Singapore's Sembcorp, Vietnam Becamex to expand VSIP portfolio to 20 industrial parks
Singapore’s Sembcorp and Vietnam’s Becamex, via a joint venture, will add two more Vietnam Singapore Industrial Park (VSIP) projects to its portfolio, raising the total in Vietnam to 20.
In a Wednesday announcement, Sembcorp said the two new IPs are the $88 million VSIP Nam Dinh in the northern province of Nam Dinh and the $53 million VSIP Nghe An III in the central province of Nghe An. Each project covers 180 hectares.
Sembcorp and VSIP executives receive documents for VSIP Nghe An III in Singapore, on March 12, 2025. Photo courtesy of Nghe An newspaper.
The new projects were awarded during the state visit of Vietnam's Party General Secretary To Lam to Singapore, according to Sembcorp.
Both the VSIPs will be developed according to the principles of low-carbon industrial parks. In addition, Sembcorp and Becamex will explore the development of a first VSIP in Ha Nam, province neighboring Nam Dinh.
The two previous VSIP Nghe An (VSIP Nghe An I and VSIP Nghe An II) have attracted top global manufacturers in electronics, precision engineering, and garment-textile, helping Nghe An secure its place in the country’s top 10 FDI destinations recently, Sembcorp added.
VSIP Nam Dinh and VSIP Nghe An III will complement the current 18 VSIPs, which have assisted more than 1,000 manufacturers in establishing their operations in strategic locations across the country.
In the past year, demand for land in VSIPs has risen, driven by high value-added electronics components manufacturers and precision engineering companies.
VSIP Quang Ngai holds a groundbreaking ceremony in Quang Ngai province, central Vietnam, March 12, 2025. Photo courtesy of Quang Ngai newspaper.
On the same day, VSIP Quang Ngai Co. Ltd., under Vietnam Singapore Industrial Park Joint Venture, kicked off the construction of VSIP II Quang Ngai facility in the central province of Quang Ngai. The project covers 498 hectares in Dung Quat Economic Zone and can employ 50,000 people.
The first VSIP facility was established in Vietnam in the southern province of Binh Duong in 1996. The joint venture between Sembcorp and Becamex now operates 18 VSIP facilities in 13 localities across Vietnam, employing over 300,000 people.
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