BREAKING NEWS
O
n April 23rd 2012, The Peo-
ple’s Committee of Quang
Ngai Province has approved
the investment for the new Vietnam
Singapore Industrial Park (VSIP) inte-
grated township and industrial park
in central Vietnam. The investment
certificate for the VSIP Quang Ngai
was presented to Ms Low Sin Leng,
Co-chairman of the VSIP Group and
Executive Chairman of Sembcorp
Development, at a ceremony held in
the Hanoi’s Presidential Palace, wit-
nessed by Their Excellencies Tony Tan
Keng Yam, President of the Republic
of Singapore and Truong Tan Sang,
President of the Socialist Republic of
Vietnam.
The VSIP Quang Ngai project will be
undertaken by the VSIP Joint Venture
Co. (VSIP JV), which is a joint venture
between Vietnam’s Becamex IDC
Corporation with 49% shareholding
and a Singapore consortium holding
51% share. Sembcorp Development,
a wholly-owned subsidiary of Semb-
corp Industries, holds 79.29% share
in the Singapore consortium. VSIP
JV will invest a total of US$337.82
million in the VSIP Quang Ngai. The
estimated total equity of US$40 mil-
lion will be funded through VSIP JV’s
internally generated funds.
The new VSIP Quang Ngai is the
fifth VSIP project, with the first two
VSIP projects located in the south-
ern economic zone of Binh Duong
province and the next two located
in the northern economic zone’s Bac
Ninh province and Hai Phong City.
The VSIP Quang Ngai comprises a
600-hectare industrial park located
within the Dung Quat Special Eco-
nomic Zone. Separately, a 520-hec-
tare site zoned for commercial and
residential purposes will be devel-
oped near downtown Quang Ngai
city. To kick-start the project, the VSIP
JV will focus on a start-up area of 160
hectares for industrial park and 100
hectares for commercial and residen-
tial development.
Quang Ngai province enjoys strategic location advantages for manufacturers looking
to distribute their products to the northern and southern economic zones of Vietnam
as well as to central Vietnam. In addition, Quang Ngai provides access to external
markets such as Laos, northeastern Thailand and Cambodia. Labour supply is abun-
dant within the province and from neighbouring provinces. Manufacturers located
in the VSIP Quang Ngai will also be offered government-supported special economic
zone incentives. Target industries of the industrial park include food and beverages,
fast-moving consumer goods (FMCG), electronics assembly and other light industries
catering to the oil and gas and chemical sectors.
“VSIP Quang Ngai – your next destination in Central Vietnam"
On the same day, Finland’s Nokia, the world’s number one manufacturer of mobile devices, held its project launch-
ing ceremony at the VSIP Bac Ninh for its first manufacturing facility in Southeast Asia Pacific. Nokia has invested
US$302 million to produce affordable mobile phones and provide localised mobile experiences to growing mar-
kets in the region. At full capacity, it will employ a workforce of up to 10,000. It will commence phase one opera-
tions on the 17-hectare site in the VSIP Bac Ninh in mid 2013.
VSIP
licensed
for new
township
project in
Quang
Ngai
1 3,4,5,6,7