Singapore's SembCorp to Join in US$104Mln Project in Vietnam
Singapore's SembCorp Industries July 9 said it has teamed up with several partners to invest US$103.7 million to develop a 700-ha industrial township in northern Vietnam, foreign media reported.
SembCorp has a 40 per cent stake in the project. Other investors comprise of Singaporean industrial landlord, Ascendas, developer United Overseas Land and Japan's Mitsubishi Corp.
While Vietnam's state-owned Investment & Industrial Development Corp. (Becamex IDC) has a 42 per cent stake in the project including industrial, residential and commercial facilities.
The township construction is expected to start in early 2008," SembCorp said in a statement.
The investors will pump US$10.3 million through equity while the rest of the investment sum will be mobilized via debt and internally generated funds, according to SembCorp.
Singaporean investors have registered to pour US$890 million in Vietnam between January and June this year, representing over 20 per cent the country’s total foreign direct investment (FDI), according to the Ministry of Planning and Investment (MPI).
The figure put Singapore on the first position in the list of 36 countries and territories investing in Vietnam during the time and but also the biggest in the country so far with 474 projects capitalized at US$9.07 billion. (Reuters Jul 10)
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