Vietnam-Singapore III Industrial Park to be built in Binh Duong this month
The industrial park will prioritize both high-tech tenants and labor-intensive industries such as apparel and footwear.
Vietnam’s southern province of Binh Duong, around 48 kilometers north of Ho Chi Minh City, will kick off the work on Vietnam-Singapore III Industrial Park (VSIP III) in mid-March, according to a local official.
Vo Van Minh, chairman of Binh Duong People’s Committee, said that VSIP III, covering 1,000-hectares, is expected to further lure foreign investors to the province.
The Vietnam-Singapore Industrial Park II in Binh Duong Province. Photo: VSIP
“The project with a total investment of VND6.4 trillion (US$280 million) got the green light from the Government in November 2016. This is the tenth project of VSIP, a leading industrial park developer in Vietnam,” Minh said.
He added that once completed, VSIP III will prioritize both high-tech tenants and labor-intensive industries such as apparel and footwear.
Binh Duong, home to more than 3,400 companies from 64 countries and territories, is
one of the fastest-growing provinces in the key southern economic zone and among the hottest investment destinations in Vietnam.
Industrial estates have helped Binh Duong transform from a rural area into an industrial hub. From an economy based on agriculture with poor infrastructure some twenty years ago, the province is now the third-largest FDI destination in the country behind only Hanoi and Ho Chi Minh City.
Statistics show that industries and services account for 97% of the province’s total economic output.
In the first two months of this year, Binh Duong posted on-year growth of 6.1% in industrial production value. The locality obtained a trade surplus of US$2 billion during the period, and export value up 8.7% against the previous year and budget revenues reaching 20% of the year’s target.
- Vietnamese, Singaporean firms ink agreements to bolster economic relations
- Thang Long Industrial Park urged to streamline administrative procedures for manufacturers
- Vietnam leads top choice for global investors: Cushman & Wakefield
- Vietnam-Singapore III Industrial Park to be built in Binh Duong this month
- Vietnam Prime Minister approves three industrial parks
- Recruitment demand of foreign manufacturers surges in 2021
- New industrial project expected to lure high-tech investment in Thai Binh
- Vietnam draws US$6 billion in FDI to industrial and economic zones in H1
- Strong FDI brings gold for Vietnam’s industrial zone developers
- Foreign investment fuels industrial real estate in Vietnam
Culture, cuisine, fashion converge at Hanoi Autumn Festival
Hanoi Times Weekly Podcast - Sept. 30
Hanoi artisans preserve intangible culture
Hanoian beauty crowned Miss Universe Vietnam 2023
Typical Hanoian autumn snacks
Hanoi Fall Festival 2023 captivates visitors with unique activities
Revising Capital Law opens door to Hanoi's prosperity: Mayor
Global Conference of Young Parliamentarians: Opportunity to promote international cooperation
Global Conference of Young Parliamentarians: Roadmap for better future