Latest news with #FortuneGlobal500
Korea Herald
14 hours ago
- Business
- Korea Herald
Open Cooperation and Development Conference of "Nanjing Tour of German Enterprises" Convenes
, May 31, 2025 /PRNewswire/ -- A news report from JSBC: On May 23, the Open Cooperation and Development Conference of "Nanjing Tour of German Enterprises" brought together C-suite executives from Germany's Fortune Global 500 corporations, niche market leaders ("hidden champions"), and industry leaders to explore collaborative opportunities. Zhang Wenwu, Vice Chairman and executive director of CITIC Group, and Dr. Clas Neumann, Chairperson of the Board of German Chamber of Commerce in China - East China addressed the conference. At the conference, Nanjing's high-quality business environment was presented under the theme "Transcending Boundaries through Shared Vision: Collaborative Pathways to Mutual Prosperity." Zhang Wenwu emphasized that the event exemplifies concrete support for German enterprises investing in China and Nanjing, reflecting CITIC's commitment to sustainable multi-stakeholder partnerships. He vowed to strengthen CITIC's role as a bridge, deepening Sino-German economic ties, enhancing Nanjing's development capacity, integrating industries with technology, and upgrading financial services. Dr. Clas Neumann noted that the event provides a vital platform for German-Nanjing collaboration. He praised Nanjing's robust industrial base, efficient transportation, abundant educational resources, and favorable business climate as ideal for investment. According to him, Nanjing has allocated substantial resources to new technologies and sustainable development technologies. Many German companies in the city are actively engaged in sustainability-focused sectors such as wind power, hydropower, and related industries, while numerous enterprises are also investing in digital transformation to drive sustainable practices. Meanwhile, traditional industries including automotive, chemical, and pharmaceutical sectors remain crucial in propelling economic growth. Expressing strong confidence in Nanjing's future, Neumann pledged the Chamber's commitment to guiding more German enterprises to explore opportunities and foster win-win partnerships. A panel discussion on "Sino-German Future Industrial Collaboration" was held. Dr. Xiao Song, Global Executive Vice President and President & CEO Siemens Greater China, delivered a keynote speech. Panelists included Armin Necker, CTO and COO of ThyssenKrupp Rothe Erde Group; Hua Ning, General Manager of DB Schenker; Huang Yixin, Chairman of Nanjing Iron & Steel Group; and Li Chao, Vice President of Estun Automation. The event featured the launch of the Nanjing-CITIC Global Investment and Trade Service Network and the CITIC-Nanjing Multinational Innovation Hub which are meant to assist European enterprises in investing in Nanjing while supporting local enterprises in expanding overseas through comprehensive services. A business license was awarded to Yangtze River Sci-Tech Development Co., Ltd. of Jiangbei New Area, followed by multiple project signings.
Mid East Info
a day ago
- Automotive
- Mid East Info
AW Rostamani Group Signs Exclusive Distribution Agreement for the UAE with JMMC - Middle East Business News and Information
Landmark agreement signed at Auto Shanghai 2025 AWR Group has secured exclusive distribution rights in the UAE for its current and future product lines. Bookings are open now Dubai, United Arab Emirates;May 2025 : AW Rostamani (AWR) Group, one of the UAE's leading family business groups, has signed an exclusive distribution agreement for the UAE with JMIE (Jiangxi Jiangling Motors Import and Export Co., Ltd.) for the JMMC brand (JMCG Jingma Motor Co.,Ltd), part of the JMCG (Jiangling Motors Corporation Group) in China. The agreement was signed by Khalid Al Rostamani, Chairman and Group CEO, and Tom Fux, CEO, AWR Automotive, with HU Yong, General Manager, MEA from JMMC. JMMC, specialising in both ICE (internal combustion engine) and EV (electric vehicle) light commercial vehicles such as vans, buses, and specialised vehicles, has granted AWR Group exclusive distribution rights in the UAE for its current and future product lines. AWR Group will leverage its expansive facilities for storage and after-sales services, with an initial focus on the 7.2 metre bus market, followed by plans to introduce 5.5 metre gasoline and EV vans, and EV buses. Khalid Al Rostamani, Chairman and Group CEO, AW Rostamani Group said, 'This partnership reflects our commitment to diversifying our automotive portfolio while meeting the evolving needs of the UAE market. JMMC's proven track record in commercial vehicles, combined with their competitive pricing structure, presents an exceptional opportunity to serve government entities, educational institutions, and corporate fleet operators across the Emirates.' JMMC's initial offering to the UAE market will comprise 7.2-metre buses, ideal for urban and long-distance transportation needs. AWR Group's pricing strategy positions JMMC as a game-changer in the market. With a significant price advantage over current market alternatives, JMMC offers a compelling value proposition for fleet operators looking to optimise their transportation investments, combining competitive pricing with proven Japanese engine technology. JMCG, the