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SCB funds US$25M to VSIP Binh Duong Integrated Township and Industrial Park

Binh Duong – 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 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 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 capabilities.”
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