The central province of Quang Ngai officially presented investment registration certificates to four foreign companies at the Viet Nam-Singapore Industrial Park (VSIP)-Quang Ngai, with total investment of US$321 million, on Wednesday.
These represent the newest projects at the VSIP Quang Ngai, bringing total foreign direct investment (FDI) in the park to $733 million since construction started in 2013.
As scheduled, Bekaert, a global market and technology leader in steel wire transformation and coatings headquartered in Belgium, will set up a $125 million steel wire and steel cord manufacturing plant to serve its customers worldwide.
Hoya Lens, listed on the Tokyo Stock Exchange, will also build a $138 million eyeglass lens manufacturing facility.
Happy Furniture company from Singapore has committed to invest $48 million in their new production facility while Gesin Viet Nam from Korea plans to develop a $10 million mattress manufacturing and processing plant at the park.
Upon the completion of work, the park will create jobs for over 35,000 workers, according to VSIP Quang Ngai.
VSIP is committed to improving the quality of life of the local community by continuing the work of the Sembcorp-VSIP Water Initiative that saw the provision of clean water to 14,000 people across 10 sites in the province.
It also awarded 80 scholarships valued at VND100 million ($4,400) to students together with other corporate social responsibility (CSR) initiatives to provide houses for the needy, canteens for an orphanage, financial support for heart surgery and a community library worth a total of VND7.6 billion ($336,000).
“We are heartened to see how far VSIP Quang Ngai has come in five years. We are very thankful for the vote of confidence from investors and the strong support from the Government. As the park develops, we will continue to work closely with the leaders and people of Quang Ngai to bring sustainable economic and social development to the province,” said Anthony Tan, general director of VSIP Quang Ngai.
“In 2018, VSIP Quang Ngai attracted $351 million in FDI, accounting for 93 per cent of the province’s total FDI,” he said.
Speaking at the event, Lieven Larmuseau, Executive Vice President of Bekaert said: “Our plant will be built in Son Tinh District and the investment will take place in phases in line with market growth. In the first phase, the plan is to reach about 75,000 tonnes of tyre cord in 2020.”
VSIP has developed eight parks nationwide, including in the provinces of Bac Ninh, Hai Phong, Hai Duong, Quang Ngai and Nghe An, alongside three in Binh Duong Province.
The industrial parks are spread over a total of 7,000ha, and have attracted investments from 760 investors, totalling nearly $12 billion, and creating 210,000 jobs in Viet Nam. — VNS