On 22 August 2022, the Joint Stock Commercial Bank for Investment and Development of Vietnam (BIDV) and Vietnam-Singapore Industrial Park Joint Venture Co., Ltd (VSIP) signed a USD200 million credit contract on financing VSIP III industrial park project in Binh Duong province.

BIDV and VSIP started cooperation in 2003 in the VSIP I - Binh Duong development project. In 2006, the two continued the cooperation on VSIP II, VSIP II - A and then VSIP Quang Ngai (2013) and VSIP Nghe An (2015).

After nearly 20 years of cooperation, BIDV and VSIP continued to bolster the strategic partnership through signing a credit contract worth VND4,600 billion (USD200 million) for financing the development of VSIP III - Binh Duong Industrial Park. 

BIDV and VSIP sign a USD200 million credit contract on financing VSIP III industrial park project in Binh Duong province

BIDV will leverage its position as the leading financial institution and the largest commercial bank in Vietnam by total assets, anda wide network across the country in general and in Binh Duong in particular to provide diverse products and services to support the two’s growth. Especially, BIDV has experience in serving more than 15 million individual customers and 340,000 corporate customers (including more than 6,400 FDI enterprises nationwide and more than 1,000 FDI enterprises in Binh Duong province). .

One of the leading industrial park developers in Vietnam, VSIP said it will effectively use the BIDV-funded capital to successfully implement the project, thereby bringing economic efficiency to the parties as well as contributing to the socio-economic development and investment attraction in Binh Duong province and Vietnam in general.

The two parties believe that, building on the success of the VSIP projects deployed across the country, the VSIP III - Binh Duong project will continue to be an attractive destination for domestic and foreign investors, a typical model of a synchronous, smart, environment-friendly, sustainable and modern industrial park in line with the development orientation of Binh Duong province and the government of Vietnam.

VSIP III - Binh Duong industrial park, covering 1,000 hectares in Hoi Nghia ward, Tan Uyen Town and in Tan Lap commune, Bac Tan Uyen district, Binh Duong province, costs a total of VND13,300 billion (USD573 million). The project aims to be a model industrial park with strict standards on environment, safety, facilities and utilities through the application of smart technology.  Up to now, many outstanding projects have registered to invest in the project, such as LEGO Group’s USD1 billion project on an area of ​​44ha; Pandora Group's USD100 million project on jewelry manufacturing; and more than 40 domestic and foreign companies are interested in the park.