Saigon Telecom Technology Joint Stock Company (SAIGONTEL), VINACAPITAL and Singapore's Aurous Capital Pte. Ltd have signed a Memorandum of Understanding (MoU) on investment cooperation in a US$2.5 billion project to develop an industrial and urban complex in the northern province of Bac Giang.

This was the largest among a series of projects valued at a total $11 billion signed at the Viet Nam-Singapore Business Dialogue, which took place within the framework of President Nguyen Xuan Phuc’s official visit to Singapore from February 24-26.

Under the MoU, the two sides will conduct research and survey to build an investment project and apply for a licence to develop the complex, which would comprise of 500 hectares of industrial estates and 200 hectares of housing, towards attracting projects in the fields of hi-technology; clean industry; knowledge-intensive industry and those creating higher added value; logistics and support industry.

The investors expect to start the project in 2022.

In recent times, Bac Giang has become an attractive destination for foreign investors, especially in term of high technology. In the first two months of 2022, the locality attracted $303.3 million in investment. — VNS