After 22 years, Vietnam-Singapore Industrial Park (VSIP) in the province still holds the role of a model industrial zone in the planning and investment calling of Binh Duong in particular and the whole country in general. VSIP is an attractive destination for domestic and foreign investors. All levels and branches in the province always create favorable conditions for production and business development of enterprises in VSIPs.
Production line of URC Vietnam Company (VSIP 1, Thuan An Town).
An attractive destination for investment
At the beginning of this year, Management Board of VSIP granted new investment certificates to 2 domestic projects with a total registered capital of VND2,976 billion, 22 FDI projects with total registered capital of $202.2 million, 29 projects with additional investment capital of $160 million and other adjustments for 91 projects. As of July 15, 2018, VSIPs in the province attracted 539 FDI projects with a total investment of $7974.43 billion, 37 domestic investment projects (only projects registering at VSIP Management Board) with registered capital of VND8,641.76 billion.
It can be seen that, in the last 22 years, VSIP has made an effort to effectively implement the one-stop-shop mechanism, one mark, expand the breakthrough in administrative procedure reform. IPs were invested in modern infrastructure, up to international standards; Investment environment is open and attractive. The attraction and training of human resources are also focused to meet the requirements of investors. Furthermore, VSIP is also the link between industrial development and trade and services. Therefore, VSIP is always attractive to investors in the world.
Sharp Corporation, one of the major Japanese corporations, is the owner of SaiGon Stec Company, and has been operating in VSIP for 10 years. Hashimoto Yoshihiro, Chief Executive Officer of Sharp Corporation, said that due to the success of SaiGon Stec and good investment environment of Binh Duong, the group continued to invest in a new project specializing in camera module. The project has a investment capital of $100 million in factories, $200 million in machinery and equipment, a workforce of 8,000 to 10,000 people, and the expected open time is July - 2019.
Efficient enterprises
From the beginning of this year, turnover, import and export of enterprises operating in VSIP remained at the same level or were higher than the same period in 2017. Representative of Showa Gloves Vietnam (VSIP 1, Thuan An Township), said that from the beginning of the year, the company's production had been stable; exports increased 15% over the same period of 2017. The company step by step equipped with automatic machines in packing, inspection and sealing in order to increase the productivity, quality and design of products to increase market share in the market.
In addition, thanks to favorable production and business activities, the export market has been expanded so many companies in VSIP have built more factories and invested more. Only in July, 8 mor`e FDI projects in VSIP Industrial Zone have been adjusted to increase capital with an additional investment capital of $ 54.6 million. Lending of $ 20 million, Deneast Viet Nam Co., Ltd. with additional capital of over US $ 7.5 million, SNP Co., Ltd. increased by $ 7 million.
Irwin Lee, President and CEO of Universal Robina Corporation (URC) (Philippines), said that URC Vietnam was a subsidiary of Universal Robina Corporation, one of the biggest food and beverage companies of the Philippines. In Vietnam, URC has invested in five factories. Particularly in Binh Duong, URC has two projects, including three factories operating in VSIP 1 and VSIP 2A with a total investment of more than $100 million. In 2017, sales revenue of the company in Vietnam increased 25% over the previous year. According to Irwin Lee, VSIP has modern infrastructure meeting the needs of investors; provincial authorities, departments and VSIP Management Board always create favorable conditions for foreign investors in general, URC in particular to make efficient investments in Binh Duong province.
It can be seen that with open investment environment and modern infrastructure meeting international standards, VSIP is the ideal place for enterprises to develop production and business efficiently.
Reported by Phuong Le – Translated by Ngoc Huynh
