Vietnam-Singapore Industrial Park gearing up

The Vietnam-Singapore Industrial Park (VSIP) in Quang Ngai has attracted seven foreign-invested enterprises (FIEs) since it officially opened in September 2013.

Three projects capitalized at more than US$115 million have got off the ground and are due to be put into operation in 2015.

King Riches Vietnam is currently erecting a footwear manufacturing facility in the industrial park, specializing in outsourcing work for some of world’s most famous footwear brand names such as Timberland, Clark, New Balance and Nike.

The facility is being constructed at an invested cost of $30-35 million and will be fully operational within the year.

Two other projects – a $35 million potato chip factory invested by the Philippines’ URC Central and China’s Hebei Xindadong Textiles Factory – are also under construction.

VSIP Quang Ngai Director Anthony Tan attributed the initial success of the VSIP to the province’s commitments and incentives, saying they are instrumental in facilitating land clearance.

VSIP Quang Ngai is highly appreciated by investors as it lies in the central key economic region, near Chu Lai airport, railway, highway and deep-water port, Anthony added.

Investors at the VSIP enjoy preferential taxes that the Government granted for Dung Quat Economic Zone. It will definitively be an attractive destination for both domestic and foreign investors in the future.