IDICO – 5 Years Of Creating Prestigious Image For Its Business

Construction Minister Nguyen Hong Quan and IDICO General Director Bui Pham Khanh at the Labor Medal hand-over ceremony

Urban and Industrial Zones Development Investment Corporation (IDICO) is a State Corporation under Ministry of Construction. IDICO was founded 5 years ago.

IDICO has subsidiaries companies operating in provinces and cities such as: Dong Nai, Ba Ria Vung Tau, Long An, Dong Thap, Can Tho, Quang Ngai, Ho Chi Minh, Ha Noi, Vinh Phuc... These systems of subsidiaries Companies have ability on construction, finance and experience in the field of investment, construction, consultant, tourism service and building material production...

IDICO involved facing difficulties in their attempt to build a good image for its own business in the early stage business development. With the motto “Investment for development”, IDICO have invested and developed projects of industrial zones, urban and residential area, resort, hotel, construction material production, BOT transport, hydropower plant and constructed many high-value projects. All the projects invested, managed and constructed by IDICO always obtain high efficient, high quality, meeting demand of customers and market. The company has won the trust and confidence of its customers who are both domestic and foreign investors. IDICO has so far constructed and managed 10 industrial parks (IPs) located in such provinces as Dong Nai, Ba Ria - Vung Tau, Long An, Vinh Phuc, Bac Ninh and Binh Thuan with a total area of 2,200 hectares. Especially, the company has recently approved to deploy Son My industrial park construction project, covering 1,500 hectares by authorities. The total amount of investment in industrial park construction projects is expected to reach over VND 3,100 billion. Presently, the investment utilized through projects involving total investment close to VND 800 billion.  Investment projects have to date occupied more than 90% of the total land of IDICO’s 2 IPs including Nhon Trach IP (Dong Nai province) and My Xuan A IP (Ba Ria - Vung Tau province) with a total area above 748.5 hectares. IDICO’s IPs have so far attracted about 225 investment projects worth $1.250 billion. These projects helped to bring more than 40,000 new jobs to the community.

On the other hand, IDICO has also experience and good practice with regard to urban development projects nationwide. The company has built apartment blocks in Hoa An (Bien Hoa City), Hiep Phuoc (Nhon Trach district), My Tra residential area in Cao Lanh town and residential area of workers in Nhon Trach I Industrial Zone. To expand business operation, the company has participated in BOT National Highway 1A section An Suong – An Lac project in HCM City as a joint venture partner. Besides, a US$13.5 million contract for the supply of electric equipment and technical services for the Srok Phu Mieng hydro-power project was signed between IDICO and the Dongfang Group of China. The Srok Phu Mieng Hydro-power Plant, situated on the Be River, 150 km from Ho Chi Minh City, will have two turbine groups with a combined capacity output of 51 MW. Construction is already under way in southern Binh Phuoc province with a total investment of more than VND1 trillion. The plant is expected to generate 228.48 million kWh for the national grid annually. IDICO is focussing on the commissioning of the first turbine group in September 2006. In 2006, the company will also build the Dakmi 4 hydropower plant under the Build-Operate-Own in Quang Nam Province with a total investment of VND 3,845 billion. The plant will generate 180 MW, up to 3.5 times over the capacity of the Srok Phu Mieng Hydro-power Plant.     

The achievements of IDICO during 5 years of operation have affirmed its solid development. The company with total property value of VND 2,300 billion gains an annual sale growth of 26 per cent. In 2005, IDICO was honored to receive third-level Labor Medal and excellent emulation flag confered by Prime Minister in recognition of its efforts for the damming of the Be River. General Director of IDICO Bui Pham Khanh was also awarded second-level Labor Medal by President.

Xuan Phu