Singapore - an important partner in investment and trade cooperation of Nghe An province
In the development strategy, Singapore is identified as one of the important partners in investment and trade cooperation of Nghe An province. VSIP is one of the key successful FDI projects of Nghe An and is expected to create a major breakthrough for the province's industrial development.
Important partner of Nghe An province
Nghe An province is an attractive and reliable destination for foreign investors, including investors from Singapore.
To date, Nghe An province has attracted 152 FDI projects with a total investment capital of more than 5.8923 billion USD, ranking 22nd out of 63 localities in terms of total registered investment capital.
Among FDI projects in the province, there are 13 projects of investors from Singapore, with a total investment capital of nearly 1.152 billion USD, accounting for more than 19.5% of the total FDI capital in Nghe An province. Singapore ranks 7th in the number of projects and 3rd in total capital among 14 countries investing in Nghe An province.
In particular, VSIP is one of the successful FDI projects of Nghe An province and is becoming a key project with the expectation of creating a major breakthrough for the province's industrial development.
VSIP Group came to Nghe An in 2015 with the VSIP Nghe An Industrial, Urban and Service Park project in Hung Nguyen district. To date, VSIP has invested in 4 projects in Nghe An, including 3 industrial park infrastructure investment projects and 1 housing project in VSIP Nghe An Urban and Service Park, with a total registered capital of 576.11 million USD.
The industrial parks invested by VSIP Nghe An Company Limited have attracted 54 secondary projects, with a total registered investment capital of VND64,761.5 billion, including 34 FDI projects with a total capital of USD2.59 billion. The total FDI capital in VSIP Nghe An's industrial parks accounts for 53.1% of the total FDI capital of the province.
In 2024, Nghe An attracted nearly 1.75 billion USD in FDI capital, ranking 8th out of 63 provinces and cities nationwide, the most successful year of FDI capital attraction in Nghe An province to date. Contributing to that result, VSIP Nghe An alone attracted 8 FDI projects with a total investment capital of nearly 1.4 billion USD - a record high since its establishment.
Projects of Singaporean investors focus on the fields of industrial park infrastructure, ready-built factory leasing, electronic component manufacturing, and supporting industries.
During the process of forming, building and developing the VSIP project, Nghe An province has always accompanied investors with the motto of action "considering the difficulties of enterprises as the responsibility of the Party Committee and government, thereby focusing on solving them together", promoting administrative reform, improving the investment environment; always taking the satisfaction and success of investors as a measure and development achievement of the province.
Many successful projects
VSIP Nghe An Industrial, Urban and Service Park Project (VSIP Nghe An 1) was granted an Investment Certificate in June 2015 with an area of 750 hectares. The total investment capital for infrastructure construction by VSIP Nghe An Company Limited is 359 million USD.
Currently, the cleared land area is 684.2ha/750ha. The Industrial Park has completed 96.98% of the site clearance; the Urban and Service Area has completed 43.03% of the site clearance. The Industrial Park has basically completed the construction of synchronous infrastructure to attract investment; the Urban and Service Area is under construction and site clearance.
Up to now, VSIP 1 has attracted 53 secondary projects, with total registered investment capital reaching 49,985.1 billion VND, including 33 FDI projects with total investment capital of 2 billion USD. The occupancy rate of the industrial park is about 95%. The main industries attracting investment include electronics & precision mechanics, metals, transportation and ready-built factory leasing, textiles and garments and other industries...
VSIP Nghe An 1 has attracted major investors including Luxshare ICT, Luxcase, Luxvision, Merry & Luxshare, Innovation Precision, Radiant, Everwin Precision, Matsuoka, Jtec, …
Tho Loc Industrial Park Project - Phase 1 (VSIP Nghe An 2) in Dien Chau district was granted an Investment Certificate in February 2023, with an area of 500 hectares and a total investment of 164.6 million USD. The project has implemented site clearance of 438.64 hectares, reaching 88%. Site leveling has been completed at 13.4%.
Currently, the project is continuing to clear the remaining area of more than 60 hectares to complete the infrastructure to serve investment attraction, with an occupancy rate of about 13.5%.
To date, VSIP Nghe An 2 has attracted one FDI project, the Mega Textile Vietnam project. This is a project invested by Best Pacific International Limited Group on an area of 51.18 hectares, with a total investment capital of 590 million USD.
Up to this point, the Mega Textile Vietnam project is the project with the largest total investment and capital scale in Nghe An; the investment rate per land area of the project is also the highest in the textile sector in the province.
The VSIP Nghe An 3 project in Hung Nguyen district, covering an area of 181.12 hectares with a total investment capital of 52.5 million USD, has just been granted an investment certificate in Hung Nguyen district. It is expected that the investment certificate will be awarded to VSIP Group during General Secretary To Lam's visit to Singapore on March 11.
In the development strategy of Nghe An province, Singapore is identified as one of the top important partners. Nghe An province commits to continue to accompany VSIP Group to share difficulties and build an effective cooperative relationship with harmonious interests.
