The Viet Nam - Singapore Industrial Park (VSIP) in Nghe An has attracted 12 investors with total committed investment of VND860 billion (US$38 million) since construction began in 2016.

Seven investors have received land for their projects and work is expected to begin soon. Another two plants will start operations at the end of the first quarter.

In the first stage, the park, 7km west of the provincial capital of Vinh City is being developed over 83ha. It will become an eco-site favourable for investors and include an integrated township, industrial park, shopping and food centre and shops and houses.

Designers from Singapore and Malaysia plan to also build a 2.6ha entertainment park with an outdoor stage and gym centre.

The park also offers investors a ready- built factory to start operations quickly and cheaply. It will have its own technical infrastructure and services.

In 2015, VSIP Nghe An was granted exclusive rights by the provincial People’s Committee to develop 750ha and an investment licence for phase one of the project with $15.2 million in funding. The land includes 198ha of industrial land and 81ha of commercial and residential land.

The park, the seventh VSIP project in Viẹt Nam, aims to attract garment manufacturers, agro businesses and fast-moving consumer goods (FMCG).

Other parks are located in Binh Duong (two), Quang Ngai, Bac Ninh and Hai Phong, in addition to Hai Duong.

To date, VSIP projects in Viet Nam have drawn 750 investors from 30 countries and territories with total investment of $10 billion, creating 200,000 jobs for local and foreign workers. — VNS