Investment in VSIP III amended

Prime Minister Pham Minh Chinh issued Decision No. 40/QD-TTg on January 10, approving adjustments to the investment policies on the construction and infrastructure business of the Vietnam-Singapore Industrial Park III (VSIP III).

The industrial park straddles Hoi Nghia ward in Tan Uyen town and Tan Lap commune in Bac Tan Uyen district in southern Binh Duong province. In terms of project progress, the Prime Minister assigned the Binh Duong Provincial People’s Committee to direct authorities and the investor on considering adjusting the scale of implementation in each phase to match progress in investment attraction and infrastructure connectivity.

The implementation of the second phase will begin when over 60 per cent of the land in the first phase has been leased. The Provincial People’s Committee is also assigned to consider land allocation and land leasing in this second phase.

Prime Minister Chinh also noted that investors can only implement the project after the Ministry of Natural Resources and Environment (MoNRE) has approved the environmental impact assessment. He also directed relevant agencies to update the location and scale of land-use areas for the project.

In addition, the Provincial People’s Committee needs to comply with procedures on adjusting the Investment Registration Certificate, including adjustments to the project implementation schedule, to ensure that the project has sufficient conditions to continue under the provisions of the law and that there are no disputes or complaints about the right to use the project site. The project is expected to become a high-tech green industrial park in the Southern Key Economic Zone.