Chairman of the People’s Committee of the southern province of Binh Duong Duong Vo Van Minh had a working session with CEO of Semncorp Development of Singapore Kelvin Teo on January 12 to discuss the firm’s investment in Vietnam – Singapore industrial park projects in the locality.
|VSIP III in Binh Duong (Photo: VNA) |
Binh Duong - Chairman of the People’s Committee of the southern province of Binh Duong Duong Vo Van Minh had a working session with CEO of Semncorp Development of Singapore Kelvin Teo on January 12 to discuss the firm’s investment in Vietnam – Singapore industrial park projects in the locality.
According Teo, the investment model of the Vietnam-Singapore Industrial Park (VSIP) Joint Venture has developed successfully in Vietnam in general and Binh Duong in particular.
Semncorp is particularly interested in developing projects in VSIPs in Binh Duong, especially developing VSIP III into a green and smart IP without industrial waste, he said.
Binh Duong province's investment environment is increasingly favourable thanks to the right planning, which focuses on industrial and urban development and promoting service sector, Teo said.
According to Minh, Semncorp’s investment focuses on developing industrial park infrastructure chain.
He suggested the group continue its research and implement new projects in trade, urban development, and transport infrastructure associated with developing VSIPs.
So far, Binh Duong has been home to 4,085 investment projects with a total registered capital of 39.7 billion USD from 65 countries and territories. The province ranks second among the localities nationwide in attracting foreign direct investment (FDI) capital.
Taiwan (China) tops the list of foreign investors in Binh Duong with 863 projects worth over 6.2 billion USD. It was followed by Japan with 341 projects (5.8 billion USD), and Singapore with 277 projects (5.4 billion USD).
The VSIP III has just drawn more than 1 billion USD from LEGO Group, whose factory is expected to be put into operation in early 2024.
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11 months after signing the MoU, Denmark’s Lego Group kicked off its $1.3 billion factory in the southern province of Binh Duong on November 3, the largest foreign-invested project to pour capital into the province since the pandemic.
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The automaker Truong Hai Auto Corporation (THACO) is mulling plans to invest in a mechanical supporting industrial park with the total investment capital of $1 billion in the southern province of Binh Duong.
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The southeast continues to take the lead in attracting overseas investment despite the increasing problem of land availability.