$60 mln road expansion to assist third VSIP Industrial Park in Binh Duong
A road leading to Vietnam-Singapore Industrial Park (VSIP) III in Binh Duong province will be expanded to six lanes to facilitate FDI inflow to the new IP.
"Upgrading and expanding the DT746 road is a very important project to welcome new waves of investment into VSIP III and as Lego Group prepares to invest in building a $1 billion factory at the IP," Binh Duong's Party chief Nguyen Van Loi said Wednesday when inspecting progress of the IP project.
Loi requested compensation and clearance procedures to be completed in September 2022, disbursement of compensation funds to commence in October, so construction on the VND1,400 billion ($59.8 million) project could start in November 2022.
The publicly-funded project of upgrading and expanding the DT746 road, the section from Tan Thanh junction to Hoi Nghia junction in Bac Tan Uyen district, has a length of 11.3 kilometers.
The total number of affected households in Bac Tan Uyen district numbers 672 and in Tan Uyen town, 452. The local government has announced the land acquisition of 976 households.
BIDV, one of Vietnam’s “Big 4” commercial banks, will loan about $200 million for constructing VSIP III in Binh Duong under a loan agreement it signed with VSIP Co. Ltd. Monday.
VSIP Co. is a joint venture between Singapore’s energy and urban developer Sembcorp Industries and Binh Duong-based major industrial property and urban developer Becamex. It started the construction of the VSIP III - Binh Duong this March, with Vietnam’s Prime Minister Pham Minh Chinh attending the ground-breaking ceremony.
With a total investment of $280 million, the 1,000 hectare IP is located in Bac Tan Uyen district, about an hour’s drive from Ho Chi Minh City.
The park will have green and smart infrastructure to attract investment into many sectors including electricity, electronics, transport vehicle production and assembly, mechanics, support industry, textile - garment, food, beverage, and logistics.
VSIP’s 11 large-scale industrial parks in Vietnam are located in Bac Ninh, Hai Phong and Hai Duong in the north; Nghe An, Quang Tri and Quang Ngai in the central region; Binh Duong in the south.
Lego obtained a license in March this year to develop its latest project, which is also the largest investment in Vietnam by a Danish company, in VSIP III.
The Danish firm said the new factory will be its first carbon-neutral factory, featuring solar panels on its roof and that VSIP will build a solar project nearby on behalf of Lego. Together, they will produce enough renewable energy to match 100% of the factory’s annual requirements.
The government is considering turning three military airports in Ninh Thuan, Dong Nai and Hanoi into military-civil airports.
Infrastructure - Sun, September 25, 2022 | 8:42 pm GTM+7
Heineken Vietnam inaugurated an expanded brewery in Ba Ria-Vung Tau province Saturday, saying it was the the biggest in Southeast Asia and used 100% renewable energy.
Industries - Sun, September 25, 2022 | 8:12 pm GTM+7
Hoang Anh Gia Lai JSC (HAGL) has suspended registration documents for a private placement of shares worth VND1,700 billion ($71.7 million) that it had submitted to the State Securities Commission.
Companies - Sun, September 25, 2022 | 5:42 pm GTM+7
Vietnam Airlines, Bamboo Airways and Vietjet Air have been honored with titles in different categories by UK-based air transport rating organization Skytrax.
Travel - Sun, September 25, 2022 | 3:53 pm GTM+7
Northern and central provinces have been told to prepare for supertyphoon Noru, which is heading in a northwest direction with wind speeds of up to 183 km per hour.
Society - Sun, September 25, 2022 | 3:35 pm GTM+7
A police station has been set up at the Long Thanh International Airport construction site in Dong Nai province to ensure security and traffic safety.
Society - Sun, September 25, 2022 | 8:18 am GTM+7
Vietnam’s benchmark VN-Index decreased to the area close to 1,200 points at the end of this week, down 31 points following the U.S. Federal Reserve’s mid-week interest rate hike of 75 percentage points.
Finance - Sat, September 24, 2022 | 5:02 pm GTM+7
Four hotels on Phu Quoc Island, namely Novotel, Pullman, New World and JW Marriott, were honored Thursday at Haute Grandeur Global Hotel Awards with titles in different categories.
Travel - Sat, September 24, 2022 | 4:18 pm GTM+7
A slew of small- and medium-size commercial banks have hiked their deposit interest rates by 0.3-1 percentage points after the State Bank of Vietnam raised the deposit rate ceiling Friday.
Banking - Sat, September 24, 2022 | 3:10 pm GTM+7
Greater awareness of the opportunities and required policy support are key to expanding the scale, quality and speed of foreign investment in the Mekong Subregion, experts say.
Economy - Sat, September 24, 2022 | 1:24 pm GTM+7
The nation’s largest private conglomerate, Vingroup, has received in-principle approval to build its second auto battery plant in the same economic zone as the first in central Vietnam.
Industries - Sat, September 24, 2022 | 11:59 am GTM+7
Stiffer competition among online shopping sites in Vietnam during the last three months of the year will drive up inner-city warehouse occupancy rates, according to Cushman & Wakefield.
Real Estate - Sat, September 24, 2022 | 10:46 am GTM+7