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Work starts on 5th Vietnam – Singapore IP

Work starts on 5th Vietnam – Singapore IP

Saturday, September 07, 2013, 14:25 GMT+7

The local government of the central province of Quang Ngai unveiled Friday the initial construction phase of the Vietnam – Singapore Industrial Park (VSIP) Quang Ngai, the fifth of its kind in Vietnam.

The first phase, aimed at covering 160 hectares out of the 1,226 hectares of the project, will begin from now to mid-2014, according to the provincial deputy chairman Pham Nhu So.

The project will be implemented by a joint venture between Vietnam and Singapore, and is expected to consume more than US$125 million worth of investment for its first construction stage.

Local government said four foreign investors have leased land inside the to-be-built industrial park, two of which are from the UK, with a total registered capital of $55 million.

The very first VSIP was constructed in Binh Duong in 1996, and the second one was also located in the southern province. The VSIP III and IV are located in Bac Ninh and Hai Phong.

All of the operational VSIPs have attracted some 490 investors from 25 countries and territories, and generated jobs for more than 140,000 locals, according to Vietnam News Agency.

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