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VSIP Group gets nod to build $153mn industrial park in Vietnam

VSIP Group gets nod to build $153mn industrial park in Vietnam

Tuesday, October 18, 2022, 17:00 GMT+7
VSIP Group gets nod to build $153mn industrial park in Vietnam
This image shows (from left to right) CEO of Sembcorp Development Kelvin Teo, Singaporean President Halimah Yacob and her Vietnamese counterpart Nguyen Xuan Phuc, and the representative of Vietnam’s Ministry of Planning and Investment at the ceremony to hand the investment approval decision to the VSIP Group in Hanoi on October 17, 2022. Photo: Nguyen Khanh / Tuoi Tre

The Vietnam-Singapore Industrial Park (VSIP) Group has obtained approval from the Vietnamese government to set up its 12th industrial park in the Mekong Delta city of Can Tho with a total investment of over US$153 million. 

The investment approval, signed by Deputy PM Pham Binh Minh, was handed to the VSIP Group’s representative at a ceremony held at the Presidential Palace in Hanoi on Monday, in the presence of Vietnamese State President Nguyen Xuan Phuc and Singaporean President Halimah Yacob, who is on a visit to Vietnam.

The group’s new industrial park will be developed in phase 1 on 293.7 hectares of land in the city’s Vinh Thanh District and is scheduled to be completed within 36 months from the date of land allocation.

This project, with its operation term of 50 years, will cost more than VND3.7 trillion ($153.3 million), including around $23 million from the investor’s equity and the rest from mobilized sources.

The VSIP Group is a brand developed by a joint venture between Vietnam’s Becamex IDC Corporation and Sembcorp Development, a wholly-owned subsidiary of Singapore’s Sembcorp Industries, a leading energy and urban solution provider.

This is the 12th IP that the VSIP Group has developed in Vietnam since its first one built in southeastern Binh Duong Province in 1996. 

“Sembcorp, through the VSIP Group, has a portfolio of 11 large-scale developments spread across eight provinces in Vietnam,” Kelvin Teo, CEO of Sembcorp Development and co-chairman of the VSIP Group, who received the aforementioned decision, said in a media release on Monday.

By leveraging its expertise and proven track record to deliver sustainable urban solutions, Sembcorp looks forward to enabling new engines of growth for Vietnam, Teo stated.

“We are glad to receive the continuing trust of the Vietnam government, to support the country’s economic progress, and to create meaningful social impact,” the CEO added.

Commenting about Can Tho – a centrally-run city – Sembcorp said it has the potential to build on its established aquaculture and agriculture industries, and increase its importance as a mega food-processing and distribution hub, with infrastructure to be developed under a master plan already approved by competent authorities. 

Among the current 11 Vietnam-Singapore industrial parks, three are in Binh Duong and the others are located in other localities such as Hai Phong, Hai Duong, Bac Ninh, Nghe An, and Quang Ngai, among others.

These industrial parks, with a total area of more than 10,000 hectares, have attracted about $17 billion in investment from 880 investors from 30 countries and territories, and created jobs for around 295,000 workers. 

VSIP was named the Best Industrial/Warehouse Developer in Vietnam in 2022 by UK-based Euromoney magazine, and this is the seventh time that VSIP has won this accolade according to Sembcorp.   

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Vinh Tho - Ba Son / Tuoi Tre News

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