VSIP model to boost industrial development in Quang Ngai

(VOV) - The Vietnam-Singapore Industrial Park (VSIP) Joint Venture will break ground on an urban-industrial-service complex project in central Quang Ngai province on September 13.

The ceremony will be attended by Prime Minister Nguyen Tan Dung and his Singaporean counterpart Lee Hsien Loong.

The urban-industrial-service complex is the VSIP Joint Venture’s fifth project in Vietnam and the first investment model in the central region. It will be built on an area of 1.226 hectares in Tinh Tho and Thinh Phong communes of Son Tinh district.

It consists of 600 hectares of industrial land in Dung Quat Economic Zone and 520 hectares of urban-service land near the centre of Quang Ngai city. In the initial stage, the joint venture will focus on developing 260 hectares of industrial-urban-service land with total funding of nearly US$340 million.

VSIP’s four projects in the provinces of Binh Duong, Bac Ninh and Hai Phong have attracted nearly 490 local and foreign investors from 23 nations and territories in the world with total capitalization of over US$6.2 billion, and have created more than 140,000 jobs for local people.

At the groundbreaking ceremony, the management board of Dung Quat Economic Zone will grant investment licenses to the first four projects.

Quang Ngai province is strongly committed to providing support for the implementation of VSIP-Quang Ngai projects and building an open mechanism for attracting foreign investors, especially from Singapore.