Net profit of Vietnam-Singapore Industrial Park nearly doubles in 2024
Vietnam-Singapore Industrial Park J.V. Co., Ltd, or VSIP, the largest industrial park developer in Vietnam, posted VND3.28 trillion ($128.37 million) in net profit in 2024, up nearly 93% year-on-year.
This is the highest annual figure since VSIP began reporting its earnings in 2020, according to the company’s 2024 report.
As of end-2024, its owner’s equity reached nearly VND17.46 trillion ($682.6 million), up 22% from late 2023. Of the sum, VND8.99 trillion ($351.5 million) is retained earnings.
The Vietnam-Singapore Industrial Park I in Binh Duong province, southern Vietnam. Photo courtesy of VSIP.
VSIP’s total liabilities rose by 11% to nearly VND23.25 trillion ($909.09 million), with bank loans accounting for more than half. The company has mobilized VND3 trillion ($117.3 million) from bonds, resulting in an interest repayment of VND300 billion ($11.7 million) to bondholders.
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. Its portfolio now comprises 20 IPs covering a combined 12,000 hectares in 14 provinces in Vietnam.
The company boasts that it has attracted some $15 billion in investment capital from 880 tenants from 30 countries and territories so far, creating 250,000 jobs.
On March 26, VSIP broke ground on a $212 million industrial park project spanning 333 hectares in the northern province of Thai Binh during Singaporean Prime Minister Lawrence Wong’s visit to Vietnam.
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