Sales of many electrical appliance stores in town have dramatically plummeted since consumers cut spending during economic turmoil. “The consumption of hi-tech products has started to slow down since April this year,” said Ho Minh Tri of the electrical appliance trader Petrosetco Distributions. Vo Hoang Quan, director of Hanoi-based FPT Trading, aligned with Tri and [...]
‘The long term investment of Samsung should be highly appreciated and granted flexible and reasonable support’ Samsung Electronics Vietnam, a wholly-owned subsidiary of Korea’s Samsung Electronics, will enjoy more tax incentives for its manufacturing complex in northern Bac Ninh province. An amended investment certificate, following in-principle approval from Prime Minister Nguyen Tan Dung, allows Samsung [...]
The Japanese Kyocera Mita group is investing US$250 million to build and operate a laser printer factory in Vietnam in autumn. According to the Nikkei newspaper, the new factory will be built in an industrial zone in Hai Phong city on an area of 70,000sq.m at a cost of US$62.5 million. When it is put [...]
The Saigon Industry Corporation announced its plan to build an integrated circuit manufacturing plant worth $190 million at a seminar in Ho Chi Minh City on June 30. The project was placed on the list of national key programmes by the Ministry of Science and Technology. At the seminar, hosted by the corporation itself, the [...]
The domestic electronics industry is facing big challenges as businesses commence to switch between different strategies, according to the Viet Nam Electronics Association. Many companies have opted to supply services instead of producing electronic products in order to increase profits, said Tran Quang Hung, the deputy secretary of the association, . Hung attributed the challenges [...]
Suppliers have become more cautious when doing business with retailers after WonderBuy has filed for bankruptcy. Meanwhile, analysts have every reason to believe that after WonderBuy, some more names would also disappear from the market. Manufacturers and suppliers are now following the principle of “holding the handle of a knife” in making transactions with retailers, [...]
Export turnover of electrical wire and cable reached US$479 million in the first five months of this year, down 2 per cent over the same period last year due to a sharp decrease in shipments to Japan and the US during the past two months, the General Statistics Office reported. After a 16.54 per cent [...]
The local electronic market faces a grim future after WonderBuy, a store of electronic and home appliances in HCMC’s District 1, announced bankruptcy with losses of VND52 billion after nearly a year of operation. Enterprises in the industry are afraid they will get into a life-and-death struggle as the electronics market remains stagnate due to [...]
Japan’s Mitsubishi Electric Corporation announced Tuesday that it had established a Vietnam company this month to coordinate sales of air-conditioning systems, home appliances and, from next year, factory automation products. The Japanese company has so far primarily conducted sales in Vietnam indirectly through distributors, and shifts to direct sales now. “Due to Vietnam’s remarkable growth [...]
The import tariff decreases have prompted foreign electronics manufacturers in Vietnam to narrow their production and shift to become distributors. Meanwhile, domestic electronics manufacturers have been pushed against the wall. Foreign products invading domestic market According to Director of the Thien Hoa home appliance distribution chain Bui Tan Cuong, domestically made electronics once made up [...]
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