Chartered funds US$25 Million to VSIP
Duong Integrated Township and Industrial Park
8 August 2012, Binh
– 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 working capital and capital
expenditures of the VSIP
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
district. In 2006, VSIP expanded in the neighboring New Binh Duong Township.
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 located in central Vietnam’s Quang Ngai province. In
total, the VSIP occupy about 6,000 hectares of land.
The VSIP Binh Duong
has attracted about 415 direct investments, out of which 303 companies have
commenced operations bringing in about US$3.8 billion in approved investment
capital and employing 101,350 workers.
Said Mr Nguyen Phu
Thinh, General 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 concerns.
This facility agreement represents the continued confidence of Standard
Chartered Bank in Vietnam
and VSIP. We will continue with our development plans as scheduled and
facilitate our tenants’ 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.”
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 commitment 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 solutions, and our local market and cross-border