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|The representative of Binh Duong People's Committee updating information about the land clearance process for the Lego Group|
The provincial leader asked VSIP JV – a joint venture between Vietnam's Becamex IDC Corporation and a Singaporean consortium led by Sembcorp Development – and relevant authorities to accelerate the land clearance for the $1-billion Lego factory that the Danish group has invested in. The project is located in the VSIP-III industrial park.
|It is expected that 22 hectares of the land will be handed to the investor on August 31 and the remaining 22ha on September 30.|
Secretary of Binh Duong Party Committee Nguyen Van Loi said that the park’s investors and relevant authorities need to cooperate with each other to concentrate power sources for land clearance, even if they have to work day and night.
It is expected that 22 hectares of the land will be handed to the investor on August 31 and the remaining 22ha on September 30.
Both Lego and the province are eager to implement works for the construction. In mid-June, the two parties met each other to discuss the situation and solutions to accelerate this work.
Work on the factory is scheduled to begin this year and it will become operational in 2024 to help Lego expand its global supply chain.
The new facility has a total value of more than $1 billion, rendering it one of the largest foreign-invested projects in Vietnam.
|Lego Group pins high hope on Vietnam project: representative |
Lego Group pins high hope on its project in Vietnam as this will be the first carbon neutral factory of the Danish firm across the world and its second in Asia, a high-ranking official of the Danish toy production company has said.
|Nation urged to prepare for tax overhaul |
Tax incentives have always been a key factor in attracting foreign direct investment into Vietnam. However, concerns are arising as a global minimum tax agreement threatens to shake up the entire system and, therefore, foreign funding prospects.
|FDI quality in need of fresh policy boost |
Despite good performance in foreign investment attraction over the past year, the number of high-tech projects from developed countries investing in Vietnam is modest as compared to the incentives set forth.
|Industrial arena meeting greener requirements |
Instead of just leasing land and factories as before, industrial real estate is currently being more exclusively funded by many domestic and foreign investors in services, urban areas, and especially green and sustainable industrial ecosystems.