Three projects capitalized at more than US$115 million have got off the ground and are due to be put into operation in 2015.
Located in Son Tinh district, VSIP Quang Ngai is expected to stimulate economic development in the region and create tens of thousands of jobs, which is providing a tremendous boost to social welfare.
For its importance, the provincial administration has asked its relevant agencies and Son Tinh district to speed up land acquisition and compensate displaced residents.
So far the district has completed land acquisition and is currently building two resettlement areas for displaced residents.
King Riches Vietnam is currently erecting a footwear manufacturing facility in the industrial park, specialising in outsourcing work for some of world’s most famous footwear brand names such as Timberland, Clark, New Balance and Nike.
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The facility is being constructed at an invested cost of US$30-35 million and will be fully operational within the year.
The company’s director, Mickey Chen, said the key factor in making the decision to invest in the VSIP is the provincial leaders’ commitment to creating favourable conditions for investment development.
Two other projects – a US$35 million potato chip factory invested by the Philippines’ URC Central and China’s Hebei Xindadong Textiles Factory – are also under construction.
Once fully operational these two factories alone will provide good paying jobs for more than 11,000 residents. At present, the two companies are actively seeking to recruit more than 5,000 workers.
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.
