Want to be in the loop?
subscribe to
our notification
Business News
ECO-INDUSTRIAL PARKS A NEW TREND
The license for the project is expected to be granted in July. This will be the seventh VSIP to be developed in Vietnam. A similar project, the eighth VSIP, would be developed in the central province of Binh Dinh.
Like other VSIPs, the IZs developed by the joint venture between Singaporean Sembcorp and Vietnamese Becamex IDC and VSIP Nghe An will include an area for the IZ and an area for an urban area. Housing for workers will be built in the urban area, along with schools and entertainment services.
The rapid expansion of VSIP projects in recent years shows that the joint venture remains optimistic about the potential in Vietnam. VSIPs have attracted about 500 investors who operate projects worth $6.4 billion, employing 140,000 workers.
Tran Duy Dong, director of the Ministry of Planning and Investment’s Economic Zone Management Department, noted that VSIP was a typical success story of IZ development in Vietnam.
One of the reasons behind the great success is that VSIP follows the EIZ model, i.e., IZ plus urban area.
At first, VSIP only built an IZ in Binh Duong province, covering an area of 500 hectares, while it did not reserve land for urban and service area.
However, it began following the EIZ model 10 years ago, when it realized that the traffic jams and travel expenses have been increasing with rapid urbanization. It would be better if workers and their family members can live, work and entertain themselves in the same place.
VSIP is not the only EIZ developer. Many other foreign investors have jumped on the bandwagon.
Thai Amata Group, for example, following the success with Amata Bien Hoa IZ, is planning to develop three new ones – Amata Long Thanh, Amata Quang Ninh and Amata Binh Dinh. All of the three will be EIZs.
To prepare for the project in Quang Ninh province, Amata wants to relocate two coal ports in the locality and the Uong Bi thermal power plant to upgrade its technology to be sure that Amata’s urban area will not be polluted.
Sojitz and Rent-A-Port are also considering building more IZs under the same model.
Rent-A-Port, the developer of the Dinh Vu IZ, has recently received licenses to develop two EIZs in Hai Phong and Quang Ninh.
Source: VNEP
Related News
SPECIAL INVESTMENT PROCEDURE: A GAME CHANGER FOR HIGH-TECH PROJECTS IN VIET NAM
Viet Nam is poised for a regulatory shift with the upcoming implementation of a special investment procedure starting earlier next year. Starting from January 15, 2025, investors will be able to enroll for investment under special procedures as outlined in the Draft Decree detailing the Investment Law.
CLEAR LEGAL FRAMEWORK NEEDED TO UNLOCK DIGITAL ASSET POTENTIAL
The past decade has seen remarkable advancements in technology worldwide, particularly in digital assets such as blockchain, cryptocurrencies, asset tokenization and decentralized finance (DeFi). Once unfamiliar, digital assets have now become integral to the global financial system. Leading nations in this field not only to drive innovation but also establish a strategic edge in the global economy.
VIETNAM TO RANK AMONG TOP 15 LARGEST ECONOMIES IN ASIA BY 2025
Based on data from the International Monetary Fund (IMF), Seasia Stats predicts that Vietnam’s economy will reach $506 billion in 2025, earning it a place in the top 15 largest economies in Asia. “Vietnam is rapidly developing thanks to its manufacturing boom and strong foreign investment inflows,” Seasia Stats noted.
PM ORDERS SWIFT RESOLUTION OF CHALLENGES FOR RENEWABLE ENERGY PROJECTS
Prime Minister Phạm Minh Chính has laid stress on the need to complete the resolution of obstacles for renewable projects by February 2025 to prevent wastefulness, contributing to ensuring electricity for development.
VIETNAM'S GDP GROWTH WILL LEAD THE REGION IN 2025
A report published by Oxford Economics on December 16 noted that Vietnam's economy has been the region's outperformer in 2024, with full-year growth likely at 6.7 per cent on-year. The country is expected to continue to outperform its peers next year, growing by 6.5 per cent.
HANOI'S ECONOMY CONTINUES TO SUSTAIN GROWTH
Speaking at the opening session of the 20th meeting of Hanoi People’s Council on December 4, Deputy Chairman of Hanoi People’s Committee Ha Minh Hai reported that the capital’s economy has maintained high growth, with regional GDP rising by 6.12 per cent in the first nine months of the year, and expected to exceed 6.5 per cent for the full year.