parent company of JMMC, brings impressive credentials to this partnership. As the only commercial vehicle company in China with joint ventures with two Fortune Global 500 companies – Isuzu and Ford – JMCG combines international expertise with local market understanding. The company sold 398,000 vehicles last year. Notably, JMMC leads China's electric mid-size bus market. With products already exported to more than 20 countries and regions, JMMC has demonstrated its ability to adapt to diverse market requirements while maintaining consistent quality standards. Bookings are now open for 7.2M bus model with deliveries beginning in July, 2025. About AWR Group: AW Rostamani Group is a multi-sector, multi-market group and one of the most progressive companies in the Middle East. With a legacy spanning over seven decades, AWR Group employs 3,000 individuals, serving a diverse customer base of over 155,000 individuals and 24,000 businesses. Its core verticals include automotive, real estate, logistics, lifestyle, lighting solutions, travel, agritech, and sustainable packaging. More than just serving the present, AWR Group embraces generation next. It builds purposeful businesses to enrich the lives of every generation, striving to make a meaningful and enduring impact on business, people, and the world. Built on a bedrock of strong founding values, AWR Group continues to evolve with the times and ahead of them, at work for a planet that prospers. About JMMC: JMCG Jingma Motor Co., Ltd. (JMMC), has been recognized as one of the 'Top 10 Industrial Enterprises' by the National Transportation Enterprise Management Committee of China,was founded in 1958 and is dedicated to the R&D and manufacturing of 6- to 12-meter buses, as well as special-purpose vehicles, based on ISUZU technology and standards. JMMC operates two factories with a combined annual production capacity of over 6,000 units. In 2019, JMMC ranked 1st in the 6-meter bus segment and 2nd in the 7-meter bus segment in the Chinese market. JMMC's products have been exported to Southeast Asia, Central Asia, the Middle East, Africa, Latin America, Oceania, and other regions. These vehicles are designed to perform reliably in diverse environments such as tropical climate, mountainous terrain, snowy regions, coastal areas, and plateaus.
Business Times
3 days ago
- Business
- Business Times
Vietnam's AI ambitions hinge on one US$6.8 billion tech company
[HANOI] Four decades ago, Truong Gia Binh set up a technology company using a single computer in a room loaned by his then-father-in-law, general Vo Nguyen Giap, revered for leading Vietnamese troops in defeating the French and US militaries. That company, FPT, is now Vietnam's biggest listed tech firm. It's central to the government's push to build a technology sector capable of competing with its regional rivals as it seeks to move the nation beyond assembling Nike shoes and Apple devices. FPT has already had some success. Globally, it lists 130 Fortune Global 500 companies, including Airbus, Halliburton and Ford Motor, as clients. It's also partnered with Nvidia to build an artificial intelligence (AI) data centre in Vietnam, another in Japan, and is expanding into semiconductor chip design. But there are significant challenges ahead as it seeks to compete with more established tech companies from the likes of India and Malaysia. FPT must also navigate a new era of tariffs initiated by US President Donald Trump. 'We work day and night,' Binh said. He's confident that, over the long term, the company can maintain an annual revenue growth rate of approximately 20 per cent. Developing a leading-edge technology sector is Vietnam's 'way out of being a low-cost economic hub', said Lam Nguyen, managing director of IDC Indochina. The Communist government sees FPT as a corporate model to help the nation transition beyond its traditional manufacturing base to industries specialising in areas such as AI-related products, which Bain & Co estimates could be a US$990 billion global market by 2027. A NEWSLETTER FOR YOU Friday, 8.30 am Asean Business Business insights centering on South-east Asia's fast-growing economies. Sign Up Sign Up While not directly at risk from new US duties, FPT could experience 'indirect impacts because many of our global customers are affected by these tariffs', the company said. FPT is bracing for possible global economic turbulence, and may 'adjust' its business plan for the challenging 20 per cent revenue growth target this year amid uncertainties, DNSE Securities said on its website, citing FPT chief executive officer Nguyen Van Khoa at the company's April shareholders' meeting. FPT is cutting 30 per cent of costs without hurting its core business, the brokerage said, citing Khoa. It may also need to negotiate a closer relationship with the nation's watchful police. When asked about reports that the Ministry of Public Security, which has been tightening Internet regulations in recent years, seeks to take a majority stake of the company's Internet unit, FPT Telecom, the company said it has 'no additional information on this matter'. Binh holds nearly 7 per cent of FPT, followed by the government, which has a 5.71 per cent stake. 