The Vietnam-Singapore Industrial Park (VSIP) in central Quang Ngai province has attracted eight foreign direct investment (FDI) projects so far, with a total capital of 188 million USD and covering an area of 65ha.

Of the eight projects, three have already been granted operational licences, including a food-processing factory owned by the Philippines’ URC Central, a textiles factory by China’s Xindadong, and a footwear factory by King Riches Vietnam Company of Hong Kong (China).

The factories are currently being constructed at a total cost of 103 million USD and are scheduled to begin their operations by May 2015.

The other five projects, owned by companies from the Philippines, Hong Kong and the Republic of Korea, are currently completing business registration procedures and are awaiting Government approval of their investments.

These projects have a combined investment capital of 85 million USD focussing on processing, footwear, and garment and textiles industries.

Construction of the Quang Ngai-based VSIP commenced on September 13, 2013. After its first construction phase, the complex now covers an area of 458ha, including a 408ha industrial park and a 50ha services area.

The park is expected to stimulate economic development in the region and provide tens of thousands of jobs for local residents.-VNA