US$321 million new foreign investment committed to VSIP Quang Ngai

11-Jan-2019 Intellasia | The Saigon Times | 6:00 AM Print This Post

Four foreign companies today, January 9, received new investment registration certificates to set up shop in VSIP Quang Ngai in the central province of Quang Ngai, with total investment capital of $321 million.

The investment registration certificates were presented to the companies at the VSIP Quang Ngai investors meeting and investment certificates presentation ceremony.

Bekaert, a global market and technology leader in steel wire transformation and coatings, headquartered in Belgium, will set up a $125 million steel wire and steel cord manufacturing plant to serve its customers worldwide.

Hoya Lens, listed on the Tokyo Stock Exchange, will set up a $138 million eyeglasses lens manufacturing facility.

Happy Furniture from Singapore has committed to investing $48 million in their new production facility, while Gesin Vietnam from Korea will set up a $10 million mattress manufacturing and processing plant.

Bekaert will build a greenfield steel tire cord production platform in the province. The investment will take place in phases in line with market growth. In the first phase, the plan is to reach some 75,000 tonnes of tire cord capacity in 2020.

These four new investments will bring the total amount of foreign direct investment (FDI) in VSIP Quang Ngai to $733 million. The park will create jobs for over 35,000 workers.

VSIP Quang Ngai broke ground in 2013 in a ceremony witnessed by the prime ministers of Vietnam and Singapore. With VSIP’s strong track record and the commitments of the local authorities, infrastructure, including major roads, a wastewater treatment plant and a fire fighting station, was put in place quickly, and foreign investments across major industries were secured. In 2018, VSIP Quang Ngai attracted a total of $351 million in FDI, accounting for 93 percent of the province’s FDI.

VSIP Quang Ngai is the fifth project in a series of nine projects adopted by VSIP on a national scale, including VSIP in Binh Duong, Bac Ninh, Hai Phong, Hai Duong and Nghe An, with a total land area of 7,400 hectares. To date, VSIP has attracted more than 800 investors with a total investment of up to $13 billion and created some 240,000 jobs.

Besides providing solutions that support economic development, VSIP is committed to improving the quality of life of the Quang Ngai local community.

Continuing the work of the Sembcorp-VSIP Water Initiative, which saw the provision of clean water to 14,000 people across 10 sites in Quang Ngai Province, 80 scholarships valued at VND100 million were presented to students from the Tinh Phong, Tinh Tho, Tinh An Tay and Truong Quang Trong communes prior to and during the event. Together with other corporate social responsibility initiatives to provide houses for the needy, a canteen for an orphanage and financial support for heart surgeries and a community library, VSIP has contributed a total of VND7.6 billion to the Quang Ngai community.$321 million-new-foreign-investment-committed-to-vsip-quang-ngai.html


Category: Business, Vietnam

Print This Post

Comments are closed.