The construction of Quang Tri Industrial Park, also known as VSIP Quang Tri, in the central province of Quang Tri began on Friday.
The VND2.07 trillion ($85.3 million) project is a joint investment by three major players: Vietnam-Singapore Industrial Park J.V. Co. Ltd., well known for its VSIP facilities; Thailand-invested Amata Bien Hoa JSC, known for the Amata industrial parks; and Japan’s Sumitomo Corporation, the investor of Thang Long, Thang Long II, and Thang Long Vinh Phuc industrial parks in the northern region.
The project received the prime ministerial approval in March 2021, covering 480 hectares in three phases. The first phase of VND500 billion ($20.6 million) covers 97 hectares. The facility will focus on green operation toward sustainable growth, such as utilization of renewable energy and waste reduction.
VSIP Quang Tri, also the biggest of its kind in the central province, is expected to boost economic growth in Quang Tri and strengthen the East-West Economic Corridor that links Vietnam, Laos, Cambodia, and Thailand, said Quang Tri Chairman Vo Van Hung.
The project is set for development over 12 years. The industrial park is expected to lure businesses in sectors such as apparel, footwear, packaging and printing, wood processing and furniture, and food and beverages, with around 30,000-40,000 laborers.
At the groundbreaking ceremony, five businesses signed memoranda of understanding with the industrial park for land leases. They included Hong Kong-based Winzen Holding and Singapore-based Join Success Wealth in the apparel sector, and three Vietnamese firms in the home furniture and motorbike sectors.