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| Prime Minister Nguyen Tan Dung, the fourth from left and Singaporean Minister of Trade and Industry Lim Hng Kiang, the third from left, and representatives from agencies and ministries at the ground breaking ceremony. — Photo Thanh Tung |
HA NOI (Biz Hub) — Vietnam-Singapore Industrial Park Joint Venture Company (VSIP JV) began construction on an industrial-urban-service park in Hung Nguyen District of the central province of Nghe An.
The ground breaking ceremony was attended by Prime Minister Nguyen Tan Dung and Singaporean Minister of Trade and Industry Lim Hng Kiang.
The project is being built by VISP Nghe An, which is a joint venture between Viet Nam's Becamex IDC Corporation and a Singaporean consortium led by Sembcorp Development.
The VSIP Nghe An project will be a mixed industrial park that focuses on light and clean businesses in animal food processing, electronics, automobile assembly and building material industries.
In phase one, 198 hectares of land will go to industrial purposes and 81 hectares to commercial and housing purposes with a total cost estimated at US$76.4 million.
In the second phase, the project will be incorporated into the province's plans to build a 1,096 hectare Southeast Economic Zone.
Once completed, the project's backers hope it will attract 150 hi-tech, clean and environmentally-friendly enterprises. It will also develop a commercial urban area which can accommodate 150,000 people with schools, hospitals, shopping centres and services.
Speaking at the ceremony, Prime Minister Nguyen Tan Dung said VSIP Nghe An would contribute to the socio-economic development of Nghe An and the north central region.
Dung stressed that the strategic partnership between Viet Nam and Singapore has been strongly developing.
Singapore has been a leading investor in Viet Nam with registered investment capital totaling at $33 billion. Over the last decade, two-way trade turnover showed considerable growth and is expected to reach $11 billion this year.
The PM said the project would benefit the two governments and their nations' enterprises, and cemented their agreement to connect the two economies as ASEAN community partners.
Singapore Minister for Trade and Industry Lim Hng Kiang said VSIP Nghe An was tangible evidence of the success of the Viet Nam-Singapore relationship and promised that the industrial park would include modern factories that are environmentally friendly.
VSIP Nghe An is VSIP JV's seventh industrial park in Viet Nam; others are in southern Binh Duong Province, northern Bac Ninh and Hai Duong provinces, Hai Phong City, and central Quang Ngai Province.
So far, the parks have attracted $7.9 billion from 593 domestic and foreign businesses, and generated about 160,000 jobs for local residents. — VNS