Press release: VSIP project commences construction in Nghe An province.

(Baonghean.vn) - Baonghean Newspaper respectfully presents to readers the full text of the press release regarding the groundbreaking ceremony for the VSIP Nghe An Project:

Vietnam, September 16, 2015

Today, the Vietnam-Singapore Industrial Park Joint Venture Corporation (VSIP) held the groundbreaking ceremony for its seventh VSIP project in Hung Nguyen district, Nghe An province. The ceremony was honored with the presence of Mr. Nguyen Tan Dung, Prime Minister of the Socialist Republic of Vietnam, and Mr. Lim Hng Kiang, Minister of Trade and Industry of the Republic of Singapore. This event once again affirms the importance of VSIP projects in the bilateral economic cooperation between Vietnam and Singapore.

SirLim Hng Kiang, Singapore's Minister for Trade and Industry, expressed his hope that the VSIPs would continue to develop, contributing to strengthening friendship, deepening cooperation, and bringing growth and opportunities to both sides.

Presiding over the press conference to announce the official information to the press and media.

The project will be implemented by VSIP Nghe An Co., Ltd., a subsidiary of VSIP Joint Venture Corporation. VSIP is a joint venture between Becamex IDC (Industrial Development Corporation - Limited Liability Company) and a consortium of Singaporean investors represented by Sembcorp Group. Previously, in June, VSIP Joint Venture Corporation was granted a license by the People's Committee of Nghe An province to develop phase 1 of the VSIP Nghe An project, covering 198 hectares of industrial land and 81 hectares of urban and service land. The total area of ​​the VSIP Nghe An project is 750 hectares and will be implemented in several phases according to the needs of investors.

Prime Minister Nguyen Tan Dung attends the groundbreaking ceremony for the VSIP Nghe An Project.

VSIP Nghe An's first customer, TĐV Trading and Manufacturing Company (100% Vietnamese-owned), has committed to investing in the construction of a factory producing high-end bathroom furniture for the domestic and export markets. TĐV expects to begin construction in the second quarter of 2016.

Nghe An province is located in the heart of the North Central region, 288 km from Hanoi and 70 km from the Lao border. It is the largest province in Vietnam by land area. The Vietnamese government has recently approved the VSIP Nghe An project as part of the Southeast Economic Zone, where preferential policies for investors extend up to 15 years. Nghe An's industries have the potential to boost production thanks to the advantages of trade agreements currently being negotiated and prepared for signing, including the Trans-Pacific Partnership. Nghe An has strengths in agricultural development. Furthermore, with competitive costs and a workforce of 10 million in the North Central region, Nghe An is attractive to labor-intensive industries such as garment manufacturing, fast-moving consumer goods, and electronic component assembly. Nghe An also benefits from its location within the East-West economic corridor connecting Laos, Myanmar, and Thailand with the East Sea, the maritime area outside Nghe An, and Cua Lo port.

To mark the launch of the VSIP Nghe An project, Sembcorp and VSIP Joint Venture Corporation are committing US$100,000 to develop the Sembcorp-VSIP clean water project in Nghe An province. This community project was first implemented in Quang Ngai province in 2013. Currently, the project has completed the construction of 10 water filtration systems with clean water filters to meet the daily clean water needs of students and local residents. The project has also upgraded and built new toilets at seven schools.

VSIP Nghe An is the seventh project of VSIP, following projects in Binh Duong, Bac Ninh, Hai Phong, Quang Ngai, and Hai Duong. The total land area currently planned and developed by VSIP is 6,153 hectares (including VSIP Nghe An Phase 1). To date, the total investment attracted to VSIP projects has reached US$7.9 billion from 593 companies, creating 160,000 jobs in Vietnam.

- Run out of -