Becamex, VSIP to develop industrial parks in south-central Vietnam
Vietnam’s south-central province of Khanh Hoa has approved investment plans for two large industrial park projects worth a total of more than VND8.6 trillion ($327 million), to be developed by Becamex IDC and Vietnam-Singapore Industrial Park (VSIP).
Khanh Hoa officials grant in-principle approvals for two industrial park projects to representatives of Becamex and VSIP on December 31, 2025. Photo courtesy of Thanh Nien (Young People) newspaper.
At an investment promotion conference on Wednesday, the provincial government granted in-principle approvals for the two projects, namely Ninh Xuan 1 and Ninh Xuan 2.
The 500-hectare Ninh Xuan 1 Industrial Park will be developed by Becamex IDC (HoSE: BCM), with a total investment of over VND4.6 trillion ($174.9 million).
The Ninh Xuan 2 project, invested by VSIP, will cost VND4 trillion ($152.09 million) and cover about 490 hectares.
Both projects will be operational for 70 years and are designed to develop modern industrial infrastructure aimed at attracting manufacturing, supporting industries, and high-tech production, the province said.
Becamex IDC is one of Vietnam’s largest industrial real estate developers, with a sizeable land bank across key economic regions. The company currently manages seven industrial parks (IPs) with a combined area of more than 4,700 hectares and average occupancy rates of over 80%.
VSIP, a joint venture between Becamex IDC and Singapore’s Sembcorp, developed its first IP in the southern province of Binh Duong in 1996. Its portfolio now comprises 20 IPs covering a combined 12,000 hectares across Vietnam.
In the first nine months of 2025, Becamex IDC reported net revenue of VND5.58 trillion ($212.2 million), up 74% year on year, while net profit surged 195% to VND2.27 trillion ($86.3 million).
VSIP posted nearly VND1.13 trillion ($42.7 million) in net profit in the first half of 2025, up nearly 3.4% year-on-year.
At the same conference, in-principle approval was also granted to the Ninh Diem 1 Industrial Park project.
Ninh Diem 1 will be developed by Ninh Khanh Land Development JSC, a subsidiary of Shinec Group, with a total investment of over VND2.8 trillion ($106.46 million) and a scale of over 240 hectares. Shinec is also a top IP developer in the country.
Last June, Khanh Hoa and Ninh Thuan provinces were merged to form the current Khanh Hoa province.
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