VSIP to delay service-urban area section in central Vietnam project by 3 years
Vietnam’s central province of Nghe An has allowed VSIP Nghe An Co. Ltd., the investor of an industrial park per the Vietnam-Singapore Industrial Park (VSIP) model, to delay the $216 million service-urban area section by three years.
VSIP Nghe An in Nghe An province, central Vietnam. Photo courtesy of Nghe An newspaper.
The VSIP Nghe An service-urban-industrial park project was approved in 2015. The five phases of its 382-hectare service-urban area section were initially set for completion in Q4/2023, Q3/2024, Q3/2025, Q1/2027, and Q2/2027, respectively.
According to Nghe An authorities' latest decision issued on Monday, the five phases are now set for completion in Q2/2026, Q4/2029, Q4/2028, Q2/2030, and Q2/2030.
The industrial park section of VSIP Nghe An has an investment of $63.9 million and covers 367.7 hectares. This section has three phases which entered operation in Q4/2016, Q4/2019, and Q3/2021.
Nearly a decade into operation, VSIP Nghe An has attracted 50 corporate tenants with total investment of $1.8 billion, including 30 FDI projects. Of these, 31 projects are operational with over 20,000 laborers. The number of workers is set to reach 70,000 when all factories operate.
The occupancy rate of VSIP Nghe An has reached 97% and Nghe An province is proceeding with the VSIP 2 Nghe An Industrial Park project, also known as Tho Loc Industrial Park.
Vietnam-Singapore Industrial Park (VSIP) is a joint venture between Vietnam’s Becamex IDC and Singapore’s Sembcorp Development Group. The first VSIP was established in 1996.
The joint venture now operates 18 VSIP facilities in 13 localities across Vietnam. Several more were planned in the country.
- Related News
- Read More
Bourse status upgrade prospect to draw back foreign investors: expert
While there are still many favorable factors for Vietnam's stock market, the potential for a market status upgrade is expected to help attract foreign capital back in the near future, said Ho Thuy Ai, deputy CEO of Phu Hung Fund Management JSC.
Finance - Wed, December 4, 2024 | 9:13 am GMT+7
Malaysia a rising star in ASEAN's clean energy transition
Malaysia is on track to increase its renewable energy capacity to 31% of the national energy mix by 2025, reflecting its determination to become a leading force in the region’s green transition.
Southeast Asia - Wed, December 4, 2024 | 8:50 am GMT+7
Vietnam delivery major Viettel Post to launch two-way cross-border e-commerce platform
Viettel Post, a subsidiary of tech giant Viettel, is set to launch Vietnam's first two-way cross-border wholesale e-commerce platform, VIPO Mall, according to the company.
Companies - Wed, December 4, 2024 | 8:47 am GMT+7
Eleven-month seafood export almost reaches $9.2 bln
Vietnam's seafood industry is riding a wave of success, with November exports reeling in an impressive $924 million, a 17% annual increase, according to the Vietnam Association of Seafood Exporters and Producers (VASEP).
Southeast Asia - Wed, December 4, 2024 | 8:10 am GMT+7
Vietnam should develop clear legal framework for digital assets: exec
The Vietnamese government should develop a clear and transparent legal framework for the development of digital assets, paving the way for the country to become a regional hub in this field, an executive suggested.
Finance - Wed, December 4, 2024 | 8:00 am GMT+7
Indonesia aims for 32 mln tons of rice in 2025
Indonesia’s rice production is projected to reach 32 million tons in 2025, marking a 3% increase over the estimated 31 million tons for this year, according to the country's Coordinating Minister for Food Affairs Zulkifli Hasan.
Southeast Asia - Wed, December 4, 2024 | 7:00 am GMT+7
Keppel eyes to expand investment in Vietnam's renewable energy, database sectors
Keppel, one of the largest real estate developers in Vietnam, wants to enlarge its investment in sustainable development areas like renewable energy and databases.
Industries - Tue, December 3, 2024 | 9:07 pm GMT+7
Vietnam to deploy offshore wind power project for export to Singapore from 2030
Vietnam and Singapore aim to partly deploy an offshore wind power project, that will export electricity from the former to the latter, from 2030, top officials agreed.
Energy - Tue, December 3, 2024 | 7:44 pm GMT+7
Vietnam pharma firm Bidiphar to sell 23.3 mln shares to build new factories
Vietnam pharma major Binh Dinh Pharmaceutical Medical Equipment JSC (Bidiphar) plans to offer approximately 23.3 million shares to strategic investors via private placements to finance the construction of two new factories.
Companies - Tue, December 3, 2024 | 4:55 pm GMT+7
Floods cause $580 mln loss to Thai rubber plantations
The massive floods that hit five southern provinces in Thailand last week may cause damage worth THB20 billion ($580 million), according to the Rubber Authority of Thailand (RAT).
Southeast Asia - Tue, December 3, 2024 | 3:56 pm GMT+7
High-quality corporate reporting remains key priority for Malaysian economy
High-quality corporate reporting plays an important role in the Malaysian economy, helping the country expand its economic pie, foster broader participation and increase the complexity of its economy.
Southeast Asia - Tue, December 3, 2024 | 3:49 pm GMT+7
Japan’s Marubeni to invest $100 mln more in Vietnam subsidiary, transfer equity afterward
Japan’s Marubeni Corporation will increase its investment in Vietnam subsidiary Kraft of Asia Paperboard & Packaging (KOA) and then transfer its whole equity in the firm to Meico Management Co., Ltd.
Industries - Tue, December 3, 2024 | 3:10 pm GMT+7
Death sentence upheld for Van Thinh Phat chairwoman Truong My Lan
The High People’s Court in Ho Chi Minh City on Tuesday upheld the death sentence for Truong My Lan, chairwoman of Van Thinh Phat Group, in an appeal trial that lasted for nearly a month.
Society - Tue, December 3, 2024 | 2:36 pm GMT+7
Thai giant SCG to invite global tech giants to jointly invest in Vietnam petrochemicals complex: exec
Thailand-based conglomerate SCG, a leading industry group in ASEAN, will seek leading global tech partners to jointly invest in its $5.2 billion Long Son Petrochemicals Complex (LSP) in Vietnam, says its president and CEO Thammasak Sethaudom.
Industries - Tue, December 3, 2024 | 12:01 pm GMT+7
HCMC financial center must take shape in early 2025: Prime Minister
Ho Chi Minh City needs to take urgent steps to have its international financial center basically formed by the first quarter of 2025, says Prime Minister Pham Minh Chinh.
Economy - Tue, December 3, 2024 | 11:30 am GMT+7
Post-tax profit of Samsung’s 4 major factories in Vietnam drops 23.6% in Jan-Sept
Four Vietnamese subsidiaries of South Korean giant Samsung Electronics reported combined profits after tax of KRW4,181 billion ($2.98 billion) in the first nine months of this year, down 23.6% year-on-year.
Companies - Tue, December 3, 2024 | 10:14 am GMT+7
