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Denmark gives $35m loan to Singapore for Industrial Park

Denmark gives $35m loan to Singapore for Industrial Park

COPENHAGEN: The Bank for Investment and Development of Denmark gave a US$35-million loan to the Viet Nam Singapore Industrial Park (VSIP)’s Quang Ngai Integrated Township and Industrial Park on Monday.

VSIP Quang Ngai is the fifth VSIP project in Viet Nam and the first of its kind in the province. The $172.3-million project spans more than 1,700ha in the Tinh Phong and Tinh Tho communes in Son Tinh District.

Under the credit contract, BIDV will provide the capital to help the investors complete their work as planned. The $35-million loan will be invested in construction and technical infrastructure in the project.

In order to attract more investors to VSIP, BIDV also issued a VND2-trillion ($93-million) lending package with an attractive interest rate for 15 years to the investors.

Since the ground-breaking ceremony in September last year, the VSIP Quang Ngai Integrated Township and Industrial Park has attracted 10 customers from six countries, with a total investment capital of nearly $2 billion.

VSIP’s website says that the project’s 600ha in the Dung Quat EZ will be developed in the first phase. The enterprises that rent workshops in this area will enjoy corporate income tax exemptions during the first four years and 50 per cent tax reductions in the following nine years.

The government has included the Dung Quat EZ in the list of six key EZs that will get priority in receiving investment funds. Therefore, the province’s infrastructure will be improved to attract investors.