total investment of 528 million USD. POSCO is planning to manufacture 700 thousand tons of cold-rolled products for automotive and motorcycle applications, and 500 thousand tons of cold-rolled full-hard, semi-products for high quality building materials, totaling 1.2 million tons of products for Vietnam and the Southeast Asian markets.
As the second phase of investment, POSCO is planning on completing a 3 million ton scale hot-rolling mill and 40 thousand ton scale CGL factory by 2012.
300 million USD invested in Can Tho industrial complex
According to the authority of Can Tho processing and industrial complex, in the first 9 months of 2009, there were 21 new projects with registered investment of 203 million USD, and 9 expanded projects with the adding amount of 65 million USD. Up to now, Can Tho complex has attracted 187 projects with the total registered capital of 1.6 billion USD, of which the working capital accounts for 541 million USD (34%), a 4% rise in comparison with that of the first 6 months.
