The southern province of Binh Duong will start construction of two 1,000-hectares industrial parks this year to increase supply of industrial land, local officials say.
Work on the Vietnam-Singapore III (VSIP III) industrial park covering 1,000 hectares in Tan Uyen Town and Bac Tan Uyen District is scheduled to start this month.
The project with a total investment of VND6.4 trillion ($280 million) got the green light from the government in November 2016. This is the 10th project of VSIP, a leading industrial park developer in Vietnam.
When this IP begins operations, it will give priority to attracting high-tech industries.
Meanwhile, work on the 1,000-hectare Cay Truong industrial park in Bau Bang District is expected to begin in the second quarter of this year.
Since late last year, industrial parks in Binh Duong have recorded high occupancy rates and the current supply has not been able to meet demand for rental land for building large factories.
Therefore, the southern industrial hub is rushing to increase the supply of industrial land to catch the production shift away from China that has been happening for several years.
Industrial parks have helped Binh Duong, 48 kilometers north of Ho Chi Minh City, to transform from a rural area into an industrial hub. Statistics show that industries and services account for 97 percent of the province’s total economic output.
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