Deputy Prime Minister Trần Hồng Hà (left) presents the Decision approving the investment policy for VSIP II Quảng Ngãi.— VNA/VNS Photo Thống Nhất

HÀ NỘI — The Prime Minister has issued a decision approving an investment policy for the first-stage construction and operation of infrastructure at the Việt Nam-Singapore Industrial Park II (VSIP II), located in the Dung Quất Economic Zone, the central province of Quảng Ngãi.

Invested by the VSIP Quảng Ngãi Co., Ltd, the 50-year project will sit on a site of 497.7ha in Bình Thạnh and Bình Hiệp communes, Bình Sơn District. The project's total investment is more than VNĐ3.73 trillion (US$155.7 million), VNĐ560.55 billion of which is contributed by the investor.

Assigned by the Governments of Việt Nam and Singapore to operate VSIP projects in Việt Nam in 1996, the Vietnam Singapore Industrial Park and Township Development JSC, a joint venture between Singapore’s Sembcorp Development and Việt Nam’s Becamex IDC, has to date expanded to 13 developments across the country.

On February 10 in Singapore, Sembcorp announced a new partnership with Becamex on the occasion of Vietnamese Prime Minister Phạm Minh Chính's visit, to develop five new VSIPs valued at approximately $1 billion.

On Saturday, President Võ Văn Thưởng attended a ceremony in Quảng Ngãi to celebrate 10 years of the Việt Nam-Singapore Industrial Park (VSIP) in the central province.

The first Quảng Ngai VSIP covers 660 hectares. It was built at a cost of VNĐ2.23 trillion and put into operation in 2013. — VNS