Vietnam - VSIP to develop integrated township in Quang Ngai

HCMC – The Vietnam Singapore Industrial Park Joint Venture Co. (VSIP JV) on Wednesday signed a memorandum of understanding (MOU) with authorities of Quang Ngai Province to build a 1,020-hectare integrated township and industrial park.

The signing took place in Singapore’s Istana on the occasion of the first state visit to the city-state by President Truong Tan Sang.

The agreement was signed by chairman of Quang Ngai Province Cao Khoa with the co-chairpersons of the VSIP Group, Low Sin Leng and Nguyen Van Hung, under the witness of the President Truong Tan Sang and Singapore Prime Minister Lee Hsien Loong.

VSIP will conduct a comprehensive feasibility study for building the township that will comprise a 500-hectare industrial park located within Dung Quat Economic Zone. Separately, under consideration are 520 hectares of land zoned for commercial and residential purposes near downtown Quang Ngai City of the province.

Vu Quang Vinh, senior manager in charge of VSIP Group’s marketing, told the Daily on Wednesday that the company would would start compensation and site clearance soon so that development could start next year.

If the project is realized, VSIP in Quang Ngai will become the fifth integrated township and industrial park of the joint venture in Vietnam.

The first VSIP was established in 1996 in Binh Duong Province’s Thuan An District. In 2006, the VSIP was expanded to neighboring Ben Cat and Tan Uyen districts where the New Binh Duong Township is being developed.

In 2007, a third VSIP was launched in Bac Ninh Province near Hanoi while the fourth VSIP was established last year in Haiphong City.

In all, the four integrated townships and industrial parks cover 4,845 hectares and have since attracted 440 customers with US$4 billion of investments. More than 100,000 jobs have been created by operational tenants.

By Quoc Hung and Thanh Thuong - The Saigon Times Daily

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