On the occasion of its 10th anniversary last week, investment registration certificates were awarded to four new projects for Vietnam-Singapore Industrial Park (VSIP) in the province, with a total registered capital of $69.3 million, and two project expansions worth $10.8 million.

VSIP Quang Ngai has helped encourage a slew of investors to make gains in the province

South Korea’s Sedo Camping is investing $31.8 million in a 10-hectare garment factory. Hong Kong’s Yusee Industrial will invest $6 million in a 2.6-hectare plant for manufacturing fish tank accessories. Zhongwang Fabric, another Chinese firm, will pump $25 million into a factory that will make garments and sofa covers. And China’s Qingyuan Qingxin Xiaofeng Footwear Material Company will invest $6.5 million in building a sportswear factory.

The two expansion investment projects include Hong Kong Gesin Technology and Taiwanese paper company Yuen Foong Yu.

Furthermore, based on the strong results achieved in attracting investment, along with incentives from Quang Ngai province to encourage high-quality projects and large investors, VSIP II Quang Ngai is planned for 500 hectares in phase 1 and is in the process of implementing the necessary procedures to achieve policy approval.

VSIP in Quang Ngai officially started construction in 2013 under the witness of former Vietnamese Prime Minister Nguyen Tan Dung and Singapore Prime Minister Lee Hsien Loong. Located on 600 hectares of land in Dung Quat Economic Zone and 520ha of adjacent urban land with capital of $337.8 million, VSIP Quang Ngai is now celebrating its 10th anniversary.

VSIP Quang Ngai, the fifth VSIP project in Vietnam to be granted investment registration approval, is located 8km north of Quang Ngai city in Son Tinh district and is one of eight VSIP-style parks nationwide.

The activities involving VSIP Quang Ngai over the year have contributd to unlocking the central coast province’s significant untapped investment potential. Its projects offer the benefits of connectivity and accessibility, being within close range of logistics hubs such as seaports (Chu Lai and Dung Quat), airports (Chu Lai and Danang), and the Danang-Quang Ngai expressway, providing businesses with seamless connectivity for moving goods.

Up to now, VSIP Quang Ngai has attracted 35 investors with a total capital of more than $1 billion from markets such as the US, the Philippines, Hong Kong, Japan, South Korea, Belgium, and more. Of which, 26 investors are now in operation, creating around 30,000 jobs. It is expected that when all 35 projects come into operation, they will create more than 53,000 jobs for locals.

To date, VSIP has developed about over 500ha with infrastructure and public works. A wastewater treatment plant with total daily capacity of 12,000 cu.m, a fire station, 24/7 general security, and other other amenities have been built in the industrial park to provide essential production and development requirements for investors.

Following initial successes in attracting investment, the VSIP Industrial, Urban, and Service Park project was approved by Quang Ngai People’s Committee for zoning planning, featuring 100ha for phase 1, with construction beginning in 2016.

Today, the first 24ha has had infrastructure completed and put into use with full amenities including VSIP Park, VSIP Plaza Commercial Center, a 64-room hotel, gym, community library, tennis court, and mini soccer field serving people living in Thien My Loc residential area and the surrounding communities.

The activities of VSIP Quang Ngai play an important role and meaning to Quang Ngai province which has proposed three strategic visions. The first is for Quang Ngai to develop based on its unique advantages towards a sustainable development model.

The second is for Quang Ngai to become a new, specialised destination on the key economic arc of the Central region. Thirdly, the province wants to promote its unique advantages to become a seaport logistics center, sea-island economy, and focus for the East-West economic corridor.

The contribution of investors such as VSIP Quang Ngai will help the province realise its highlights of the master planning towards 2030, and with a vision towards 2050.