Soilbuild International starts work on $60 mln ready-built industrial facility project in northern Vietnam
Singapore-based real estate developer Soilbuild International has broken ground on a $60 million ready-built industrial facility in Vietnam’s northern province of Hung Yen.
The project, named Spectrum Hung Yen, will offer 74,225 square meters of ready-built factory space, with a gross floor area (GFA) of 52,000 sqm in its first phase.
Of the total capital outlay, $34 million will be earmarked for the first phase of development.
Strategically located just 36 kilometers from Hanoi within the Clean Industrial Park, the site benefits from improved road and bridge infrastructure, bringing travel time to the capital to less than an hour.
Illustration of Spectrum Hung Yen in Hung Yen province, northern Vietnam. Photo courtesy of Soilbuild International.
Speaking at the groundbreaking ceremony on Friday, Ben Ding Khoon Yew, general director of Soilbuild International Vietnam, noted that the new development builds on the success of the company’s Spectrum Nghe An project in central Vietnam.
He emphasized that the new facility reflects the firm’s confidence in the country as a strategic growth market backed by a solid track record and growing tenant interest.
Singaporean Ambassador to Vietnam Jaya Ratnam stressed that Spectrum Hung Yen reflects the strong and growing economic partnership between Singapore and Vietnam, a clear testament to investor confidence in Vietnam’s long-term potential.
In the first five months of 2025, Hung Yen province attracted $530 million in foreign direct investment (FDI), according to local authorities.
At present, the province has more than 2,400 valid FDI projects with total registered capital of $28 billion.
Hung Yen currently operates nine industrial parks, with plans to expand that number to 17 by 2030, underscoring its ambition to become a major industrial and logistics hub in northern Vietnam.
The National Assembly, Vietnam's legislature, on June 12 passed a resolution that reduces the country's number of provinces and cities from 63 to 34. Accordingly, Hung Yen and Thai Binh provinces have merged to become new Hung Yen province.
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