- POSTED: 13 Sep 2013 14:53
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Vietnam and Singapore broke ground on Friday to start work on their fifth joint industrial park, this time being developed in central Vietnam by Sembcorp Development.
VIETNAM: Vietnam and Singapore broke ground on Friday to start work on their fifth joint industrial park, this time being developed in central Vietnam by Sembcorp Development.
Officiating the ceremony of the nearly US$340 million project were Singapore Prime Minister Lee Hsien Loong and his Vietnam counterpart Nguyen Tan Dung.
In a statement, Sembcorp Development said the fifth Vietnam-Singapore Industrial Park (VSIP) is located in Quang Ngai province, and will comprise a 600-hectare industrial park located in Son Tinh district, as well as a 520-hectare site zoned for commercial and residential purposes near downtown Quang Ngai city.
There is also an option to expand the industrial park in future.
Sembcorp explained that the Quang Ngai province is strategically located in Vietnam's central coastal region, where the Vietnamese government aims to attract greater investment. This will encourage the region to grow and avoid development in the country being concentrated only in Hanoi and Ho Chi Minh City.
VSIP Quang Ngai's target industries include food and beverage manufacturing, fast-moving consumer goods (FMCG), electronics assembly and other light industries catering to the oil, gas and chemical sectors.
During the groundbreaking ceremony, three manufacturers were awarded investment licences in VSIP Quang Ngai.
URC Central Co of the Philippines, known for its Jack & Jill brand of potato chips, will set up a US$35 million plant; while King Riches (Vietnam) Footwear Co of the Kingmaker Footwear group, a Hong Kong stock exchange-listed company, will invest in a US$20 million plant producing branded footwear.
Hebei Xindadong Textiles Co of China also committed to invest US$60 million in a textile manufacturing plant.
Some 11,000 jobs will be created as a result of the initial investments by these three companies.
Also launched on Friday was the Sembcorp-VSIP Water Initiative for Quang Ngai.
In the first phase of this initiative, Sembcorp and the VSIP Joint Venture company will provide clean water to serve over 14,000 people across 10 sites in the Binh Son and Son Tinh districts of Quang Ngai province.
A joint committee comprising representatives of Sembcorp, VSIP and the People's Committee of Quang Ngai will be formed to oversee this initiative, and also assess appropriate solutions to deliver clean water to more locations.
The groundbreaking ceremony for the fifth Vietnam Singapore Industrial Park caps Mr Lee's three-day official visit to Vietnam, which saw both countries elevating their bilateral ties to that of a strategic partnership.