H1 profit of Singapore-backed industrial park developer VSIP hits $43 mln

Vietnam-Singapore Industrial Park J.V. Co., Ltd, or VSIP, the largest industrial park developer in Vietnam, posted nearly VND1.13 trillion ($42.7 million) in net profit in the first half of 2025, up nearly 3.4% year-on-year.

The company recorded net profits of VND2.26 trillion ($85.71 million) in 2022, VND1.7 trillion ($64.6 million) in 2023, and a record VND3.28 trillion ($124.6 million) in 2024.

As of end-June, its owner’s equity reached nearly VND18.53 trillion ($682.6 million), up 12.3% year-on-year. Of the sum, VND9.94 trillion ($377.4 million) is retained earnings.

VSIP’s total liabilities rose 22.1% year-on-year to nearly VND23.46 trillion ($890.4 million), with bank loans accounting for VND13.56 trillion ($514.6 million).

As of end-June, its total assets increased 17.6% to VND41.99 trillion ($1.59 billion).

The company issued three batches of bonds, with the first issued in July 2021 at an interest rate of 9%, and the remaining two issued in September 2023 at 10.5%.

VSIP developed the first industrial park (IP) in the southern province of Binh Duong in 1996 through a joint venture between local developer Becamex IDC and Singapore’s Sembcorp.

In March, the firm broke ground on a VND4.9 trillion ($187.2 million) industrial park in former Thai Binh province, which was recently merged with neighboring Hung Yen to form the new Hung Yen.

Its portfolio now comprises 20 IPs covering a combined 12,000 hectares in provinces in Vietnam. The company boasts that it has attracted some $15 billion in registered investment capital from 880 tenants from 30 countries and territories so far, creating 250,000 jobs.