Central Vietnam province to license 4 FDI projects worth $69 mln

The central province of Quang Ngai will grant investment certificates later this month to four foreign direct investment (FDI) projects worth $69.3 million and two project expansions worth $10.8 million.

Provincial authorities made the announcement at a Tuesday conference to review preparations for a December 23 ceremony to mark the 10th anniversary of the Vietnam-Singapore Industrial Park (VSIP) Quang Ngai.

One of the four new FDI projects will have South Korea’s Sedo Camping invest $31.8 million in a 10-hectare garment factory.

Hong Kong’s Yusee Industrial will invest $6 million in a 2.6-hectare plant for manufacturing fish tank accessories.

China’s Qingyuan Qingxin Xiaofeng Footwear Material Co. will invest $6.5 million in building a sportswear factory with an annual capacity of six million pairs and eight million accessories.

Zhongwang Fabric, another Chinese firm, will invest $25 million in a factory that will make garments and sofa covers.

Hong Kong’s Hong Kong Gesin Technology and Taiwan’s paper company Yuen Foong Yu will add a total of $10.8 million to their projects.

The $140 million VSIP Quang Ngai is the fifth VSIP in Vietnam. So far, the facility has attracted more than 35 investments worth over $1 billion. Of these, 26 have begun operations, employing 29,000 people.

VSIP, a joint venture between Singapore's Sembcorp and Vietnam's Becamex, said last September that it was planning to develop its second industrial park in Quang Ngai. The $161-million project, located in Binh Hiep and Binh Thanh communes, Binh Son district, is awaiting the Prime Minister’s approval.