Fifth VSIP to become reality

The company plans to conduct a comprehensive feasibility study of a 1,020 hectare integrated township and industrial  park in Quang Ngai. The proposed development comprises a 500ha  industrial park located within the Dung Quat Economic Zone where government-supported special economic zone incentives are made available to manufacturers. Separately, under consideration are 520ha for commercial and residential purposes near downtown Quang Ngai City.

If realized, this will be the fifth project jointly developed by a Singapore consortium led by Sembcorp Industrial Parks, and Vietnam’s state-owned Becamex Corporation, with two VSIPs in Binh Duong province and one in Haiphong and Bac Ninh province.

In particular, VSIP Bac Ninh has seen a 54 per cent take-up rate just three and a half years since its launch. “The project has started receiving interest for commercial and residential land as well. A large foreign residential developer has recently committed interest in VSIP,” said Low Sin Leng, executive chairwoman of Sembcorp Industrial Parks and co-chairwoman of VSIP Group.

Meantime VSIP Haiphong has achieved some milestones since its launch in January 2010.
It is now fully incorporated into the Dinh Vu-Cat Hai Economic Zone, thereby offering businesses operating in the VSIP Haiphong government-supported investment incentives.

Sembcorp also brought in Singapore’s Nanyang Technological University (NTU) to provide urban solutions to the integrated township and completed urban water management and hydraulic assessment studies on the VSIP Haiphong’s River flow network.

Totally, these four VSIPs now comprise 4,845ha and have attracted 440 customers with $4 billion in investment. Also, more than 100,000 jobs have been created by operational tenants. Of which, Singaporean companies rank fourth amongst VSIP tenants after Japan, Vietnam and Taiwan.