VietinBank to fuel Hiep Phuoc IP expansion

September 17, 2015 | 16:00

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According to newswire BizLive, on September 16 Vietnam Bank for Industry and Trade (VietinBank) and Hiep Phuoc Industrial Park Joint Stock Company (HIPC) signed a VND1 trillion ($44.4 million) credit agreement to expand the Hiep Phuoc IP located in Nha Be district, Ho Chi Minh City.

“The loan is for infrastructural construction and site clearance for the second phase of the Hiep Phuoc IP. To date, the company has completed approximately 80 per cent of the site clearance phase and expects to finish by the end of 2016,” HIPC chairman Doan Hong Tam said.

Covering an area of 597 hectares and having the total investment capital of VND5 trillion ($222.1 million), once completed, the park will open its gates wider to investors in high-tech, clean-tech, and other environmentally-friendly sectors, including high-grade building materials using innovative technologies, precise mechanical products, electrical and electronic equipment, food processing, and logistics.

According to HIPC, the first phase of the Hiep Phuoc IP covers an area of 312 hectares and has attracted the total investment capital of VND12 trillion ($533.1 million) of 116 projects so far, from sectors including textile and dyeing, material manufacturing, and building materials. The IP has provided employment to approximately 9,000 people.

HIPC has plans to further expand the Hiep Phuoc IP in the third phase, on an area of approximately 1,000ha, and turn Hiep Phuoc IP into the largest industrial and urban area complex in Ho Chi Minh City.

By By Kim Oanh

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