http://english.vietnamnet.vn/biz/2007/05/691284/

Korea’s IGS plans US$1.5-bil property project in north

VietNamNet Bridge – South Korea\'s IGS has proposed developing an industrial and residential complex at a total cost of US$1.5bil in Bac Ninh, making this province one of the northern region\'s most attractive investment destinations.

Representatives of the provincial government and the Korean company have recently signed a memorandum of understanding (MOU) to this effect.

IGS will develop factories and showrooms on 400 hectares and an urban town, including a commercial center, school, clinic, park and golf course, on 200 hectares in the Nam Son-Hap Linh Industrial and Residential Complex.

The investor has promised to call for other investors, especially from Korea, to join the project.

IGS earlier reached an agreement with the north central province of Ha Tinh to develop a 600-hectare industrial park for Korean investors only in Vung Ang port complex.

Taiwan\'s Foxconn, the world\'s leading maker of outsourced electronics products, is mulling choosing Bac Ninh as a destination for its US$5-bil investment plan in Vietnam.

It plans to build factories in Bac Ninh and neighboring Bac Giang, which Foxconn board chairman and CEO Terry Gou, in his latest field trip to the two provinces, saw them as the top spots for investment.

The manufacturer of world-famous high-end products, such as Nokia phones, iPod players, PlayStation 2 consoles and Sony laptops, could invest US$3bil in these provinces.

Foxconn could probably build a factory covering 1,000 hectares in Bac Ninh including a hi-tech park, a modern town, a golf course, a hospital, an entertainment park and a school to cater to some 100,000 people.

With these major investment plans in the offing, Bac Ninh has been emerging as one of the northern region\'s most appealing places for foreign direct investment.

By March this year, Bac Ninh had lured around 70 foreign-invested projects with total registered capital of some US$620mil.

The province now has four industrial parks and plans to develop 10 more in the future.