VSIP Group, a leading industrial park and township developer in Vietnam, is taking another step forward to a new development of 603 hectares in the central province of Ha Tinh.
VSIP Group, a joint venture between Singapore’s Sembcorp Industries and Vietnam’s Becamex IDC, expects to carry out procedures for the new project in the first quarter of this year, according to Ha Tinh authorities.
Appointed by the governments of Singapore and Vietnam to operate Vietnam-Singapore Industrial Park (VSIP) projects since 1996, the joint venture has expanded to 12 developments to date in Vietnam. The planned project in Ha Tinh is the latest and not among the 12 existing zones.
According to Ha Tinh authorities, the proposed 603 hectares include a 418-hectare industrial park and a 185-hectare township, with total investment of VND7.53 trillion ($319.2 million).
The new IP will be home to facilities for electronic components, automatic equipment, high-tech components, food processing, consumer goods, transportation services, warehousing, construction materials, garments, leather shoes, automobile parts, and others.
Meanwhile, the new township will include commercial centers, healthcare facilities, schools, areas for physical training and sports, and residential sites.
VSIP Group has asked for provincial support in legal procedures, including land-related issues and site clearance.
Ha Tinh's People's Committee has assigned relevant departments and units to look at VSIP’s proposal for the combined project and to help the developer complete procedures.
On February 10 in Singapore, Sembcorp announced new collaborations with Becamex, witnessed by visiting Vietnamese Prime Minister Pham Minh Chinh, to develop five new Vietnam Singapore Industrial Parks in Vietnam valued at approximately $1 billion.
Simultaneously, the Vietnamese Ministry of Planning and Investment presented to Sembcorp and Becamex an investment license to develop a 500-hectare VSIP in Nghe An province (park II). The license is an expansion of the successful 750-hectare VSIP Nghe An (park I) established in 2015. Nghe An, which borders Ha Tinh province, plays a supporting role to Hanoi.
Quang Tri province, also in central Vietnam, seeks to hand over land to VSIP Group in the first quarter of this year so construction on VSIP Quang Tri IP can begin in the second quarter.
In central Vietnam, VSIP Group also possesses VSIP Quang Ngai and VSIP Binh Dinh IPs.
VSIP Group is likely to start construction on a VSIP park in Can Tho city in June this year as its first park in the Mekong Delta region. It received the investment license for the 294-hectare project in October 2022.