Vietnam Singapore Park gets billion dollar LEGO factory

ECONOMYNEXT – The Denmark-based LEGO Group will build a billion USD factory in Vietnam employing 4,000 workers when fully operational, and is expected to begin production in 2024.

The plant will be located on a 44-acre site in Vietnam Singapore Viet Nam Singapore Industrial Park Joint Venture Company Limited (VSIP) in Binh Duong Province about 50 km from Ho Chi Minh City.

It will be a “carbon neutral” factory where a solar farm will be built almost by VSIP that will produce energy equal to that used by the factory.

“This investment will help us bring the power of LEGO play to future generations of children,” Carsten Rasmussen, LEGO COO, told the Vietnamese government portal.

“We want to inspire and develop the builders of tomorrow, and it is essential that we do so by acting in the most sustainable way possible.

“We are very grateful for the support of the Vietnamese government to help us achieve our ambition of building our first carbon neutral factory.

The plant will be environmentally friendly under LEEDS Gold, an industry self-regulatory certification.

“We are delighted to collaborate with the LEGO Group on this important investment and we are honored to have selected the Vietnam Singapore III Industrial Park in Binh Duong Province,” said General Manager of Nguyen Phu Thinh, General Manager of VSIP .

“We are committed to providing international companies with high quality investments and sustainable solutions to create attractive long-term development opportunities. “

VSIP, a joint venture with Singapore-based SEMBCORP and Becamex IDC in Vietnam, was a pioneer industrial zone that started in 1996 with a 500-acre park in Binh Duong which has grown into an industrial center.

Its inauguration ceremony took place in the presence of Vietnamese Prime Minister Vo Van Kiet and the Prime Minister. Goh Chok Tong.

VSIP now has several other areas in different areas. Binh Duong, a 2,045-acre extension was completed in 2006 when Vietnam entered the WTO.

In 2018, the VSIP III was added to an additional 1,000 acres. The company’s parks have attracted $ 15 billion in investment from 880 companies, employing 250,000 people.

Vietnam’s investments began to grow after the State Bank of Vietnam stabilized the exchange rate and inflation, which allowed national capital to form and also eliminate social unrest and strikes.

Earlier this week, the US Treasury report said Vietnam is not manipulating its currency.

American mercantilists claim that East Asian central banks with high exchange rates that collect foreign exchange reserves (sterilize inflows) “undervalue” the currency. (Colombo / Dec11 / 2021)

Previous Comviva to hire 600 engineers by July 2022 and plans 10% to 12% growth in business
Next Inside the Beltway: Chris Wallace's press tour