At the investment Promotion Seminar to Quang Tri Province held in Hanoi on October 17, MPI introduced the new investment model of VSIP project in Quang Tri province with the establishment of the Quang Tri industry development and investments promotion board directed by MPI.
Amata (Vietnam) Joint Stock Company, a leading Thailand-based developer, and manager of factory estates; Sumitomo Corporation Vietnam LLC, one of Japan's major integrated trading and investment business enterprises and VSIPJoint Stock Company are three active members of the Board.
This is a very first investment model of its kind in Vietnam in which the collaboration of such strong investors will greatly contribute to the implementation of the project. Minister of Planning and Investment Nguyen Chi Dung believes that this collaboration in addition to the support of central government and locality will form a successful industrial park with competitive investment projects.
At the Seminar, representatives of Sembcorp, Amata, Sumitomo, three investors in the infrastructure of VSIP Quang Tri said that they had conducted surveys and realized that Quang Tri was a great land to develop due to its cheap labor, abundant land with low rental cost, tax incentives, and the convenient position. They also committed to help Quang Tri develop and become an ideal investment destination in Vietnam.
On April 20, 2017, MPI was assigned to cooperate with Quang Tri People’s committee to implement the memoranda of understanding (MOU) on the study and investment of VSIP in the locality signed with Sembcorp and Investment and Industrial Development Corporation (Becamex IDC).
For the passing time, MPI has organized meetings with VSIP investors to promote the construction of VSIP in Quang Tri province. Alongside with the surveys conducted with MPI in Quang Tri, investors have also actively assigned their own technical experts and market researchers to privately organize surveys on population, water and electricity sources, transportation.
Also, MPI had connected with Amata in order to recommend the cooperation with other investors of VSIP in the infrastructure project of the industrial park in Quang Tri province.
At the 13th Vietnam - Singapore Connectivity Ministerial Meeting held in Hanoi on October 17, MPI urged Sembcorp Corporation of Singapore and other partners soon implement the construction of VSIP in Quang Tri province according to the MOU signed.
Vietnam Singapore Industrial Park (VSIP) was established in 1996 on the basis of cooperation and support between the two governments of Vietnam and Singapore. Since then, it has developed eight projects nationwide with the total area of 8,400 hectares. VSIP projects have attracted up to 720 investors from 30 nations and territories with the total investment capital of US$10 billion.
Singapore has become an important economic partner of Vietnam for many years. Currently, Singapore is the third largest foreign investor in Vietnam, following South Korea and Japan with 1,918 projects worth over US$41.38 billion. In first eight months of 2017, its registered capital in Vietnam reached US$3.93 billion, including US$2.84 billion of newly registered capital, US$718 million of expanded capital and US$370 million of shared value.