Nghe An welcomes seventh VSIP project

September 16, 2015 | 18:31

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Vietnam-Singapore Investment Park Joint Venture Company, a flagship project initiated by the governments of Vietnam and Singapore, today started construction of a new industrial-urban-service complex in the central province of Nghe An, marking its seventh project of this kind in Vietnam.

Prime Minister Nguyen Tan Dung

At the ceremony Prime Minister Nguyen Tan Dung said: “I greatly appreciate that Sembcorp Singapore has decided to choose Nghe An’s South East Economic Zone to establish and develop the VSIP, an Integrated Township and Industrial Park invested by VSIP Nghe An Co., Ltd.”

With the investment in VSIP Nghe An, there are now seven VSIP projects across Vietnam, with the others located in cities and provinces of Binh Duong, Bac Ninh, Haiphong, Quang Ngai and Hai Duong.

The total gross area of the seven VSIP developments (including the first phase of the VSIP Nghe An) is 6,153 hectares. VSIP has attracted $7.9 billion in the total investment capital from over 583 companies. that employ about 160,000 workers.

VSIP’s decision came off the back of the prime minister’s approval to insert the 750ha first phase of VSIP Nghe An into the provincial Southeast Economic Zone (EZ), meaining that the investors at this IP will benefit from the highest investment incentives currently granted by the Vietnamese government.