VSIP Haiphong gears up for early year FDI inflows

VSIP Haiphong

Over a week ago, Huynh Quang Hai, a member of VSIP Group’s board of directors received a revised investment certificate to raise the total investment capital of the Vietnam-Singapore Industrial Park Haiphong (VSIP Haiphong) from $145.9 million to $268.2 million.

“We have increased investment for scope expansion and to improve the infrastructure as we prepare for a new wave of investment in the park,” said Hai.

Hai revealed that many investors, including some in urban zone development, have worked with VSIP Haiphong to lease land and open production facilities.

VSIP Haiphong was set up in January 2010 and includes an industrial park (IP) and urban zone. Big foreign investors such as Japan’s Kyocera  and Fuji Xerox have settled down in the park.

“We have grown into one of the leading IPs in the north. It is the right time for us to expand to match our burgeoning development needs,” said Hai, adding that the IP’s total area would increase from 468 hectares to 748ha after the expansion.

In the northern province of Vinh Phuc, another investment hotspot, early January this year saw Korea-backed Sindoh Vina become the first foreign investor licensed to do business in the province through a $30 million project to manufacture office equipment. The project is slated to be commissioned from January 2015 employing around 500 staff.

“We chose Vinh Phuc because the province has a good investment climate and favourable geographical location. More importantly, the provincial authorities showed their commitment to upholding investors’ rights,” said Sindoh Vina member of the Hwang Joon board of directors.

On January 14, Vung Ro Petroleum and the Rockefeller family-backed Rose Rock Group signed cooperation agreements to develop a luxury resort community in the central coastal province of Phu Yen’s Vung Ro Bay. The project has an estimated investment capital fund of about $2.5 billion.

“We are extremely excited to be embarking on this mega project and are very pleased to be working with Rose Rock Group, a strong and reliable partner who will help us to ensure the success of this development,” said Kirill Korolev, chief executive officer and general director of Vung Ro Petroleum. “Our plan is to create a vibrant community for Vung Ro to make the most of the area’s natural beauty and provide a world class destination for discerning residents and visitors.”

Other provinces have also reported granting investment certificates to scores of foreign invested projects in the first month of 2014.