Sembcorp's VSIP III Binh Duong to be Vietnam's first zero-emissions industrial park
Singapore's Sembcorp Industries plans to build the third Vietnam-Singapore Industrial Park III (VSIP III) in the southern province of Binh Duong as a zero-emissions industrial park, the first of its kind in the country.
CEO Kelvin Teo of Sembcorp Industries, the foreign partner in the VSIP joint venture, confirmed the information while meeting with Binh Duong Chairman Vo Van Minh on Thursday.
He added that with the goal of sustainable, smart and green development, VSIPs are moving towards higher goals.
The entrance of VSIP II Industrial Park in Binh Duong province, southern Vietnam. Photo courtesy of VSIP.
In reply, Minh lauded the growth of Sembcorp in Vietnam, with 12 VSIPs across the country, and urged the Singaporean developer to continue cooperating with Binh Duong towards sustainable development.
With a total investment of $280 million, the 1,000 hectare IP will be located in Bac Tan Uyen district, about an hour’s drive from Ho Chi Minh City.
A road leading to VSIP III is being expanded to six lanes to facilitate FDI inflow.
Under a loan agreement BIDV signed with VSIP Co. Ltd. on August 22, the Vietnamese bank, one of Vietnam’s “Big 4” commercial banks, would loan about $200 million for constructing VSIP III .
VSIP’s 12 industrial parks in Vietnam are located in Bac Ninh, Hai Phong and Hai Duong in the north; Nghe An, Quang Tri and Quang Ngai in the central region; and Binh Duong and Can Tho in the south.
Sembcorp Industries received an investment license on October 17 to develop an 293.7-hectare IP in Can Tho city, its first in Vietnam's Mekong Delta. A VSIP could also take shape in the central province of Ha Tinh next year.
Lego factory in VSIP 3
Also on Thursday, Chairman Vo Van Minh had a meeting with Preben Elnef, general manager of Lego Manufacturing Vietnam and vice president of Lego Group, to discuss the progress of a Lego factory in VSIP III.
Preben Elnef urged Binh Duong province to speed up land-related procedures and complete a 110 kV electricity grid connection in order to put the factory into operation in June 2024.
In reply, Minh vowed to push relevant authorities to solve remaining issues to speed up the $1-billion toy-making project.
The Danish toymaker started construction of its Binh Duong factory, also its first carbon-neutral factory site worldwide, on November 3, 2022. Danish Crown Prince Frederik joined the groundbreaking ceremony together with then Deputy Prime Minister Pham Binh Minh to mark the largest investment in Vietnam to date made by a Danish company.
The new factory will feature solar panels on its roof and the VSIP will build a solar project nearby on behalf of Lego. Together, they will produce enough renewable energy to match 100% of the factory’s annual requirements.
VSIP Co. is a joint venture between Singapore’s energy and urban developer Sembcorp Industries and Binh Duong-based major industrial property and urban developer Becamex.
- Related News
- Read More
Vietnam's Deputy PM backs formation of free trade zone in Binh Dinh province
Vietnam’s Deputy Prime Minister Nguyen Chi Dung on Friday expressed his support for an early study of a free trade zone in Phu My Port area, the south-central province of Binh Dinh.
Economy - Sat, March 29, 2025 | 8:25 am GMT+7
Vietnam offers numerous advantages for Skoda Auto's investment: executive
Vietnam offers a range of advantages for investment by Czech automaker Skoda Auto, including its seaport system, logistics infrastructure, and skilled labor, the company’s chairman and CEO Klaus Zellmer said on Thursday.
Industries - Fri, March 28, 2025 | 7:33 pm GMT+7
Vietnam plans to cut import tax for LNG to 2%
Vietnam’s Ministry of Finance is drafting a decree on preferential import tax for some products, including a proposal of 2% tax rate for LNG.
Energy - Fri, March 28, 2025 | 4:31 pm GMT+7
AES’s $2.1 bln LNG power project needs solutions to meet deadline: Vietnam authorities
The 2,250-MW Son My 2 LNG-fired power project, invested by the U.S.'s AES and state-run Petrovietnam subsidiary PV Gas, “needs solutions” to meet its deadline.
