The would-be-built multi-million USD Viet Nam Singapore Industrial Park (VSIP) in the central province of Quang Ngai is expected to create great opportunities for the future of Quang Ngai and the central region of Viet Nam as well.
The progress to Quang Ngai
After a wide range survey in several areas in Northern provinces, Vietnam Singapore Industrial Park J.V., Co., Ltd (VSIP JV) -run by the leading firm in Singapore, Sembcorp – finally made a decision to locate its 5th project in the central province of Quang Ngai after its 4 successful VSIPs
In Binh Duong (VSIP I & II), Bac Ninh (VSIP III) and Hai Phong (VSIP IV) with hundreds of investors under effective operations. And the VSIP V is said to open a new page of development in this 1.3 million population province and its neighbor provinces.
With a total investment of over US$337 million, the VSIP Quang Ngai comprises a 600-hectare industrial park located within the Dung Quat Special Economic Zone and a 520-hectare site zoned for commercial and residential purposes in Son Tinh district, near downtown Quang Ngai city.
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, gas and chemical sectors.
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.
Reasons
It is evident that VSIP JV chooses Quang Ngai because of several reasons. Firstly, locating in the central coastal region of Vietnam, Quang Ngai province enjoys strategic location advantages for manufacturers in production distribution to the northern and southern economic zones of Vietnam as well as to central Vietnam.
Secondly, situating near by East-West Economic Corridor (EWEC), Quang Ngai provides access to external markets such as Laos, northeastern Thailand and Cambodia. In addition, being a member of the Central Vietnam Key Economic Region (VCKER), manufacturers located in the VSIP Quang Ngai will be also offered government-supported special economic zone incentives.
Thirdly, rich source of labour supply is abundant within the province and from neighboring provinces that will meet high demand of VSIP manufactures for processing.
Finally, Quang Ngai is home to the 45,000 ha Dung Quat Economic Zone, a multi-various sectorial complex chiefly zoned for heavy industry, such as ship building, steel making, refining and petrochemical. So far it has over 100 projects with total investment of around 8 billion USD, particularly, Vietnam’s first 6.5 million ton of crude oil per year refinery under smooth operation. Vietnamese Government and Party plans to establish the first National Centre of Refining and Petrochemical in the zone.
Profits expected
VSIP project is expected to be a launching pad for Quang Ngai province quickly reaching its target of being an industrial province by the year 2020. Therefore, the project is especially supported by Quang Ngai Government.
Recently, in the meeting with Singapore’s Ambassador to Vietnam Mr. Ng Teck Hean, Vice Chairman of Quang Ngai Provincial People’s Committee, Mr Cao Khoa expressed that the VSIP project would play a very important role in the province’s socio-economic development, especially to create thousands of jobs for local workers.
Especially, it will kick off the fast development in investment. The project is expected not only to open new essential opportunities for investors of Singapore and Vietnam but also to attract a landfall of hundreds of investors in the world to Quang Ngai.
The project is to be a “bridge for the two country’s investors”, Mr. Cao Khoa said, adding that “It will strengthen further bilateral relationship between the two Governments. We, therefore, will create favor opportunities as well as special intensives for investors to develop their projects successfully. The success of VSIP project is the success of Quang Ngai.”
VSIP Quang Ngai is specially concerned by the two Governments of Vietnam and Singapore. The breaking ground ceremony to be held on September 13 will be attended by Singapore’s Prime Minister Mr. Lee Hsien Loong and Vietnamese Prime Minister Mr. Nguyen Tan Dung.
Minh Chau
Đăng ký: VietNam News