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Industrial park operators get financing deal
Singapore Industrial Park (VSIP) Joint Venture Company and Standard Chartered Bank have signed a US$30 million loan agreement to invest in VSIP Binh Duong Township's Urban, Industry and Service Area.
VSIP is a $134 million joint venture between the governments of Viet Nam and Singapore, launched in 1996.
In 2006, another project, VSIP II was established in the province's Ben Cat District. Up to 345ha of the project's first phase were filled in two years.
VSIP Binh Duong expanded by 1,000ha in March 2008. Last year, it expanded a further 700ha for commercial and residential areas.
Covering an area of 2,045ha, the park is the largest area of VSIP's four projects in Binh Duong and Bac Ninh Provinces and Hai Phong City.
To date, 140 investors have registered for the park. Management board co-chairman Nguyen Van Hung said the loan agreement showed the bank's faith in VSIP Binh Duong.
Last year, companies poured $2.54 billion into 359 projects in the park with a turnover of $2.05 billion. The park this year has a target of $200 million from new investors and to increase its turnover to $2.67 billion, a 30 per cent year-on-year increase.
It is 17km from HCM City on National Highway 13. The main business fields of VSIP tenants are electronics, pharmaceuticals, food processing, consumer goods, precision mechanics and construction materials. Tenants include Fujika, Kurable Industrial, Rohto Metholatum, Korea United Pharma, Kimberly Clark, Konica and Sunlight Electrical.
vietnamnews
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