Construction on Thai Binh province's VSIP industrial park to start early next year

Investors are set to begin construction of a Vietnam-Singapore Industrial Park (VSIP) in northern Vietnam's Thai Binh province in spring 2024.

A statement to this effect was made by the Thai Binh Economic Zone at a project progress review meeting held late last week.

The $212-million VSIP Thai Binh will cover 333.4 hectares in Thai Thuy district. The project is now processing procedures related to fire prevention, environment protection, site clearance and several others aspects, the provincial industrial zones authority said.

Edmund Chong, director general of Vietnam Singapore Industrial Park and Township Development JSC, said at the meeting that the firm has prepared resources and a deployment plan and called on the provincial authorities to help speed up relevant procedures.

Thai Binh Chairman Nguyen Khac Than emphasized that VSIP Thai Binh was a priority project and asked the province’s industrial park management agency to attract high-quality projects for the facility.

Vietnam’s first VSIP was set up in the southern province of Binh Duong in 1996 during the administration of then Singaporean Prime Minister Lee Kuan Yew, late father of incumbent Prime Minister Lee Hsien Loong.

It was developed by the VSIP Group, a joint venture between Singaporean conglomerate Sembcorp Industries and Binh Duong-based industrial developer Becamex IDC.

Vietnam is now home to 13 VSIPs, with work on VSIP Can Tho, also called the Vinh Thanh Industrial Park, beginning on September 9.

So far, VSIP has supplied industrial real estate to 880 customers from 30 countries and territories, with a total registered investment of $18.7 billion and direct employment for 300,000 people.