Four firms to invest $1 bln in central Vietnam’s VSIP Nghe An II industrial park

Four businesses have registered to invest $1 billion in the VSIP Nghe An II, a facility under construction in the central province of Nghe An per the Vietnam-Singapore Industrial Park (VSIP) model.

VSIP Nghe An Co., Ltd, the facility developer, announced the investments during an on-site examination by Thai Thanh Quy, a Party Central Committee member and Party chief of the province.

The four businesses have signed memoranda of understanding for projects covering 120 hectares that can employ 50,000 locals. Two of the four firms have signed MoUs for land delivery in September, the developer said.

So far, about 10 firms have expressed their interest in VSIP Nghe An II, with total demand covering 150-200 hectares, it added.

VSIP Nghe An II, also called Tho Loc Industrial Park, was given an in-principle nod by the Prime Minister in February 2023 with an investment of VND3,826.9 billion ($152.2 million).

It covers 1,159.7 hectares, including 500 hectares in the first phase. So far, the project has completed site clearance for 329.3 hectares and leased out 6.9 hectares.

Quy requested provincial authorities and the investor to continue collaboration for speeding up the site clearance.

In June, Sembcorp Industries had said it will add three industrial parks per the VSIP model to its portfolio in the country.

Sembcorp is the Singaporean partner with Vietnam’s Investment and Industrial Development Corporation (Becamex IDC) in the Vietnam Singapore Industrial Park Joint Venture Company, the developer of VSIP facilities.