Press release VSIP groundbreaking project in Nghe An province

(Baonghean.vn)- Nghe An Newspaper respectfully introduces to readers the full text of the Press Release on the Groundbreaking Ceremony of VSIP Nghe An Project:

Vietnam, September 16, 2015

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

SirLim Hng Kiang - Singapore's Minister of Trade and Industry hopes that VSIPs will continue to develop, contributing to strengthening friendship, deepening cooperation, and bringing growth and opportunities to both sides.

Chairing the press conference to announce official information to the press and media

The project will be implemented by VSIP Nghe An Co., Ltd., a member of VSIP Joint Stock Corporation. VSIP is a joint venture between Becamex IDC Corporation and a consortium of Singaporean investors represented by Sembcorp Group. Previously, in June, VSIP Joint Stock Corporation was granted a license by Nghe An Provincial People's Committee to develop phase 1 of the VSIP Nghe An project with an area of ​​198 hectares of industrial land and 81 hectares of urban and service land. The total area of ​​the VSIP Nghe An project is up to 750 hectares and will be implemented in several phases according to the needs of investors.

Prime Minister Nguyen Tan Dung attended the groundbreaking ceremony of VSIP Nghe An Project.

VSIP Nghe An's first customer, TDV Trading and Production Company (100% Vietnamese capital), has committed to invest in building a factory to produce high-end bathroom furniture for the domestic market and export. TDV is expected to start construction in the second quarter of 2016.

Nghe An province is located in the center of the North Central region, 288 km from Hanoi and 70 km from the Lao border. This is the province with the largest land area in Vietnam. The Vietnamese government has just approved the planning of VSIP Nghe An into the Southeast Economic Zone, where preferential policies for investors are up to 15 years. Industries in Nghe An have the potential to boost production thanks to the advantages of trade agreements being negotiated and prepared for signing, including the Trans-Pacific Partnership Agreement. Nghe An has strengths in agricultural development. In addition, with competitive costs and 10 million workers in the North Central region, Nghe An is attractive to labor-intensive manufacturing industries such as garments, fast-moving consumer goods and electronic component assembly. Nghe An also has the advantage of being located in the East-West economic corridor connecting Laos, Myanmar and Thailand with the East Sea, the waters outside Nghe An and Cua Lo port.

To mark the launch of the VSIP Nghe An project, Sembcorp and VSIP Joint Stock Company pledged to provide US$100,000 to develop the Sembcorp-VSIP clean water project in Nghe An province. This community project was first launched in Quang Ngai province in 2013. To date, the project has completed 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 VSIP’s seventh project after projects in Binh Duong, Bac Ninh, Hai Phong, Quang Ngai and Hai Duong. The total land fund area of ​​VSIP under planning and development is 6,153 hectares (including VSIP Nghe An phase 1). To date, the total investment capital attracted to VSIP projects is up to 7.9 billion USD from 593 companies, creating 160,000 jobs in Vietnam.

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