Singapore – a key partner in investment and trade for Nghe An province

An important partner of Nghe An province

Nghe An province has become an attractive and reliable destination for foreign investors, including those from Singapore.

To date, Nghe An has attracted 152 FDI projects with a total investment capital of over 5.8923 billion USD, ranking 22nd out of 63 localities in terms of total registered investment capital.

Among the FDI projects in the province, there are 13 projects from Singaporean investors, with a total investment capital of nearly 1.152 billion USD, accounting for over 19.5% of the total FDI in Nghe An. Singapore ranks 7th in the number of projects and 3rd in total capital among the 14 countries investing in Nghe An.

Among them, VSIP is one of the successful FDI projects in Nghe An and is becoming a key project with the expectation of creating a major breakthrough in the province’s industrial development.

VSIP Group entered Nghe An in 2015 with the VSIP Nghe An Industrial, Urban, and Service Park project in Hung Nguyen district. To date, VSIP has invested in 4 projects in Nghe An, including 3 industrial park infrastructure investment projects and 1 residential project in VSIP Nghe An Urban and Service Park, with a total registered capital of 576.11 million USD.

The industrial parks invested by VSIP Nghe An Co., Ltd. have attracted 54 secondary projects, with a total registered investment capital of 64.7615 trillion VND, including 34 FDI projects with a total investment of 2.59 billion USD. The total FDI in VSIP Nghe An’s industrial parks accounts for 53.1% of the province’s total FDI.

In 2024, Nghe An attracted nearly 1.75 billion USD in FDI, ranking 8th out of 63 provinces and cities nationwide, making it the most successful year for FDI attraction in the province’s history. Contributing to this result, VSIP Nghe An alone attracted 8 FDI projects with a total investment of nearly 1.4 billion USD – a record high since its establishment.

Singaporean investors' projects focus on industrial park infrastructure, ready-built factory leasing, electronic component manufacturing, and supporting industries.

During the formation, construction, and development of the VSIP project, Nghe An province has always accompanied investors with the motto of “considering business difficulties as the responsibility of the Party committees and authorities, thereby focusing on solving them together,” promoting administrative reform, improving the investment environment, and always taking investor satisfaction and success as the measure and achievement of the province’s development.

Many successful projects

The VSIP Nghe An Industrial, Urban, and Service Park (VSIP Nghe An 1) was granted an investment certificate in June 2015 with an area of 750 hectares. The total infrastructure investment capital by VSIP Nghe An Co., Ltd. is 359 million USD.

Currently, the cleared land area has reached 684.2 hectares out of 750 hectares. The industrial park has completed 96.98% of land leveling, while the urban and service area has completed 43.03%. The industrial park has basically completed synchronized infrastructure construction to attract investment, while the urban and service area is under construction and land clearance.

To date, VSIP 1 has attracted 53 secondary projects with a total registered investment capital of 49.9851 trillion VND, including 33 FDI projects with a total investment capital of 2 billion USD. The industrial park’s occupancy rate has reached approximately 95%. The main investment-attracting industries include electronics & precision mechanics, metal, transportation and ready-built factory leasing, textiles, and other industries.

VSIP Nghe An 1 has attracted major investors, including Luxshare ICT, Luxcase, Luxvision, Merry & Luxshare, Innovation Precision, Radiant, Everwin Precision, Matsuoka, Jtec, etc.

The Tho Loc Industrial Park - Phase 1 (VSIP Nghe An 2) project in Dien Chau district was granted an investment certificate in February 2023, covering 500 hectares with a total investment capital of 164.6 million USD. The project has cleared 438.64 hectares, reaching 88%, and has completed 13.4% of land leveling.

Currently, the project is continuing to clear the remaining more than 60 hectares to complete the infrastructure for investment attraction, with an occupancy rate of approximately 13.5%.

To date, VSIP Nghe An 2 has attracted one FDI project: the Mega Textile Vietnam project. This project, invested by Best Pacific International Limited, covers an area of 51.18 hectares with a total investment capital of 590 million USD.

As of now, the Mega Textile Vietnam project is the largest investment project in terms of total investment and scale in Nghe An. The investment per unit land area of the project is also the highest in the textile sector in the province.

The VSIP Nghe An 3 project in Hung Nguyen district covers 181.12 hectares with a total investment capital of 52.5 million USD and has just been granted an investment certificate. It is expected that the investment certificate will be presented to VSIP Group during General Secretary To Lam’s visit to Singapore on March 11.

In Nghe An’s development strategy, Singapore has been identified as one of its top key partners. Nghe An province is committed to continuing its partnership with VSIP Group to share challenges and build an effective and mutually beneficial cooperation relationship.