Over $3 billion invested in VSIP Nghe An
On the 6th day of the Lunar New Year (Year of the Snake), factories in the VSIP Nghe An Industrial Park commenced production. With professional, steady, and strong steps, VSIP projects in Nghe An have attracted significant investment from leading global corporations.
VSIP Nghe An 1 has achieved a 97% occupancy rate.
Recently, VSIP 1 Nghe An Industrial Park was honored to receive an investment certificate from the Nghe An provincial leadership for a massive textile project, the Mega Textile Vietnam Project. The project, covering a total area of over 51 hectares in the Southeast Economic Zone, has a total investment of US$590 million, equivalent to VND 14,775.9 billion.
The objective of the Mega Textile Vietnam Project is to produce various types of fabrics, knitted fabrics, colored yarns, cut semi-finished products, garments, belts, etc., with a production capacity of approximately 67,200 tons of fabrics per year; approximately 10,300 tons of knitted fabrics per year; approximately 7,200 tons of colored yarn per year; approximately 100 million belts per year; approximately 130 million garments per year; and approximately 2.2 million cut semi-finished products per year.
According to the schedule, by Q2/2025, the Mega Textile Vietnam Project will complete the investment preparation procedures; Phase 1 will officially operate by Q2 2028; Phase 2 will officially operate by Q2 2030; and Phase 3 will officially operate by Q2 2034. Once operational, the project will contribute to the state budget and create jobs for over 15,000 local workers, contributing to the development of the garment industry both locally and nationwide.
With the emergence of the large-scale Mega Textile Vietnam project, the cumulative total investment in the VSIP Nghe An Industrial, Urban, and Service Zone - VSIP Nghe An 1 and VSIP Nghe An 2 - Tho Loc Industrial Park as of February 2, 2025, is 3.098 billion USD, of which the capital from secondary investors is 2,653.6 million USD and the capital from VSIP Nghe An Co., Ltd. is 444.5 million USD.
By January 2025, VSIP Nghe An 1 Industrial Park had attracted 55 investment projects (from 51 investors), with a leased land area of 251.8 hectares, achieving an occupancy rate of approximately 97%, and a total investment capital of VND 49,145.6 billion (equivalent to USD 2,063.6 million). Of these, 34 investment projects have commenced operations, creating initial jobs for approximately 23,000 workers. Seven other projects are under construction, and the remaining 13 projects have completed investment procedures and are undergoing planning procedures for construction.
There are 34 FDI projects (30 investors) with a total investment capital of VND 46,872 billion (equivalent to USD 1,976.1 million) from countries such as Hong Kong, Taiwan, South Korea, Japan, Singapore, and Sweden. It can be said that major technology investors from around the world have converged at VSIP Nghe An.
These are large-scale FDI projects in the fields of electronics, precision mechanics, and garment manufacturing, such as Luxshare-ICT, Everwin Precision Vietnam, Innovation Precision Vietnam, May An Nam Matsuoka, Gaiwach International Apparel Vietnam, and Sangwoo Vietnam. It is expected that seven more projects will become operational here in 2025.
Currently, the VSIP Nghe An 1 project still has 7.89 hectares of land that have not been cleared out of a total project area of 750 hectares (including 0.18 hectares of industrial land and 7.71 hectares of urban land), affecting the progress of land leveling and infrastructure construction. The investor wishes to expedite the land compensation and clearance process and the relocation of the power lines to hand over the land to the projects as soon as possible.
Expediting land clearance for the Tho Loc Industrial Park Project.
At the Tho Loc Industrial Park Project, to date, one investor has been granted an Investment Registration Certificate, covering an area of 51.2 hectares with a total investment of 590 million USD. Currently, there are approximately 10 potential secondary investors (requiring land of about 150-200 hectares) who are working to explore and implement investment projects. Among them, 3 investors are preparing to sign Memorandums of Understanding for investment covering an area of over 70 hectares, with a total expected investment of approximately 500 million USD.
The People's Committee of Nghe An province, the Management Board of the Southeast Economic Zone, and relevant departments, agencies, and localities have provided maximum support to VSIP Nghe An Co., Ltd. in completing land clearance and handing over clean land at the Tho Loc Industrial Park Project to the investor, and have assisted in expediting investment registration procedures to attract investors to the VSIP Nghe An Industrial Park.
In addition, government agencies at all levels have regularly held working sessions and submitted updated reports on the obstacles, difficulties, and suggestions and proposals of VSIP Nghe An Co., Ltd. during the investment, construction, and development of the industrial park, in order to promptly provide close and practical guidance and support in resolving the investor's problems.
Currently, over 100 hectares out of the total 500 hectares of the project remain uncompleted in terms of land clearance. Meanwhile, many projects are eagerly awaiting "clean" land to begin implementation. Furthermore, the investor's demand for land for leveling is very high and needs to be met, thus affecting the investment progress of both the main investor and secondary investors. VSIP Nghe An Co., Ltd. hopes that the local authorities will pay close attention to this issue.