Deal about to be completed to purchase industrial park in Hai Duong province.
A representative from the Vietnam Singapore Industrial and Urban Development JSC (VSIP) has confirmed that it will purchase the Cam Dien - Luong Dien Industrial Park in northern Hai Duong province for an undisclosed sum and that all the necessary paperwork has been set in train.
The Phuc Hung Company Limited, the current owner of the industrial park, and VSIP negotiated a deal at the end of last year. Hai Duong authorities also held a meeting in October last year to discuss the sale. After giving its approval, the Hai Duong Provincial People’s Committee then submitted the project to the government and Ministry of Planning and Investment (MPI), who also gave the project the green light.
VSIP, after the sale, will inherit all rights and obligations, including the corporate income tax incentives and rental rates secured previously by Phuc Hung.
According to the province, in September 2010 it handed over 150 hectares for industrial projects, of which Phuc Hung signed a contract to lease 112 hectares. But only 30 hectares have been cleared, because of problems in site clearance and compensation. Since 2012 Phuc Hung has looked to sell the project.
With VSIP’s experience and capability, Cam Dien - Luong Dien Industrial Park should be able to attract many investors, especially given that Hai Duong is actively improving its investment environment.
VSIP, the leading industrial zone developer in Vietnam, purchased the industrial park to expand its network in Vietnam. Besides three industrial parks, in Binh Duong, Bac Ninh and Hai Phong provinces, it is also implementing a project that includes industrial, urban and service areas in central Quang Ngai province.