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VSIP starts work on integrated township in Haiphong
By Quoc Hung - The Saigon Times Daily
Friday,  Jan 15, 2010,00:55 (GMT+7)

VSIP starts work on integrated township in Haiphong

By Quoc Hung - The Saigon Times Daily

Prime Minister Nguyen Tan Dung (3rd L) and his Singapore counterpart Lee Hsien Loong (4th L) view a scale model of the integrated township and industrial park project in Haiphong City on Wednesday - Photo: Quynh Chi
HCMC - VSIP Haiphong Co. Ltd. under VSIP Group on Wednesday broke ground for a sprawling integrated township and industrial park project in the northern port city of Haiphong which will become the region’s largest project of its type when completed.

The VSIP Haiphong project is the group’s fourth estate after its first two successful VSIP projects in the southern province of Binh Duong and a third project in the northern province of Bac Ninh. The ground-breaking ceremony was graced by Vietnam’s Prime Minister Nguyen Tan Dung and Singapore’s Vị trí đặt quảng cáoPrime Minister Lee Hsien Loong.

The US$1-billion project will have 1,100 hectares allocated for commercial and residential development and 500 hectares for a clean industrial park.

Low Sin Leng, co-chairperson of VSIP Group and VSIP Haiphong Co., Ltd said that good urban planning was a top priority for this massive 1,600-hectare project, which will cater to the needs of a projected population of 150,000 in ten years’ time.

“It is therefore essential to develop a comprehensive land allocation model for VSIP Haiphong to ensure efficient land use and proper zoning of its industrial, residential and commercial spaces,” she said, adding “we have ambitious plans for VSIP Haiphong.”

To provide a better ecosystem mix with its township, according to the company, cleaner industries are targeted such as information-communication technology (ICT), electronics and pharmaceuticals.

The integrated township will include a financial center, commercial belt, shopping malls, hotels and medical centers. The master plan design includes four residential precincts with supporting kindergarten, primary and secondary schools, and community spaces such as markets.

With 30% of land reserved for greenery, the new township has the objective of creating an environmentally-pleasing township, according to the company.

VSIP Haiphong is expected to take more than ten years to be fully developed. Land clearance and infrastructure development will take place in phases.

Currently, the company has received the investment certificate for the first phase of 611 hectares comprising the industrial zone, commercial and residential plots. The projected investment capital for this initial phase is US$100 million.

Some 12 local and foreign investors had committed to invest in the zone with total capital of over US$300 million to develop a commercial complex, a residential area, a hotel, a school, industrial manufacturing facilities and a cold storage.

Prime Minister Nguyen Tan Dung said that VSIP had long been a renowned brand for the success of economic partnership between Singapore and Vietnam.

“I believe that once completed, VSIP Haiphong integrated township and industrial park project will attract strong capital inflows from both Vietnamese and foreign investors, generate jobs and serve as a growth engine for Haiphong City and for the key northern economic zone.”

Prime Minister Lee Hsien Loong of Singapore spoke at the ceremony that VSIP was a concrete symbol of the two countries’ excellent cooperation.

Joint development of the first VSIP project began in 1996 in Binh Duong, followed by a second industrial park in the same southern province, and subsequently a third township in Bac Ninh in the north.

The VSIP projects combined the strengths of Vietnam as an investment location with the experience of Singapore companies. Together, they have attracted investments worth over US$2.5 billion, and now house 380 companies employing over 60,000 workers.

In this way, the VSIPs have played a part in Vietnam’s growth and transformation, the Singapore prime minister said.

Established in 1996, VSIP Group is a joint venture between Binh Duong-based Becamex IDC Corporation and SembCorp Industries of Singapore.

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