Press Release
investment certificate AWARDED for
fifth VIETNAM SINGAPORE INDUSTRIAL PARK project TO BE LOCATED in quang ngai
province, central vietnam
- Witnessed by Their
Excellencies, Singapore President Tony Tan Keng Yam and Vietnam President
Truong Tan Sang
Vietnam, April 23, 2012 – The People’s
Committee of Quang Ngai Province has approved the investment for the new
Vietnam Singapore Industrial Park (VSIP) integrated 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 today at Hanoi’s Presidential
Palace, witnessed by Their Excellencies Tony Tan Keng Yam, President of the
Republic of Singapore and Truong Tan Sang, President of the Socialist Republic
of Vietnam. President Sang and Singapore Prime Minister Lee Hsien Loong had
earlier witnessed the signing of the memorandum of understanding for the VSIP
Quang Ngai in Singapore, in September 2011.
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 Sembcorp
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 million 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 southern 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
Economic Zone. Separately, a 520-hectare site zoned for commercial and
residential purposes will be developed 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 residential
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 abundant 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.
The first
four established VSIP projects have attracted 465 committed customers, of which
313 companies are operational with US$5.28 billion in approved total investment
capital, and employ about 110,000 workers. This morning, Finland’s Nokia, the
world’s number one manufacturer of mobile devices, held its project launching 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 markets in the region. At full
capacity, it will employ a workforce of up to 10,000. It will commence phase
one operations on the 17-hectare site in the VSIP Bac Ninh in mid 2013.
- END -
For media
queries please contact:
|
Mary Ann Chan (Ms)
Senior Manager, Corporate Relations
Sembcorp Parks Management
Tel: +65 9862 8363
Email: maryann.chan@sembcorp.com
|
Tran Thi Quynh Thanh (Ms)
Marcom Officer
VSIP J.V. Co.
Tel: (84-650) 374 3898 ext:219
Email: thanh.ttq@vsip.com.vn
|