VSIP Binh Dinh industrial park inaugurated in central Vietnam

The first phase of the $300 million Becamex VSIP Binh Dinh service-urban-industrial complex was inaugurated in the south-central province of Binh Dinh on Monday.

Built per the Vietnam-Singapore Industrial Park (VSIP) model, the 1,374-hectare facility will have 1,000 hectares for industrial real estate and the remaining 374 hectares for urban, commercial, and service areas.

The project’s first phase, covering 230 hectares, has so far attracted four foreign direct investment projects from Germany, Hong Kong, South Korea and the Netherlands with a total registered capital of $96 million, said Nguyen Van Lang, director of Becamex Binh Dinh.

The facility welcomed its first project in September 2023 when Kurz Vietnam, a subsidiary of German thin film producer Kurz, launched a $40-million factory.

Speaking at the event, Deputy Prime Minister Tran Hong Ha urged the industrial real estate developer to focus on green development, application of technological advances and innovations, the circular economy model and low emissions.

This year, the facility plans to attract at least 15 projects with investments of at least VND100 billion ($4.05 million) each, said Ha Phuc Duy Sang, deputy director of Becamex VSIP Binh Dinh.

The facility now offers several preferential policies including corporate income tax reduction and exemption, import tax exemption, no charges for administrative procedures, and support for recruitment programs.

Provincial authorities have invested VND1.6 trillion ($64.82 million) on building roads connecting the industrial park to major expressways and other key infrastructure, said Ho Quoc Dung, chief of Binh Dinh's Party Committee.