Nghe An "nest" to welcome eagles
On the morning of March 12, in Singapore, Nghe An Provincial Party Secretary Nguyen Duc Trung presented the decision approving the investment policy of VSIP Nghe An 3 project to the leaders of VSIP Group. At the same time, he approved the investor of VSIP Nghe An 3 Industrial Park project to Sembcorp Singapore Group under the witness of General Secretary To Lam .
Nghe An Provincial Party Secretary Nguyen Duc Trung presented the decision approving the investment policy of VSIP Nghe An 3 project to the leaders of VSIP Group. Photo: Nghe An Newspaper.
Previously, VSIP Nghe An Company Limited submitted a document to the Provincial People's Committee requesting approval of the location to implement the VSIP Nghe An 3 Industrial Park project in Industrial Park No. 8 with more than 181 hectares.
The project is located in Hung Tay commune, Hung Nguyen district, in the Southeast Nghe An Economic Zone, with an investment capital of 52.5 million USD. The project's operation period is 50 years from the date of investment policy approval. The project is expected to be prepared for investment in the fourth quarter of 2025 and completed and put into use from the third quarter of 2026 - the first quarter of 2030. This is the third VSIP Industrial Park in Nghe An, after VSIP Nghe An 1 Industrial Park project and VSIP Nghe An 2 Industrial Park project.
Formed on the foundation of friendship and economic cooperation between Vietnam and Singapore, VSIP is an industrial and urban park developer, funded by shareholders Sembcorp Development (Singapore) and Becamex IDC Investment and Industrial Development Corporation.
VSIP Group came to Nghe An and invested in the first project in 2015. By the end of 2024, VSIP Nghe An Co., Ltd. had invested in 4 projects in Nghe An, including 3 industrial park infrastructure investment projects and 1 housing project in the urban and service area with a total registered capital of more than 570 million USD. The industrial parks invested by VSIP Nghe An Co., Ltd. have attracted 54 secondary projects, with a total registered investment capital of nearly 65 trillion VND, including 34 FDI projects with a total capital of 2.59 billion USD.
By "lining the nest" to welcome the eagles, Nghe An has prepared for the VSIP Nghe An 3 Industrial Park project with more than 1,300 billion USD. With this key project, Nghe An will create a breakthrough in strong local industrial development.
Expecting a breakthrough from the 1,300 billion VND industrial park
In the 10 years since VSIP Group entered Nghe An, the total FDI capital in VSIP's industrial parks reached 3.12 billion USD, accounting for 53.1% of the province's total FDI capital.
VSIP 1 Industrial Park Project in Hung Nguyen District has a land use scale of 750 hectares with a total investment of 359 million USD. To date, the industrial park has completed 96.98% of the site clearance; the urban and service area has completed about 45% of the site clearance. The industrial park has basically completed the construction of synchronous infrastructure to attract investment. Currently, the total investment capital in VSIP Nghe An 1 Industrial Park has reached more than 2.34 billion USD.
Panorama of Industrial Park VSIP 1 Hung Nguyen. Photo: Thanh Cuong.
In February 2023, VSIP continued to invest in the construction of Tho Loc Industrial Park - Phase 1 (VSIP Nghe An 2) in Dien Chau district. The industrial park has a land use scale of 500 hectares, with a total investment capital of 164.6 million USD. To date, the project has completed 13.4% of site clearance and attracted 1 Mega Textile Vietnam project invested by Best Pacific International Limited Group. In 2024, Nghe An attracted nearly 1.75 billion USD in FDI capital, ranking 8th out of 63 provinces and cities.
VSIP is one of the successful FDI projects of Nghe An province. After VSIP 3 project comes into operation, it will create jobs for more than 15,000 local workers. At the same time, it will become a key project with the expectation of creating a major breakthrough for industrial development of Nghe An province in the coming time.
In addition to investment capital, FDI enterprises have brought to Nghe An advanced technologies, modern production lines and new management models. This contributes to improving the competitiveness of domestic enterprises, while opening up opportunities for technology transfer and training of high-quality human resources in the locality.
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