Former President Nguyen Minh Triet hopes that VSIP Nghe An shall contribute to the province's leap

On the morning of May 20, Mr. Nguyen Minh Triet - former Politburo member, former State President visited VSIP Nghe An. He was accompanied by leaders of Binh Phuoc province and Nghe An province.

The leaders of VSIP Nghe An introduce about the progress of infrastructure construction in the industrial and urban areas, as well as investment attraction to VSIP Nghe An. Photo: Thanh Duy

The VSIP Nghe An Industrial, Urban, and Service Park is invested by VSIP Nghe An Co., Ltd. Its objectives include investing, constructing, operating, and managing industrial zones, technology parks, logistics zones, software parks, the commercial, service and residential complex, as well as developing and operating infrastructure for the industrial zone on a total area of 750 hectares.

The land allocated for the Industrial Zone is 367.6 hectares, while the land for the Urban, Service, Commercial, and Residential Area is 382.4 hectares. The total investment capital is nearly USD 280 million.

Currently, within the industrial zone of VSIP Nghe An, there are 42 investment projects leasing land with a total area of 251.41 hectares. Among them, 37 projects have been granted investment licenses, including 25 projects already in operation and 5 projects under construction, while the remaining ones are undergoing procedural requirements. The total registered investment capital reaches VND 18,457 billion (equivalent to USD 798 million), including 20 foreign direct investment (FDI) enterprises with a total registered capital of USD 738.5 million. These investments come from various countries and territories such as Japan, South Korea, Singapore, China, Hong Kong, Taiwan, Sweden, and others.

Former State President Nguyen Minh Triet and the leaders of Nghe An, Binh Duong, and Binh Phuoc provinces are informed of the VSIP Nghe An project. Photo: Thanh Duy

There are major corporations in the global electronic supply chain that have invested and continued to expand their investment in VSIP Nghe An Industrial Park, such as Luxshare-ICT Group (having invested in 4 projects with a total registered capital of USD 359 million) and Everwin Group (having invested in 1 project with a total capital of USD 200 million, expected to increase to USD 400 million).

The export value of businesses in VSIP Nghe An Industrial Park in 2022 reached VND 9,128 billion, equivalent to around 400 million USD, with electronic products accounting for approximately 91%. Currently, there are over 13,500 workers employed in VSIP Nghe An Industrial Park, and it is predicted that when all projects are fully operational, it will provide employment for approximately 60,000 workers.

Currently, VSIP Nghe An Co., Ltd. is expediting the necessary procedures to commence the construction of Tho Loc Industrial Park, Phase I, in Dien Chau district (VSIP Nghệ An 2) on an area of 500 hectares, with a total investment capital of VND 3,826 billion (equivalent to USD 164.6 million).

Mr. Teng Wei Hong, General Director of VSIP Nghe An Co., Ltd., introduces the process and investment results in Nghe An. Photo: Thanh Duy

During the working session, Mr. Teng Wei Hong, the General Director of VSIP Nghe An Co., Ltd., affirmed that VSIP aims to attract investment projects totaling approximately USD 2 billion to Nghe An province.

Mr. Nguyen Van Hung, Chairman of the Board of Directors of Becamex IDC Corporation and Co-Chairman of the VSIP Group, reviewed the milestones in the development process of VSIP nationwide, including Nghe An province in particular.

Mr. Nguyen Van Hung highly appreciated the partnership of the provincial leadership in Nghe An throughout the investment process of VSIP here. He particularly praised their commitment to addressing the challenges faced by businesses, considering them as their own difficulties and providing focused guidance to overcome them.

The Chairman of VSIP Group is committed to investing in the Nghe An province and contributing to its development. In the coming time, he hopes that the provincial leadership will continue supporting and accompanying businesses during the expansion and construction of VSIP Nghe An II.

Former President Nguyen Minh Triet delivers a speech during his visit to VSIP Nghe An. Photo: Thanh Duy

In his speech during the visit, former President Nguyen Minh Triet expressed his appreciation for the outstanding achievement of VSIP Nghe An in successfully accomplishing its set goals and tasks in the past time, contributing to the economic development of Nghe An province.

VSIP is a joint venture between Vietnam’s Becamex IDC and Singapore’s Sembcorp. It was established in 1996 based on a milestone agreement between the Prime Ministers of Vietnam and Singapore, and has since experienced rapid growth and expansion.

Over the past 27 years since its establishment, and despite the challenges of time, the cooperative relationship between Vietnam and Singapore, as well as between Becamex IDC and Sembcorp, has grown deep and resilient. Former President Nguyen Minh Triet hopes that this relationship will continue to thrive, enabling VSIP to expand its presence across the country.

Secretary of the Nghe An's Provincial Party Committee Thai Thanh Quy gives a speech during the visit to VSIP Nghe An. Photo: Thanh Duy

In particular, former President Nguyen Minh Triet expressed his desire for impetuses so that President Ho Chi Minh’s homeland will develop even further, befitting its role and position.

Nghe An has a vast land area, dense population, and relatively favorable transportation conditions. VSIP Nghe An needs to serve as a catalyst, contributing to the province's leap forward in development.

The former President also asked to pay attention to create the favorable and enticing environment to attract investment and business, so that domestic and foreign investors will learn about its positive reputation to come to Nghe An. "The administrative procedures must be efficient, and the administrative officials must be approachable, friendly, and supportive to investors," emphasized Mr. Nguyen Minh Triet.

In his remarks at the working session, Secretary of the Nghe An’s Provincial Party Committee Thai Thanh Quy pledged to accompany the development of VSIP Nghe An, making it the evidence for the cooperative relationship between Vietnam and Singapore, as well as between Becamex IDC and Sembcorp.

Former President Nguyen Minh Triet and leaders of Nghe An, Binh Duong, and Binh Phuoc take a group photo with the leaders and staff of VSIP Nghe An. Photo: Thanh Duy