Second VSIP industrial park in Quang Ngai province set for construction in Oct 2025
The construction of VSIP II Quang Ngai in Quang Ngai province, under the Vietnam-Singapore Industrial Park (VSIP) model, is set to begin in October 2025, according to the investor.
VSIP Quang Ngai Co. Ltd. made the statement at a Tuesday meeting with provincial authorities, calling on them to provide help with some challenges. One of the major challenges is site clearance and resettlement for people living on the project site.
Quang Ngai Vice Chairman Tran Phuoc Hien at a working session with VSIP Quang Ngai in the central province, May 7, 2024. Photo courtesy of Quang Ngai newspaper.
VSIP Quang Ngai also proposed a site clearance schedule for the 498-hectare project, including 139 hectares in 2024, 127.2 hectares in 2025, 124 hectares in 2026, and 107 hectares in 2027.
Backing the project, Quang Ngai Vice Chairman Tran Phuoc Hien asked relevant agencies to cooperate with the investor to speed up the progress, with a focus on building a road connecting the facility to National Highway No.1.
Vietnam Singapore Industrial Park Joint Venture Co. (VSIP), the developer of VSIP industrial parks, recorded a post-tax profit of VND1,703 billion ($66.9 million) in 2023, down 24.6% year-on-year.
VSIP, a joint venture between Vietnam’s Investment and Industrial Development Corporation (Becamex IDC) and Singapore’s Sembcorp Development Group, established its first VSIP in Vietnam in 1996, covering 2,500 hectares in the southern industrial hub of Binh Duong.
The joint venture now operates 15 VSIP industrial parks in 11 localities across Vietnam, Sembcorp reported in its 2023 performance review.
In December 2023, Deputy Prime Minister Tran Luu Quang approved the first phase investment of VSIP II Industrial Park in Dung Quat Economic Zone, Quang Ngai province, with an investment of VND3,737 billion ($154 million). The 497.7-hectare project was granted a 50-year license.
The construction of VSIP I Quang Ngai began in September 2013. So far, the facility has attracted foreign investments of over $1 billion from 36 businesses from the U.S., the Philippines, Hong Kong, Japan, South Korea, Belgium, and mainland China, employing 29,000 people.
In February 2016, the facility began an expansion project of 100 hectares for a service-urban area, of which 24 hectares has been completed.
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