Kurz International Holdings GMBH from Germany has been granted an investment licence for a hi-tech coating and thin film project worth US$40 million at the Becamex Viet Nam-Singapore Industrial Park (VSIP) in Binh Dinh.

Kurz International are the first foreign investor to be approved at the 1,425 ha park in the central coastal province. It comes just one year after the signing of a Memorandum of Understanding with the park owner Becamex Binh Dinh Joint-Stock Company.

The project will be built on 12 ha with a total capacity of supplying 15 million square metres of hi-tech film and coating products. It’s expected to begin operation from the second quarter of 2023.

The project highlights the efforts of local authorities, investors and the park owner in land clearance and infrastructure preparations, despite the delays and setbacks caused by COVID-19.

According to the Binh Dinh economic zone administration, the Becamex VSIP Binh Dinh – the areas first industrial, urban and service zone – was developed thanks to a total investment of VND3.3 trillion ($142.1 million). It is a part of the Nhon Hoi economic zone, in the province's Quy Nhon City.

The park was designed to draw $2 billion and create about 150,000 jobs for the province, and neighbouring provinces, along the central coast of Viet Nam.

Last year, the province opened a 20km route connecting Nhon Hoi economic zone and Phu Cat Airport, to encourage business and tourism.

Nine VSIP's, a typical economic cooperation model between Viet Nam and Singapore, have been developed in Binh Duong, Bac Ninh, Hai Phong, Quang Ngai, Hai Duong and Nghe An. They have attracted 840 partners and investors from 30 countries and territories, and a total investment of $14 billion.

VSIP complexes nationwide cover around 8,600 ha and have created around 250,000 jobs for Vietnamese and foreigners. — VNS