Chairman of Nghe An Provincial People's Committee works with leaders of Sembcorp Group in Singapore

On the occasion of the official visit to Singapore of Prime Minister Pham Minh Chinh and his wife, on the morning of February 9, Comrade Nguyen Duc Trung - Deputy Secretary of the Provincial Party Committee, Chairman of the People's Committee of Nghe An province had a working session with leaders of Sembcorp Group.

Overview of the working session between Chairman of Nghe An Provincial People's Committee Nguyen Duc Trung and leaders of Sembcorp Group. Photo: Thuc Tran

Speaking at the meeting, Chairman of the Provincial People's Committee Nguyen Duc Trung expressed his joy and gratitude to Mr. Kelvin Teo - CEO of Sembcorp Development and Co-Chairman of VSIP Group for taking the time to receive the delegation; at the same time, he sent his best wishes to Mr. Kelvin Teo personally and wished Sembcorp Group and VSIP Group to develop more and more effectively.

Emphasizing the importance of Prime Minister Pham Minh Chinh's official visit to Singapore in general and to Nghe An province's partners in particular, the Chairman of the Provincial People's Committee said that Nghe An identified partners from Singapore as extremely important in investment cooperation, trade and economic development activities.

In Nghe An, investment cooperation with partners from Singapore has recently achieved very positive results. In the province, there are currently 6 investment projects of partners from Singapore, of which 5 projects have been put into production, 1 project is completing procedures with a total registered capital of more than 301.68 million USD. In particular, VSIP project is one of the key projects and is promoting very good efficiency.

Chairman of Nghe An Provincial People's Committee Nguyen Duc Trung speaks at the meeting. Photo: Thuc Tran

The total investment capital of VSIP Nghe An is 186.98 million USD, expected to create jobs for more than 40,000 local workers. As of January 2023, VSIP Industrial Park has attracted 39 land lease investment projects, with an occupancy rate of 88%. Of which, 23 projects have come into operation, 5 projects are under construction, the remaining projects are completing procedures, with a total registered investment capital of 743.6 million USD. Of which, there are 19 foreign investors (FDI), with a total registered capital of over 681 million USD.

In VSIP Nghe An Industrial Park, many large corporations in the global electronics supply chain have invested, such as: Luxshare - ICT Group invested in 3 projects with a total registered capital of 330 million USD; Everwin Group invested in 1 project with a total capital of 200 million USD, expected to increase capital to 400 million USD.

In particular, the VSIP Nghe An 2 Project in Tho Loc Industrial Park has just been approved for investment by the Prime Minister of Vietnam. This is a project to build industrial, service and urban areas that converge green, smart and sustainable development elements.

VSIP Nghe An Industrial Park. Photo: TC

On behalf of the leaders of Nghe An province, Chairman of the Provincial People's Committee Nguyen Duc Trung personally thanked Mr. Kelvin Teo, leaders of Sembcorp Group and VSIP Group for their interest in investing in the increasingly effective VSIP Industrial Park.

Speaking at the meeting, Mr. Kelvin Teo - CEO of Sembcorp Development and Co-Chairman of VSIP Group said that after the recent crisis, VSIP Group is getting stronger and more "mature", so in the future it will go faster and better.

Emphasizing that VSIP would not be able to develop as it is today without the support of the local government of Nghe An province, Mr. Kelvin Teo affirmed that the Board of Directors of Sembcorp Group and VSIP Group have agreed that in the coming time, Sembcorp and VSIP are committed to continue to coordinate closely with the government of Nghe An province better and faster to handle related issues, closely linking interests with the government and people of Nghe An province, this is the motto and development principle of VSIP in Nghe An.

Mr. Kelvin Teo - CEO of Sembcorp Development and Co-Chairman of VSIP Group spoke at the meeting. Photo: Thuc Tran

Thanking Mr. Kelvin Teo for his affirmation, Chairman of the Provincial People's Committee Nguyen Duc Trung expressed his joy when VSIP Group decided to invest in building VSIP Nghe An 2 Project in Tho Loc Industrial Park (phase 1) to become a model Industrial Park with 3 factors: Smart - green - sustainable.

The Chairman of the Provincial People's Committee hopes that Nghe An province and VSIP Group will invite the Prime Ministers of the two countries to attend the groundbreaking ceremony of this model industrial park. On the occasion of the groundbreaking ceremony of VSIP Nghe An 2 Project, Nghe An province will organize an economic cooperation forum between Nghe An and partners from Singapore and hopes that Mr. Kelvin Teo will introduce Singaporean investors to participate.

Regarding the implementation of VSIP Industrial Park in Hung Nguyen district, the Chairman of the Provincial People's Committee shared with VSIP Group about changes related to investment costs; at the same time, emphasizing that, in addition to strictly complying with legal regulations, Nghe An province must also consider harmonizing the interests of investors, especially investors considered strategic partners of the province such as VSIP, with the view of creating the best conditions for VSIP to develop effectively in the long term, contributing positively to the development of Nghe An province.

Nghe An Province pledges to continue to accompany VSIP Group to share difficulties, build an effective cooperative relationship, and harmonize interests; and believes that in the coming time, Sembcorp Group and VSIP Group will overcome the difficult period, promote investment efficiency in Nghe An according to VSIP's motto: faster, better and stronger.