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Sembcorp Development is studying the feasibility of building another Vietnam-Singapore Industrial Park in the Quang Tri province of Vietnam, reported the Business Times.
This comes as Kelvin Teo, CEO of Sembcorp Development, signed a memorandum of understanding (MOU) with Becamex IDC Chairman, Nguyen Van Hung, and Quang Tri Province People’s Committee Chairman, Nguyen Duc Chinh.
Should it materialise, the project will mark the company’s eighth such industrial park in the country.
Vietnamese Prime Minister Nguyen Xuan Phuc and Singapore Prime Minister Lee Hsien Loong, who is on a four-day visit to Vietnam, witnessed the signing of the MOU.
During a press briefing, PM Lee revealed that the State Bank of Vietnam granted Singapore’s United Overseas Bank in-principle approval to set up a foreign-owned subsidiary in Vietnam in June.
Enhancing the access of Singapore banks into the financial markets of Vietnam could further promote investment flows into the two countries, he said.
Romesh Navaratnarajah, Senior Editor at PropertyGuru, edited this story. To contact him about this or other stories, email romesh@propertyguru.com.sg
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