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BIDV loans $35m to VSIP Quang Ngai

Update: December, 10/2014 - 10:10

BIDV signs a credit contract of $35 million with VSIP Quang Ngai on December 8.— Photo BIDV

HA NOI (VNS) — The Bank for Investment and Development of Viet Nam (BIDV) gave a US$35-million loan to the Viet Nam Singapore Industrial Park (VSIP)'s Quang Ngai Integrated Township and Industrial Park on Monday.

VSIP Quang Ngai is the fifth VSIP project in Viet Nam and the first of its kind in the province. The $172.3-million project spans more than 1,700ha in the Tinh Phong and Tinh Tho communes in Son Tinh District.

Under the credit contract, BIDV will provide the capital to help the investors complete their work as planned. The $35-million loan will be invested in construction and technical infrastructure in the project.

In order to attract more investors to VSIP, BIDV also issued a VND2-trillion ($93-million) lending package with an attractive interest rate for 15 years to the investors.

Since the ground-breaking ceremony in September last year, the VSIP Quang Ngai Integrated Township and Industrial Park has attracted 10 customers from six countries, with a total investment capital of nearly $2 billion.

VSIP's website says that the project's 600ha in the Dung Quat EZ will be developed in the first phase. The enterprises that rent workshops in this area will enjoy corporate income tax exemptions during the first four years and 50 per cent tax reductions in the following nine years.

The government has included the Dung Quat EZ in the list of six key EZs that will get priority in receiving investment funds. Therefore, the province's infrastructure will be improved to attract investors.

Up to now, URC Central and Liwayway of the Philippines; King Riches Footwear; Maystar Footwear; Wing Fung Shing and New Manson of Hong Kong (China); Boiler Master of Singapore; Xindadong Textiles of China; MDC Sourcing of the Republic of Korea; and the Quang Ngai Water Supply Company have invested in the project. — VNS

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