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LATEST NEWS
Quang
Ngai,
13
September
2013
Vietnam
Singapore
Industrial Park JV celebrated the groundbreaking on Friday, 13
September 2013 of its fifth and latest VietnamSingapore Industrial Park (VSIP)
development located in Quang Ngai province, central Vietnam. The
ceremony was witnessed by the heads of government, Prime Ministers Lee
Hsien Loong of Singapore and Nguyen Tan Dung of Vietnam, signifying the
continued importance of the well-established VSIP projects as a symbol of
bilateral economic cooperation.
Construction of VSIP
Quang Ngai starts
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. Government supported investment incentives are being offered to
manufacturers in VSIP Quang Ngai, which is situated within the Dung
Quat Economic Zone in Quang Ngai province. From VSIP Quang
Ngai’s central location, manufacturers will enjoy distribution access to
the northern and southern economic zones of Vietnam, as well as to
xternal markets such as Laos, northeastern Thailand and Cambodia. 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 and gas and chemical sectors.
VSIP Quang Ngai 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 an option to expand
the industrial park by a further 626 hectares in the future.
To kick-start the project, the developers will focus on a
start-up area of 160 hectares for the industrial park and
100 hectares for commercial and residential development.
During the groundbreaking ceremony, three manufactur-
ers 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 Kingmak-
er 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 manu-
facturing plant. Some 11,000 jobs will be created as a re-
sult of the initial investments by these three companies. In
addition, the Philippines’ Liwayway Marketing Corporation
and Singapore’s OceanMaster Engineering have signed
letters of intent to set up production plants for food manu-
facturing and marine refrigeration systems respectively.