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Industrial park seals $25m credit deal

Update: August, 10/2012 - 10:31

BINH DUONG — Viet Nam-Singapore Industrial Park Joint Venture Company Ltd (VSIP) will receive up to US$25 million from Standard Chartered Bank (Viet Nam) following a credit facility agreement signed between the two sides yesterday in the southern province of Binh Duong.

The facility will enable the company to develop infrastructure for expansion of its VSIP Binh Duong Integrated Township and Industrial Park project (VSIP Binh Duong).

VSIP Binh Duong has to date attracted 415 domestic and foreign-invested projects and of the total, over 300 worth a combined of $3.8 billion have created more than 100,000 local jobs.

"It had been a difficult couple of years in Viet Nam, with the weak economies in the US and Europe exacerbating our internal macroeconomic concerns," said VSIP General Director Nguyen Phu Thinh.

"This facility agreement, however, represented our continued confidence to go on with our development plans as scheduled and facilitate our tenants' operations," he said.

Viet Nam was a key growth market for the bank and this financing agreement with VSIP was a strong proof of our commitment to Viet Nam, said Standard Chartered Bank (Viet Nam) CEO Louis Taylor.

The first VSIP was established in 1996 in Binh Duong's Thuan An District. In 2006, the park was expanded to the neighbouring Ben Cat and Tan Uyen districts where the New Binh Duong Township was being developed.

In 2007, a third park was started in the northern province of Bac Ninh, while a fourth was later established later in the port city of Hai Phong. The fifth park was built earlier this year in the central province of Quang Ngai.

In all, the four integrated townships and industrial parks cover around 6,000ha. — VNS

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