HANOI - The
Vietnam-Singapore Industrial Park (VSIP) in the southern
province of Binh Duong has recently licensed seven
additional foreign-direct investment (FDI) projects
totaling US$27.5 million (VND433 billion).
These
projects include the British Virgin Island's $15.5
million URC Vietnam food production company; Malaysia's
$5 million Woventex, a woven bag and fabric
manufacturer; Singapore's $2 million Casarredo, for the
production of furniture; Taiwan's $1.3 million Vietnam
First Stationery; and Italy's $1.3 million System
Vietnam, part of the ceramics industry.
To date, the
VSIP has licensed 113 projects, including 110 foreign-invested
projects totalling $701.75 million and two
domestically invested projects capitalized at
about $7 million.
VSIP was set up in
early 1996 by Becamex, a state-owned company in Binh
Duong province, and a consortium from Singapore
represented by the Sebawang Group.
It is home to
investors from 17 countries and territories, the
majority being from Singapore, which accounts for 24.17
percent, the EU for 21.9 percent, Japan for 19.3
percent, Hong Kong for 9.96 percent, and Taiwan for 5
percent of the parks ownership.
Industrial
production (IP) represents almost 93.4 percent while
services make up only 0.63 percent. Last year, VSIP
earned an import-export value of $422 million in which
exports were $207.6 million, and imports $214.4 million,
increases of 161 and 137 percent over 2002.
It
created 8,900 jobs in 2003, increasing VSIP's workforce
to 26,900 employees with 400 foreigners. This year, VSIP
aims to attract $350 million in foreign-direct
investment.
To this end, the IP management board
has worked together with the provincial authorities on
measures to wipe out any difficulties for investors.
Binh Duong province attracted $458 million in
FDI last year, ranking third in the country after Dong
Nai and Ho Chi Minh City.
(Asia Pulse/VNA)
Feb 27, 2004
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