VSIP Nghe An increases investment capital to nearly USD 280 million

Mr. Thai Thanh Quy - Secretary of the Nghe An Provincial Party Committee presides over the regular meeting of the Standing Committee. Photo: Thanh Duy

The Standing Committee of the Nghe An Provincial Party Committee agreed to adjust the investment policy of VSIP Nghe An Industrial, Urban and Service Park project at its regular meeting in March 2023.

Mr. Thai Thanh Quy - Member of the Party Central Committee, Secretary of the Provincial Party Committee, Head of the Provincial Delegation to the National Assembly, Chairman of the Provincial People's Council presided over the meeting.

The meeting was also attended by: Mr. Nguyen Van Thong - Permanent Deputy Secretary of the Provincial Party Committee; Nguyen Duc Trung - Deputy Secretary of the Provincial Party Committee, Chairman of the Provincial People's Committee; Hoang Nghia Hieu - Deputy Secretary of the Provincial Party Committee; representatives of Central Party committees; members of the Standing Committee of the Provincial Party Committee and several of departments and branches.

VSIP Nghe An Industrial, Urban and Service Park project has been implemented in Hung Nguyen district, in Nghe An’s Southeast Economic Zone on an area of 750 hectares. It has a total investment of VND 4,182.845 billion, equivalent to USD 186.98 million, to invest in phases 1 and 2 of the industrial park and phases 1, 2, and 3 of urban and service areas.

The objectives of the project are investment, construction, exploitation, management and business of industrial parks, technology parks, logistics zones, software parks, commercial, service and residential complexes; construction and business of infrastructure for common use in the industrial park.

Currently, the project has completed site clearance compensation of 548.73 hectares out of a total of 750 hectares; In which, there are 358.65 hectares of industrial park land and 226.08 hectares of urban and service area land.

As of January 2023, VSIP Nghe An has attracted 39 investment projects, with an occupancy rate of 88%. In which, 23 projects have been put into operation, 5 projects are under construction, the remaining ones are undergoing procedures. The total registered investment capital reached USD 743.6 million; in which, there are 19 foreign investors with a total registered capital of over USD 681 million.

In line with the practical needs of project implementation, the investor proposed to adjust the total investment capital from VND 4,182.845 billion (equivalent to USD 186.98 million) to VND 6,343.4675 billion (equivalent to USD 279.91 million). The nearly USD 93 million increase of investment capital aims to implement phases 4 and 5 of the urban and service area component.

Overview of VSIP Nghe An's project in Hung Nguyen district. Photo: Thanh Cuong

At the meeting, the Standing Committee of the Provincial Party Committee approved the adjustment of the project’s investment policy related to 2 other contents: the land use structure and the implementation progress of the project.

After the first VSIP Nghe An project since 2015 in Hung Nguyen district as mentioned above, VSIP Group is preparing to invest in VSIP Nghe An II project of 500 hectares in Dien Tho, Dien Phu and Dien Loc communes (Dien Chau district) in the Southeast Economic Zone.

The operational term of the project is 50 years from February 8, 2023. This is the project to construct industrial, service and urban parks that converge green, smart and sustainable development elements.

Within the framework of the official visit to Singapore by Prime Minister Pham Minh Chinh in February, Minister of Planning and Investment Nguyen Chi Dung handed over the Decision of the Government of Vietnam on approving the investment policy of Tho Loc Industrial Park Infrastructure Investment Project (phase 1) - VSIP Nghe An II Project for leaders of VSIP Group, under the witness of Prime Minister Pham Minh Chinh, leaders of ministries of the 2 countries as well as Chairman of the Nghe An People's Committee Nguyen Duc Trung.