Singapore-backed VSIP proposes industrial park development in central Vietnam province Khanh Hoa
VSIP, a joint venture between local developer Becamex IDC and Singapore’s Sembcorp, is eyeing service-urban-industrial park investments in the coastal province of Khanh Hoa.
The intension was disclosed at a meeting on Tuesday between company representatives and Khanh Hoa authorities.
Khanh Hoa - home to Cam Ranh and Nha Trang bays - and Ninh Thuan - a hub of renewable energy and home to two future nuclear power plants - were merged in July to form the new Khanh Hoa province.
VSIP representatives at a meeting with Khanh Hoa leaders in the central province, November 4, 2025. Photo courtesy of Khanh Hoa newspaper.
VSIP representatives said the service-urban-industrial park investments, initially industrial park investments, aim to attract domestic and foreign companies in such fields as green and high-tech industries and supporting services. They stressed they hope to complete necessary procedures soon to implement the projects.
In response, Vice Chairman of the provincial People's Committee Trinh Minh Hoang emphasized that Khanh Hoa's viewpoint is to prioritize selecting investors with extensive experience and high capacity that can create high economic value.
"Khanh Hoa will create favorable conditions for the joint venture to complete the procedures as soon as possible for in-principle approval," he added.
Vice Chairman of the Khanh Hoa People's Committee Trinh Minh Hoang (standing) speaks at a meeting with VSIP representatives in the central province, November 4, 2025. Photo courtesy of Khanh Hoa newspaper.
VSIP developed its first industrial park in the southern province of Binh Duong in 1996. Its portfolio now comprises 20 IPs covering a combined 12,000 hectares across Vietnam.
Vietnam-Singapore Industrial Park J.V. Co., Ltd, or VSIP, the largest industrial park developer in Vietnam, posted nearly VND1.13 trillion ($42.7 million) in net profit in the first half of 2025, up nearly 3.4% year-on-year.
The company recorded net profits of VND2.26 trillion ($85.71 million) in 2022, VND1.7 trillion ($64.6 million) in 2023, and a record VND3.28 trillion ($124.6 million) in 2024.
As of end-June, its owner’s equity reached nearly VND18.53 trillion ($682.6 million), up 12.3% year-on-year. Of the sum, VND9.94 trillion ($377.4 million) is retained earnings.
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