The 600-hectare project in Quang Ngai province will be developed along with a 520-hectare commercial and residential site.
It comes as both countries mark closer cooperation, with President Tony Tan Keng Yam's inaugural state visit from yesterday to Friday. Dr Tan yesterday witnessed a ceremony where Singapore was awarded certification to build the new industrial park in central Vietnam.
Singapore conglomerate Sembcorp will develop, market and manage the project. About 30 to 40 parties have already indicated interest in the park, said Sembcorp.
Phase One of the park should take shape within three years, when the first factories and profits spring up.
Dr Tan said the joint industrial undertakings symbolised a partnership based on trust, and testified to Singapore's confidence in Vietnam's future.
"As we celebrate the upcoming 40th anniversary of our bilateral relations next year, I am confident that our ties will continue to grow from strength to strength," said Dr Tan. "Let us continue with our strong partnership to advance our common regional interests for the betterment of our people and the region."
As Vietnam develops, the project is expected to feed rising demand in domestic consumption and create more jobs for the local workforce.
"Central Vietnam, if you look at it, is a very nice corridor to other nearby countries, for example Laos, northern Thailand and even Cambodia," co-chair of the Vietnam-Singapore Industrial Park Group (VSIP) Low Sin Leng said.
"But, most significantly, central Vietnam itself has about five million population in the surrounding province and Quang Ngai is a industrial province in central Vietnam. Not to forget that central Vietnam also has a lot of labour and the cost is relatively cheaper."
VSIP is a joint venture between Vietnam's Becamex IDC Corporation and a Singapore consortium, with Sembcorp Development, a wholly-owned subsidiary of Sembcorp Industries, holding the majority of the shares in the consortium. Singapore has investments of over US$20 billion in Vietnam.
ORIGINAL SOURCE
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