The Vietnam-Singapore Industrial Park (VSIP) II in central Quang Ngai province is expected to attract many larger investors over the next decade, State President Vo Van Thuong has said, according to the Government News.

Addressing a ceremony on December 23 to mark the tenth anniversary of the IP, the President  said he hopes it will develop into a high-tech facility with greater added value and stronger innovation.

The fifth VSIP in Vietnam, it covers 660 ha and was built at a cost of VND2.23 trillion ($140 million) and put into operation in 2013.

A decade on, Quang Ngai VSIP II has become home to 36 projects with capital of over $1 billion. Twenty-six have been put into operation, with investors coming from the US, Japan, South Korea, Belgium, Thailand, and China.

At the anniversary ceremony, provincial authorities granted investment licenses to four new projects at the IP, with a total investment capital of $69.3 million.

The Quang Ngai Provincial People’s Committee also issued licenses to two expanding projects with combined additional capital of $10.8 million.