BREAKING NEWS
Vietnam Singapore Industrial Park
Joint Venture Company Ltd and
Standard Chartered Bank today
signed a US$25million credit facility
agreement in Binh Duong province.
The facility will go towards work-
ing capital and capital expenditures
of the VSIP Binh Duong Integrated
Township and Industrial Park project
(“VSIP Binh Duong”).
The VSIP has invested in Vietnam
since 1996 starting with the maiden
VSIP in Binh Duong’s Thuan An dis-
trict. In 2006, VSIP expanded in the
neighboring New Binh Duong Town-
ship. Two other integrated townships
and industrial parks followed in quick
succession, with the VSIP Bac Ninh
and VSIP Hai Phong in the northern
economic zone. Early this year, the
fifth VSIP was announced and is lo-
cated in central Vietnam’s Quang
Ngai province. In total, the VSIP oc-
cupy about 6,000 hectares of land.
The VSIP Binh Duong has attracted
about 415 direct investments, out
of which 303 companies have com-
menced operations bringing in
about US$3.8 billion in approved
investment capital and employing
101,350 workers.
Said Mr Nguyen Phu Thinh, Gen-
eral Director of VSIP JV Co., “It has
been a difficult couple of years in
Vietnam with the weak economies
in USA and Europe exacerbating
our internal macroeconomic con-
cerns. This facility agreement rep-
resents the continued confidence
of Standard Chartered Bank in Vi-
etnam and VSIP. We will continue
with our development plans as
scheduled and facilitate our ten-
ants’ operations. The initial phase
of our VSIP II in the New Binh
Duong Township is already fully
taken-up and the second phase is
taking shape. We are pleased to be
a major contributor to the success
of Binh Duong province.”
Standard Chartered funds US$25 Million
to VSIP Binh Duong Integrated Township
and Industrial Park
Mr Louis Taylor, CEO of Standard
Chartered Bank (Vietnam) Ltd said:
“Vietnam is a key growth market for
the Bank and this financing to VSIP is
strong proof of the Bank’s commit-
ment to Vietnam. Our brand promise
is to be "Here for good", and enabling
access to finance for foreign direct
investment like this project shows
us living up to that promise. We will
continue to develop this strategic
partnership with VSIP with our high
service quality, our value-added so-
lutions, and our local market and
cross-border capabilities.”
8 August 2012, Binh Duong, VN
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