Energy - Fri, March 28, 2025 | 4:06 pm GMT+7
Over $9 bln pledged for investment projects in central Vietnam province Binh Dinh
Binh Dinh province on Friday handed over MoUs on investment cooperation, in-principle approvals and investment registration certificates to 62 projects worth over VND231 trillion ($9.03 billion).
Industries - Fri, March 28, 2025 | 4:05 pm GMT+7
Vietnam's giant Vingroup eyes mullti-billion-dollar renewable, LNG power projects
Vietnam's leading private conglomerate Vingroup is seeking the government's permission to develop seven renewable energy projects worth $20-25 billion and a $5.5 billion LNG-fired power project from 2025-2030.
Energy - Fri, March 28, 2025 | 1:09 pm GMT+7
While the buzz around a market upgrade is back, who is this milestone for?
A key issue for the Vietnamese stock market is the underdevelopment of the institutional investor base. The dominance of retail investors can create heightened volatility, which, in turn, reduces the incentive for high-quality companies to list on the stock exchange, writes Gary Harron, head of securities services at HSBC Vietnam.
Consulting - Fri, March 28, 2025 | 10:31 am GMT+7
Vietnam's private lender VIB seeks strategic shareholders: chairman
Vietnam International Bank's (VIB) board of directors is now in discussions with banks and investment funds to find suitable partners for the lender, ensuring a mutually beneficial partnership that goes beyond finance.
Banking - Fri, March 28, 2025 | 8:31 am GMT+7
Vietnam tech giant FPT opens semiconductor R&D center in central Vietnam
Vietnam’s leading tech group FPT on Thursday inaugurated its high-tech and semiconductor R&D center at the Danang Software Park No. 2 in the central city of Danang.
Industries - Fri, March 28, 2025 | 8:00 am GMT+7
HCMC's international financial center development to be phased out: city leader
Ho Chi Minh City aims to become an international financial center, with related development plan divided into three phases, said Vo Van Hoan, its Vice Chairman.
Economy - Thu, March 27, 2025 | 11:11 pm GMT+7
Car producers in Thailand postpone export models
Car manufacturers in Thailand have decided to delay making some models for export due to U.S. President Donald Trump's new tariff policy.
Southeast Asia - Thu, March 27, 2025 | 10:17 pm GMT+7
Indonesia approves $7 bln budget for food security in 2025
Indonesia’s Ministry of Finance on Wednesday announced that the government has approved a budget of IRD118 trillion ($7.1 billion) for food security programs in 2025.
Southeast Asia - Thu, March 27, 2025 | 10:14 pm GMT+7
Honda Vietnam rolls out first domestically produced electric scooter
Honda Vietnam has officially launched its first domestically produced electric scooter, the ICON e:, marking a significant step in the company’s electrification and sustainable mobility strategy in Vietnam.
Southeast Asia - Thu, March 27, 2025 | 10:09 pm GMT+7
Vietnam's Quang Ngai seaport system requires over $420 mln investment by 2030
The seaport system in the central Vietnam province of Quang Ngai will need about VND10.83 trillion ($423.54 million) in investment by 2030, according to the detailed 2021-2030 development plan for local seaport land and water areas, with a vision to 2050.
Southeast Asia - Thu, March 27, 2025 | 10:06 pm GMT+7
Leading steelmaker Hoa Phat targets record revenue on partial operation of central Vietnam plant
Hoa Phat Group, Vietnam’s top steelmaker, targets a record-high revenue in 2025, driven by the expected partial operation of a steel and iron complex in the central region this year.
Companies - Thu, March 27, 2025 | 8:10 pm GMT+7
Offshore wind power developer CIP seeks long-term cooperation with Vietnam
Copenhagen Infrastructure Partners (CIP), a major Danish renewable energy developer, is seeking to reach long-term cooperation with Vietnamese businesses in the offshore wind power sector.
Energy - Thu, March 27, 2025 | 4:16 pm GMT+7
