Vietnamese Prime Minister Pham Minh Chinh has approved a project to develop an industrial park whose price tag will reach over VND5.9 trillion (US$232.5 million) in the southern province of Tien Giang, a local official said on Tuesday.

The government leader also agreed that IDICO Tien Giang Company will serve as the project’s developer and will contribute over VND896 billion ($35.1 million) to the project development, according to Nguyen Nhat Truong, head of the Tien Giang industrial parks authority.

The Tan Phuoc 1 industrial park will span 470 hectares in Tan Lap 1 Commune of Tan Phuoc District, with a 50-year operational period.

Work on the project is required to last no more than five years.

PM Chinh asked the Ministry of Planning and Investment to take charge of appraising the project and implementing state management measures as per the prevailing regulations.

Other relevant ministries and agencies were tasked with overseeing the project development within their respective authority.

The Tien Giang Province administration is responsible for ensuring the accuracy of information and reports related to the project. 

It has to make sure that the development of this industrial park is in alignment with previous approved projects in the area, PM Chinh said.

The provincial administration was also told to handle land reclamation, site clearance, compensation, and conversion of land use rights, among many others, ensuring there will be no land-related disputes.

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