The Vietnam-Singapore Industrial Park (VSIP) Group has obtained approval from the Vietnamese government to set up its second industrial park (IP) in the north-central province of Nghe An, or its 13th IP in Vietnam, with an investment capital to be determined later.

Vietnam’s Minister of Planning and Investment Nguyen Chi Dung handed the investment approval decision to the VSIP Group’s representatives within the framework of the Vietnam - Singapore Business Forum that took place in Singapore on Friday, in the presence of Prime Minister Pham Minh Chinh who was on his official visit to Singapore.

The group’s latest IP project, VSIP Nghe An II Industrial Park, will be constructed on 500ha of land in the communes of Dien Tho, Dien Phu and Dien Loc in Dien Chau District, within the province’s Southeast Economic Zone. 

The project’s operation term is 50 years from February 8, 2023.

The project’s investor is required to review and determine the project’s exact investment capital, which will be specified in an investment registration certificate to be granted to the investor later, according to the decision signed by Deputy Prime Minister Tran Luu Quang.

Previously, VSIP Nghe An I Industrial Park, the first of the group in Nghe An, was built in Hung Nguyen District in 2015 and it has so far attracted 32 investment projects with a total foreign direct investment of US$744 million. 

This IP has currently reached an occupancy rate of 86.4 percent and generated jobs for more than 13,000 local workers.

In addition to the second IP in Nghe An, the group has signed memoranda of cooperation with its partners to build five more industrial parks within the next three years, with a total investment expected at $1 billion.

These future facilities will be created in several provinces and cities under a green, smart and sustainable IP model.  

As a result of the successful cooperation between the governments of Vietnam and Singapore, the VSIP Group is a brand developed by a joint venture between Vietnam’s Becamex IDC Corporation and Sembcorp Development, a wholly-owned subsidiary of Singapore’s Sembcorp Industries, a leading energy and urban solution provider.

The new IP in Nghe An is the 13th that the VSIP Group has developed in Vietnam since its first one built in southeastern Binh Duong Province in 1996. 

Among the 12 operating IPs of the group, three are in Binh Duong and the remaining facilities are located in other localities such as Hai Phong, Hai Duong, Bac Ninh, Quang Ngai and Can Tho, among others.

These industrial parks, with a total area of more than 10,000 hectares, have attracted about $18.4 billion in investment from 882 investors from 30 countries and territories, and created jobs for around 288,000 workers.

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