'Followed' Ho Chi Minh Binh's life tracks the history of the winning North Vietnamese forces. In 1954, his family 'followed' revolutionary leader Ho Chi Minh to Hanoi in the cause of independence, the FPT chairman said. The clan was so poor he wore clothes handed down from his sisters and watched as explosives from US bombers rained down on the city. 'My youth was about the lack of nearly everything,' said Binh, 69, who met Ho Chi Minh twice. As a teenager, he was handpicked by the government to study in the former Soviet Union. Upon his return, he and 12 others founded the company, originally called Food Processing Technology at the suggestion of a government minister. It's now the seventh-largest publicly traded company in Vietnam, with a market capitalisation of US$6.8 billion. FPT has more than 80,000 employees and operations in 30 countries. In 2024, the company recorded a 19 per cent jump in full-year revenue to 62.9 trillion dong (S$3.1 billion), aided by contributions from its FPT Software unit. From IT solutions for self-driving cars to industrial robots, FPT has diversified its product expertise in its quest for growth. In April, Sumitomo and SBI Holdings announced they were each acquiring a 20 per cent stake in a FPT unit to hasten AI adoption in Japan. FPT's emergence 'is very similar to the growth stories of some of the Indian IT leaders', said HR Binod, a former Infosys executive vice-president and an independent FPT board member. The company, though, faces mounting challenges, from rising global competition to US tariffs. 'On your home turf, you are strong,' said Louis Nguyen, chief executive officer of Ho Chi Minh City-based private equity firm Saigon Asset Management, which previously owned shares in the company. 'When you compete in the global arena, you go against giants.' Navigating growing geopolitical tensions and trade barriers means 'the company likely will need next-generation leadership with international experience', Lam Nguyen said. Overseas flop FPT's first overseas forays to Silicon Valley and Bangalore in the late 1990s were flops, said Chu Thi Thanh Ha, chairwoman of FPT Software. Facing what she described as a 'life-or-death moment', FPT Software gained a foothold in Japan in 2000 with a Nippon Telegraph & Telephone contract. FPT now has some 4,500 employees in Japan and expects that to rise to 5,000 this year, according to the company. FPT expects revenue from its Japan unit to jump to US$1 billion in 2027 from US$500 million in 2024. Domestically, the government looks to FPT in its quest to have three AI centres and at least 100 chip design companies by 2030 in the country, and a semiconductor industry with annual revenue of more than US$100 billion by 2050. 'It's a national hero,' said Vinnie Lauria, Ho Chi Minh City-based co-founder of Golden Gate Ventures. To that end, FPT – whose co-founders initially trained themselves with tech manuals purchased from Hong Kong during the US embargo of Vietnam – says it has trained thousands of technologists at its five universities nationwide. And it has set up 16 elementary to high school campuses where children as young as first grade begin learning programming languages. 'This is the new Vietnam,' Binh said. BLOOMBERG
Straits Times
3 days ago
- Business
- Straits Times
Vietnam's AI ambitions hinge on one $8.8 billion tech company
HANOI – Four decades ago, Truong Gia Binh set up a technology company using a single computer in a room loaned by his then-father-in-law, General Vo Nguyen Giap, revered for leading Vietnamese troops in defeating the French and US militaries. That company, FPT Corp., is now Vietnam's biggest listed tech firm. It's central to the government's push to build a technology sector capable of competing with its regional rivals as it seeks to move the nation beyond assembling Nike shoes and Apple devices. FPT has already had some success. Globally, it lists 130 Fortune Global 500 companies, including Airbus, Halliburton and Ford Motor as clients. It's also partnered with Nvidia to build an AI data centre in Vietnam, another in Japan, and is expanding into semiconductor chip design. But there are significant challenges ahead as it seeks to compete with more established tech companies from the likes of India and Malaysia. FPT must also navigate a new era of tariffs initiated by US President Donald Trump. 'We work day and night,' Mr Binh said in an interview with Bloomberg Television. He's confident that, over the long term, the company can maintain an annual revenue growth rate of approximately 20 per cent. Developing a leading-edge technology sector is Vietnam's 'way out of being a low-cost economic hub,' said Lam Nguyen, managing director of IDC Indochina. The Communist government sees FPT as a corporate model to help the nation transition beyond its traditional manufacturing base to industries specialising in areas such as AI-related products. While not directly at risk from new US duties, FPT could experience 'indirect impacts because many of our global customers are affected by these tariffs,'' the company said in an emailed statement. FPT is cutting 30 per cent of costs without hurting its core business, DNSE Securities said on its website, citing FPT chief executive officer Nguyen Van Khoa at the company's April shareholders' meeting. It may also need to negotiate a closer relationship with the nation's watchful police. When asked about reports that the Ministry of Public Security, which has been tightening internet regulations in recent years, seeks to take a majority stake of the company's internet unit, FPT Telecom, the company said it has 'no additional information on this matter.'' Mr Binh holds nearly 7 per cent of FPT, followed by the government, which has a 5.71 per cent stake. 