The central province of Nghe An grants investment licence for Viet Nam Singapore Industrial Park Joint venture company to develop a 750ha integrated township and industrial park. — VNS Photo

NGHE AN (Biz Hub) — The Viet Nam Singapore Industrial Park joint venture company (VSIP JV) has been granted exclusive rights by the provincial people's committee to develop a 750ha integrated township and industrial park.

The company officially announced yesterday that the project company, VSIP Nghe An Company, Ltd., which will undertake the project, is wholly-owned by VSIP JV (a joint venture between Viet Nam's Becamex IDC Corporation and a Singapore consortium led by Sembcorp Development).

VSIP JV has also received the investment licence for phase one of the project with US$15.2 million in funding. The licence covers 198ha of industrial land and 81ha of commercial and residential land.

It will be the seventh VSIP in Viet Nam after the ones located in Binh Duong, Quang Ngai, Bac Ninh and Hai Phong, as well as Hai Duong.

VSIP said Nghe An, located in north-central Viet Nam and 70km from the Laotian border, played an important role in supporting Ha Noi, 400km away.

Garment manufacturers, agribusinesses and fast-moving consumer goods (FMCG) sectors are the target industries of VSIP Nghe An. Special economic zone incentives are being given by the government to its tenants.

As scheduled, VSIP Nghe An will be developed in phases in tandem with the demand.

Till date, the total area of the seven VSIP projects in Viet Nam covers more than 6,000ha.

The latest report said VSIPs nationwide have attracted 567 investors from 30 countries and territories with a total investment capital of $7.8 billion, creating 156,000 jobs. — VNS