Nghe An province okays Singapore’s $45 mln ready-built factory project

Vietnam’s central province of Nghe An has granted an investment certificate for a $45-million ready-built factory project of Singapore-based Soilbuild Group Holdings Pte.

Provincial authorities delivered the document to the firm on Wednesday as part of the “Tapping Opportunities in Nghe An Province of Vietnam to Expand and Grow Your Business” conference in Singapore. The event was hosted by Nghe An authorities, the Vietnamese Embassy in Singapore, and the Singapore Business Federation.

The project will construct ready-built factories per green standards at WHA Industrial Zone 1 in the central province. WHA Industrial Zone 1 is invested by Thailand’s leading industrial realty developer WHA Industrial Development.

At the conference, Nghe An Vice Chairman Bui Dinh Long highlighted the province’s advantages. The province’s area of 16,500 square kilometers is the largest one in the country. Nghe An has a strong workforce as it has six universities, 11 colleges, and over 70 vocational training schools.

Long called on Singaporean businesses to invest in Nghe An, especially in prioritized sectors of high technology, clean and renewable energy, healthcare and medical equipment manufacturing, education-training, tourism, financial services, logistics, high-tech agriculture, infrastructure, and others.

Nghe An authorities affirmed Singapore is a top partner for socioeconomic growth. So far, the province has attracted 124 foreign direct investment (FDI) projects with the total registered capital of $3.3 billion. Of which, seven projects from Singapore in sectors of apparel, electronic components, and others, accounted for $486.41 million and employed over 10,000 people.

Nghe An is also home to one of 13 existing Vietnam-Singapore Industrial Park (VSIP) facilities in Vietnam, while one more, VSIP Nghe An 2, is under construction after a ground-breaking ceremony in August.

The province gained a revenue of $29.95 million from exporting goods to Singapore in the first six months of this year, exceeding the achievement of $29.03 million in the whole year of 2022. Major products included electronic items and components, steel products, apparel, tiles, and others.