The VSIP service-urban-industrial complex project in the central province of Ha Tinh could be approved next year.
Singaporean Ambassador Jaya Ratnam told provincial authorities in a Tuesday meeting that he expected the project would be okayed in 2023 ahead of the 50th anniversary of Vietnam-Singapore ties.
The Vietnam-Singapore Industrial Park (VSIP) joint venture is studying such a project on an area of 603 hectares in Thach Ha district, with investment capital of $325 million.
The ambassador also proposed further cooperation between Singapore and Ha Tinh province, including investment promotion and workforce training.
In reply, Ha Tinh Vice Chairman Vo Trong Hai suggested the embassy further promote Ha Tinh to Singapore businesses. Besides, he proposed the ambassador aid VSIP in completing procedures to submit the project to the Prime Minister for approval.
Hai also asked the Singaporean side to quicken the progress of the $93.9-million wharves No. 5 and No. 6 project within the Vung Ang port, invested by Phoenix Vungang Vietnam Company Limited, a unit of Singapore-based Freight Links Capital Pte. Ltd.
VSIP, a joint venture between Sembcorp and Vietnamese industrial developer Becamex, is the investor behind 11 VSIPs across the country.
The joint venture received an investment license on October 17 to develop a new industrial park in Can Tho city, its first in the Mekong Delta and the 12th in the country.
Ha Tinh currently runs two major economic zones of Vung Ang and Cau Treo, three industrial parks, and 23 industrial clusters. The central province has so far attracted 1,400 domestic projects with a total registered capital of VND137 trillion ($5.74 billion) and 68 foreign projects worth $16 billion, official data shows.
Vingroup’s VinES Energy Solutions and China-based Gotion High-Tech started construction of their $275-million battery factory in Ha Tinh's Vung Ang Economic Zone last month. The facility’s battery cells will be used for electric vehicles (EV) and energy storage systems.
Previously, in December 2021, VinES started constructing an EV battery manufacturing and packaging factory on eight hectares, also in the zone.
With a total investment of nearly $13 billion, Formosa Ha Tinh Steel Corporation (FHS), located in Vung Ang, is among the biggest FDI projects in Vietnam.
Private multi-sector group An Viet Phat, a pioneer in Vietnam’s clean energy field, has proposed to develop a VND8.5 trillion ($372 million) biomass power plant in Ha Tinh. The 112-megawatt project, with a lifespan of 50 years, will cover 30 hectares in Ky Anh district.
Vietnam Electricity Construction JSC has proposed a study into investing in four wind power plants worth VND5,500 billion ($228 million) in the central province.