'Followed' Ho Chi Minh Mr Binh's life tracks the history of the winning North Vietnamese forces. In 1954, his family 'followed' revolutionary leader Ho Chi Minh to Hanoi in the cause of independence, the FPT chairman said. The clan was so poor he wore clothes handed down from his sisters and watched as explosives from US bombers rained down on the city. 'My youth was about the lack of nearly everything,' said Mr Binh, 69, who met Ho Chi Minh twice. As a teenager, he was handpicked by the government to study in the former Soviet Union. Upon his return, he and 12 others founded the company, originally called Food Processing Technology at the suggestion of a government minister. It's now the seventh-largest publicly traded company in Vietnam, with a market capitalisation of US$6.8 billion (S$8.8 billion). FPT has more than 80,000 employees and operations in 30 countries. In 2024, the company recorded a 19 per cent jump in full-year revenue to 62.85 trillion dong (S$3.1 billion), aided by contributions from its FPT Software unit. From IT solutions for self-driving cars to industrial robots, FPT has diversified its product expertise in its quest for growth. In April, Sumitomo Corp. and SBI Holdings announced they were each acquiring a 20 per cent stake in a FPT unit to hasten AI adoption in Japan. The company, though, faces mounting challenges, from rising global competition to US tariffs. 'On your home turf, you are strong,' said Louis Nguyen, chief executive officer of Ho Chi Minh City-based private equity firm Saigon Asset Management, which previously owned shares in the company. 'When you compete in the global arena, you go against giants.' FPT Software gained a foothold in Japan in 2000 with a Nippon Telegraph & Telephone contract. FPT now has some 4,500 employees in Japan and expects that to rise to 5,000 this year, according to the company. FPT expects revenue from its Japan unit to jump to US$1 billion in 2027 from US$500 million in 2024. Domestically, the government looks to FPT in its quest to have three AI centres and at least 100 chip design companies by 2030 in the country, and a semiconductor industry with annual revenue of more than US$100 billion by 2050. 'It's a national hero,' said Vinnie Lauria, Ho Chi Minh City-based co-founder of Golden Gate Ventures. To that end, FPT – whose co-founders initially trained themselves with tech manuals purchased from Hong Kong during the US embargo of Vietnam – says it has trained thousands of technologists at its five universities nationwide. And it has set up 16 elementary to high school campuses where children as young as first grade begin learning programming languages. BLOOMBERG Join ST's Telegram channel and get the latest breaking news delivered to you.
Yahoo
4 days ago
- Business
- Yahoo
Western China fair signs deals worth $49.3 billion
CHENGDU, China, May 28, 2025 /PRNewswire/ -- The ongoing 20th Western China International Fair, which began Sunday in Chengdu, the capital of Sichuan province, has seen the signing of 416 investment projects totaling 354.3 billion yuan ($49.3 billion) in value, according to the organizing committee. The five-day event attracted over 3,000 exhibitors, with a total exhibition area of 200,000 square meters. The exhibitors come from 62 countries and regions and 27 domestic provincial-level administrative regions, including 61 Fortune Global 500 companies, according to the organizing committee. All 12 provincial-level regions in western China are jointly presenting over 2,200 investment projects worth more than 3.7 trillion yuan under the "Invest in Western China" brand. Chen Ping, director of the Hungarian Export Promotion Agency's southwest China branch, said her office organized over a dozen Hungarian companies to showcase their products at Hungary's national pavilion, including wines, condiments, snacks, and cosmetics. "China's western region has shown remarkable development momentum and strong market potential," she said. "We look forward to further expanding the market for Hungary's high-quality products through the fair." On May 25, the signing and launching ceremony of the 15th Western China International Sourcing Fair was held at the Western China International Expo City. With the theme "Deepen Reform for More Momentum, Expand Openness for Greater Growth", the event invited government representatives from over 60 countries and regions, including the United States, Australia, Spain, Uruguay, Thailand, and Iceland, as well as representatives from embassies and consulates in China, overseas business associations, multinational corporations, and leading enterprises. More than 30 projects were signed on-site, with a total intended procurement amount of nearly 7 billion yuan, covering areas such as new energy, energy storage projects, and agricultural and sideline products. View original content to download multimedia: SOURCE WCIF Error in retrieving data Sign in to access your portfolio Error in retrieving data Error in retrieving data Error in retrieving data Error in retrieving data
