Sembcorp-backed VSIP to begin building industrial park in Ha Tinh province
Vietnam Singapore Industrial Park Joint Venture Co. (VSIP), the developer of VSIP industrial parks, will kick off the construction of Bac Thach Ha (phase 1) industrial park in Vietnam's central province of Ha Tinh on June 25.
A representative of VSIP made the commitment at a Tuesday meeting with Ha Tinh authorities, before previewing construction preparations. Approval for the 190.5-hectare facility, also called VSIP Ha Tinh with an investment of VND1,555 billion ($63 million), was given by Prime Minister Pham Minh Chinh in August 2023.
Addressing the event, Ha Tinh Vice Chairman Tran Bau Ha affirmed the VSIP facility would play a key role in the province’s socioeconomic growth and asked relevant agencies to assist the firm with its development.
Ha Tinh Vice Chairman Tran Bau Ha (center) at a meeting with VSIP in Ha Tinh province, central Vietnam, June 11, 2024. Photo courtesy of Ha Tinh newspaper.
In December 2023, VSIP, a joint venture between Vietnamese real estate developer Becamex and Singapore’s Sembcorp, said the development of VSIP Ha Tinh is part of an agreement signed between Sembcorp and Becamex in August 2023, during the Vietnam visit of Singaporean Prime Minister Lee Hsien Loong.
Sembcorp highlighted the advantages of Ha Tinh province, a cog in the East-West Economic Corridor connecting Laos, Thailand, and Vietnam. Vung Ang Son Duong port in the province is one of the largest natural deep-water seaports in the region, which can link large transshipment ports such as Singapore and Hong Kong and serve as an alternative for seaports in northern Vietnam.
Last month, Sembcorp said it would add three industrial parks under the VSIP model to its portfolio in Vietnam, raising the VSIP network to 18 facilities covering 11,588 hectares. The three new ones are the 333-hectare VSIP Thai Binh in the northern province of Thai Binh, the 498-hectare VSIP Quang Ngai II in the central province of Quang Ngai, and the 468-hectare Becamex-VSIP Binh Thuan in the central province of Binh Thuan.
The VSIP joint venture recorded a post-tax profit of VND1,703 billion ($66.9 million) in 2023, down 24.6% year-on-year, according to the firm’s filing with the Hanoi Stock Exchange (HNX).
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