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
Indonesia resumes int’l carbon trading after 4-year hiatus
Indonesian President Prabowo Subianto has issued a new decree to restart international carbon emissions trading after a four-year hiatus.
Southeast Asia - Thu, October 16, 2025 | 9:23 pm GMT+7
Investors seek 2-year delay for $2.56 bln LNG power project in northern Vietnam, citing equipment hurdles
Investors of a $2.56 billion LNG-fired power plant in Hung Yen province have proposed delaying the project’s commercial operation schedule by two years due to difficulties securing key equipment.
Energy - Thu, October 16, 2025 | 9:04 pm GMT+7
Vietnam to soon raise taxpayers' personal deduction: official
The personal income tax deduction in Vietnam is "very likely" to increase to VND21.7 million ($823,940) per month, including VND15.5 million (588,530) for the taxpayer and VND6.2 million ($235,410) for each dependent.
Finance - Thu, October 16, 2025 | 6:25 pm GMT+7
Business confidence climbs as reforms gain traction amid global headwinds: EuroCham Vietnam
The index climbed to 66.5, surpassing pre-tariffs level and reaching its highest in three years – showcasing resilience and adaptability amid global headwinds and evolving U.S. tariff pressures.
Economy - Thu, October 16, 2025 | 4:36 pm GMT+7
Vietnam's stock market watchdog suspends two Grant Thornton auditors
Vietnam's State Securities Commission (SSC) has suspended two auditors from Grant Thornton Vietnam after determining that the 2024 audited financial statements of Saigon Water Infrastructure Corporation (HoSE: SII) failed to meet required standards.
Finance - Thu, October 16, 2025 | 3:35 pm GMT+7
Law No. 56 a major policy breakthrough for Vietnam's stock market development
The Law No. 56, effective January 1, 2025, is one of the major legal breakthroughs in recent years that will enhance the transparency and operational efficiency of the Vietnamese stock market.
Finance - Thu, October 16, 2025 | 2:30 pm GMT+7
WHA Group breaks ground on smart technology industrial zone in central Vietnam
Thailand's WHA Group on Tuesday broke ground on a world-class, modern, and environmentally friendly industrial zone in central Vietnam, namely the WHA Smart Technology Industrial Zone-Thanh Hoa.
Real Estate - Thu, October 16, 2025 | 2:00 pm GMT+7
Vietnam a key partner in Murphy Oil’s global strategy: exec
Vietnam remains a key partner in Murphy Oil’s global business strategy, said Eric Hambly, the U.S. corporation's president and CEO.
Companies - Thu, October 16, 2025 | 12:06 pm GMT+7
VNPT, Qualcomm debut Vietnam’s 1st original design-based excellence center
State-owned Vietnam Posts and Telecommunications Group (VNPT) and Qualcomm have officially launched the VNPT-Qualcomm Excellence Center (VQEC), the first facility in the country to operate under an original design co-development model using Qualcomm’s core technologies.
Companies - Thu, October 16, 2025 | 8:41 am GMT+7
Indonesia enjoys steady growth in nine months
Indonesia's Ministry of Finance on Tuesday announced the country’s 2025 budget performance as of September, reporting that Southeast Asia’s largest economy continued to post steady growth despite global economic uncertainties.
Southeast Asia - Wed, October 15, 2025 | 9:53 pm GMT+7
Malaysia on progressive path towards AI nation status: experts
Malaysia is on a progressive track towards becoming an Artificial Intelligence (AI) nation by 2030, a goal seen as achievable under Budget 2026 - the Malaysian Government’s fiscal and policy framework for 2026.
Southeast Asia - Wed, October 15, 2025 | 9:44 pm GMT+7
Thailand steps up development of semiconductor industry
Thailand’s Board of Investment (BOI) plans to propose a new national semiconductor and advanced electronics policy board to the government, which will spearhead Thailand’s semiconductor development strategy.
Southeast Asia - Wed, October 15, 2025 | 9:40 pm GMT+7
ASEAN sets ambitious energy targets
Senior energy officials from ASEAN member nations and Timor-Leste on Tuesday convened in Kuala Lumpur, Malaysia, to finalize key outcomes and policy recommendations to be submitted to the 43rd ASEAN Ministers on Energy Meeting (AMEM).
Southeast Asia - Wed, October 15, 2025 | 9:33 pm GMT+7
Sun Group gets nod for $375 mln inland waterway tourism project in central Vietnam
A subsidiary of Sun Group, one of Vietnam’s leading real estate developers, has received approval to invest VND9.88 trillion ($375 million) in an inland waterway tourism project in the central coastal city of Danang.
Industries - Wed, October 15, 2025 | 5:21 pm GMT+7
Vietnamese luxury car dealer Haxaco’s business slumps, stock nears two-year low
The operations of Hang Xanh Automobile Service JSC or Haxaco (HoSE: HAX), known as the largest distributor of Mercedes-Benz vehicles in Vietnam, are under pressure as consumers tighten spending and competition among car brands intensifies.
Companies - Wed, October 15, 2025 | 5:13 pm GMT+7
Vietnam sets 2026 GDP growth target at 10%
The Vietnamese Government has set the targets for economic expansion in 2026 at about 10% and inflation at 4.5%.
Economy - Wed, October 15, 2025 | 4:28 pm GMT+7
