Central Vietnam province greenlights $280 mln Vietnam-Singapore industrial park

The Vietnam-Singapore Industrial Park JV Co. Ltd. (VSIP) received an in-principle nod from Thua Thien-Hue province Saturday to build a VND7 trillion ($280.4 million) VSIP industrial park.

Provincial authorities granted the approval document to the investor at an investment promotion conference that announced the province’s 2021-2030 master plan.

In December 2023, VSIP and Thua Thien-Hue authorities had discussed construction of a 500 hectare VSIP facility called La Son in the central province.

VSIP said the project will focus on attracting businesses of several sectors including the processing of agriculture-forestry products, construction materials, mineral processing, mechanical manufacturing, packaging-printing, electronics and apparel.

Thua Thien-Hue authorities also granted in-principle approvals to nine other projects at the conference. Totally, the ten projects have a registered capital of VND113.5 trillion ($4.55 billion).

Notable among the recipients were Vietnamese conglomerate BRG for jointly building the VND3 trillion ($120.2 million) five-star Century Riverside Hue hotel; South Korea’s Daewon for building a VND6 trillion golf-eco tourism-urban area complex; Vietnam’s top steelmaker Hoa Phat for a VND22 trillion eco-urban area; and local business Xuan Thien for a VND44 trillion steel mill, seaport and housing area.

The province also granted investment registration certificates to 11 projects with a total registered capital of VND9,134 billion ($365.9 million).

Prominent recipients of these were local business LEC Group for the VND1,512 billion Chan May logistics center within the Chan May seaport; Hanoi-based MIT Group for the VND2,186 billion Creanza high-tech quartz sand processing factory; and Thua Thien Hue-based Dong Da Investment and Development JSC for a VND1,299 billion project to reconstruct and renovate the A, B and C blocks of the Dong Da apartment complex.

Prime Minister Pham Minh Chinh highlighted key features of Thua Thien-Hue’s master plan, including its traditional, smart, adaptable, clean, green, safe and sustainable aspects.

He said the province must focus on mobilizing resources from both public and private sources, as also foreign capital. It should explore multiple investment formats including public-private partnership for implementing projects, he added.

The PM also asked the province to focus on upgrading itself to become a centrally-administered city in 2025.