BIDV funds construction of third VSIP Binh Duong Industrial Park
BIDV, one of Vietnam’s “Big 4” commercial banks, will loan about $200 million for constructing the Vietnam-Singapore Industrial Park (VSIP) III in the southern province of Binh Duong.
The bank signed a loan agreement with VSIP Co. Ltd. Monday, showcasing confidence in the new IP, the third VSIP in Binh Duong and the 11th in the country. The loan will help the joint venture and the province consolidate their positions and continue promoting Vietnam’s industrial development.
An artist's impression of a corner of VSIP III - Binh Duong in southern Vietnam. Photo courtesy of VSIP Co.
VSIP Co. is a joint venture between Singapore’s energy and urban developer Sembcorp Industries and Binh Duong-based major industrial property and urban developer Becamex. It started the construction of the VSIP III - Binh Duong this March, with Vietnam’s Prime Minister Pham Minh Chinh attending the ground-breaking ceremony.
With a total investment of $280 million, the 1,000 hectare IP is located in Bac Tan Uyen district, about an hour’s drive away from Ho Chi Minh City.
The park will have green and smart infrastructure to attract investment into many sectors including electricity, electronics, transport vehicle production and assembly, mechanics, support industry, textile - garment, food, beverage, and logistics.
VSIP III - Binh Duong will host Danish toymaker Lego’s $1 billion carbon neutral factory. Lego obtained a license in March this year to develop its latest project, which is also the largest investment in Vietnam by a Danish company.
The Danish firm said the new factory will be its first carbon-neutral factory, featuring solar panels on its roof and that VSIP will build a solar project nearby on behalf of Lego. Together, they will produce enough renewable energy to match 100% of the factory’s annual requirements.
Binh Duong authorities have pledged to hand over the first 22 hectares of land to Lego this month and the rest by the end of September.
VSIP’s 11 large-scale industrial parks in Vietnam are located in Bac Ninh, Hai Phong and Hai Duong in the north; Nghe An, Quang Tri and Quang Ngai in the central region; Binh Duong in the south.
According to the Semcorp website, the joint venture’s total gross land bank in Vietnam has increased to 9,733 hectares, ensuring a stable launch pipeline for land sales that will provide a platform to leverage Sembcorp’s business synergies and drive future growth in sustainable solutions.
HCMC, Binh Duong, Dong Nai, Long An and Ba Ria-Vung Tau are manufacturing hubs in southern Vietnam.
- Related News
- Read More
Vietnam welcomes 1.87 mln foreigners, South Koreans in the lead
Vietnam welcomed 1.87 million foreign visitors in the first nine months of the year, up 16.4 times year-on-year, with South Korea and the U.S. leading the pack.
Travel - Sat, October 1, 2022 | 8:26 pm GTM+7
US firm Molex expands Vietnam facility with solar panel installation
Molex, a U.S. manufacturer of electronic, electrical and fiber optic connectivity systems, has expanded its manufacturing facility in Hanoi with solar panel installation.
Industries - Sat, October 1, 2022 | 6:46 pm GTM+7
EVN, Trungnam Group hold talks on solutions for solar power usage deadlock
State-owned Vietnam Electricity (EVN) has asked Trungnam Group to put the 172-megawatt capacity portion without a pricing mechanism of its 450 MW solar farm in Ninh Thuan into the competitive power generation market.
Energy - Sat, October 1, 2022 | 3:54 pm GTM+7
Danish firm Spectre opens third Vietnam factory in An Giang
Spectre, a Danish maker of functional garments for outdoor sports brands, started operating its $17 million factory in An Giang province Friday, the company’s third in Vietnam.
Industries - Sat, October 1, 2022 | 3:06 pm GTM+7
Foreign firm accountant gets death sentence in $9.6 mln corruption case
A Dong Thap province court on Friday handed a death sentence to Nguyen Trung Thanh, chief accountant of Filipino-invested Pilmico Vietnam, on corruption charges.
Society - Sat, October 1, 2022 | 2:43 pm GTM+7
Vietnam’s nation brand valued at $431 billion
Vietnam has seen the third biggest brand value gain over the course of the pandemic in absolute terms, up $184 billion year-on-year to $431 billion in 2022, says London-based Brand Finance.
Economy - Sat, October 1, 2022 | 11:22 am GTM+7
Jail term reduced to 3 years for former deputy health minister
An appeal court in Hanoi has reduced the jail term for former deputy minister of health Truong Quoc Cuong to three years, from the four years ruled by an instance court in May.
Society - Sat, October 1, 2022 | 11:05 am GTM+7
Fever cools, townhouse, villa segment turns lethargic in major cities
Liquidity in the townhouse and villa segment, once feverishly high in both Hanoi and Ho Chi Minh City, has been drying up in recent months.
Real Estate - Sat, October 1, 2022 | 9:50 am GTM+7
AES gets ministerial nod for 2,250 MW LNG power project in Binh Thuan
American energy corporation AES has received in-principle approval from the Ministry of Industry and Trade for its VND50,432 billion ($2.11 billion) Son My 2 LNG-to-power project in the south-central province of Binh Thuan.
Energy - Fri, September 30, 2022 | 9:24 pm GTM+7
Coro Energy operates pilot rooftop solar power project in Vietnam
Coro Energy has completed commissioning of its Vietnam rooftop solar pilot project, the UK-based energy firm announced Friday.
Energy - Fri, September 30, 2022 | 6:59 pm GTM+7
VN-Index pulls one back after five losing sessions
Vietnam’s benchmark VN-Index reversed a consecutive five session decline with a six-point gain Friday to close at 1,132 points.
Finance - Fri, September 30, 2022 | 6:30 pm GTM+7
Vietnam’s GDP growth to keep driving southern industrial property market: report
The industrial and logistics market in Ho Chi Minh City, Dong Nai, Binh Duong, Long An, and Ba Ria-Vung Tau will continue to grow in 2022-2023 thanks to Vietnam’s resilient economic expansion, according to Cushman and Wakefield.
Real Estate - Fri, September 30, 2022 | 3:32 pm GTM+7
Vietnam needs bonded warehouses for US cotton imports
Building a Vietnam bonded warehouse for U.S. cotton would benefit both countries, Vietnam Textile and Apparel Association (Vinatas) chairman Vu Duc Giang said Friday.
Industries - Fri, September 30, 2022 | 3:19 pm GTM+7
Thai giant Central Retail eyes mall investment in Binh Thuan
Thailand's Central Retail is seeking opportunities to build malls and supermarkets in Binh Thuan province.
Industries - Fri, September 30, 2022 | 3:05 pm GTM+7
Vietnam Q3 unemployment lowest in 3 years
Vietnam's unemployment rate dropped 1.7 percentage points year-on-year to 2.28% in the third quarter, the lowest since 2020.
Economy - Fri, September 30, 2022 | 11:38 am GTM+7
Looking up HCMC’s highest high-end homes
Housing projects like The River Thu Thiem, Lumière Riverside, Grand Marina Saigon, and The Opera Residence are home to the most expensive penthouses in Ho Chi Minh City.
Real Estate - Fri, September 30, 2022 | 9:36 am GTM+7
